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Q1 2014 CONFERENCE CALL – North Energy

North Energy · May 14, 2014 · 32 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 2014 CONFERENCE CALL – North Energy – slide 1
    North Energy Q1 2014 14 May 2014
  2. Q1 2014 CONFERENCE 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. Q1 2014 CONFERENCE CALL – North Energy – slide 3
    Agenda Highlights Q1 Financial update Exploration update Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no
  4. Q1 2014 CONFERENCE CALL – North Energy – slide 4
    Highlights Q1 and later events Capital raise of NOK 360 million approved in EGM New share issue of NOK 285 million in a private placement and convertible drawing facility of NOK 75 million Enables financing of new drilling campaign…
  5. Q1 2014 CONFERENCE CALL – North Energy – slide 5
    Agenda Highlights Q1 Financial update Exploration update Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no
  6. Q1 2014 CONFERENCE CALL – North Energy – slide 6
    NOK 285 million raised in a private placement Directed towards large North Energy shareholders, close affiliates and other large investors Approved in EGM 13 February Share issue price of NOK 4 per share Premium of 7% compared to…
  7. Q1 2014 CONFERENCE CALL – North Energy – slide 7
    Acquisition of EMGS Barents Sea library of EM data Convertible loan of NOK 75 million Six months duration Convertible between four to six months post issue Conversion price of NOK 4.15 per share Interest of 6.0 % p.a. Other…
  8. Q1 2014 CONFERENCE CALL – North Energy – slide 8
    Share issue of 285 MNOK and convertible loan of 75 MNOK New financial / industrial EMGS friends Current shareholders shareholders Contribution Contribution Contribution Contribution EM data/competence Cash NOK 4 / Cash NOK 4 /…
  9. Q1 2014 CONFERENCE CALL – North Energy – slide 9
    Strong shareholder base post transaction Top 10 shareholders Strong support from existing Investor shareholders 1 THS Partners 2 Elliott International New technology based 3 Rex Technology Mgmt New shareholders 4 Odin New 5…
  10. Q1 2014 CONFERENCE CALL – North Energy – slide 10
    Profit & Loss Q1 2014 NOK Million Q1 2014 Q4 2013 Q1 2013 2013 Profit 0,7 0,5 - 98,6 Farm-out PL498 Exploration expenses (98,9) (468,5) (27,7) (696,6) EM data & other exploration expences Payroll (9,8) (10,8) (16,2) (51,0) Same level -…
  11. Q1 2014 CONFERENCE CALL – North Energy – slide 11
    Balance sheet 31 March 2014 NOK Million 31.03.2014 31.12.2013 31.12.2012 Assets Fixed Assets 152,1 145,7 304,2 Deferred tax asset and cap. drilling cost Long term receivables 94,4 - - Tax receivable refund - Dec 2015 Short term…
  12. Q1 2014 CONFERENCE CALL – North Energy – slide 12
    Fully funded drilling campaign Net cash* position Q1 2014 Q1 2014 net cash position of NOK 390 million Net cash position of NOK 465 million 56 prior to EMGS convertion Unused convertible 285 loan facility of NOK 277 million…
  13. Q1 2014 CONFERENCE CALL – North Energy – slide 13
    Agenda Highlights Q1 Financial update Exploration update Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no
  14. Q1 2014 CONFERENCE CALL – North Energy – slide 14
    Maximize use of G&G data and techniques pre- drill to minimize risk and exploration costs Focus on commercial oil Close to infrastructure Follow the migration routes and known oil prone trends Focus on areas where new technology…
  15. Q1 2014 CONFERENCE CALL – North Energy – slide 15
    APA 2013 Barents Sea North Sea 2 North Energy applied in six new areas 6 5 1 North Energy awarded six APA 2013 licences: 1. PL 503C North Sea 2. PL 509CS North Sea Norwegian Sea 3. PL 590B Norw. Sea 4. PL 762 Norw. Sea 4…
  16. Q1 2014 CONFERENCE CALL – North Energy – slide 16
    Portfolio makeover based on new exploration strategy More geophysical studies (DHIs) before acquiring licences New EM acquisition with new source if not too deep target Always low frequency analysis (RVD), preferably on new broadband…
