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JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa

Dno International Asa · Jun 17, 2010 · 38 slides

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Slides

  1. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 1
    DNO International ASA General presentation at the Annual General Meeting, 17 June 2010 Helge Eide Managing Director and President
  2. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 2
    Proven business model Value creation Going forward Organic reserve growth at low cost Increase production from strong reserve base Cash flow return from high margin production Add reserves through high potential exploration Increase…
  3. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 3
    Worldwide Operations Det norske oljeselskap ASA Yemen: Oslo PSA interest in 6 blocks DNO licences Producing Kurdistan region of Iraq: PL1067 Development PSC interest in 3 blocks United Kingdom: 50% interest in exploration…
  4. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 4
    Organizational setup Technical resource pool Corporate headquarter President & Managing Director 45 employees Helge Eide Chief Petroleum Engineer Located to Oslo Ole Nygaard 513 employees in total Chief Geologist (corporate and…
  5. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 5
    4 year development in P50 Reserves and Resources, Class 1-7 MMBOE Annual General Meeting - 17 June 2010 5
  6. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 6
    Distribution of Reserves and Resources DNOs WI Reserves & Resources as of Year End 2009 Kurdistan: 139.5 Tawke Euphrates: 1.1 Sharnah (BL47): 3.3 Mulle (UK): 10.0 Yemen: 9.9 Eq. Guinea: 1.5 Hekma (BL53): 1.2 Benenan (Erbil): 4.7…
  7. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 7
    Highly ranked in the MEA region* 3-year F&D cost (2006-2008) 3-year reserve replacement (2006-2008) Source: JS Herold Inc. Note: * MEA: Middle East and Africa Annual General Meeting - 17 June 2010 7
  8. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 8
    Average Quarterly Production (WI) Average production (WI) 44,578 16,814 13,581 12,442 10,786 Annual General Meeting - 17 June 2010 8
  9. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 9
    Solid development through 2009 in health and safety performance 4,5 4 3,88 3,91 3,78 3,5 3,46 3,2 2,92 3,09 3,04 3 2,85 3 2,76 2,73 2,81 2,67 2,5 2,45 2,39 2,37 Lost Time Incident Frequency 2,2 2 Total Recordable…
  10. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 10
    KURDISTAN
  11. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 11
    Increased focus in Kurdistan from international E&P companies DNO entry in 2004 Tawke PSC In the forefront of events DNO Instrumental in developing the local Dohuk PSC oil industry Industrial achievement by DNO Erbil PSC…
  12. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 12
    Kurdistan Region Trade and Investment Conference 2010 The Gateway to Iraq London 15-16 June More than 500 delegates Annual General Meeting - 17 June 2010 12
  13. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 13
    Kurdistan Contracts Tawke PSC DNO (55%), Genel Enerji (25%), KRG (20%) DNO paying interest: 75% Royalty: 10% Net entitlement: R-factor Dohuk PSC DNO (40%), Genel Enerji (40%), KRG (20%) DNO paying interest: 60% Royalty: 10% Net…
  14. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 14
    Tawke Main Milestones Tie in completed and export of crude oil initiated Long term test production CPF transported and installed at the Tawke field The Tawke Oil Discovery Acquisition of seismic data Initial…
  15. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 15
    5 years from entry to full scale production Agreement Seismic Drilling, Tawke 1 Tawke test production Tawke export 2004 24 months from entry to first discovery 2006 2006 36 months from first discovery to full scale production…
  16. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 16
    Tawke Production Monthly production since start-up 60 000 50 000 bopd 40 000 30 000 Export 20 000 Local sales 10 000 0 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Annual General Meeting - 17 June 2010 16
  17. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 17
    Tawke export set-up 12 Oil pipeline 40 and 46 Export pipeline State Oil Marketing Organization (SOMO) Sales at outlet in Turkey Refinery CPF DNO Iraq AS Tawke field Tawke pipeline Turkeys Petroleum Pipeline…
  18. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 18
    Local sales Annual General Meeting - 17 June 2010 18
  19. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 19
    Water Purification Project Kurdistan Region of Iraq DNO financial commitment of 150 mill USD Annual General Meeting - 17 June 2010 19
