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USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa

Dno International Asa · Mar 9, 2011 · 40 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 1
    Drilling the Bastora-1 exploration well in D n the Erbil license in n the Kurdistan Reg gion of Iraq. 9 March 2011 DNO International ASA USD 200-300 million senior unsecured bond
  2. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 2
    Table of content Transaction summary Introduction Kurdistan Yemen Other assets Financials Summary & Outlook Appendix 3
  3. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 3
    Summary of terms Issuer: DNO International ASA Issue size: The equivalent of minimum USD 200 million and maximum USD 300 million Currency: USD and NOK tranche provided minimum subscriptions in excess of NOK 300m Settlement date:…
  4. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 4
    Introduction
  5. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 5
    DNO - A leading E&P company Diversified independent E&P company Det norske oljeselskap ASA (11.7%) active in Middle East and Africa PL1067 Oslo Production (WI) of 17,400 bopd in 2010 Currently testing gross production capacity in…
  6. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 6
    Distribution of reserves and resources DNOs WI Reserves & Resources as of Year-End 2009 1P reserves of 89.6 million boe 2P reserves of 149 149.4 4 million boe New reserve report in April, 2011 200 Kurdistan: 139.5 180 172 8…
  7. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 7
    Increasing production in 2009-2010 2009 2010 Yemen production sold to the international market has averaged 7,200 bopd Tawke production delivered to local markets has averaged 77,500 500 bopd without export 30 000 day est…
  8. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 8
    Monthly production summary WI Production 30 000 25 000 20 000 22 873 B 20 790 19 350 O P 15 000 17 141 Tawke D 15 140 14 604 Yemen 11 842 5 429 10 000 4 440 5 091 5 420 4 404 3 627 5 000 7 719 7 371 7 213 7 058 7…
  9. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 9
    Achieved oil prices reflecting local sales in 2009 2009-2010 2010 Production from Yemen is sold at international market price Realized sales price on local sales in Kurdistan is typically 25-30/boe 25 30/boe Export sales from…
  10. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 10
    Competitive lifting cost per barrel* 20 19,0 18,1 18 17,0 16,6 16,3 16 15,5 15,1 14 13,5 12,6 11,7 12 11,2 11,4 10,3 10 3 10,3 USD/boe e 10 0 10,0 Total lifting costs 9,6 10 8,5 8,5 8,2 8,4 Yemen 8 Tawke 6 5,3…
  11. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 11
    Drilling the Bastora-1 exploration well in D n the Erbil license in n the Kurdistan Reg gion of Iraq. A Asset t summary Kurdistan
  12. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 12
    DNO has a strong position Operator of three Production Sharing Contracts (PSC) in Kurdistan Production from Tawke Exploration at Dohuk and Erbil Production capacity of 50,000 bopd (gross) Production of 10,000 bopd during 2010…
  13. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 13
    The Tawke facilities and connection CPF and refinery to the export pipeline State Oil Marketing Organization (SOMO) Sales at outlet in Turkey Turkeys Petroleum Pipeline Corporation (BOTAS) Pipeline system in Turkey 50 000…
  14. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 14
    Export production tests started in Kurdistan Testing of export production from the Tawke field commenced on 2 February We are now testing at full capacity of 50,000 bopd The Iraq Federal Government budget has been approved by the…
  15. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 15
    Solid production history from local sales DNO has invested in a refinery and truck loading facilities to local sales Loading station for local sales with 40,000 bopd capacity Refinery with capacity to take 6,000 bopd of crude oil…
  16. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 16
    Asset Summary y Yemen 17
  17. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 17
    Yemen operational overview Block 32 Wells Godah-12 completed F th infill Further i fill wells ll iin 2011 Block 53 Block 43 Wells Projects Bayoot-10 completed Cost saving project initiated Further wells considered in 2011…
  18. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 18
    Yemen operations WI Production bopd 8 000 7 000 7 719 7 371 7 213 7 058 7 027 6 695 6 489 6 000 6 332 6 394 6 256 6 281 6 125 5 935 5 000 4 000 Yemen 3 000 2 000 1 000 0 Jan Feb Mar Apr May June July Aug Sept Oct Nov…
  19. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 19
    Yemen Block 47: Yaalen Field Development Block 48 Production start in Q1 2012 Production from 2-5 wells, one well for injection of produced water Initial trucking of crude to Block 43 Nabrajah CPF Expecting 5 5,000 000 bopd…
  20. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 20
    Other assets and activities in DNO DNO is 11.7% shareholder in Det norske oljeselskap DETNOR is listed on OSE with a mcap of NOK 3 billion Exploration company focused on the Norwegian Continental Shelf Result of spin-off from DNO and…
  21. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 21
