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APRIL 2012 INVESTOR PRESENTATION – North Energy

North Energy · Apr 20, 2012 · 42 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. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 1
    North Energy Copenhagen Roadshow 20 April 2012
  2. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 2
    Agenda North Energy in brief Two discoveries Exploration update Financial update Outlook & Summary North Energy ASA, Markedsgata 3, Alta, Norway. 2 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no…
  3. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 3
    Introduction to North Energy Oil and gas company headquartered in Portfolio development, of licenses Alta in Northern Norway 24 Listed on Oslo Axess (ticker: NORTH) 14 Market cap of USD 70 million 8 24 licenses offshore Norway,…
  4. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 4
    North Energy on its way through the value chain Mapping interesting areas Define prospects Apply for / negotiate license shares Awards / license farm-in Drilling prospects / discoveries Appraisal of discoveries Field…
  5. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 5
    Highest return on capital in exploration phase Max expected return Transactions on the NCS (normalised for current oil price, excl. tax balances) on invested capital in exploration phase 12 Max expected profit 10 USD/barrel…
  6. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 6
    Strong platform for growth Commercially based exploration High PoS* prospects Close to infrastructure low capex yields Vision of North Energy: high asset values Strong Northern Norwegian identity North Energy aims to become a…
  7. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 7
    Experienced core management team Johan Petter Barlindhaug, Chairman Founder of Barlindhaug, the largest combined consulting, development and engineering group in Northern Norway Awarded the Order of St. Olav in November 2009 for his…
  8. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 8
    Management delivering on strategy Build up and execution of exploration program Five wells completed two commercial discoveries Four firm wells to be drilled in 2012 Recognized by the authorities Solid awards in all licensing…
  9. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 9
    Agenda North Energy in brief Two discoveries Exploration update Financial update Outlook & Summary North Energy ASA, Markedsgata 3, Alta, Norway. 9 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no…
  10. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 10
    Strong exploration track record 20 largest discoveries on the NCS (2005 - 2012) Partner in two of the Discovery Area Million boe Operator Partners 20 largest finds 1 Johan Sverdrup North Sea 1 793 Lundin Statoil, Petoro, Det norske,…
  11. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 11
    Monetizing on Fogelberg discovery Fogelberg discovery sold to Centrica for NOK 70 million in February 2012 North Energy farmed in prior to discovery in 2010 Financing 2-3 wells with the proceeds from the sale Timing right for North…
  12. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 12
    Norvarg1 a major gas discovery Feasibility Conceptual Pre- Detailed Eng, Appraisal Production Studies Studies engineering Construction March 2012 BOK BOV PDO mmboe Increased expectations to Norvarg 600 Results from internal…
  13. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 13
    Positive signals for Norvarg Gassco, industry coordinator of all pipeline development in Norway, published a recommendation to the industry to extend the North Sea gas grid to the Barents Sea 17.01.12 North Energy preliminary…
  14. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 14
    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…
  15. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 15
    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.…
  16. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 16
    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…
  17. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 17
    Agenda North Energy in brief Two discoveries Exploration update Financial update Outlook & Summary North Energy ASA, Markedsgata 3, Alta, Norway. 17 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no…
  18. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 18
    License map Partner in 24 licenses Barents Sea (8) Mid Norwegian Sea (9) North Sea (7) Two operatorships in the Mid - Norwegian Sea North Energy ASA, Markedsgata 3, Alta, Norway. 18 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60…
  19. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 19
    PL 450 Storebjrn drilling ongoing PL 450 in the North Sea Acquired 2011 Main prospect Storebjrn Operator Det norske (60%) Hydrocarbons Oil Partners North Energy (15%) Drilling Spud Jan 12 Dana Petroleum (25%) PoS 49% Gross mean 141…
  20. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 20
    Storebjrn is one of the few remaining undrilled classical pods in the Southern North Sea Second highest POS (49%) in North Energys portfolio (Fogelberg at 57% was a discovery) Located between producing fields Tambar and Ula and…
  21. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 21
    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…
  22. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 22
    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…
  23. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 23
    PL 370 / PL 370B 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…
  24. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 24
    PL 370 Kakelborg prospect display Kakelborg reservoir 33/5-2 33/6-4 anomaly Seismic anomalies known to indicate oil and/or gas (classical type III anomaly) Inversion responses of Kakelborg ratio suggest a sandy lithology Rock…
  25. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 25
    Two proven reservoir models and two chances in PL 370 Kakelborg 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. 25 Phone:…
  26. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 26
    Drilling and Development of PL 370 Kakelborg 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 to…
  27. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 27
    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% Gross…
  28. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 28
    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 mean…
  29. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 29
    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.…
  30. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 30
    2012 Drilling activity and Drill or Drop decisions Four wells to be drilled in 2012 PL 450 Storebjrn ongoing Four drill or drop decisions in early 2012 PL-536 PL-564 PL-526 PL-590 Drill or Drop decision 2012 Well to be…
  31. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 31
    Agenda North Energy in brief Two discoveries Exploration update Financial update Outlook & Summary North Energy ASA, Markedsgata 3, Alta, Norway. 31 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no…
  32. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 32
    Attractive tax system for exploration companies For companies out of tax paying position, the state will pay out the tax value of direct and indirect exploration costs (except interest costs) This means that companies like North…
  33. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 33
    Conservative financing strategy Exploration activities financed from the following capital sources Equity Tax refund exploration facility Sale of discoveries and other assets No interest bearing debt besides the tax refund…
  34. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 34
    Financial capacity improved in 2012 Successful share issue of NOK 156 million Sale of Fogelberg adds NOK 70 million of cash Farm down of 4 exploration assets. Cash settlement to be announced Exploration loan facility increased to…
  35. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 35
    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…
  36. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 36
    North Energy ASA - Balance sheet 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
  37. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 37
    Net cash according to plan Net cash position Q4 2011 Net cash position of NOK 173 million1 -67 Unused exploration loan facility of NOK -348 412 million 554 Exploration facility increased to NOK 950 173 million in Q1 2012…
  38. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 38
    Shareholder structure Investor Location % interest 1 Elliott International Capital Advisors London 11,4 2 Taube, Hodson, Stonex Partners London 8,6 3 SKS Eiendom Bod 5,8 4 JPB AS Troms 5,8 5 Origo Kapital AS Alta 3,3 Belgia 13%…
  39. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 39
    Agenda North Energy in brief Two discoveries Exploration update Financial update Outlook & Summary North Energy ASA, Markedsgata 3, Alta, Norway. 39 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no…
  40. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 40
    Outlook 6 months outlook Storebjrn exploration well in North Sea Kakelborg exploration well in the North Sea Jette exploration well in the Norwegian Sea Skagen exploration well in the North Sea Decision on appraisal program for…
  41. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 41
    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…
  42. APRIL 2012 INVESTOR PRESENTATION – North Energy – slide 42
    Thank you for your attention North Energy ASA, Markedsgata 3, Alta, Norway. 42 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no

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