Rocksource ASA First Quarter 2014 28 May 2014 CEO Chris Spencer Disclaimer This presentation contains information provided by the management of Rocksource ASA with respect to historical and expected performance of the business as…
Table of contents 1Q highlights and financials Portfolio update Summary and outlook Appendix Slide: 3 1Q highlights and subsequent events Major oil and gas discovery announced on the Pil prospect in PL 586 Rocksource…
AGM on proposed Rights Issue to be held 28 May Rocksource has proposed to the AGM a NOK 40 million rights issue, net of costs Purpose: Fund Pil & Bue programme and secure working capital for the remainder of 2014 The Companys largest…
Table of contents 1Q highlights and financials Portfolio update Summary and outlook Appendix Slide: 7 PL 659 Langlitinden Classified as sub-commercial Oil bearing channel sand encountered Results from a miniDST (production…
PL 586, Pil a transformational event Rocksources latest resource estimate: 90 to 150 million barrels oil equivalent (mmboe), with mean of 115 mmboe Based on initial results from Pil appraisal sidetrack Very attractive followup…
Pil: One of the most significant NCS discoveries in recent years Market value of liquids rich discoveries (2007-2014 YTD) 5 USD/boe 2-5…
PL 528, Ivory Another high potential 2014 well Awarded in 20th & 21st Round Multiprospect licence, gas prone, with DHI support. Adjacent to the Aasta Hansteen field development Partnership: Rocksource (10%*) Centrica (40% and…
US GoM: Marketing efforts continue US asset broker continues to market Rocksources GoM leases Improved interest since start of year Significant potential combined resource base in AC855 (Rocksource 65%) and Trident (100%) 130…
Remaining potential high value events 2014 Appraisal of Pil Results announced Now moving on to Bue exploration sidetrack Ivory exploration well in PL 528 Medium risk prospect, with gross unrisked resources of 50 230 mmboe in…
Table of contents 1Q highlights and financials Portfolio update Summary and outlook Appendix Slide: 19 Key figures 1Q 4) 4) NOK '000 1Q 2014 1Q 2013 2013 Total operating income 1 290 7 405 59 282 Exploration expenses,…
Profit and loss statement NOK '000 1Q 2014 4Q 2013 3Q 2013 2Q 2013 1Q 2013 Operating income 1 290 28 354 7 781 15 743 7 405 Total operating income 1 290 28 354 7 781 15 743 7 405 Other general and administrative expenses (3 204) (5…
Investor contacts Chris Spencer, CEO Tel: +47 95 29 42 28 chris.spencerrocksource.com Tommy Sundt, CFO Tel: +47 90 85 50 00 tommy.sundtrocksource.com Slide: 25 www.rocksource.com
Rocksource ASA First Quarter 2014 First quarter 2014 witnessed a crucial landmark for Rocksource ASA (Rocksource or Company). The Company took part in one of the most significant finds on the Norwegian Continental Shelf (NCS) in recent…
First quarter and subsequent key events Major oil and gas discovery announced on the Pil prospect in PL 586 Rocksource estimates discovered resources of 90 to 150 million barrels of oil equivalent (mmboe), with mean of 115 mmboe,…
Operational update The Norwegian Continental Shelf (NCS) The NCS remains Rocksources core area where the Company currently holds 23 licences. The Company took part in two exploration wells on the NCS during the first quarter of 2014.…
Partners are VNG (operator) with 30 percent, Spike Exploration 30 percent and Faroe Petroleum 25 percent. Pil was drilled by the Transocean Arctic drilling facility. An exploration well is expected on the Ivory prospect in PL 528 in 4Q…
These APA awards will contribute medium and longer term opportunities to the Rocksource exploration portfolio. Rocksource continues to develop the remainder of its NCS portfolio. The Company has a drill- or-drop decision to take on PL…
The cost claimed by ONGC for Rocksource's share of the completed work programme is approximately USD 20 million. According to invoices sent by ONGC, approximately USD 15 million of this amount became due in February 2010. Rocksource has…
Cash flow from operating activities for the first quarter was negative at NOK 28.2 million, compared with a cash outflow of NOK 32.3 million for the corresponding quarter of 2013. The cash balance at the end of the first quarter was NOK…
Having secured a high quality CFO, and as a natural continuation of the strategic decision to consolidate to Bergen, the Board of Directors announced in May that it had initiated a process to also seek a Bergen-based CEO. The current CEO…
ROCKSOURCE GROUP - CONDENSED CONSOLIDATED INCOME STATEMENTS (Quarter unaudited) 1Q 2014 1Q 2013 2013 NOK '000 Notes IFRS IFRS IFRS Operating income Revenue 1 290 7 405 59 282 Total operating income 1 290 7 405 59 282 Operating…
ROCKSOURCE GROUP - CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (Quarter unaudited) 1Q 2014 1Q 2013 2013 NOK '000 IFRS IFRS IFRS Net profit/(loss) (23 154) (9 376) (39 296) Other comprehensive income to be…
ROCKSOURCE GROUP - CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Quarter unaudited) 31.3.2014 31.12.2013 NOK '000 IFRS IFRS EQUITY AND LIABILITIES Equity Share capital 8 706 8 706 Treasury shares (22) (22) Share premium…
ROCKSOURCE GROUP - CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (Quarter unaudited) 1Q 2014 1Q 2013 2013 NOK '000 Notes IFRS IFRS IFRS Cash flow from operating activities Profit/(loss) before taxes (78 273) (29 152) (178 805) Net…
ROCKSOURCE GROUP CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Quarter unaudited) Additional Currency Share Treasury Share paidin translation Retained Total NOK '000 capital shares premium capital differences earnings…
ROCKSOURCE GROUP - NOTES FIRST QUARTER 2014 Principles and reporting These financial statements are the unaudited interim consolidated financial statements of Rocksource ASA and its subsidiaries (hereafter the Group) for the three-month…
Note 2: Related parties/share-based remuneration Reference is made to detailed information disclosed in the Annual Report for 2013 regarding related parties transactions. Options under the share-based remuneration programme are…
The PL 659 Langlitinden well was drilled in the quarter. The well encountered an oil-bearing channel sand of Triassic age, but the discovery has been evaluated to be a sub-commercial discovery. Exploration expenses related to the drilling…
Note 8: Contingent commitments The Company has received a legal notice from Oil and Natural Gas Corporation of India (ONGC) invoking arbitration related to disputes over historical costs in the CY-DWN-2001/1 Production Sharing Contract…
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