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Q4 2013 EARNINGS CALL – North Energy

North Energy · Feb 20, 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. Q4 2013 EARNINGS CALL – North Energy – slide 1
    North Energy Q4 2013 20 Februar 2014
  2. Q4 2013 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. Q4 2013 EARNINGS CALL – North Energy – slide 3
    Agenda Highlights Q4 New financial situation New exploration tools and the companies behind Exploration status Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no 3
  4. Q4 2013 EARNINGS CALL – North Energy – slide 4
    Highlights Q4 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 Acquisition of EMGS Barents Sea library of…
  5. Q4 2013 EARNINGS CALL – North Energy – slide 5
    Agenda Highlights Q4 New financial situation New exploration tools and the companies behind Exploration status Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no 5
  6. Q4 2013 EARNINGS CALL – North Energy – slide 6
    Financial highlights Capital raise of NOK 360 million approved in EGM Share issue of NOK 285 million Convertible loan of NOK 75 million 2012 tax refund confirmed Tax refund from 2012 exploration activities: NOK 497 million Tax…
  7. Q4 2013 EARNINGS CALL – North Energy – slide 7
    Previously capitalised expenditure in Norvarg expensed P & L: Pre-tax: NOK 431 million Post tax: NOK 95 million Assets: Reduction of fixed assets NOK 431 million Equity & Liabilities: Reduction of equity NOK 95 million Reduced…
  8. Q4 2013 EARNINGS CALL – North Energy – slide 8
    Profit & Loss Q4 2013 NOK Million Q4 2013 Q4 2012 2013 2012 Profit 0,5 - 98,6 46,9 Exploration expenses (468,5) (257,1) (696,6) (540,1) Impairment of Norvarg Payroll (10,8) (11,5) (51,0) (56,8) Other operating expenses (8,0) (11,9)…
  9. Q4 2013 EARNINGS CALL – North Energy – slide 9
    Balance sheet 31 December 2013 NOK Million 31.12.2013 31.12.2012 31.12.2011 Assets Fixed Assets 145,7 304,2 418,6 Capitalized drilling cost + tax benefit Short term receivables 368,5 540,6 608,4 Tax receivable refund - Dec 2014 Cash…
  10. Q4 2013 EARNINGS CALL – North Energy – slide 10
    Net cash position before capital raise and convertible loans Net cash position of Net cash* position Q4 2013 NOK 164 million 400 Unused exploration 350 34 loan facility of NOK 300 780 million 250 170 Unused convertible 200…
  11. Q4 2013 EARNINGS CALL – North Energy – slide 11
    The share issue in brief North raising NOK 285 million in a private placement Directed towards large North shareholders, close affiliates and other large investors Approved at North EGM 13 February Shares listed upon prospectus…
  12. Q4 2013 EARNINGS CALL – North Energy – slide 12
    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…
  13. Q4 2013 EARNINGS CALL – North Energy – slide 13
    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 / Cash…
  14. Q4 2013 EARNINGS CALL – North Energy – slide 14
    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 Large…
  15. Q4 2013 EARNINGS CALL – North Energy – slide 15
    Fully funded for 8 12 wells post-transaction Q4 2013 net cash Balance sheet Private placement Off balance sheet position of NOK 800 164 million 686 700 Private placement 59 of NOK 285 million 600 63 TGS, Rex and 500 115 56…
  16. Q4 2013 EARNINGS CALL – North Energy – slide 16
    Agenda Highlights Q4 New financial situation New exploration tools and the companies behind Exploration status Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no 16
  17. Q4 2013 EARNINGS CALL – North Energy – slide 17
    Dry Heilo in 2012 was a wake-up call. It raised a number of questions. It changed North Energy Was the migration through Heilo certain North Energy decided to evaluate new technology New technology RVD from Rex based on low…
  18. Q4 2013 EARNINGS CALL – North Energy – slide 18
    EM data - an effective exploration tool in the Barents Sea Powerful exploration tool in shallow hydrocarbon basins such as the Barents Sea To be integrated into Norths exploration strategy Accurate volume indication Effective in…
