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Q2 2014 EARNINGS CALL – North Energy

North Energy · Aug 28, 2014 · 34 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. Q2 2014 EARNINGS CALL – North Energy – slide 1
    North Energy Q2 2014 Increased focus on new exploration strategy 28 August 2014
  2. Q2 2014 EARNINGS CALL – North Energy – slide 2
    Important information This presentation and its appendices (together the Presentation) have been prepared and delivered by North Energy ASA (North Energy or the Company). The Presentation is prepared for information purposes only, and is…
  3. Q2 2014 EARNINGS CALL – North Energy – slide 3
    Agenda Highlights Q2 and later events Result of Lupus well in PL 507 Upcoming Pingvin well in PL 713 Well programme Financials Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no
  4. Q2 2014 EARNINGS CALL – North Energy – slide 4
    Highlights Q2 and later events Dry well in PL 507 Spud 18 August on Pingvin well in PL 713 in the Barents Sea Acquisition of seismic data, EM and RVD as basis for focusing portfolio by farm-in and 23R. Example is farming into PL…
  5. Q2 2014 EARNINGS CALL – North Energy – slide 5
    Agenda Highlights Q2 and later events Result of Lupus well in PL 507 Upcoming Pingvin well in PL 713 Portfolio and upcoming well programme Financials Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50…
  6. Q2 2014 EARNINGS CALL – North Energy – slide 6
    PL 507 Lupus well Farm-in from Tullow (operator) Impressive geophysical work Potential high value due to size (200- 1000 mmboe) and location close to Oseberg South Driven by strong seismic support for (amplitudes) combined with…
  7. Q2 2014 EARNINGS CALL – North Energy – slide 7
    PL 507 Lupus dry well Checklist North Energy Geological model OK Seismic definition OK Amplitudes OK EM OK AVO 50/50, but could be explained EM VD 50/50 patchy, but could be explained Chance of success (POS) set at 33% If…
  8. Q2 2014 EARNINGS CALL – North Energy – slide 8
    Agenda Highlights Q2 and later events Result of Lupus well in PL 507 Upcoming Pingvin well in PL 713 Portfolio and well programme Financials Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no
  9. Q2 2014 EARNINGS CALL – North Energy – slide 9
    Ongoing well PL 713 Pingvin 7319/12-1 Testing sandstone prospect with same HC source as Johan Castberg 2-300 million barrels OE potential High POS (46%) for HC in anomaly Major uncertanties Well location Reservoir quality HC…
  10. Q2 2014 EARNINGS CALL – North Energy – slide 10
    Media comments GEO 365 Well location outside EM anomaly used as evidence for dry well Hesthammer, CEO of Atlantic Petroleum and professor at University of Bergen is convinced Reality is more complicated Location chosen to…
  11. Q2 2014 EARNINGS CALL – North Energy – slide 11
    Different HC scenarios Well Well Gas over Oil Gas over Water + A B Oil over Water Gas over Residual gas - C D North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no
  12. Q2 2014 EARNINGS CALL – North Energy – slide 12
    North has used the complete toolbox on Pingvin EM Low Frequency analyses RVD (Rex Virtual Drilling) NELFA (Internal North) ADF (Apex Houston) All studies indicates HCs and low well location EM anomaly RVD and Nelfa anomaly ADF…
  13. Q2 2014 EARNINGS CALL – North Energy – slide 13
    Pingvin Summary Well aim at testing maximum ADF anomaly potential Oil in this location means high probability of commercial discovery North believes traces of HC and/or less than average reservoir is most likely Still possibly…
  14. Q2 2014 EARNINGS CALL – North Energy – slide 14
    Agenda Highlights Q2 and later events Result of Lupus well in PL 507 Upcoming Pingvin well in PL 713 Portfolio and well programme Financials Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no
  15. Q2 2014 EARNINGS CALL – North Energy – slide 15
    Licence Portfolio In total 28 licences 8 in the Barents Sea 11 in the Norwegian Sea 9 licences in the North Sea (5 active) * Farm-in pending government approval ** Exit of license pending government approval North…
  16. Q2 2014 EARNINGS CALL – North Energy – slide 16
    Find commercial oil early Maintain unique Barents Sea position Main exploration focus is the Barents based on unique G&G know how Explore where competitive edge is sharpest EM and Geophysical competence to play in tune with…
  17. Q2 2014 EARNINGS CALL – North Energy – slide 17
    Firm wells 2014 2015 Prospect WI Operator Q3 Q4 Q1 Q2 Q3 Q4 PL 713 20 % Statoil PL 708 10 % Lundin PL 510 20 % Maersk PL 591 15 % Tullow Oil PL 616 5% Edison Gas/Condensate PL 713: 250 mmboe POS 46% (20% at well) PL 708:…
