2011 Interim Results For the six months ended 31 December 2010 Briefing Presentation David Salisbury CEO, Craig Jones CFO 23 February 2011 New Zealand Oil & Gas Limited
Overview Financial Results Pike River Coal Operational Highlights Kupe Gas and Oil Field Tui Area Oil Fields Exploration Outlook New Zealand Oil & Gas Limited 2
Financial Results New Zealand Oil & Gas Limited 3
Financial Summary Amounts in NZ millions Half Y/E Half Y/E Y/E 31 Dec 10 31 Dec 09 June 10 Revenue 40.5 37.7 99.4 EBITDAX* 15.4 22.6 64.5 Exploration Write offs (2.6) (10.9) (30.7) Depreciation and Amortisation (11.9) (3.4) (15.5)…
Abnormal Items Amounts in NZ millions Half Y/E Half Y/E Y/E 31 Dec 31 Dec 09 June 10 10 Pike River Coal Ltd related losses: - Share of Associate Losses - 4.2 11.5 - Equity Investment impairment 77.1 - - - Fair Value loss on…
Investment in Pike River Coal Ltd (In Receivership) Amounts in NZ millions Carrying value Profit & loss at 31 Dec 11* impact Shares and share options - (77.1) Convertible Bond 34.0 (7.5) Short Term Debt ** 12.0 (13.0) Coal…
Cash & Debt Position 31 Dec 2010 Total Cash (NZ) 111.8 million cash balance at 31 December 2010 63% held in US dollars, balance in NZ dollars Debt Position (NZ) Debt Facility 75 million with Westpac Drawn to 63 million Net…
Dividend Dividend policy is to distribute a reasonable proportion of profit, subject to the need to retain sufficient capital to meet investment requirements Given the substantial loss resulting from the PRCL investment, the Board…
Pike River Coal Ltd (PRCL) New Zealand Oil & Gas Limited 9
NZOGs Financial Support of PRCL NZOG has shareholding (29.4%) and 2011 Options, with combined book value of 77.1 million NZOG a secured and unsecured lender to PRCL US28.9 million Convertible Bond Coal Contract option In September…
Focus of Receivership Supporting efforts to stabilise the mines atmosphere Understanding PRCLs financial position Securing and protecting PRCLs assets. The primary assets are: The coal mine, including below and above ground assets…
Recovery of NZOG Investment in PRCL NZOG is a secured creditor for the US28.9 million convertible bond and the 12 million funding advanced on 26 November 2010 Ranks equally with first ranking secured debt to BNZ (other than first…
Operational Highlights New Zealand Oil & Gas Limited 13
Kupe Gas and Oil Field NZOG 15% NZOGs largest revenue source Successful inspection of production station completed November 2010 NZOGs share of production for half year: 1.2 PJ of sales gas 143,000 barrels of light oil 5,800…
Tui Area Oil Fields NZOG 12.5% Pateke-3H well brought back into production in October Net cost to NZOG 8.5 million Process modifications to FPSO completed in November Fields produced 1.36 mmbbls in six month period NZOGs share…
Exploration Dominant position built in Northern Offshore Taranaki Basin Mangaa, Albacore, Parihaka In Southern Offshore Taranaki Basin looking to secure rig to drill Kaupokonui in 2011/12 Evaluating drilling targets at Tui and…
Exploration Portfolio Permit NZOG Stake Taranaki Basin PMP 38158 Tui 12.5% PML 38146 Kupe 15% PEP 51311 Kaupokonui 90%* Taranaki Basin PEP 51988 Mangaa 100% PEP 38491 Albacore 44% PEP 51558 Parihaka 20% PEP 51321 Kahurangi**…
Outlook NZ remains attractive but the number of opportunities is limited Since 2008 evaluating global opportunities Looking to establish one or two new core areas of business In final stages of acquiring attractive exploration…
Disclaimer New Zealand Oil & Gas Limited has prepared this presentation to provide information about the company. The information presented here is of a general nature and includes forecasts and estimates based on current…
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