WEBCAST PRESENTATION 27th MAY 2015 Q1 2015 RESULTS
WEBCAST PRESENTATION 27th MAY 2015 Q1 PERFORMANCE
HIGHLIGHTS AND EVENTS Production for the first 3 months was 106,000 boe corresponding to an average of 1,178 boepd net Revenue for 1Q 2015 was DKK 39.1MM and this was impacted by the lower than expected production and lower oil…
PRODUCTION 2000 boepd 1800 Ettrick & Blackbird 1600 1400 Q1 Production impacted by 1200 a planned well intervention 1000 800 600 Chestnut 400 200 Q1 production impacted by 0 scale squeezes Jan Feb Mar Apr Blackbird 329…
CONSOLIDATED INCOME STATEMENT 3 months 3 months to 31st March to 31st March Full year DKK 1,000 2015 2014 2014 343,146 Revenue 39,143 112,706 -530,002 Cost of sales -53,246 -73,894 -186,856 Gross loss/profit -14,102 38,812…
CONSOLIDATED BALANCE SHEET At 31st March At 31st March At 31st December DKK 1,000 2015 2014 2014 Non-current assets Goodwill 55,617 55,111 51,917 Intangible assets 14,740 28,332 16,576 Intangible exploration and evaluation assets…
Exploration & Appraisal
EXPLORATION EXPLORATION 2015 2016 2017 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q NORWAY PL705 NAPOLEON / SURNA Possible Well PL602 ROALD RYGG Firm Well P1610 MAGNOLIA / LIBERATOR Possible Well P1906 GREATER YORK Possible…
Developments
DEVELOPMENT AND NEAR DEVELOPMENT DEVELOPMENT & NEAR DEVELOPMENT 2015 2016 2017 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q P1606 ORLANDO EXECUTE PRODUCTION P1607 KELLS DEFINE EXECUTE UK P354 CHESTNUT II ASSESS SELECT DEFINE…
ORLANDO ON TRACK FOR 2016 FIRST OIL LOW COST BARRELS JV partners & equities Iona Energy 75% (Operator), Atlantic Petroleum 25% Orlando Field CPR estimates Orlando net 2P reserves of 3.8 MMboe Orlando initial rates expected at…
NEAR DEVELOPMENTS KELLS & PERTH KELLS P1607 3/8d Iona Energy (Operator) 75%, Atlantic Petroleum 25% CPR estimates Kells net 2P reserves of 2.25 MMboe Kells initial rates expected at 7,000+ bopd First production expected 2017…
CHESTNUT & CHESTNUT RE-DEVELOPMENT Comments Map Chestnut P354, Block 22/2a Located in the UK sector of the Central North Sea JV partners and interests: Centrica Energy Upstream (Operator) 69.875% Dana Petroleum (E&P) Limited 15.125%…
Pegasus - Value Unlocked
GAS DISCOVERY ON PEGASUS WEST WEBCAST PRESENTATION 27TH MAY 2015 4
PEGASUS WEST TIMELINE Discovery Test Result Did the market react
GAS DISCOVERY ON PEGASUS WEST Pegasus area Sold to Third Energy. GBP 7.5MM on completion. Potentially further GBP 9MM dependent on production and further development on the blocks 18
Summary & Outlook
TARGETS 2015 TARGETS 2015 PRODUCTION FINANCIAL EXPLORATION 520,000 BOE EBITDAX POSITIVE DRILL NORWAY ROALD RYGG WEBCAST PRESENTATION 27TH MAY 2015
THE WAY FORWARD Capital discipline is key Prioritise development & production Capex in the short term to get to first oil on Orlando in 2016. Production is set to more than double in 2016 Build and protect exploration portfolio…
Q&A
CONTACT Headquarters, Faroe Islands P/F Atlantic Petroleum Yviri vi Strond 4 P.O.Box 1228 Faroe Islands Tel +298 350 100 Norway office, Bergen Atlantic Petroleum Norge AS Edvard Griegsvei 3c 5059 Bergen Norway Tel +47 9920…
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