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Q1 2012 EARNINGS CALL – North Energy

North Energy · May 3, 2012 · 29 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. Q1 2012 EARNINGS CALL – North Energy – slide 1
    North Energy Q1 2012 3 May 2012
  2. Q1 2012 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…
  3. Q1 2012 EARNINGS CALL – North Energy – slide 3
    Agenda Highlights Q1 Exploration update Financial update Outlook & Summary North Energy ASA, Markedsgata 3, Alta, Norway. 3 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
  4. Q1 2012 EARNINGS CALL – North Energy – slide 4
    Highlights Q1 and later events Dry well on Storebjrn in the North Sea Additional firm 2012-well oil prospect in the North Sea Fogelberg discovery sold for NOK 70 million Successful share issue of NOK 156 million Farm-down in…
  5. Q1 2012 EARNINGS CALL – North Energy – slide 5
    Agenda Highlights Q1 Exploration update Financial update Outlook & Summary North Energy ASA, Markedsgata 3, Alta, Norway. 5 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
  6. Q1 2012 EARNINGS CALL – North Energy – slide 6
    Dry well on PL 450 Storebjrn Primary target was encountered after high pressure and high temperature Ula delayed drilling progress Tambar Storebjrn Samples indicate water bearing reservoir Well reached a depth at 4500 m…
  7. Q1 2012 EARNINGS CALL – North Energy – slide 7
    Asset transaction with Lime Petroleum Farm-down of 50% of Norths interest in: Licence Status Location Original North interest PL 503 Valberget DoD North Sea 25% PL 518 Zapffe Dry well Barents Sea 30% PL 526 Vgar DoD Norwegian Sea…
  8. Q1 2012 EARNINGS CALL – North Energy – slide 8
    Swapping gas in the Norwegian Sea with oil in the North Sea Swap deal with DONG North Energy swaps 20% in PL 385 with 20% in PL 299 Reduced share from 35% to 15% in PL 385 Increases number of wells from four to five in…
  9. Q1 2012 EARNINGS CALL – North Energy – slide 9
    Soaring interest for the Barents Sea ahead of 22nd round With the understanding of the Barents Sea wildcats geology and increased POS, recent 8 100% discoveries and expectations of a 7 new trunk line, the interest for 80%…
  10. Q1 2012 EARNINGS CALL – North Energy – slide 10
    Strong position in time for the 22nd round In competition with 25 'old' and Company BARENTS SEA PLAYERS Licenses km2 'new' players in the Barents Sea, 1 Statoil 23 4 746 2 Petoro 20 2 553 North Energy has built up a 3 RWE Dea 11…
  11. Q1 2012 EARNINGS CALL – North Energy – slide 11
    Norvarg shows the way to successful 22nd round application Agreed resource potential in the Norvarg structure The license is aligned regarding the appraisal program mmboe 600 500 400 300 Commercial threshold LNG 200…
  12. Q1 2012 EARNINGS CALL – North Energy – slide 12
    License map Partner in 25* licenses on the Norwegian Shelf Operator in two licenses (Norwegian Sea) 8 in the Barents Sea 9 in the Norwegian Sea 8* in the North Sea * Purchase of PL 299 in the North Sea signed 30.4.2012 -…
  13. Q1 2012 EARNINGS CALL – North Energy – slide 13
    PL 370 / 370 B Kakelborg spud May 2012 PL 370 / PL 370 B in the North Sea Acquired 2011 Main prospect Kakelborg Operator Wintershall (40%) Hydrocarbons Oil Partners North Energy (10%) Expected drilling Q2 2012 Agora (30%) PoS 30%…
  14. Q1 2012 EARNINGS CALL – North Energy – slide 14
    PL 370 / 370 B Kakelborg two proven reservoir models 33/6-4 33/5-2 HC shows in well 33/5-2 Valid traps on both levels Seismic anomalies indication of hydrocarbon presence Rock physics modeling indicate loose sands filled with…
  15. Q1 2012 EARNINGS CALL – North Energy – slide 15
    PL 370 / 370 B Kakelborg drilling and development Exploration well spud April 2012 Rigg: Borgland Dolphin Optional production test (DST) Development 35 km Stand-alone FPSO if large Offshore loading of oil Fast track development…