  19. Q4 2013 EARNINGS CALL – North Energy – slide 19
    Joint use of EM and RVD as technological tools may give very high probability of oil discovery EM proven technology especially effective in the Barents Sea Detects both oil and gas volumes RVD differentiates between oil and gas…
  20. Q4 2013 EARNINGS CALL – North Energy – slide 20
    Predictive power of two independent geophysical tools EM Barents Sea RVD NCS 25 25 Dry Sub-commercial 20 20 Traces Commercial Commercial Saving of wells of wells 15 15 by not Sources of error drilling 10 10 dry wells 5…
  21. Q4 2013 EARNINGS CALL – North Energy – slide 21
    More RVD data points are to give clusters of oil in source position, migration routes and reservoir Oil in clastic reservoir Frequency Migration Route Coal Heilo migration Oil in carbonate Source Rock Amplitude…
  22. Q4 2013 EARNINGS CALL – North Energy – slide 22
    Prospect in North Energys drilling campaign seen from three independent perspectives Seismic data interpretation Resonnance (RVD) Rex EMGS modelling Sample, taken from 8-9hz North Energy ASA postnorthenergy.no (+47) 78 60 79 50…
  23. Q4 2013 EARNINGS CALL – North Energy – slide 23
    Rex, listed in Singapore, started first two drilling campaigns based on RVD last quarter Market cap NOK 3,2bn. Substantial contribution in Norths private placement First drilling campaigns based on RVD started in US and Oman last…
  24. Q4 2013 EARNINGS CALL – North Energy – slide 24
    EMGS in brief Pioneered the EM 300 employees Listed on OSE March industry 2007 Worldwide experience Technology & 2012 revenues: USD market leader Efficient & stable 201 million Delivered 700 operations surveys 2012 EBITDA: USD…
  25. Q4 2013 EARNINGS CALL – North Energy – slide 25
    Agenda Highlights Q4 New financial situation New exploration tools and the companies behind Exploration status Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no 25
  26. Q4 2013 EARNINGS CALL – North Energy – slide 26
    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 Norwegian Sea 4. PL 762 Norwegian…
  27. Q4 2013 EARNINGS CALL – North Energy – slide 27
    DoD schedule for next 10 licences DoD Deadline Licence Prospect Interest Operator Location Rig 2014 2015 PL 590 Sierra 30% North Energy Norwegian Sea N/A Q1 PL 601 Nupen 20% Wintershall Norwegian Sea N/A Q2 PL 509 Albatross 40%…
  28. Q4 2013 EARNINGS CALL – North Energy – slide 28
    12 licences awarded last year. Barents Sea Portfolio being refocused. 28 licences in total Farm-ins and relinquishments planned in 2014 New technology to screen out the dry Norwegian Sea wells and focus on high POS Drilling…
  29. Q4 2013 EARNINGS CALL – North Energy – slide 29
    30 of 36 months spent on getting out of dry wells and building a new drilling portfolio 20.02.14 45 40 Old licences 35 No. of wells New licences 30licenses and Wells (acc.) 25 20 15 10 5 0 Q2 2012 Q3 2012 Q4 2012 Q1…
  30. Q4 2013 EARNINGS CALL – North Energy – slide 30
    Mulig boreprogram Possible etter emisjonen. Hva er drilling program viktigst i et boreprogram North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no
  31. Q4 2013 EARNINGS CALL – North Energy – slide 31
    Barents Sea in focus facing breakthrough with largest remaining potential Barents Sea licenses today Barents Sea awards since start-up Statoil 20 North Energy 16 OMV 15 Eni 12 Lundin 11 Det norske 8 GDF Suez 7 Rocksource 7…
  32. Q4 2013 EARNINGS CALL – North Energy – slide 32
    Agenda Highlights Q4 New financial situation New exploration tools and the companies behind Exploration status Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no 32
  33. Q4 2013 EARNINGS CALL – North Energy – slide 33
    Outlook 3 months BOC decision on PL 535 in the Barents Sea Define new Barents Sea blocks for EM acquisition DoD on PL 601 in the Norwegian Sea 8 new RVD evaluations 12 months Exploration well on PL 510 Exploration well on PL 713…
  34. Q4 2013 EARNINGS CALL – North Energy – slide 34
    Q&A North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no 34

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