North Energy at Nordic Energy Summit 2014 Oslo, Thursday 20 March by CFO Knut Sberg
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 is…
Agenda North Energy in brief New financial situation New exploration tools and the companies behind Exploration status Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no 3
North Energy Pure exploration exposure to the attractive Norwegian Continental Shelf The northernmost oil and gas Portfolio development ( of licenses) company 27 Headquartered in Alta in Finnmark, northern Norway Listed on Oslo…
Solid basis established through 2013 Awarded six licenses in 22nd licensing Round Awarded six licenses in APA 2013 Technology cooperation with EMGS and Rex Technology Management Favorable convertible loan agreements with TGS, Rex…
Agenda North Energy in brief New financial situation New exploration tools and the companies behind Exploration status Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no 6
Net cash position before capital raise and convertible loans Net cash position of Net cash* position Q4 2013 NOK 164 million 400 Unused exploration 350 34 loan facility of NOK 300 780 million 250 170 Unused convertible 200…
The share issue in brief North raising NOK 285 million in a private placement Directed towards large North shareholders, close affiliates and other large investors Approved at North EGM 13 February Shares listed upon prospectus…
Acquisition of EMGS Barents Sea library of EM data Convertible loan of NOK 75 million Six months duration Convertible between four to six months post issue Conversion price of NOK 4.15 per share Interest of 6.0 % p.a. Other…
Share issue of 285 MNOK and convertible loan of 75 MNOK New financial / industrial EMGS friends Current shareholders shareholders Contribution Contribution Contribution Contribution EM data/competence Cash NOK 4 / Cash NOK 4 / Cash…
Strong shareholder base post transaction Top 10 shareholders Strong support from existing Investor shareholders 1 THS Partners 2 Elliott International New technology based 3 Rex Technology Mgmt New shareholders 4 Odin New Large…
Technology and financial cooperation with Rex Technology Management Rex Virtual Drilling technology available the next 4 years Credit facility of MNOK 100 to cover Rex Virtual Drilling analysis No commitments or obligations 8%…
Technology and financial cooperation with TGS Nopec Covering purchase of seismic data and services over 4 years Cash payment of 35% Credit facility of MNOK 200 No commitments or obligations 8% interest payable, no installments,…
Fully funded for 8 12 wells post-transaction MNOK Financing 2013 New financing 800 700 686 59 600 500 344 285 56 400 63 285 300 115 200 342 100 164 0 Net cash Tax refund from Tax refund from Private placement Tax refund…
Agenda North Energy in brief New financial situation New exploration tools and the companies behind Exploration status Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no 15
Dry Heilo in 2012 was a wake-up call. It raised a number of questions. It changed North Energy Was the migration through Heilo certain North Energy decided to evaluate new technology New technology RVD from Rex based on low…
EM data - an effective exploration tool in the Barents Sea Powerful exploration tool in shallow hydrocarbon basins such as the Barents Sea To be integrated into Norths exploration strategy Accurate volume indication Effective in…
Predictive power of two independent geophysical tools EM Barents Sea RVD NCS 25 25 Dry Sub-commercial 20 20 Traces Commercial Commercial Saving of wells of wells 15 15 by not Sources of error drilling 10 10 dry wells 5…
Prospect in North Energys drilling campaign seen from three independent perspectives Seismic data interpretation Resonnance (RVD) Rex EMGS modelling Sample, taken from 8-9hz North Energy ASA postnorthenergy.no (+47) 78 60 79 50…
Rex, listed in Singapore, started first two drilling campaigns based on RVD last quarter Market cap NOK 3,2bn. Substantial contribution in Norths private placement First drilling campaigns based on RVD started in US and Oman last…
EMGS in brief Pioneered the EM 300 employees Listed on OSE March industry 2007 Worldwide experience Technology & 2012 revenues: USD market leader Efficient & stable 201 million Delivered 700 operations surveys 2012 EBITDA: USD…
Agenda North Energy in brief New financial situation New exploration tools and the companies behind Exploration status Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no 22
12 licences awarded last year. Barents Sea Portfolio being refocused. 27 licences in total Farm-ins and relinquishments planned in 2014 New technology to screen out the dry Norwegian Sea wells and focus on high POS Drilling…
31 of 36 months spent on getting out of dry wells and building a new drilling portfolio 13.03.14 45 40 Old licences 35 No. of wells New licences 30licenses and Wells (acc.) 25 20 15 10 5 0 Q2 2012 Q3 2012 Q4 2012 Q1…
Barents Sea in focus facing breakthrough with largest remaining potential Barents Sea licenses today Barents Sea awards since start-up Statoil 20 North Energy 16 OMV 15 Eni 12 Lundin 11 Det norske 8 GDF Suez 7 Rocksource 7…
Agenda North Energy in brief New financial situation New exploration tools and the companies behind Exploration status Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no 26
Solid basis established through 2013 Awarded six licenses in 22nd licensing Round Awarded six licenses in APA 2013 Technology cooperation with EMGS and Rex Technology Management Favorable convertible loan agreements with TGS, Rex…
Outlook 2014 Exploration well on PL 510 Exploration well on PL 713 8 DoD decisions Farm-ins based on new technology Awards APA 2014 30 40 new RVD evaluations Screen and interpret EMGS library in preparation for 23rd Round…
North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no 29
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