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Q2 2011 PRESENTATION – Dno International Asa

Dno International Asa · Aug 17, 2011 · 30 slides

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Slides

  1. Q2 2011 PRESENTATION – Dno International Asa – slide 1
    17 August 2011 Q2 2011 Presentation
  2. Q2 2011 PRESENTATION – Dno International Asa – slide 2
    Agenda 1. Welcome Tom Bratlie, Communication Director 2. Highlights and Operational Update Helge Eide, Managing Director 3. Financials Haakon Sandborg, CFO 4. Q&A
  3. Q2 2011 PRESENTATION – Dno International Asa – slide 3
    Highlights and Operational Update Helge Eide, Managing Director
  4. Q2 2011 PRESENTATION – Dno International Asa – slide 4
    YTD 2011 Strong operational and financial results Significant increase in production Doubling of Tawke reserves Confirmed commercial discoveries in Erbil PSC Financial position further strengthened Merger proposal for RAK…
  5. Q2 2011 PRESENTATION – Dno International Asa – slide 5
    Development in production volumes per quarter 2010-2011 60,000 48,582 50,000 39,945 40,000 30,000 24,956 20,000 WI Bopd 15,748 16,252 12,442 10,000 0 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011…
  6. Q2 2011 PRESENTATION – Dno International Asa – slide 6
    Production YTD 2011 compared with same period 2010 (WI) YTD 2010 YTD 2011 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 Bopd 5,000 0 Kurdistan Yemen Q2 2011 Presentation 6
  7. Q2 2011 PRESENTATION – Dno International Asa – slide 7
    Financial results YTD 2011 compared with same period 2010 YTD 2010 YTD 2011 1,400 1,245 1,200 1,013 1,000 822 800 665 600 543 400 279 NOK million 200 151 -106 0 Revenue Netback Net profit Cash position…
  8. Q2 2011 PRESENTATION – Dno International Asa – slide 8
    P50 Reserves at end June 2011 compared with same period 2010 (WI) Yemen Kurdistan 450 400 350 300 250 380 200 150 100 Mboe 138.2 50 0 8.6 9.8 Per 30.6.2010 Per 30.6.2011 Reserves per 30.6.2011…
  9. Q2 2011 PRESENTATION – Dno International Asa – slide 9
    Operations
  10. Q2 2011 PRESENTATION – Dno International Asa – slide 10
    Yemen operations Production YTD in line with plan No security issues experienced and current operations not affected by the current unrest Some delays in progressing the Yaalen/Sharnah development, but first oil still expected mid…
  11. Q2 2011 PRESENTATION – Dno International Asa – slide 11
    Kurdistan Production Present gross capacity at Tawke facilities proved above 70,000 bopd Included third party crude oil, more than 100,000 bopd (peak) delivered through the DNO export facilities Further investments are subject to…
  12. Q2 2011 PRESENTATION – Dno International Asa – slide 12
    Kurdistan Exploration and Development Tawke PSC Tawke-13 has now reached total depth and the well will be completed in Q3 The Peshkabir-1 exploration well will be drilled in Q3 with the rig used for Tawke-13 Dohuk PSC Testing top…
  13. Q2 2011 PRESENTATION – Dno International Asa – slide 13
    Tawke Reserves Update Fractured carbonate system with oil volumes in the fractures and matrix Bulk Rock Volume In place volumes Matrix Recoverable reserves Fractures
  14. Q2 2011 PRESENTATION – Dno International Asa – slide 14
    Most significant input to the intermediate Tawke reserves update Four years of production history Significant increase in production volumes last 4 months Updated geological- and reservoir models based on extensive technical work…
  15. Q2 2011 PRESENTATION – Dno International Asa – slide 15
    Examples of vugs New fracture model 2011 model is based on seismic attributes, well test data, production data, wire line logs(FMI), core data, and Large amounts of other data sources connected vugs observed on core, Multiple seismic…
  16. Q2 2011 PRESENTATION – Dno International Asa – slide 16