  16. Q1 2012 EARNINGS CALL – North Energy – slide 16
    PL 385 Jette 20% equity swapped with 20% of oil prospect in North Sea PL 385 in the Norwegian Sea Acquired 2009 Main prospect Jette Operator Statoil (45%) Hydrocarbons Gas cond. Partners North Energy (15%) Expected drilling Q2/Q3…
  17. Q1 2012 EARNINGS CALL – North Energy – slide 17
    PL 299 Frode most recent acquisition PL 299 Frode in the North Sea Acquired 2012 Main prospect Frode Operator Talisman (31.5%) Hydrocarbons Oil Partners Dong (20%) Expected drilling Q3 2012 Agora (28.5%) Prob. of success 29 %…
  18. Q1 2012 EARNINGS CALL – North Energy – slide 18
    PL 498 Skagen drilling Q3 2012 PL 498 in the North Sea Acquired 2009 Main prospect Skagen Operator Lotos (25%) Hydrocarbons Oil Partners North Energy (25%) Expected drilling Q3 2012 Edison Int. (25%) PoS 36% Skagen 44 (25%)…
  19. Q1 2012 EARNINGS CALL – North Energy – slide 19
    Aggressive drilling program 2012 2013 August August Sept. Sept. Mars June June Nov. Nov. Dec. Dec. Feb. April May May Jan. Oct. Oct. July July PL 370 Kakelborg Borgland Dolphin…
  20. Q1 2012 EARNINGS CALL – North Energy – slide 20
    2012 drilling activity and Drill or Drop decisions Four more wells to be drilled in 2012 Q2 Kakelborg Q3 Jette Q3 Skagen Q4 Frode Four drill or drop decisions in 2012 PL 536 Elbrus PL 526 Vgar PL 590 Mikkeli PL 503…
  21. Q1 2012 EARNINGS CALL – North Energy – slide 21
    Agenda Highlights Q1 Exploration update Financial update Outlook & Summary North Energy ASA, Markedsgata 3, Alta, Norway. 21 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
  22. Q1 2012 EARNINGS CALL – North Energy – slide 22
    Improved financial capacity and risk profile Successful share issue of NOK 156 million Incl. NOK 6 million from repair issue Sale of Fogelberg adds NOK 70 million of cash to the balance sheet Governmental approval expected Q2…
  23. Q1 2012 EARNINGS CALL – North Energy – slide 23
    Cash settlement in farm-down agreement with Lime Immediate payment of NOK 27,5 million Structured as an unsecured loan until completion of license-transaction The loan ranks behind North Energys exploration facility Compensation of…
  24. Q1 2012 EARNINGS CALL – North Energy – slide 24
    North Energy ASA Profit & Loss Q1 Q1 Year 4Q MNOK 2012 2011 2011 2011 Payroll 18.0 18.8 70.9 16.5 Depreciation 2.5 1.5 7.2 2.1 Exploration expenses 24.1 7.4 340.2 198.2 Increased activity on licences Other operating expenses 9.7…
  25. Q1 2012 EARNINGS CALL – North Energy – slide 25
    North Energy ASA - Balance sheet Q1 Year end Year end Year end MNOK 2012 2011 2010 2009 Assets Fixed Assets 548.6 418.6 161.9 32.6 Capitalized drilling cost Long term receivables 137.5 0.0 0.0 0.0 Tax receivable refund - Dec 2013…
  26. Q1 2012 EARNINGS CALL – North Energy – slide 26
    Net cash according to plan Net cash position Q1 2012 Net cash position 800 of NOK 269 million 700 138 56 Unused exploration 600 loan facility of 500 NOK 534 million 416 400 Exploration facility 554 300 increased to NOK 200…
  27. Q1 2012 EARNINGS CALL – North Energy – slide 27
    Agenda Highlights Q1 Exploration update Financial update Outlook & Summary North Energy ASA, Markedsgata 3, Alta, Norway. 27 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
  28. Q1 2012 EARNINGS CALL – North Energy – slide 28
    Outlook 6 months outlook Kakelborg exploration well in the North Sea Jette exploration well in the Norwegian Sea Skagen exploration well in the North Sea Frode exploration well in the North Sea Decision on appraisal program for…
  29. Q1 2012 EARNINGS CALL – North Energy – slide 29
    Thank you for your attention North Energy ASA, Markedsgata 3, Alta, Norway. 29 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no

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