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Q1 2015 EARNINGS CALL – North Energy

North Energy · May 13, 2015 · 21 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. Q1 2015 EARNINGS CALL – North Energy – slide 1
    North Energy Q1 2015 13 May 2015 Streamlining ahead of an active drilling campaign
  2. Q1 2015 EARNINGS CALL – North Energy – slide 2
    Agenda Q1 highlights and subsequent events Financial update Operational update Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no
  3. Q1 2015 EARNINGS CALL – North Energy – slide 3
    Our number one goal: Demonstrate near term value creation Main route: Take part in commercial discoveries 3-4 wells coming up next 6-9 months Potential alternative route: M&A path Strategic review continues Prerequisites…
  4. Q1 2015 EARNINGS CALL – North Energy – slide 4
    Q1 highlights and subsequent events Significant cost cutting programme well underway On track to reduce annual operating costs to a level of NOK 100 million Goal to make North Energy a more effective and attractive company CEO Erik…
  5. Q1 2015 EARNINGS CALL – North Energy – slide 5
    Agenda Q1 highlights and subsequent events Financial update Operational update Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no
  6. Q1 2015 EARNINGS CALL – North Energy – slide 6
    Profit & Loss Q1 2015 NOK Million Q1 2015 Q4 2014 2014 Gain/loss from licence sale 0,0 0,0 3,5 Exploration expenses (117,1) (91,9) (332,1) PL510 - first well interrupted Payroll (16,3) (16,3) (52,9) Other operating expenses (9,9) (9,9)…
  7. Q1 2015 EARNINGS CALL – North Energy – slide 7
    Balance Sheet 31 March 2015 NOK Million 31.03.2015 31.12.2014 31.12.2013 Assets Fixed assets 8,6 9,9 9,2 Capitalized drilling cost 17,0 44,6 17,5 Deferred tax asset 131,2 106,0 101,6 Long term receivables 119,3 4,4 11,0 Tax receivable…
  8. Q1 2015 EARNINGS CALL – North Energy – slide 8
    Fully funded drilling campaign Net cash* position Q1 2015 Q1 2015 net cash position of NOK 294 million 20 20 Unused exploration loan facility NOK 756 million Extended until 2017 Accordion option up to MNOK 1,150 *…
  9. Q1 2015 EARNINGS CALL – North Energy – slide 9
    Agenda Q1 highlights and subsequent events Financial update Operational update Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no
  10. Q1 2015 EARNINGS CALL – North Energy – slide 10
    North Energy licence overview 23 NCS licences Two new awards from APA 2014 Two licences recently relinquished Four wells sanctioned for 2015 Five more potential drilling candidates identified Drill or drop decision in 11 licences…
  11. Q1 2015 EARNINGS CALL – North Energy – slide 11
    Update on the Pingvin discovery Pingvin discovery Status report from operator recently received Report indicates that the discovery contains wet gas with heavy HC- components Among the five biggest discoveries in 2014 The…
  12. Q1 2015 EARNINGS CALL – North Energy – slide 12
    Embarking on high potential drilling campaign in 2H Timing Licence Prospect Interest Operator Location Rig 2015 PL 616 Haribo 15% Edison North Sea T.O. Searcher Q2/Q3 PL 591 Zumba 15% Tullow Norwegian Sea Leiv Eriksson Q2 /Q3 PL…
  13. Q1 2015 EARNINGS CALL – North Energy – slide 13
    Four different plays to be tested in 2015 PL 510 Tvillingen South in the Norwegian Sea PL 591 Zumba in the Norwegian Sea PL 616 Haribo in the North Sea PL 708 rnen in the Barents Sea North Energy ASA postnorthenergy.no (+47)…
  14. Q1 2015 EARNINGS CALL – North Energy – slide 14
    PL 616 Haribo well close to Hod field, south in North Sea PL 616 in the North Sea Awarded APA 2011 Main prospect Haribo Operator Edison (25%) Hydrocarbons Oil Partners Concedo (20%) Expected drilling Q3 2015 Noreco (20%) Reservoir…
  15. Q1 2015 EARNINGS CALL – North Energy – slide 15
    PL 591 Zumba significant prospect next to Heidrun PL 591 in the Norwegian Sea Awarded APA 2011 Main prospect Zumba Operator Tullow (80%) Hydrocarbons Gas and Oil Partners North Energy (15%) Expected drilling Q3 2015 Lime Petroleum…
  16. Q1 2015 EARNINGS CALL – North Energy – slide 16
    PL 510 Tvillingen South PL 510 in the Norwegian Sea Awarded APA 2008 Main prospect Tvillingen South Operator Maersk (50%) Hydrocarbons Gas Condensate Partners North Energy (20%) Expected drilling Q3 2015 Edison (30%) Reservoir Lower to…
  17. Q1 2015 EARNINGS CALL – North Energy – slide 17
    PL 708 rnen exciting Permian well PL 708 in the Barents Sea Awarded 22. round Main prospect rnen (Seiland east) Operator Lundin (40%) Hydrocarbons Oil Partners North Energy (10%) Expected drilling Q4 2015 Edison (20%) Reservoir Upper…
  18. Q1 2015 EARNINGS CALL – North Energy – slide 18
    North Energy potential wells 2016/2017 Five possible well candidates for 2016/17 currently identified: PL 590, Norwegian Sea PL 762, Norwegian Sea PL 656, Norwegian Sea PL 707, Barents Sea PL 722, Barents Sea North Energy…
  19. Q1 2015 EARNINGS CALL – North Energy – slide 19
    Clear ambitions in the APA and 23rd Round Ambitions to repeat historical success in future licensing rounds Focus on oil prospects with significant resource potential Focus on commerciality and technical solutions Currently…
  20. Q1 2015 EARNINGS CALL – North Energy – slide 20
    Agenda Q1 highlights and subsequent events Financial update Operational update Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no
  21. Q1 2015 EARNINGS CALL – North Energy – slide 21
    Summary and outlook Cost cutting programme on track Annual operating costs to be reduced to a level of NOK 100 million North Energy to become a more effective and attractive company Closing in on high potential drilling campaign in…

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