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Q3 2014 EARNINGS CALL – Noreco

Noreco · Dec 1, 2014 · 22 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 – Noreco – slide 1
    Third quarter 2014 Slides for reference during conference call 1 December 2014
  2. Q3 2014 EARNINGS CALL – Noreco – slide 2
    Key financials 3
  3. Q3 2014 EARNINGS CALL – Noreco – slide 3
    Income statement NOK million Q3 14 Q2 14 Q1 14 2013 Revenues Total revenues 296 318 384 894 Production shortfall Production expenses (177) (132) (138) (430) on Huntington, Nini performing well. Exploration expenses (629) (173) (25)…
  4. Q3 2014 EARNINGS CALL – Noreco – slide 4
    Write-downs and reversals Write-downs and Write-downs and reversals Q3 reversals YTD Items (NOK mill) Before tax After tax Before tax After tax Goodwill UK (104) (104) (134) (134) Huntington Forties (1 343) (510) (1 343) (510)…
  5. Q3 2014 EARNINGS CALL – Noreco – slide 5
    Revenue & EBITDA (NOK mill) Revenues EBITDA / Exploration expenses 2012 2013 2014 2012 2013 2014 Huntington performance better than 2013, though significantly lower than expected Continued positive EBITDA before Huntington…
  6. Q3 2014 EARNINGS CALL – Noreco – slide 6
    Balance sheet NOK million 30.09.14 30.06.14 31.12.13 Equity ratio 16 % Assets Reduction due to Q3 Non-current assets 1 3 532 4 960 4 797 impairment Current assets 1 608 1 041 1 005 Restricted cash Cash (non-restricted) 736 507 403…
  7. Q3 2014 EARNINGS CALL – Noreco – slide 7
    Table of contents Noreco at a glance 9 Production Production overview 10 Production per field 11 Revenue per field 12 Additional Production expenses per field 13 Exploration information Drilling programme 14 Xana 15 Haribo…
  8. Q3 2014 EARNINGS CALL – Noreco – slide 8
    Noreco at a glance An exploration driven E&P company in the North Sea Exploration Production (number of licences) (in boepd) NOR DEN UK Year 2011 2012 2013 14E Wells 4 7 4 3 Exploration wells only 9
  9. Q3 2014 EARNINGS CALL – Noreco – slide 9
    Q3 production In line with previous quarter Huntington output in July and Noreco production August lower than expected. (quarterly average in boepd) September good. Closed again since 18 October due to CATS restrictions Nini and…
  10. Q3 2014 EARNINGS CALL – Noreco – slide 10
    Production per field (boepd) Noreco Field share Q3 14 Q2 14 Q1 14 Q4 13 Q3 13 Oselvar 15 % 528 550 574 850 221 Enoch 4.36 % 0 0 0 0 0 Lulita 28.2 % 192 172 330 196 45 Nini 30 % 1 722 1 839 1 415 0 469 Cecilie 61 % 152 15 0 0 46…
  11. Q3 2014 EARNINGS CALL – Noreco – slide 11
    Revenue per field (NOK million) Noreco Field share Q3 14 Q2 14 Q1 14 Q4 13 Q3 13 Oselvar 15 % 25 25 30 40 8 Enoch 4.36 % 0 0 0 0 0 Lulita 28.2 % 9 8 15 10 2 Nini 30 % 95 113 82 0 29 Cecilie 61 % 9 1 0 0 3 Huntington 20 % 158 172…
  12. Q3 2014 EARNINGS CALL – Noreco – slide 12
    Production expenses per field (NOK million) Noreco Field share Q3 14 Q2 14 Q1 14 Q4 13 Q3 13 Oselvar 15 % 7 6 6 14 7 Enoch 4.36 % 0 0 2 15 -1 Lulita 28.2 % 1 2 3 4 1 Nini* 30 % 95 55 48 38 67 Cecilie* 61 % 14 7 14 7 11 Huntington 20 %…
  13. Q3 2014 EARNINGS CALL – Noreco – slide 13
    Exploration and appraisal Drilling programme Noreco Opera- Pot. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Well share tor vol.1 2014 2014 2014 2014 2015 2015 2015 2015 DK 9/95 20.1 % Maersk 131-235 Xana (Gita S) P1889 22.5 % Suncor 7 157 Niobe PL616 20…
  14. Q3 2014 EARNINGS CALL – Noreco – slide 14
    Exploration programme DK 09/95 Xana DK 09/95 Xana Upper Jurassic target in close vicinity (up-dip) to the Operated by Maersk Svane gas discovery and south of Gita discovery CoS: 27% Primary risk element: Trap 131 235 mmboe gross…
  15. Q3 2014 EARNINGS CALL – Noreco – slide 15
    Exploration programme PL616 Haribo Slumped chalk prospect on the flank of Valhall/Hod inside structural megaclosure CoS: 42 % Primary risk element: Trap PL616 Haribo 69 192 mmboe gross on block, 24 mmboe net P50 to Noreco Operated by…
  16. Q3 2014 EARNINGS CALL – Noreco – slide 16
    Exploration programme UK P1889 Niobe P1889 Niobe Jurassic stratigraphic pinch-out trap, up-dip Operated by Suncor of proven oil discovery, located in Inner Moray Firth in proven play east of Beatrice Field 22.5 % Cos: 30 % Primary…
  17. Q3 2014 EARNINGS CALL – Noreco – slide 17
    Balance sheet specifications Producing assets (NOK million) Gross Asset Deferred book retirement tax Net book Asset value obligation (-asset) value Oselvar 0 34 -323 290 Enoch 8 5 3 1 Lulita 34 11 5 17 Nini and Cecilie 294 235 0 58…
  18. Q3 2014 EARNINGS CALL – Noreco – slide 18
    Balance sheet specifications Intangible assets (NOK million) Gross Deferred Net book tax book Asset value (-asset) value Goodwill Denmark 46 0 46 Total Goodwill 46 0 46 Gohta 254 198 56 Xana 35 9 26 Other licences 5 3 2 Total licence…
  19. Q3 2014 EARNINGS CALL – Noreco – slide 19
    Siri insurance claim Status o Gross book value at the end of Q3 is NOK 382 mill, NOK 334 mill after tax o USD amount unchanged at 59 mill o Total claim is well above NOK 2 billion ( USD 400 mill plus interests) o Writ filed for…
  20. Q3 2014 EARNINGS CALL – Noreco – slide 20
    Noreco bond structure 600 NOR11 NOK million 400 NOR12 NOR10 **** NOR10 NOR10 NOR11 200 NOR11 NOR06 NOR11 NOR06 NOR06 **** NOR06 0 2014 2015 2016 2017 2018 2019 Bond Outstanding ***) Due **) Main Terms NOR06 NOK 587.7…
  21. Q3 2014 EARNINGS CALL – Noreco – slide 21
    Shareholders Top 20 shareholders as of 30 November 2014 Shareholder Shares % of total SA B A R O INV E STME NT LT 17 047 675 30,04 % IK M INDUSTR I-INV E ST 8 579 586 15,12 % O M Holding A S 1 596 159 2,81 % NO R DNE T B A NK A B 879 309…
  22. Q3 2014 EARNINGS CALL – Noreco – slide 22
    Ref.: 131950-v1 23

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