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Q4 2011 EARNINGS CALL – North Energy

North Energy · Feb 22, 2012 · 36 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 2011 EARNINGS CALL – North Energy – slide 1
    North Energy Q4 2011 22 February 2012
  2. Q4 2011 EARNINGS CALL – North Energy – slide 2
    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…
  3. Q4 2011 EARNINGS CALL – North Energy – slide 3
    Agenda Highlights Q4 Financial update Exploration update Outlook & Summary North Energy ASA, Markedsgata 3, Alta, Norway. 3 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
  4. Q4 2011 EARNINGS CALL – North Energy – slide 4
    Highlights Q4 and later events Fogelberg discovery sold for NOK 70 million Successful share issue of NOK 150 million Repair issue of up to NOK 15 million in March Two new licences from selective APA 2011 application…
  5. Q4 2011 EARNINGS CALL – North Energy – slide 5
    Agenda Highlights Q4 Financial update Exploration update Outlook & Summary North Energy ASA, Markedsgata 3, Alta, Norway. 5 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
  6. Q4 2011 EARNINGS CALL – North Energy – slide 6
    Financial capacity improved in 2012 Successful share issue of NOK 150 million Subject to the approval by the Extraordinary General Meeting on 2 March Sale of Fogelberg adds NOK 70 million of cash to the balance sheet Exploration…
  7. Q4 2011 EARNINGS CALL – North Energy – slide 7
    Fogelberg discovery sold for NOK 70 million Fogelberg discovery sold to Centrica for NOK 70 million North Energy farmed in prior to discovery in 2010 Financing 2-3 wells with the proceeds from the sale Timing right for North to…
  8. Q4 2011 EARNINGS CALL – North Energy – slide 8
    North Energy ASA Profit & Loss Q4 Q4 Year Year MNOK 2011 2010 2011 2010 Payroll 16,5 16,1 70,9 62,1 Depreciation 2,1 1,5 7,2 4,6 Exploration expenses 198,2 118,6 340,2 179,0 See detailed overview Other operating expenses 10,6 10,4…
  9. Q4 2011 EARNINGS CALL – North Energy – slide 9
    High activity level driving exploration costs Exploration expenses Q4 MNOK Main cost relating to drilling of Zapffe Dry well PL 530 Heilo 38 Heilo drilling completed Dry well PL 518 Zapffe 136 below budget in Q4 Seismic for…
  10. Q4 2011 EARNINGS CALL – North Energy – slide 10
    North Energy ASA - Balance sheet North Energy ASA, Markedsgata 3, Alta, Norway. 10 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
  11. Q4 2011 EARNINGS CALL – North Energy – slide 11
    Net cash according to plan Net cash position Q4 2011 Net cash position of -67 NOK 173 million1 Unused exploration loan -348 554 facility of NOK 412 million Developing in line with 173 funding plans at the IPO 34 2012 Tax…
  12. Q4 2011 EARNINGS CALL – North Energy – slide 12
    Agenda Highlights Q4 Financial update Exploration update Outlook & Summary North Energy ASA, Markedsgata 3, Alta, Norway. 12 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
  13. Q4 2011 EARNINGS CALL – North Energy – slide 13
    New capital supports continued high activity level Proceeds from asset sale and share North Energys portfolio growth issue supports a strategy of a continued high activity level 6 Appraisal wells 25 Reduces overall risk 5…
  14. Q4 2011 EARNINGS CALL – North Energy – slide 14
    Norvarg a major gas discovery Feasibility Conceptual Pre- Detailed Eng, Appraisal Production Studies Studies engineering Construction Feb 2012 BOK BOV PDO mmboe Increased expectations to Norvarg 600 Results from internal…
  15. Q4 2011 EARNINGS CALL – North Energy – slide 15
    Positive signals for Norvarg last month Gassco1 published a study in January recommending an extension of the North Sea gas grid to the Barents Sea North Energy preliminary calculations indicates reduced commercial threshold…
  16. Q4 2011 EARNINGS CALL – North Energy – slide 16
    Positive regional effects of Norvarg Break through gas production test from the Kobbe formation Norvarg Has lifted the potential in large areas towards the north and east Future exploration success depends on differentiating…
  17. Q4 2011 EARNINGS CALL – North Energy – slide 17
    Soaring interest for the Barents Sea With multiple large discoveries, Barents Sea wildcats the interest for exploration in 8 100% the Barents Sea is soaring 7 80% Average success rate Skrugard (160 - 250 million boe1) No.…
  18. Q4 2011 EARNINGS CALL – North Energy – slide 18
    Strong position in new growth area In competition with 25 'old' and Company BARENTS SEA PLAYERS Licenses km2 'new' players in the Barents 1 2 Statoil Petoro 23 20 4 746 2 553 Sea, North Energy has built up 3 4 RWE Dea GDF…
  19. Q4 2011 EARNINGS CALL – North Energy – slide 19