  17. Q1 2014 CONFERENCE CALL – North Energy – slide 17
    32 of 36 months spent on getting out of dry wells and building a new drilling portfolio 14.05.14 47 42 Old licences 37 No. of wells New licences 32 and licenses 27 Wells (acc.) 22 17 12 7 2 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2…
  18. Q1 2014 CONFERENCE CALL – North Energy – slide 18
    Possible drilling program 2014 2015 2016 Prospect WI Operator Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Farm-in PL713 20 % Statoil PL510 20 % Maersk Firm wells PL 591 15 % Tullow Farm-in PL590 30 % North Energy PL 616 15 % Edison…
  19. Q1 2014 CONFERENCE CALL – North Energy – slide 19
    PL 713 Pingvin - a prospect with DHIs on a slope Located within the Bjrnya Basin Young and unknown reservoir Strong amplitude anomaly defines stratigraphically trapped sand body All geophysical methods show hydrocarbons EM,…
  20. Q1 2014 CONFERENCE CALL – North Energy – slide 20
    A striking resemblance with questionmarks. High probability for oil and/or gas Seismis surface (RVD) Rex EM modelling Sample, taken from 8-9hz Modelling by Det Norske North Energy ASA postnorthenergy.no (+47) 78 60 79 50…
  21. Q1 2014 CONFERENCE CALL – North Energy – slide 21
    PL 713 Pingvin Well likely in 2014 PL 713 in the Barents Sea Awarded 22. round Main prospect Halddi/Pingvin Operator Statoil (40%) Hydrocarbons Oil and or gas Partners North Energy (20%) Expected drilling Q4 2014 RN Nordic Oil…
  22. Q1 2014 CONFERENCE CALL – North Energy – slide 22
    PL 510 - from the old portfolio with gas 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…
  23. Q1 2014 CONFERENCE CALL – North Energy – slide 23
    PL 591 - Well from recent Business Development PL 591 in the Norwegian Sea Awarded APA 2011 Main prospect Zumba Operator Tullow (90%) Hydrocarbons Oil Partners North Energy (20%) Expected drilling Q1 2015 Reservoir Rogn Prob.…
  24. Q1 2014 CONFERENCE CALL – North Energy – slide 24
    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
  25. Q1 2014 CONFERENCE CALL – North Energy – slide 25
    PL 708 - RVD response and porosity prediction from seismic amplitude 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
  26. Q1 2014 CONFERENCE CALL – North Energy – slide 26
    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 Q3 2015 Edison (20%) Reservoir Upper Permian Lukoil…
  27. Q1 2014 CONFERENCE CALL – North Energy – slide 27
    Result from DFI risk (GeoX). Pingvin example. Monitored by the founder of GeoX Quality of following geophysical paramaters fed into GeoX EM RVD AVO Seismic amplitudes Flatspots The DFIs may highgrade the prospect, or take…
  28. Q1 2014 CONFERENCE CALL – North Energy – slide 28
    Risk The first - reward DFI results from GeoX risk meetings shows that the firm wells have been approved PL 708 rnen Pingvin PL 713 Pingvin PL 591 Zumba rnen Approved for drilling Zumba Being Sell or relinquish…
  29. Q1 2014 CONFERENCE CALL – North Energy – slide 29
    PL 722 - Structural closure with resonance frequency similar to structure PL 722 in the Barents Sea .Resonnance (RVD) ..anomaly with very Awarded 22. round Main prospect Skaidi/Inca ..similar shape to Operator GDF (30 %) Hydrocarbons Oil…
  30. Q1 2014 CONFERENCE CALL – North Energy – slide 30
    New broadband seismic acquisition for low frequency evaluation around recent discoveries New 2D seismic in the Hoop area New 3D seismic on the Loppa High Make new draping shapes of the seismic outlines North Energy…
  31. Q1 2014 CONFERENCE CALL – North Energy – slide 31
    Outlook 3 months Define new Barents Sea blocks for EM acquisition DoD on PL 708 in the Barents Sea DoD on PL 590/590B in the Norwegian Sea DoD on PL 509S/509BS/509CS and PL 616 in the North Sea 12 new RVD evaluations 12 months…
  32. Q1 2014 CONFERENCE CALL – North Energy – slide 32
    Q&A North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no

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