  18. Q2 2014 EARNINGS CALL – North Energy – slide 18
    PL 708 rnen PL 708 in the Barents Sea Awarded 22. round Main prospect Seiland East/rnen North Operator Lundin (40%) Hydrocarbons Oil Partners North Energy (10%) Expected drilling Q1 2015 Edison (20%) Reservoir Upper Permian Lukoil…
  19. Q2 2014 EARNINGS CALL – North Energy – slide 19
    PL 708 - RVD response and seismic data TIME MAP MSEC North Energy ASA, Markveien 38b, Postboks 1243,9504 Alta, Norway. Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
  20. Q2 2014 EARNINGS CALL – North Energy – slide 20
    PL 510 Gas prospect from the old portfolio 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 Q1 2015 Edison…
  21. Q2 2014 EARNINGS CALL – North Energy – slide 21
    PL 510 Likely drilling sequence Tvillingen Sr Tvillingen Nord + test Breitind + test Phase 1 Development Botnkrona (or other) + test Add to existing development Recoverable resources, mmboe and POS by operator Ranking Prospect…
  22. Q2 2014 EARNINGS CALL – North Energy – slide 22
    PL 510 Area solution Joint development with close reserves Shared facilities cost (i.e. pipelines) Coordinated tie in negotiations Nearby discoveries and prospects Imsa 510 Linnorm:157 Mboe (NPD 2013) Noatun:18 Mboe (NPD 2013)…
  23. Q2 2014 EARNINGS CALL – North Energy – slide 23
    PL 591 Farm-in well next to Heidrun PL 591 in the Norwegian Sea Awarded APA 2011 Main prospect Zumba Operator Tullow (80%) Hydrocarbons Oil (volumer beregnet som gas) Partners North Energy (15%) Expected drilling Q1 2015 Lime…
  24. Q2 2014 EARNINGS CALL – North Energy – slide 24
    PL 616 Haribo well close to Hod PL 616 in the North Sea Awarded APA 2011 Main prospect Haribo Operator Edison (25%) Hydrocarbons Oil Partners Concedo (20%) Expected drilling Q4 2015 Noreco (30%) Reservoir Narve Skagen44 (15%)…
  25. Q2 2014 EARNINGS CALL – North Energy – slide 25
    Drill or drop decision point schedule Drill or Drop licenses DoD Deadline Licence Prospect Interest Operator Location Rig 2014 2015 PL 503 Valberget 12,5% Lotos North Sea N/A Q1 PL 503 C Valberget 12,5% Lotos North Sea N/A Q1…
  26. Q2 2014 EARNINGS CALL – North Energy – slide 26
    Drilling & decision point schedule Drill or Drop licenses DoD Deadline Licence Prospect Interest Operator Location Rig 2015 2016 PL 590 Sierra 30% North Energy Norwegian Sea N/A Q1 PL 769 Grid 20% OMV Barents Sea N/A Q1 PL 770…
  27. Q2 2014 EARNINGS CALL – North Energy – slide 27
    Agenda Highlights Q2 and later events Result of Lupus well in PL 507 Upcoming Pingvin well in PL 713 Portfolio and well programme Financials Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no
  28. Q2 2014 EARNINGS CALL – North Energy – slide 28
    Profit & Loss Q2 2014 NOK Million Q2 2014 Q1 2014 Q2 2013 2013 Profit 2,6 0,7 66,1 98,6 Exploration expenses (84,8) (98,9) (163,9) (696,6) Data purchase for APA'14 and 23R Payroll (11,2) (9,8) (12,2) (51,0) Other operating expenses…
  29. Q2 2014 EARNINGS CALL – North Energy – slide 29
    Balance sheet 30th of June 2014 NOK Million 30.06.2014 31.03.2014 31.12.2013 Assets Fixed Assets 155,3 152,1 145,7 Deferred tax asset and cap. drilling cost Long term receicables 179,4 94,4 - Tax receivable refund (Dec. 2015) Short…
  30. Q2 2014 EARNINGS CALL – North Energy – slide 30
    Fully funded drilling campaign Net cash* position Q2 2014 Q2 2014 net cash 700 position of NOK 357 9 million 600 Unused convertible 500 179 145 loan facility of NOK 400 75 278 million 56 300 Unused exploration loan…
  31. Q2 2014 EARNINGS CALL – North Energy – slide 31
    EMGS conversion secures financing of additional wells EMGS became a larger Well Timing Status shareholder with 9,9% ownership Well 1-5 2014-15 Firm wells Financed Converted NOK 28,4 million DoD/Farm into 6.851.463 shares at Well…
  32. Q2 2014 EARNINGS CALL – North Energy – slide 32
    Agenda Highlights Q2 and later events Result of Lupus well in PL 507 Upcoming Pingvin well in PL 713 Portfolio and well programme Financials Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no
  33. Q2 2014 EARNINGS CALL – North Energy – slide 33
    Outlook 3 months Exploration well on PL 713 Define new blocks for EM acquisition 12 new RVD evaluations Apply for blocks in APA 2014 12 months Exploration well on PL 708 Exploration well on PL 510 Exploration well on PL…
  34. Q2 2014 EARNINGS CALL – North Energy – slide 34
    Q&A North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no

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