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Q4 2009 EARNINGS CALL – Interoil Corporation

Interoil Corporation · Feb 26, 2010 · 37 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 1
    Fourth Quarter 2009 Presentation Tom Wolden Chief Executive Officer Wilhelm Matheson Chief Financial Officer
  2. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 2
    DISCLAIMER This presentation includes forward looking statements regarding InterOil Exploration & Production ASA, which are subject to various risks, uncertainties and other factors that could cause actual results to differ from the…
  3. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 3
    AGENDA 1. Highlights 2. InterOil In Brief 3. Financial Data 4. Operational Development & Plans 2010 Peru Colombia Angola Ghana 5. 2010 Outlook 6. Q&As 3
  4. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 4
    Q4 HIGHLIGHTS Operational Highlights: WI production of 604900 bbl in Q4 Total average production in Q4 decreased by 15% since Q4 2008 and increased by 2% since Q3 2009 Successful drilling campaign has stabilized the production at…
  5. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 5
    INTEROIL IN BRIEF High-growth international independent exploration KEY FACTS and production oil company - listed on the Oslo Listed on the Oslo Stock Stock Exchange - with a strategic focus on Latin Exchange: IOX America and West…
  6. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 6
    INTEROIL IN BRIEF Peru Colombia Group HIGHLIGHTS Production boe/day 4360 2215 6575 Drilling of more than 60 wells in Reserves Mmboe Peru and 25 in Colombia since 2006 P1 8.2 4.9 13.1 P2 8.7 6.3 15.0 All wells, except four,…
  7. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 7
    2009 RESERVES 2P reserves of 15.0 million barrels as per 31 December 2009 Colombia Peru 2P reserves decreased by 25% since last year 2.6 mmboe transfered from 2P to contingent resources due to license expire in Peru…
  8. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 8
    Q4 FINANCIAL RESULTS UNAUDITED Figures in USD millions Q4 2009 Q4 2008 FY 2009 FY 2008 Production, before royalties (bbls) 604900 710150 2648638 2053778 Production, net of royalties (bbls) 390286 470155 1742875 1318487 Sales (bbls)…
  9. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 9
    REVENUES AND PRODUCTION Average quarterly production increased by 2% since last quarter Revenue increased by 12% since Q3 Realized average oil price of USD 72.7 per barrel increased by 10% since Q3 Normalized EBITDA exluding…
  10. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 10
    CURRENT CASH POSITION Cash position of USD 13.4 million increased by Cash flow FY 2009 (USD million) USD 4.1 million since prior quarter 40 20.8 (22.3) Cash position decreased slightly since end of 35 2008 due to 30 Drop in the…
  11. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 11
    BACKGROUND BONDHOLDER SITUATION Bondholder meeting for the FRN Interoil Exploration and Production ASA Senior Secured Callable and Putable Bond Issue 2007/2012 (the Senior Secured Bond Loan) held 15 May, 2009 Asked to postpone an…
  12. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 12
    CURRENT STATUS The Company has been presented with some alternatives through the advisor Macquarie/Tristone and several directly from interested parties: Conditional offers for the acquisition of all or part of the assets in Peru and…
  13. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 13
    AGENDA 1. Highlights 2. InterOil In Brief 3. Financial Data 4. Operational Development & Plans 2010 Colombia Peru Angola Ghana 5. 2010 Outlook 6. Q&As 13
  14. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 14
    OPERATIONS UPDATE PERU Peruvian assets 14
  15. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 15
    PERU HIGHLIGHTS 2009 drilling campaign started in September Three wells completed in Q4 of which two are set in production and one is under final testing New wells produce 250 bopd each Dual completion of five wells in Q4…
  16. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 16
    PERU Northwest Production at December 2009 100 000 PETROBRAS PETROTECH GMP PETROLERA INTEROIL LOTE X LOTE Z-2B LOTE I-V MONTERRICO LOTE III - IV LOTE II SAPET LOTE VI-VII UNIPETRO BPZ OLYMPIC LOTE IX 10 000 1 000…
  17. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 17
    DEVELOPMENT PROGRAM 2010 17