  20. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 20
    Kurdistan Operational Status Tawke Commenced export of crude oil from Tawke on 1 June which continued until 22 September 2009 Current focus is on local sales Ready for export when payment mechanism is in place Benenan discovery…
  21. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 21
    YEMEN
  22. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 22
    Yemen Operational Overview Block 52 Block 32 Ansas-1 to be drilled in Next Godah infill wells Q2 2010 planned for Q3 2010 Block 43 Drilling Nabrajah-10S Block 53 (pilot+horizontal) completed Continue Bayoot Results under…
  23. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 23
    Sharnah/Yaalen oil discovery (Block 47) Fast-track field development Resource potential prior to Yaalen-1: 10 million barrels Resource potential to be re-evaluated after Yaalen-3 final results Drilling Sharnah-2 in Q2/Q3 Filing…
  24. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 24
    Bayoot basement field (Block 53) Production profile Bayoot (gross) Annual General Meeting - 17 June 2010 24
  25. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 25
    Yemen (BL72): Basement lead Basement fault blocks with possibilities for oil trapped in fractured basement These basement structures are located in a look alike position to the producing Bayoot and Kharir fractured basement fields…
  26. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 26
    MOZAMBIQUE
  27. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 27
    Mozambique Summary Entered 4th exploration period for Inhaminga Block (onshore) Acquisition of 2D seismic completed 2009 Next exploration well planned in 2010 Possible farm-down prior to drilling Annual General Meeting - 17 June…
  28. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 28
    The Inhaminga Block - Mozambique Block size : 10,715 sqkms Work Commitment 600 km 2D seismic (completed) 1 Exploration well Several drilling targets identified DNO currently holds 100% Farm-out process ongoing Annual General…
  29. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 29
    New ventures From current core areas Develop current positions in proven basins, both known and new plays Follow potential extensions of proven plays into adjacent basins Potential outside Kurdistan and Yemen Pursue entries into…
  30. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 30
    FINANCIALS
  31. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 31
    Quarterly key financials Increased revenues and cash flow Higher achieved oil prices Revenues EBITDAX EBITDA Lower administrative expenses Strengthened financial position Full cash flow coverage of investments Cash position…
  32. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 32
    Key financial indicators EBITDAX margin EBITDAX Netback Annual General Meeting - 17 June 2010 32
  33. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 33
    Cash flow coverage of investments Netback coverage Cash flow funding DNO seeks to fund a major part if its investments from cash flow The cash flow coverage ratio increased to 1.8x i Q1 2010 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1…
  34. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 34
    Capital structure Assets Equity and liabilities Cash: NOK 671 million Net debt to capitalization*: 31 per cent Financial assets: NOK 437 million Equity ratio: 40 per cent *Net interest bearing debt/capitalization…
  35. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 35
    CAPEX adjusted in line with market condition changes Total investment per activity Plan for 2010 Planned investments Development CAPEX NOK 130 million 1800 Exploration NOK 230 million 1600 Contingent additional investments 1400…
  36. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 36
    Geographic shareholder distribution 31.12.2009 05.05.2010 International shareholding in DNO increased to 61.4% Rest of World RAK Petroleum held 30% as of Sweden 30 April, 2010 Luxembourg Top 20 shareholders account for Netherland…
  37. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 37
    Outlook Continued value creation Increase production from our strong reserve base Accelerate development programs in Yemen Seek additional reserves and resources through selective exploration Carry out planned 2010 investments,…
  38. JUNE 2010 GENERAL PRESENTATION AT THE ANNUAL GENERAL MEETING – Dno International Asa – slide 38
    DNO International ASA General presentation at the Annual General Meeting, 17 June 2010 Helge Eide Managing Director and President

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