Rocksource ASA Investor presentation June 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 well as the historical and expected performance of its industry.…
Strategy starting to pay off Pil discovery APA awards 22R awards June 2013 January 2014 March 2014 Slide: 3
Table of contents Recent highlights, 1Q financials, rights issue Portfolio update Summary and outlook Appendix Slide: 4
Recent highlights Major oil and gas discovery announced on the Pil prospect in PL 586 Rocksource estimate for Pil: 90-150 million barrels of oil equivalent (mmboe) with mean of 115 mmboe Bue exploration sidetrack now ongoing; planning…
1Q key figures NOK 000 1Q 2014 1Q 2013 2013 Total operating income 1 290 7 405 59 282 Exploration expenses (71 350) (35 837) (221 720) EBITDA (73 264) (30 526) (176 070) Total financial income / (expenses) (4 530) 1 788 9 153 Profit /…
Rights Issue background Rights issue to raise NOK 40 million, net of costs Purpose: Fund Pil & Bue programme and secure working capital for the remainder of 2014 The Companys largest shareholder has indicated its support for the…
Rights Issue practicalities Rights issue to list up to 11,316,000 offer shares The subscription price is NOK 3.80 per offer share, and the subscription period is from and including 11 June 2014 to and including 16:30 (CEST) on 25 June…
Table of contents Recent highlights, 1Q financials, rights issue Portfolio update Summary and outlook Appendix Slide: 9
Rocksource at a glance Exploration company focussing on the Norwegian Continental Shelf (NCS) Exploration model: Combining solid geological expertise with advanced geophysical analysis 23 NCS licences, evenly spread between the…
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 follow-up…
The Pil discovery (90 to 150 mmboe) Pil Discovery well 226 metres hydrocarbon column in Jurassic sandstones, 134m oil & 92m gas Reservoir much better than expected Extensive data acquisition performed Good results from well test in…
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…
Bue exploration side track and follow-up potential Bue Now being drilled by the Transocean Arctic Medium risk oil prospect with potential as a useful add-on to the Pil discovery Gross unrisked resources (Rocksource estimate) of 8 32…
PL 528, Ivory Another high potential 2014 well Awarded in 20th & 21st Round Multi-prospect licence, gas prone, with DHI support. Adjacent to the Aasta Hansteen field development Partnership: Rocksource (10%*) Centrica (40% and…
Longer term opportunity set strengthened with recent APA awards Five new awards, with two operatorships Norwegian Sea: PL 763, 756 & 754 PL 763: 30% working interest (WI). Purchase & reprocessing of 3D. Drill-or-drop (DoD) within 2…
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…
Table of contents Recent highlights, 1Q financials, rights issue Portfolio update Summary and outlook Appendix Slide: 18
Remaining potential high value events 2014 Appraisal of Pil Results announced Now drilling the Bue exploration sidetrack Ivory exploration well in PL 528 Medium risk prospect, with gross unrisked resources of 50 230 mmboe in…
Table of contents Recent highlights, 1Q financials, rights issue Portfolio update Summary and outlook Appendix Slide: 20
Rocksource Exploration Norway licence portfolio License Area Equity Operator Award Current Activity Drill-or-drop PL 506 S, BS, CS North Sea 25 % Rocksource APA 2008 Post well analysis 3Q 2015 PL 506 DS North Sea 25 % Rocksource APA 2011…
Investor contacts Chris Spencer, CEO Tel: +47 95 29 42 28 chris.spencerrocksource.com Hans Petter Klohs, CFO Tel: +47 90 75 05 26 hans.petter.klohsrocksource.com Slide: 22
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