22 November 2011 Rocksource ASA Third Quarter 2011 CEO Trygve Pedersen www.rocksource.com Disclaimer This presentation contains information provided by the management of Rocksource ASA with respect to historical and…
Agenda Q3 and recent events Financials Portfolio update Summary Appendix Q3 and recent events Weaker than expected drilling results from 2011 campaign - Five exploration wells completed in Q3 and Q4 with one major…
Q3 and recent events Ambitious cost reduction programme initiated - Goal to cut net G&A with more than 30 per cent - Measures include staff reductions and release of offices Bond debt reduced to NOK 129.5 million through buy…
Implications going forward Business model revised with aim to mature quality wells faster and cheaper Subsurface organisation restructured to give even greater integration - Improve quality and cost effectiveness - Ensure lessons…
Results overview Result development MNOK 150 100 50 Net profit 6 - EBITDA before exploration (50) (100) -94 (150) Q3 Q4 Q1 Q2 Q3 2010 2010 2011 2011 2011 Exploration expenses & capitalised items MNOK 400 351…
Financial frame Year end cash estimated in excess of NOK 200 million - Includes additional partial pre-payment of bond loan, reducing outstanding bond loan to NOK 129.5 million - Includes short term tax receivables and short term…
Agenda Q3 and recent events Financials Portfolio update Summary Appendix The Norvarg gas discovery (Rocksource 20%) Significant gas discovery announced in June Official resource range 60-315 mmboe (15-63 mmboe net…
Norvarg A strategic asset Secure gas supplies to Europe has political dimensions Can drive Barents Sea infrastructure developments and increase commerciality of the area Opening of the Grey Zone will lead to increased regional…
Heilo well result (PL 530, Barents Sea) Dry well announced on 5 October The well penetrated good reservoir sands, but these were water filled Source and migration model to be revisited Cause of false positive under…
2012-13 exploration well PL 528 Awarded in the 20th Licensing Round Adjacent to the Luva and Haklang discoveries in the Norwegian Sea Partnership: Suncor (Operator, 25%), Centrica (30%), Rocksource (30%) and Statoil (15%)…
Summary Norvarg discovery highlight in the 2011 drilling campaign Upside potential identified, likely to be appraised late 2012 / early 2013 Considered a strategic asset Successfully completed first NCS operated well - PL 559…
Profit and loss statement NOK '000 Q3 2011 Q2 2011 Q1 2011 Q4 2010 Q3 2010 Operating income 9 095 159 215 1 246 4 066 10 320 Total operating income 9 095 159 215 1 246 4 066 10 320 Other general and administrative expenses (3…
Analyst coverage Company Research analyst Telephone Website ABG SUNDAL COLLIER Anders Holte +47 22 01 61 60 www.abgsc.no ARCTIC SECURITIES Christian Yggeseth +47 21 01 31 00 www.arcticsec.no DNBNOR MARKETS Espen Hennie +47 22 48 23…
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Rocksource ASA Third quarter 2011 Rocksource ASA posted a net loss in the third quarter of 2011 of NOK 93.9 million, compared to a loss of NOK 59.0 million in the third quarter of 2010. Exploration expenses totalled NOK 300.4…
Ambitious cost programme initiated Goal to reduce the cost of running the organisation with more than 30 per cent Measures include reductions in organisation and release of offices Bond debt reduced through buy back in the…
Portfolio review Updated as of 21 November 2011 License/Lease/PSC Country Equity Operator Award EM status Current Activity PL 416 NCS 35 % E.ON APA 2006 Dry hole Post well evaluation PL 506S NCS 50 % Rocksource ASA APA 2008 EM…
Operational review NCS The Norwegian Continental Shelf is Rocksources main focus area. Out of five exploration wells drilled in 2011, four were drilled on the NCS. In the Companys Q2 2011 Financial Report in August, Rocksource…
The drilled exploration well Kora-1A fulfills the commitment for the current phase of the AGC Profond PSC, and the evaluations of the well result are ongoing in order to re-evaluate the total block potential. AGC Profond PSC is…
EBITDA was negative with NOK 294.7 million in the quarter versus negative NOK 53.2 million in the corresponding quarter 2010. EBITDA for the first nine months was negative with NOK 314.9 million. Net financial income was NOK 5.7…
However, the Company realises the need to mature more wells faster and at lower cost than what has been the case in the past. Hence Rocksource will going forward evaluate non-EM prospectivity to add to the Companys opportunity set.…
ROCKSOURCE GROUP - CONSOLIDATED INCOME STATEMENTS (Quarter and YTD unaudited) 1.1. 1.1. Q3 2011 Q3 2010 30.09.2011 30.09.2010 2010 NOK '000 Notes IFRS IFRS IFRS IFRS IFRS Operating income Revenue 3 9 095 10 320 169 556 14 153…
ROCKSOURCE GROUP - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Quarter and YTD unaudited) 1.1. 1.1. Q3 2011 Q3 2010 30.09.2011 30.09.2010 2010 NOK '000 IFRS IFRS IFRS IFRS IFRS Net profit/(loss) (93 906) (58 984) (74 915)…
ROCKSOURCE GROUP - CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (YTD unaudited) 30.9.2011 31.12.2010 NOK '000 IFRS IFRS EQUITY AND LIABILITIES Equity Share capital 348 222 262 612 Treasury shares (25) (25) Share premium reserve…
ROCKSOURCE GROUP - CONSOLIDATED CASH FLOW STATEMENTS (Quarter and YTD unaudited) 1.1. 1.1. Q3 2011 Q3 2010 30.09.2011 30.09.2010 2010 NOK '000 IFRS IFRS IFRS IFRS IFRS Cash flow from operating activities Profit/(loss) before…
ROCKSOURCE GROUP - CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Quarter and YTD unaudited) Share Additional Currency Share Treasury premium paidin translation Retained Total Minority Total NOK '000 capital shares reserves…
ROCKSOURCE GROUP - NOTES THIRD QUARTER AND YTD 30.9.2011 Principles and reporting These financial statements are the unaudited interim consolidated financial statements of Rocksource ASA and its subsidiaries (hereafter the Group)…
Note 3: Operating income Rocksource announced in June a farm-down agreement with Noble Energy. The initial committed value of this transaction was USD 28 million and is reflected in the operating income in Q2 2011. See more…
Note 6: Exploration expenses 1.1. - 1.1. - NOK '000 Q3 2011 Q3 2010 30.09.2011 30.09.2010 2010 Exploration expenses related to license participation (11 959) (34 691) (48 155) (123 911) (145 292) Exploration expenses, other external…
Note 9: Capitalised exploration and acquisition costs As of 30.9.2011, item capitalised exploration and acquisition costs in the balance sheet shows a net booked value of NOK 277.6 million. The amount is related to capitalised…
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