Faroe overview Faroes exploration-led and production-backed strategy is delivering exceptional results Significant recent exploration successes in Norway: Snilehorn and Pil Substantial potential being realised across portfolio…
Consistent and proven strategy Exploration Target up to 5 material wells per year High impact near-field (infrastructure-led) and frontier Leverage competitive edge Win licences, drill wells and make discoveries Monetisation…
Faroes growth model building core value and scale Prospective Resources 2C Resources 2P Reserves Production Licence awards 4 - 5 E&A wells per year FDP sanction Value-accretive maintain success 1 in 3 discovery rate Highly selective…
Exploration and appraisal Significant Pil discovery 2 follow-up wells in 2015 2014 discovery Significant success - March 2014 - Faroe 25% Gross columns ca 135m of oil and 91m of gas Well test flowed at a stable rate of 6,710 bopd…
Exploration/appraisal Bister near field exploration well in 2015 PL348, Statoil operator, Faroe 7.5% Building on Snilehorn success from late 2013, (Snilehorn gross recoverable resource range estimate of 57-101 mmboe) Bister…
Exploration/appraisal Shango: near-field exploration well in 2015 PL627, Total operator, Faroe 20% Located on the northern part of prolific Utsira High Large undrilled Jurassic structure Shango prospect de-risked by Skirne…
Exploration/appraisal Kvalross Frontier exploration well in 2015 PL611, Wintershall operator, Faroe 40% Awarded in May 2011 in the Norwegian 21st Licensing Round Located in the Barents Sea to the south of OMVs significant Wisting…
Expected drilling programme: current outlook Prospect Equity 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2 Pil - first follow up well * 25.0% Shango * 20.0% Pil - second follow up well * 25.0% Bister * 7.5% Kvalross * 40.0% Dazzler * 20.0% Aileen 50.0%…
Move 2C Contingent Resources to 2P Reserves Perth, Dolphin & Lowlander significant upside HOA enabling future joint development of Perth (Faroe 34.6%), Dolphin (34.6%) and Lowlander (100%) Lowlander, Dolphin and Perth estimated to…
Production Schooner & Ketch acquisition in 2014 Accretive deal grows production and 2P reserves Adds 3,000 4,000 boepd net Adds 5.9 million boe of 2P reserves at 1/1/14 (increase to 33.1 million boe overall) Significant potential to…
Production Njord and Hyme back on line, performing well The project to strengthen Njord A facility deck structure completed on time Njord and Hyme brought back on-stream in July 2014 as planned Snilehorn Draugen Hyme Monitoring…
Key financials Revenues H1 2014 turnover 53.5m (1H 2013: 89.0m) (targeting significant increase for full year) Average 2014 economic production* guidance 7,000 10,000 boepd August economic production approx. 12kboepd net Production…
Faroe well positioned in lower oil price environment Financially robust Uncommitted cash on the balance sheet Significant head-room in existing debt facilities Low gearing level and low cost of debt Production generating strong…
Summary and outlook Solid and proven business model delivering sustainable value growth, principally through drill-bit Exploration-led strategy continues to deliver material success, underpinned by strong cash flow Balanced portfolio…
Differentiators Excellent exploration Experienced management track record & clear strategy Financial strength Sustainable multi-well Excellent monetisation Strong Norway drilling programme track record position
Executive team Graham Stewart Chief Executive Officer Instrumental in founding Faroe Petroleum in 1998 Over 25 years experience in oil and gas technical and commercial affairs Previously finance director and commercial director at…
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