Highlights Production ramping up Produced 4,042 boe/day in Q1 at 106/boe Huntington production started in April Unsuccessful exploration efforts in Q1 Four non-commercial wells Awarded two new licences in APA 2012 Balance sheet…
Unsuccessful exploration drilling in Q1 3
Exploration drilling program Pre-drill net P50 Well License Operator Equity CoS (mmboe) Gohta PL492 Lundin 20 % 25 20 % Gita South DK 9/95 Mrsk 16 % 28 27 % Verdande PL484 Noreco 40 % 39 29 % Niobe P1889 Suncor 22.5 % 11…
Huntington on stream Noreco 20 percent operated by E.ON First oil 12 april 2013 Average since startup approximately 1,400 boe/day net to Noreco First shipment of oil 16 May 2013 All four production wells show production at…
Huntington highly cash-generative Expected plateau production approx. 6,000 boe/day net to Noreco Annualised EBITDA approx. USD 175 million* Substantial tax shield USD 206 mill per end-Q1 Includes historic cost and uplift…
Oselvar Average production Q1: 897 boe/day net to Noreco No quick fix identified to production problems Operator rebuilding reservoir model to be completed in Q3 Shut down in June due to Ula/Ekofisk/Teesside maintenance 7
Siri area Q1 production 2,899 boe/day Normal regularity so far in 2013 Three weeks shutdown expected in Q2/Q3 due to maintenance and Siri repairs New production well planned at Nini East in Q3/Q4 8
Oil and gas production Realised oil 119 99 104 108 106 102 price 9
Income statement First quarter 2013 NOK million Q1-13 Q4-12 Q1-12 2012 2011 Total revenues 216 177 182 832 1616 Production expenses (74) (63) (73) (244) (452) Exploration expenses (243) (508) (185) (1 188) (1 001) Payroll (37)…
Balance sheet 31 March 2013 NOK million 31.03.2013 31.12.2012 31.03.2012 Assets Non-current assets 5 524 5 411 6 823 Current assets 1 905 1 910 1 223 Cash 461 604 884 Total assets 7 890 7 926 8 930 Equity and liabilities Total equity 1…
Covenant ratios Equity ratio Gearing ratio percent times For definitions of ratios please refer to loan agreements. Historical figures have not been recalculated. The definition of exploration cost has been adjusted from Q1-13, see…
Way forward Operational Production ramp-up Balanced exploration programme Cost and capital discipline Financial Deleverage Optimise debt portfolio 13
ADDITIONAL INFORMATION 15
Noreco bonds NOK million Bond Outstanding Due Terms NOR04 NOK 1,219.5 mill 20 Nov 2014 12.9 % fixed, pledge in shares in subsidiaries NOR05 NOK 698.5 mill 6 Dec 2013 3m NIBOR + 8 %, unsecured NOR06/07 NOK 600 mill 27 Apr 2016 10.25…
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 17
PL492 Gotha 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 and south of Gita discovery CoS: 27% Primary risk element: Trap 47 475 mmboe gross (gas), 28 mmboe net…
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…
UK P1889 Niobe Noreco 22.5% Suncor operated Jurassic stratigraphic pinch-out trap, up-dip of proven oil discovery Located in Inner Moray Firth in proven play east of Beatrice Field, de-risking additional prospects given success Cos:…
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 target)…
Production per field boe/day Field Noreco Q1-2012 Q2-2012 Q3-2012 Q4-2012 Q1-2013 share Oselvar 15% - 893 984 431 897 Enoch 4.36% 28 5 0 0 0 Lulita 28.2% 293 280 162 251 246 Nini 30% 470 502 582 344 470 Nini East 30% 1 826 2 086 2 178 1…
Oil and gas reserves Per 31.12.2012 Reserves per field The reserves have been verified by DeGolyer & MacNaughton. 25
Shareholders Top 20 shareholders as of 29 May 2013 Shareholder Shares % of total IK M INDUSTR I-INV E ST A S 46 972 889 13,2 % SA B A R O INV E STME NTS LTD 40 717 228 11,4 % LY SE E NE R G I A S 27 701 514 7,8 % O M HO LDING A S 12 685…
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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