    Gross reserves and resources in Kurdistan Million barrels Oil in place RF (%) Recoverable volumes Tawke 1,748 36.4 636 (June intermediate update) Benenan 390 9 36 (Contingent resources) Bastora 560 18 100 (Contingent resources)…
  17. Q2 2011 PRESENTATION – Dno International Asa – slide 17
    Proposed merger of RAK Petroleums MENA Operating Subsidiaries into DNO and application for London listing
  18. Q2 2011 PRESENTATION – Dno International Asa – slide 18
    The combined DNO-RAK MENA: Norway Corporate head office in Oslo The Kurdistan Region of Iraq 12% share of Det Norske Local administration in Erbil Oljeselskap ASA Operator of three licenses: Tawke (55%), Dohuk (40%), Erbil (40%)…
  19. Q2 2011 PRESENTATION – Dno International Asa – slide 19
    Proposed merger: Update on progress Arctic Securities engaged as financial advisor to DNO Present focus on due diligence and valuation Definitive agreements, if reached, will be presented to the shareholders at an extraordinary…
  20. Q2 2011 PRESENTATION – Dno International Asa – slide 20
    Financials Haakon Sandborg, CFO
  21. Q2 2011 PRESENTATION – Dno International Asa – slide 21
    Financial summary Q2 2011 Accounting for Export Revenues Quarterly key financials Export sales from Tawke of USD 104 million included in Q2 revenues NOK million Q2 2010 Q1 2011 Q2 2011 800 Strong Cash Flow 700 Cash flow from…
  22. Q2 2011 PRESENTATION – Dno International Asa – slide 22
    Key financial indicators EBITDAX* margin EBITDAX* Netback* NOK million NOK million 90 % 700 700 85 % 600 600 80 % 83 % 75 % 500 500 70 % 400 400 70 % 65 % 64 % 300 300 60 % 55 % 200 200 50 % 100 100 45 % 40 % 0 0 Q2 2010 Q1…
  23. Q2 2011 PRESENTATION – Dno International Asa – slide 23
    Condensed income statement NOK million Q2 2011 Q1 2011 Q2 2010 YTD 2011 YTD 2010 Sales 732.0 281.2 284.7 1013.3 543.2 Cost of goods sold 300.7 140.2 155.6 440.9 288.9 Gross profit 431.3 141.0 129.0 572.4 254.4 Dry well cost expensed…
  24. Q2 2011 PRESENTATION – Dno International Asa – slide 24
    YTD Net Finance NOK million 20 Non-Cash Items: 10 Calculated interest on water purification project NOK 104 million 0 Unrealized FX losses NOK 39 million -10 Financial Income -20 Interest expense -30 WPP FX -40 -50…
  25. Q2 2011 PRESENTATION – Dno International Asa – slide 25
    Lifting Costs Pro forma (incl export from Tawke) USD/bbl Total lifting costs Yemen Tawke 25 22.66 20 19.45 17.03 15 15.48 15.10 10 9.57 8.36 5 5.31 4.06 4.39 4.08 3.98 1.87 1.59 1.78 0 Q2 2010 Q3 2010 Q4 2010 Q1…
  26. Q2 2011 PRESENTATION – Dno International Asa – slide 26
    Cash flow NOK million Q2 2011 NOK million YTD 2011 350 300 250 300 200 250 150 100 200 50 150 0 100 -50 -100 50 -150 0 -200 From Taxes Paid Investing Financing Net Increase From Taxes Paid Investing Financing Net…
  27. Q2 2011 PRESENTATION – Dno International Asa – slide 27
    Investments 2011 Guiding NOK million Planned investments 160 Development CAPEX NOK 200 million Exploration NOK 250 million 140 Contingent additional investments Development CAPEX NOK 400 million 120 Exploration NOK 20 million 100…
  28. Q2 2011 PRESENTATION – Dno International Asa – slide 28
    Capital structure Assets Equity and liabilities NOK million NOK million Non-current assets Other current assets Cash and cash equivalents Shareholders equity Non-current liabilities Current liabilities 5000 5000 Cash: 4000 NOK…
  29. Q2 2011 PRESENTATION – Dno International Asa – slide 29
    Outlook 2H 2011 Production Temporary reduction in Tawke production to 50,000 bopd for reservoir monitoring activities Some decline in Yemen production until Yaalen start-up mid 2012 Appraisal and development Prepare Erbil PSC…
  30. Q2 2011 PRESENTATION – Dno International Asa – slide 30
    Welcome back 9 November 2011

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