Highlights Third quarter 2012 results: Net loss of NOK 243 million Progress on Huntington, first oil expected in Q1 2013 Weak performance on Oselvar Focused exploration programme with significant value potential Strengthened…
Financial review CFO rjan Gjerde
Q3-12 production 104 112 110 107 116 97 102 4 Oselvar was shut down 12 September due to shutdown of Ula host platform
Income statement Third quarter 2012 NOK million Q3-12 Q2-12 Q1-12 Total revenues 239 248 177 High exploration activity, Production expenses 63 46 73 Albert well cost excpensed Exploration and evaluation expenses 162 226 223…
Balance sheet 30 September 2012 NOK million 30.09.12 30.06.12 31.12.11 Negative FX effect on Assets equity of NOK 167 mill Non-current assets 7 717 8 201 7 596 Current assets 1 028 1 155 1 367 Siri insurance claim of Cash 444 608…
Covenant ratios 1) 2) Gearing ratio Equity ratio times percent 1) Gearing ratio waiver obtained for Q3 and Q4 2012. 2) Waiver allows for up to NOK 600 mill net after tax reversal of write-downs of goodwill and suspended wells. 7
Reorganisation of group structure Release of tax value of NOK 650-700 million in December 2013 Current group structure Targeted group structure Noreco ASA Siri Holdings Altinex ASA Noreco UK Ltd Noreco ASA Noreco Noreco DK…
Strengthening financial position New equity and bond refinancing NOK 400 mill equity issue NOK 300 mill bond issue Waivers secured for bond covenants Gearing ratio waived until Q4 2012 Add back of write-downs of goodwill and…
Operational review CFO Einar Gjelsvik
Huntington on its way Noreco 20 percent operated by E.ON Ruhrgas UK E&P Hook-up and completion of FPSO Voyageur Spirit ongoing First oil moved to Q1-2013 Will add production of around 6,000 boe/day net to Noreco 11
Oselvar below plan Noreco 15 percent operated by DONG Energy All three wells available for production Production below plan reason still uncertain Production shut down since 12 Sep due to shutdown of Ula host platform 12
Siri area production as expected Noreco 30+ percent operated by DONG Energy Gross daily production 13
Focused exploration strategy Well positioned to create value 4 key geographical areas 16 new licenses in line with refocused strategy added in 2012 Active and balanced drilling programme 2 currently drilling 2 coming up 14
Southern North Sea Romeo currently drilling, Lupin and Scotney coming up
Set for delivery Strengthened financial position Production increase Focused exploration 20
ADDITIONAL INFORMATION 22
Noreco at a glance Exploration-driven E&P company 9 exploration wells planned for the coming 18 months Production from six fields 2012-Q3: 4,400 boe/day Two new fields on stream in 2012/13 Significant portfolio of licenses and…
Norecos bond structure NOK million Bond Outstanding Due Terms NOR04 NOK 1,250 mill 20 Nov 2014 12.9 % fixed, pledge in shares in subsidiaries NOR05 NOK 700 mill 6 Dec 2013 3m NIBOR + 8 %, unsecured NOR06/07 NOK 600 mill 27 April 2016…
Interest bearing debt & equity NOK million Q3-2012 Q2-2012 Q1-2012 Q4-2011 Q3-2011 Bonds 2,994 2,989 2,794 2,791 2,993 NOR03, NOR04, NOR05, NOR06, NOR07 Reserve Based Loan 343 447 594 293 1,006 Convertible bond - - 172 171 213…
Hedging programme Put options Noreco is using put 1,000 barrels options to protect cash flow from oil price downside 24 months rolling forward programme Asian type puts based on monthly average Brent oil price 26
P1666 Romeo Noreco 22% - Suncor operated Robust fault bound dip closure in proven Upper Jurassic play. Considerable upside potential to west of license (Alpha prospect) CoS - 24%: Primary risk element - trap geometry 19 103 mmboe…
PL385 Jette Noreco 20% - Statoil operated Middle Jurassic target in conventional play in a prolific area CoS - 32%: Primary risk element - trap 35 210 mmboe gross, 25 mmboe net P50 Currently being drilled using West Alpha A…
PL360 Lupin Noreco 15% - Statoil operated Large fault bound structure in Ling Graben, gas prospect, target reservoir is the Rotliegendes sands, few wells in North Sea have targeted this play hence new play opener CoS - 10%: Primary…
P1658 Scotney Noreco 44% - Suncor operated Robust 4-way dip closure in proven Upper Jurassic play, in close vicinity to existing infrastructure CoS 26%: Primary risk element reservoir presence 17-100 mmboe gross, 19 mmboe net P50 To…
PL453S Ogna Noreco 25% - Lundin operated Simple fault bound 4-way dip closure in an Upper Jurassic play, in close vicinity to local kitchen, analogue to Bream discovery CoS 19%: Primary risk element presence of local mature source…
PL492 Gotha Snadd Noreco 20% - Lundin operated Triassic target in Western Barents Sea Emerging play With additional secondary target in Permian Frontier Play CoS (oil) 10%: CoS (HC) 20%: Primary risk element Charge 68-217 mmboe gross…
DK 09/95 Gita South Noreco 16.4% - Maersk operated Upper Jurassic target in close vicinity (up-dip) to the Svane gas discovery CoS 27%: Primary risk element Trap 47-475 mmboe gross (gas), 28 mmboe net P50 Expected spud 2013/14 rig…
PL484 Verdande Noreco 40% - Noreco operated Middle Jurassic target in well proven play northwest of Norne. CoS 29%: Primary risk element Trap 53-236 mmboe gross (gas and oil), 39 mmboe net P50, with considerable additional dependant…
P1650 Crazy Horse Noreco 78% - Noreco operated Stratigraphic trap in Outer Moray Firth (UK) north of Claymore Field. Proven Lower Cretaceous Scapa Sands (reservoir) in nearby wells. Well will test both the Scapa sands (primary…
Shareholders Top 20 shareholders as of 19 November 2012 Shareholder Shares % of total IK M INDUSTR I-INV E ST A S 34 484 809 9,8 % LY SE E NE R G I A S 27 701 514 7,9 % UB S A G , LO NDO N B R A NCH 14 898 630 4,2 % O M HO LDING A S 12…
Important information This company presentation (the Presentation) has been prepared by Norwegian Energy Company ASA (Noreco or the Company). The Presentation has not been reviewed or registered with, or approved by, any public authority,…
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