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Q1 2015 Earnings Call – Noreco

Noreco · Jun 1, 2015 · 25 slides

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Slides

  1. Q1 2015 Earnings Call – Noreco – slide 1
    First quarter 2015 Presentation material 1 June 2015
  2. Q1 2015 Earnings Call – Noreco – slide 2
    Contents and presenters Headlines p. 4-5 Operations Production p. 6 Exploration p. 7-11 Key financials First quarter p. 12-15 Tommy Sundt, Chief Executive Officer Concluding remarks p. 16-17 Questions & Answers Reference…
  3. Q1 2015 Earnings Call – Noreco – slide 3
    First quarter headlines Restructuring completed. No longer in distress NOK 2 billion bonds converted to equity, bondholders owning 92 per cent of Noreco post restructuring Significant IFRS accounting effects related to restructuring…
  4. Q1 2015 Earnings Call – Noreco – slide 4
    Current company structure Two structures ring-fenced, separate loan agreements Norwegian Energy New group structure Company ASA involving ring-fence around NOR 06s Norwegian Energy pledged assets in Company (UK) Ltd Altinex AS…
  5. Q1 2015 Earnings Call – Noreco – slide 5
    Huntington back on stream, limited contribution from Nini and Cecilie Noreco production Huntington restricted (quarterly average in boepd) through Q1. Back on stream 7 000 in April 6 000 Nini and Cecilie production claimed by other…
  6. Q1 2015 Earnings Call – Noreco – slide 6
    Exploration 7
  7. Q1 2015 Earnings Call – Noreco – slide 7
    DK 09/95 Xana Discovery Noreco 16% - Maersk operated Well encountered light oil and gas bearing sands in Upper Jurassic interval, trapped by up-dip fault Well drilled with Noble Sam Turner rig to total depth of 5124 meters sub sea…
  8. Q1 2015 Earnings Call – Noreco – slide 8
    UK PL1889 Niobe Prospect Noreco 22.5%* - Suncor operated Upper Jurassic stratigraphic pinch-out trap, up dip of small oil discovery Located in Inner Moray Firth in proven oil province east of Beatrice Field 30% CoS Primary risk…
  9. Q1 2015 Earnings Call – Noreco – slide 9
    NO PL616 Haribo Prospect Noreco 20 % - Edison operated Cretaceous chalk porosity pod prospect separated from Valhall by impermeable tight chalk Located in Central North Sea, on south western flank of Valhall Field, and west of Hod…
  10. Q1 2015 Earnings Call – Noreco – slide 10
    Exploration and appraisal Drilling programme Noreco Opera- Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Well share tor Pot. vol.1 2015 2015 2015 2015 2016 2016 2016 2016 DK 9/95 under Plugged and 16 % Maersk Xana (Gita S) review abandoned P1889 22.5 %3…
  11. Q1 2015 Earnings Call – Noreco – slide 11
    Key financials 12
  12. Q1 2015 Earnings Call – Noreco – slide 12
    Income statement Q1 15 Q1 15 Q4 14 FY 14 NOK million Segments IFRS IFRS IFRS Total revenues 114 114 145 1 143 Revenues - Low Production expenses (139) (139) (140) (587) output from Huntington Exploration expenses (129) (129) (9) (837)…
  13. Q1 2015 Earnings Call – Noreco – slide 13
    Revenue & EBITDA (NOK mill) Revenues EBITDA / Exploration expenses 450 300 400 200 350 100 300 0 -100 250 -200 200 -300 150 -400 100 -500 -600 50 -700 0 -800 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2015…
  14. Q1 2015 Earnings Call – Noreco – slide 14
    Balance sheet NOK million 31.03.15 31.03.15 31.12.14 30.09.14 Segments IFRS IFRS IFRS Assets Equity impacted by Non-current assets 1 750 1 675 2 425 3 532 restructuring Current assets 1 036 1 036 565 608 Increase due to Cash…
  15. Q1 2015 Earnings Call – Noreco – slide 15
    Concluding remarks 16
  16. Q1 2015 Earnings Call – Noreco – slide 16
    Strategy and priorities Towards an amicable solution in Denmark Disciplined approach to operation Continue to work with operators to secure cost efficient production Carefully deliver on existing commitments, including Niobe and…
  17. Q1 2015 Earnings Call – Noreco – slide 17
    Noreco at a glance Exploration Production (number of licences1) (in boepd) 7 000 3 11 6 000 1 5 000 4 000 NOR 3 000 Norway Denmark UK DEN 2 000 1 000 UK Year 2012 2013 2014 15E 0 Wells1 8 4 2 3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1…
  18. Q1 2015 Earnings Call – Noreco – slide 18
    Production per field (boepd) Noreco Field share Q1 15 Q4 14 Q3 14 Q2 14 Q1 14 Q4 13 Oselvar 15 % 454 497 528 550 574 850 Enoch 4.36 % 0 0 0 0 0 0 Lulita 28.2 % 101 136 192 172 330 196 Nini1 30 % 644 2 012 1 722 1 839 1 415 0 Cecilie1 61…
  19. Q1 2015 Earnings Call – Noreco – slide 19
    Revenue per field (NOK million) Noreco Field share Q1 15 Q4 14 Q3 14 Q2 14 Q1 14 Q4 13 Oselvar 15 % 16 19 25 25 30 40 Enoch 4.36 % 0 2 0 0 0 0 Lulita 28.2 % 3 5 9 8 15 10 Nini1 30 % 23 85 95 113 82 0 Cecilie1 61 % 9 10 9 1 0 0…
  20. Q1 2015 Earnings Call – Noreco – slide 20
    Production expenses per field (NOK million) Noreco Field share Q1 15 Q4 14 Q3 14 Q2 14 Q1 14 Q4 13 Oselvar 15 % 5 11 7 6 6 14 Enoch 4.36 % 1 1 0 0 2 15 Lulita 28.2 % 1 2 1 2 3 4 Nini* 30 % 46 54 95 55 48 38 Cecilie* 61 % 18 16 14 7 14 7…
  21. Q1 2015 Earnings Call – Noreco – slide 21
    Balance sheet specifications Producing assets (NOK million) Gross Asset Deferred book retirement tax Net book Asset value obligation (-asset)* value Oselvar 0 66 -340 274 Enoch 0 8 -6 -2 Lulita 40 13 6 20 Nini and Cecilie 2 405…
  22. Q1 2015 Earnings Call – Noreco – slide 22
    Balance sheet specifications Intangible assets (NOK million) Gross Deferred Net book tax book Asset value (-asset) value Goodwill Denmark 7 0 7 Total Goodwill 7 0 7 Gohta 253 197 56 Xana 0 0 0 Niobe 9 0 9 Other licences 5 4 1 Total…
  23. Q1 2015 Earnings Call – Noreco – slide 23
    Siri insurance claim Status o Gross book value at the end of Q1 is NOK 479 mill, NOK 419 mill after tax o USD amount unchanged at 59 mill o Total claim is USD 400 mill plus interests o Continues to progress the claim towards final…
  24. Q1 2015 Earnings Call – Noreco – slide 24
    Largest shareholders Number of % of % of Investor shares top 20 total Type Country EUROCLEAR BANK S.A./N.V. ('BA') 1,164,424 25.49% 16.41% Nom. BEL GOLDMAN SACHS & CO EQUITY SEGREGAT 965,864 21.14% 13.61% Nom. USA MP PENSJON PK 337,612…
  25. Q1 2015 Earnings Call – Noreco – slide 25

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