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Q3 2014 EARNINGS CALL – North Energy

North Energy · Nov 13, 2014 · 29 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. Q3 2014 EARNINGS CALL – North Energy – slide 1
    North Energy Q3 2014 13 November 2014 Discovery in Pingvin results under evaluation
  2. Q3 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. Q3 2014 EARNINGS CALL – North Energy – slide 3
    Agenda Highlights Q3 and later events Result of Pingvin well in PL 713 Well programme Financials Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no
  4. Q3 2014 EARNINGS CALL – North Energy – slide 4
    Highlights Q3 and later events Discovery in PL 713 in the Barents Sea HC phase and potential under evaluation APA 2014 applications in all NCS regions EMGS conversion of loan to shares secures financing of additional wells All…
  5. Q3 2014 EARNINGS CALL – North Energy – slide 5
    Agenda Highlights Q3 and later events Result of Pingvin well in PL 713 Well programme Financials Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no
  6. Q3 2014 EARNINGS CALL – North Energy – slide 6
    North has used the complete toolbox on Pingvin Standard seismic amplitude analysis (AVO) EM Low Frequency analysis RVD (Rex Virtual Drilling) NELFA (Internal North) ADF (Apex Houston) All studies indicate HC, many of them liquids…
  7. Q3 2014 EARNINGS CALL – North Energy – slide 7
    Pingvin pre well Summary ADF anomaly Well aimed at testing maximum potential Well placed marginal to most DHI anomalies Traces of HC were the most likely scenario Oil in the chosen well location would mean high probability of…
  8. Q3 2014 EARNINGS CALL – North Energy – slide 8
    Post well status: Norths toolbox predicted the well outcome fairly accurately The well discovered gas in a new ADF anomaly Play Model with excellent reservoir properties Still significant uncertainty wrt HC phase and potential…
  9. Q3 2014 EARNINGS CALL – North Energy – slide 9
    PL 713 Pingvin Results Is the contact GWC og Lithology Well Location Well Location North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no
  10. Q3 2014 EARNINGS CALL – North Energy – slide 10
    Appraisal of Pingvin to be evaluated Pingvin discovery: Is the sand in the well the top of a lower reservoir Several observations could point towards liquids updip: Multiple / tilted contacts Geophysical Analysis indicates liquids…
  11. Q3 2014 EARNINGS CALL – North Energy – slide 11
    Agenda Highlights Q3 and later events Result of Pingvin well in PL 713 Well programme Financials Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no
  12. Q3 2014 EARNINGS CALL – North Energy – slide 12
    Portfolio 25 licences 8 in the Barents Sea 11 in the Norwegian Sea 6 in the North Sea DoD Q1 2015 North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no
  13. Q3 2014 EARNINGS CALL – North Energy – slide 13
    Drilling & decision point schedule Firm & planned wells Timing Licence Prospect Interest Operator Location Rig Q4 2014 2015 PL 510 Tvilling Sr 20% Maersk Norwegian Sea Leiv Eiriksson Q1 PL 591 Zumba 15% Tullow Norwegian Sea TBA…
  14. Q3 2014 EARNINGS CALL – North Energy – slide 14
    Drilling & decision point schedule Drill or Drop licences DoD Deadline Licence Prospect Interest Operator Location Q4 2014 2015 PL 503 Valberget 12,5% Lotos North Sea Q1 PL 503 C Valberget 12,5% Lotos North Sea Q1 PL 587 Rype 40%…
  15. Q3 2014 EARNINGS CALL – North Energy – slide 15
    Drilling & decision point schedule Drill or Drop licences DoD Deadline Licence Prospect Interest Operator Location 2015 2016 PL 590 Sierra 30% North Energy Norwegian Sea Q1 PL 769 Grid 20% OMV Barents Sea Q1 PL 770 Saarikoski 20%…
  16. Q3 2014 EARNINGS CALL – North Energy – slide 16
    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…
  17. Q3 2014 EARNINGS CALL – North Energy – slide 17
    PL 510 Discovery in tvillingen Sr would improve POS for remaining prospects Tvillingen Nord Breitind Kvasstind N Botnkrona Recoverable resources, mmboe Ranking Prospect P90 Mean P10 1 Tvillingen S 37 109 197 2 Tvillingen N 33…
  18. Q3 2014 EARNINGS CALL – North Energy – slide 18
    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 Q3 2015 Edison (20%) Reservoir Upper…
  19. Q3 2014 EARNINGS CALL – North Energy – slide 19
    PL 591 Farm-in well 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 (5%) Reservoir…
  20. Q3 2014 EARNINGS CALL – North Energy – slide 20
    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 Q3 2015 Noreco (20%) Reservoir Narve Skagen44 (15%)…
  21. Q3 2014 EARNINGS CALL – North Energy – slide 21
    Exploration ambition: Find commercial oil early Explore where competitive edge is sharpest EM and Geophysical competence to play in tune with existing G&G capacity and datasets Maintain unique Barents Sea position Main exploration…
  22. Q3 2014 EARNINGS CALL – North Energy – slide 22
    Agenda Highlights Q3 and later events Result of Pingvin well in PL 713 Well programme Financials Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no
  23. Q3 2014 EARNINGS CALL – North Energy – slide 23
    Profit & Loss Q3 2014 NOK Million Q3 2014 Q2 2014 Q3 2013 2013 Profit 0,2 2,6 32,0 98,6 Farm out PL591 (5%) Exploration expenses (56,6) (84,8) (36,5) (696,6) Drilling and other expl. exp. Payroll (15,6) (11,2) (11,8) (51,0) Low charge…
  24. Q3 2014 EARNINGS CALL – North Energy – slide 24
    Balance Sheet 30th of September 2014 NOK Million 30.09.2014 30.06.2014 31.12.2013 Assets Fixed Assets 167,5 155,3 145,7 Deferred tax asset and cap. drilling cost Long term receicables 299,1 179,4 - Tax receivable refund (Dec. 2015)…
  25. Q3 2014 EARNINGS CALL – North Energy – slide 25
    All firm wells fully funded Net cash* position Q3 2014 Q3 2014 net cash position of NOK 344 700,0 million 72 600,0 Unused convertible loan facility of NOK 500,0 299 245 277 million 400,0 56 Unused exploration 300,0 loan…
  26. Q3 2014 EARNINGS CALL – North Energy – slide 26
    EMGS conversion secures financing of additional wells Converted NOK 28,4 million Well Timing Status of NOK 75 million loan into shares Well 1-4 2015 Firm wells Financed Remaining part of the loan DoD/Farm of NOK 46,6 million…
  27. Q3 2014 EARNINGS CALL – North Energy – slide 27
    Agenda Highlights Q3 and later events Result of Pingvin well in PL 713 Well programme Financials Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no
  28. Q3 2014 EARNINGS CALL – North Energy – slide 28
    Outlook 3 months Results from well analysis PL 713 Exploration well on PL 510 Awards APA 2014 12 months Exploration well on PL 708 (Barents Sea) Exploration well on PL 591/591B (Norwegian Sea) Exploration well on PL 616 (North…
  29. Q3 2014 EARNINGS CALL – North Energy – slide 29
    Q&A North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no

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