    Key priorities going forward Ramp p up p and fully y utilize p production capacity p y Add new production from fast track development of new discoveries Continued increased exploration p efforts to add new reserves and…
  22. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 22
    Fi Financials i l 23
  23. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 23
    Key figures 2008-2010 2008 2010 1600 1376 1385 1400 1252 1200 1000 869 804 Sales NOK Million 800 651 Adjusted EBITDA 600 Cash at year end 400 303 262 176 200 0 2008* 2009** 2010** * Adjusted for asset…
  24. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 24
    Key financial indicators before special items EBITDAX1) margin EBITDAX Netback 80 % 350 350 77 % 70 % 300 300 67 % 60 % 64 % 64 % 250 250 56 % 50 % NOK milllion NOK milllion 200 200 40 % 150 150 30 % 100 100 20 %…
  25. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 25
    Steady growth in revenues and netback * This graph is adjusted for special (non-operational) items with negative effects in 2009 and 2010 on EBITDA and net back 70 65 9 65,9 35 Netback (/boe) Sales 60 30 SD per barrel (grey…
  26. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 26
    Strong cash position In addition financial instruments of NOK 350 million (DETNOR shares) Raised NOK 360 million in new equity 4Q 2010 1 600 1 385 USD equivalent of 1 400 242 million based on USD FX 5.7x 1 200 936 1 000 NOK…
  27. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 27
    Capital structure Assets Equity and liabilities 6000 6000 Non-current assets Other current assets Cash and cash equivalents Shareholders equity Non-current liabilities Current liabilities 5000 5000 Cash: NOK 1385 million 4000…
  28. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 28
    Capex history and 2011 guiding Total investment per activity Plan for 2011 Planned in investments estments 1800 WPP Exploration Development CAPEX NOK 200 million 1600 Development Exploration NOK 250 million 1400 Contingent…
  29. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 29
    Debt amortization schedule USD 1.8 in debt per barrel (2P reserves) after repayment of 2011 maturities in March Proposed new bond adds USD 2.0 per barrel in debt 350 300 250 200 150 100 50 0 2011 2012 2013 2014 2015…
  30. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 30
    Market capitalization and ownership structure Larsen Oil&Gas 3% RAK Petroleum Retail investors 20% 30% Market capitalization 1996-2011 12 000 10 000 12% 7% Other 8 000 Norwegian Oppenheimer K million 6 000 28%…
  31. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 31
    Outlook 2011 Production Substantially S b t ti ll higher hi h deliveries d li i ffrom the th TTawke k field fi ld Somewhat lower production in Yemen Development Complete Yaalen development Initiate additional development…
  32. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 32
    Appendix Legal structure Financials Arbitration 33
  33. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 33
    DNO International ASA legal structure Domiciled and listed in Oslo, 5 wholly owned susbidiaries DNO International ASA DNO Mozambique AS DNO Yemen AS DNO Iraq AS DNO Invest AS DNO UK Ltd 34
  34. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 34
    Corporate management Helge Eide Managing Director Haakon Sandborg Trond Myrseth CFO COO Tom Bratlie Tore Lilloe-Olsen Corporate Head of Communication Director Exploration Ole-Andreas Isdahl QHSE Director Magne…
  35. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 35
    Key performance indicators Production net entitlement Achieved oil price Operational costs 12000 120 1600 1400 10000 100 1200 80 8000 1000 NOK million bbl USD/b 60 800 BOPD 6000 600 40 4000 400 20 200…
  36. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 36
    Key figures As reported Q4 2010 Q4 2009 Full year 2010 Full year 2009 Operating revenues 302.0 225.9 1,251.8 869.0 Operating profit 86.8 -75.2 156.8 -179.1 EBITDA 159.3 -8.7 473.7 121.9 Netback 139.9 -44.2 379.6 29.8 Net of…
  37. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 37
    Condensed income statement NOK million 20101) 2009 Comments: S l Sales 1 251 8 1,251.8 869 0 869.0 Increase in operating revenues from Cost of goods sold -618.7 -659.3 higher local deliveries from Tawke Gross profit 633.1 209.7…
  38. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 38
    Balance sheet NOK million 2010 2009 Comments year-end 2010:: Property, plant and equipment 2,213 2,402 Intangible assets 930.7 851 Cash C h and d fifinancial i l assets t off NOK 1,745 million Available for sale investments 360…
  39. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 39
    Cash flow statement NOK million 2010 2009 Comments: P fit / (loss) Profit (l ) before b f income i tax t -206.2 206 2 28 0 28.0 NOK 525 million in operating cash Non cash items and changes in working capital 933.4 124.0 flow in…
  40. USD 200 300 MILLION SENIOR UNSECURED BOND – Dno International Asa – slide 40
    Arbitration Arbitration proceedings As reported to the market, DNO Iraq AS, a subsidiary of DNO International ASA, is involved in arbitration proceedings in London related to certain third party interests in Kurdistan. In 2009 2009,…

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