  18. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 18
    SOUTH MIRADOR Production Facilities MC 13041 MC 8014 Battery 202 18
  19. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 19
    OPPORTUNITY AND UNRISKED UPSIDE MAP Peru Northern Block IV 19
  20. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 20
    OPPORTUNITY AND UNRISKED UPSIDE MAP Peru Southern Block III 20
  21. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 21
    OPPORTUNITY AND UNRISKED UPSIDE MAP Peru Northern Block III 21
  22. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 22
    OPPORTUNITY SUMMARY PERU Reserve Category Workover Drilling Location Total PDNP 123 0 123 PUD 0 106 106 PROB 0 7 7 POSS 0 1 1 Unrisked Upside 42 109 151 Total 165 223 388 22
  23. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 23
    OPERATIONS UPDATE COLOMBIA Colombian assets 23
  24. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 24
    COLOMBIA HIGHLIGHTS Drilling campaign started in September Five wells completed during Q4 of which all encountered oil and are set in production Best well produce 300 bopd South Mana and Rio Opia shows further upside potential…
  25. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 25
    DEVELOPMENT PROGRAM 2010 25
  26. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 26
    MANA Main Structures & Remaining Prospectivity 2 km remaining prospectivity Ambrosia Mana-N Toqui ChicoralToqui Toqui Mana-S Escondido RoOpia Mana South Mana West TWT map top Basement 26
  27. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 27
    OPPORTUNITY SUMMARY COLOMBIA Reserve Category Workover Drilling Location Total PUD 0 15 15 PROB 0 4 4 POSS 0 2 2 Unrisked Upside 0 18 18 Total 0 39 39 27
  28. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 28
    ALTAIR EXPLORATION LICENSE IN LANOS BASIN Exploration Block Altair Prospective 27 MMb Resources 1st Investment Phase 18 Months starts Nov. 08 3D Seismic 1 well Cost per well 4.5 MMUSD Llianos savannah Corporate Tax 33% Royalty 8.0%…
  29. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 29
    ALTAIR DEAL Deal signed with major Colombian drilling contractor Drilling contractor will receive 10% of the Altair license against the drilling and testing of minimum two exploration wells at their cost If the two first wells are…
  30. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 30
    ALTAIR PROSPECTIVE TREND A B Altair 1 Prospective trend A B 30
  31. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 31
    ANGOLA - FACTS 2009 - OFFSHORE Exploration Block 5 Block 6 Prospective 450 MMb 600 MMb Resources* Contingent 27 MMb 16 MMb Resources* Investments 1st 27 MMUSD 23 MMUSD Phase, 4 Years (InterOils share) Drilling 2010 2 well 2 well Cost…
  32. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 32
    ANGOLA CABINDA NORTH - ONSHORE Exploration Cabinda North Prospective 300 MMb Resources* Contingent 53 MMb Resources* Acquisition cost 33 MMUSD Drilling 2011 3 Wells Working Interest 3.5% Surface 2400 km2 Operator Sonangol 20%…
  33. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 33
    GHANA TANO SHALLOW - OFFSHORE Exploration Tano Shallow Prospective 50 Mmboe Resources* Contingent 25 Mmboe Resources* 100 bcf Working Interest 31.5% Surface 60 km2 Operator Tullow 31.5% Partners Thani Ghana 22.5%, Sabre Oil…
  34. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 34
    AGENDA 1. Highlights 2. InterOil In Brief 3. Financial Data 4. Operational Development & Plans 2010 Peru Colombia Angola Ghana 5. 2010 Outlook 6. Q&As 34
  35. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 35
    OPERATIONAL OUTLOOK & SUMMARY Production guidance 2010: 8500 - 9500 boe/day Current drilling plan 2010 Colombia: 6 production/appraisal wells in Mana and Rio Opia and two exploration wells in Altair Production estimate of 200…
  36. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 36
    PRODUCTION GUIDANCE AND CAPEX Production boe/day Target of 8500 - 9500 boe/day in 2010 from 16000 Average Daily Production WI, per year current concessions in Latin America Production Latin America 14000 All infrastructure in…
  37. Q4 2009 EARNINGS CALL – Interoil Corporation – slide 37
    INTEROIL E&P ASA STRANDVEIEN 50 N-1366 LYSAKER NORWAY T +47 6751 8650 F +47 6751 8660 Q&A - Thank you for your attention INFOINTEROIL.NO WWW.INTEROIL.NO VISIT US 37

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