    License map Partner in 24 licenses following Fogelberg sale Barents Sea (8) Norwegian Sea (8) North Sea (8) Two operatorships in the Norwegian Sea Two awards in APA1 2011 PL 656 in the Norwegian Sea PL 616 in the North Sea…
  20. Q4 2011 EARNINGS CALL – North Energy – slide 20
    PL 450 Storebjrn high POS oil prospect PL 450 in the North Sea Acquired 2011 Main prospect Storebjrn Operator Det norske (60%) Hydrocarbons Oil Partners North Energy (15%) Drilling Ongoing Dana Petroleum (25%) PoS 49% Gross mean…
  21. Q4 2011 EARNINGS CALL – North Energy – slide 21
    PL 450 Storebjrn one of the few remaining undrilled classical pods in the Southern North Sea Second highest POS (49%) in North Energys current and past exploration portfolio Only next to Fogelberg which came in as a discovery…
  22. Q4 2011 EARNINGS CALL – North Energy – slide 22
    PL 450 Storebjrn two reservoirs and two chances with surrounding discoveries in both Same two reservoirs as Tambar Same source kitchen Storebjrn Similar trap concept Gyda Tambar Storebjrn Tambar Storebjrn Tambar Ula…
  23. Q4 2011 EARNINGS CALL – North Energy – slide 23
    PL 450 Storebjrn fast track development through infrastructure with spare capacity Drilled by Mrsk Guardian Close to existing infrastructure 8 km to Ula field Subsea wells tied in to Ula Oil export through pipeline via Ekofisk…
  24. Q4 2011 EARNINGS CALL – North Energy – slide 24
    PL 370 / 370 B Kakelborg drilling Q2 2012 PL 370 / PL 370 B in the North Sea Acquired 2011 Main prospect Kakelborg Operator Wintershall (40%) Hydrocarbons Oil Partners North Energy (10%) Expected drilling Q2 2012 Agora (30%) PoS…
  25. Q4 2011 EARNINGS CALL – North Energy – slide 25
    PL 370 / 370 B Kakelborg prospect display 33/5-2 33/6-4 Kakelborg reservoir anomaly Seismic anomalies known to indicate oil and/or gas Classical type III anomaly Inversion responses of Kakelborg ratio suggest a sandy…
  26. Q4 2011 EARNINGS CALL – North Energy – slide 26
    PL 370 / 370 B Kakelborg two proven reservoir models and two chances 33/6-4 33/5-2 HC shows in well 33/5-2 Valid traps on both levels Kakelborg anomaly PL 370 PL 370B N North Energy ASA, Markedsgata 3, Alta, Norway. 26…
  27. Q4 2011 EARNINGS CALL – North Energy – slide 27
    PL 370 / 370 B Kakelborg drilling and development Exploration well spud April 2012 Rigg: Borgland Dolphin Optional production test (DST) Development 35 km Stand-alone FPSO if large Offshore loading of oil Fast track development…
  28. Q4 2011 EARNINGS CALL – North Energy – slide 28
    PL 385 Jette drilling expected mid 2012 PL 385 in the Norwegian Sea Acquired 2009 Main prospect Jette Operator Statoil (45%) Hydrocarbons Gas cond. Partners North Energy (35%) Expected drilling Q2/Q3 2012 Noreco (20%) PoS 37%…
  29. Q4 2011 EARNINGS CALL – North Energy – slide 29
    PL 498 Skagen drilling in 2012 PL 498 in the North Sea Acquired 2009 Main prospect Skagen Operator Lotos (25%) Hydrocarbons Oil Partners North Energy (25%) Expected drilling 2012 Edison Int. (25%) PoS 36% Skagen 44 (25%) Gross…
  30. Q4 2011 EARNINGS CALL – North Energy – slide 30
    Exploration track record and outlook North Energy ASA, Markedsgata 3, Alta, Norway. 30 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
  31. Q4 2011 EARNINGS CALL – North Energy – slide 31
    Drilling program North Energy 2012 2013 August August Sept. Sept. Mars Mars June June Dec. Dec. Nov. Nov. April April Feb. Feb. May May Jan. Jan. Oct. Oct. July…
  32. Q4 2011 EARNINGS CALL – North Energy – slide 32
    2012 drilling activity and Drill or Drop decisions Four wells to be drilled in 2012 Starting January 2012 with PL 450 Storebjrn Q2 Kakelborg Q3 Jette Q3 Skagen Four drill or drop decisions in 2012 PL 536 PL 526 PL 590 PL…
  33. Q4 2011 EARNINGS CALL – North Energy – slide 33
    Agenda Highlights Q4 Financial update Exploration update Outlook & Summary North Energy ASA, Markedsgata 3, Alta, Norway. 33 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
  34. Q4 2011 EARNINGS CALL – North Energy – slide 34
    Outlook 6 months outlook Storebjrn exploration well in the North Sea Kakelborg exploration well in the North Sea Jette exploration well in the Norwegian Sea Decision on appraisal program for the Norvarg discovery Drill or drop…
  35. Q4 2011 EARNINGS CALL – North Energy – slide 35
    Summary 40% success rate in first five wells Preparing critical appraisal well for Norvarg Balanced exploration portfolio with strong footprint in the Barents Sea Four firm exploration wells in 2012 Testing three pure oil…
  36. Q4 2011 EARNINGS CALL – North Energy – slide 36
    Thank you for your attention North Energy ASA, Markedsgata 3, Alta, Norway. 36 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no

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