Contents Headlines p. 3 Operations Producing fields p. 4-7 Discoveries p. 8 Exploration recent p. 9 Svein Arild Killingland, Exploration near-term p. 10-11 Chief Exec Officer Exploration next 2-3 years p. 12-15 Key financials 2Q…
Headlines Production capacity increased Huntington on stream. Adds more than 6.000 boed to capacity Produced 4.651 boed in 2Q. Planned maintenance Slow start in 3Q. Technical issues Reviewed exploration strategy, improving risk…
Huntington back on stream First oil in April 2013 Slow ramp-up mainly due to commissioning issues in main compressor systems Shut-in due to HSE concerns related to oil storage venting system. Now resolved Production resumed on…
Siri temporary solution Nini, Nini East and Cecilie A temporary production production halted in mid-July solution for the Siri satellites due to integrity issues on Siri is currently being reviewed by platform the Siri operator and…
Oselvar oil expected next month Closed for maintenance at Ula in June (planned) and July (unplanned) Restarted in early August, but closed again due to gas turbine failure on Ula Equipment will be replaced and commissioned next…
Status production Slow start on Huntington. Has added 6.400 boed to Norecos production capacity Nini, Nini East and Cecilie output hampered by Siri issues, most likely through first half 2014, Lulita restart Sep 2013 Oselvar…
Discoveries Forties Huntington Amalie Fulmar Deeper reservoir in Danish sector Huntington, first discovery in 1991 drilled in 2007 Reserves estimate: Reserves estimate: 6 mmboe (contingent License outline 4 mmboe (contingent…
Recent exploration drilling Four wells drilled in first half of 2013 (below). One non-commercial oil discovery. Three dry wells Gohta spud in July; still drilling Ongoing Romeo: Oil Scotney: Dry Ogna: Dry Lupin: Dry…
Next 18 months Committed and potential wells PL606 Jupiter 1Q14 Timing of wells has moved back PL484 1-2Q14 Crazy Horse, Xana and Niobe Verdande Potential new wells being PL591 2Q14 matured from our inventory of Zumba…
Next 2-3 years Three key focus areas P519 Albert 2Q15 Three areas are being targeted North Sea North P639 4Q15 Utsira High South Kanel North Sea South High potential, risk reward well balanced P360 1Q15 Noreco Ope- Q1 Q2 Q3…
North Sea North Kanel PL639 P2009 Albert well (2012) discovered oil at several levels Appraisal well is being considered for Albert Chalk in 2015 Albert Paleocene has no commercial Albert value, but oil discovery positive for…
South of Utsira High Utsira High (Also in the area: Johan Sverdrup, Edvard Grieg, Ivar Aasen, Luno) Noreco holds 15 per cent interest in Statoil operated PL 360 and PL 624 Recent Luno II discovery has reduced Lausingen geological…
North Sea South PL 616 shows significant potential in several old oil and gas discoveries in Upper Jurassic and Tor Chalk layers Nanna area Additional prospectivity in Paleozoic (older) sediments Amma Combined resource potential…
Key financials 16
Income statement NOK million 2Q13 1Q13 4Q12 2012 Total revenues 246 216 177 832 Production expenses (108) (74) (63) (244) Exploration expenses (119) (243) (508) (1 188) Payroll (38) (37) (40) (134) Other operating expenses (28) (22) (33)…
Write-downs in 2Q Brent Price Deck 110 Item NOK mill Oselvar 41 105 Nominal USD/bbl Nini, Nini East, Cecilie 274 100 Goodwill Denmark 8 95 Goodwill UK 174 90 Total 497 85 Changes in the oil price forward curve from 30 March to…
Balance sheet NOK million 30.06.13 31.03.13 31.12.12 Assets Non-current assets 5 212 5 524 5 411 Current assets 1 889 1 905 1 910 Cash 418 461 604 Total assets 7 519 7 890 7 926 Equity and liabilities Total equity 1 504 1 906 2 028…
Balance sheet considerations Risks & opportunities Final assesment of Amalie field Licence and NOK potential likely to be concluded in exploration NOK mill mill after second half 2013 expences gross tax Further work to determine…
Covenant ratios Equity ratio Gearing ratio percent times Income from Huntington expected to bring gearing ratio below 5 in 4Q For definitions of ratios please refer to loan agreements. Historical figures have not been…
Main priorities Operational Get Huntington to stable plateau production, and turn focus to upside potential (debottlenecking; add-on potential) Work with DONG to ensure more stable production in Denmark and Norway Continue improving…
Oil and gas reserves Per 31.12.2012 Reserves per field The reserves have been verified by DeGolyer & MacNaughton. 26
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 30 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 28
Exploration schedule Updated 29 August 2013 Noreco Chance Vol. Drilling Ope- Prospect License share of succ. pot. 1 start rator Gohta PL492 20% 20% 68-217 July 2013 Lundin Verdande PL484 40% 29% 53-236 2Q 2014 Noreco Gita South DK…
PL492 Gohta 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 (oil),…
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 P50…
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…
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)…
Shareholders Top 20 shareholders as of 26 August 2013 Shareholder Shares % of total IKM INDUSTRI-INVEST AS 46 972 889 13,2 % SABARO INVESTMENTS LTD 43 867 228 12,3 % LYSE ENERGI AS 27 701 514 7,8 % OM HOLDING AS 12 685 484 3,6 % GOLDMAN…
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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