Contents Headlines p. 3 Refinancing concluded p. 4 - 6 Operations Producing fields p. 7 - 11 Recent exploration: Gohta p. 12 - 15 Svein Arild Killingland, Exploration programme p. 16 - 21 Chief Exec Officer Key financials Q3 and…
Headlines Refinancing concluded, establishing a sound financial basis NOK 430 million new equity committed Another up to NOK 100 million underway Debt restructuring approved by bondholders Cost of capital significantly reduced…
October: Backed into a corner Urgent need for refinancing due to Production shortfall RBL loans being called DK abandonment guarantee claim Cash forecast showed NOK 1 bn negative at year-end Potential insolvency in November…
New shareholder structure Two of top-three shareholders pre- subscribed NOK 249 mill in the New shareholder structure NOK 430 mill private placement Subsequent offering Sabaro Investments and IKM Industri- 17.7 % (December 2013)…
New debt structure, healthy cash buffer Bond maturity profile post refinancing well matched to expected cash-flow profile Interest payments cut by more than 55 per cent 2013: ca. NOK 402 mill 1 2014: ca. NOK 173 mill 1 (excluding…
PRODUCING FIELDS Q3 2013 Presentation 7
Huntington unstable production First oil in April 2013. Added 6 400 boepd production capacity Slow start mainly due to compressor system problems Output subsequently choked by HSE concerns related to oil storage venting system…
Fields in the CATS systems Huntington Tie-in point Q3 2013 Presentation 9
Siri temporary shut-down Integrity issues discovered on Siri platform in July Permanent repair scheduled for summer 2014 Temporary solution is being reviewed by the Siri operator and Danish authorities Direct loading to tanker…
Q3 production Noreco production (quarterly average in boepd) Slow start at Huntington. Now gradually ramping up towards plateau in December Nini, Nini East and Cecilie closed for most of the quarter. Oselvar, Lulita back on…
DISCOVERIES Q3 2013 Presentation 12
Gohta Success Johan Castberg 3rd largest NCS oil PL 492 Gohta Operated by Lundin discovery1 last 3 years PL492 Discovered oil and gas in Gohta 20% Permian carbonates Noreco equity interest Excellent reservoir quality…
Gohta Highly promising reservoir The well found a 30 meter gas column over a 75 meter oil column Cores and logs indicated Open excellent quality reservoir fractures Drill stem test showed very good flow properties the test flow…
Gohta Rapidly maturing Work programme 7120/2-1 through 2014 W E Discovery evaluation 7120/1-1 G&G, reservoir engineering, 7120/1-3 the development studies discovery well PL492 Appraisal programme at least W 7120/1-3 Projected E…
Verdande On track for Q1 2014 spud Located northwest of Norne PL484 Verdande Recently farmed out 10 % equity to existing partner Explora PL484 Verdande Marulk Norne Petroleum Operated by Noreco Alve To be drilled by semisub…
Verdande Strong potential in a producing trend Middle Jurassic target in well proven play Chance of success (CoS): 29 per cent Primary risk element: Trap 53 236 mmboe gross (gas and oil), 39 mmboe P50 net to Noreco, with considerable…
Three key focus areas PL639 4Q15 Current priorities Kanel North Sea North Sea North North PL639 Kanel Finalize seismic survey. Make ready for PL519 2Q15 interpretation. Next geologic mapping and prospectivity Albert evaluation.…
Crazy Horse to be relinquished Noreco has decided not to drill the PL1650 Crazy Horse well Crazy Horse High cost, low prospectivity Heads of agreement with Crazy Horse partner Trap Oil Transfer 10 % share of P1666 Romeo to Trap…
KEY FINANCIALS Q3 2013 Presentation 22
Income statement NOK million Q3 13 Q2 13 Q1 13 2012 Total revenues 177 246 216 832 Revenue reduction Production expenses (108) (108) (74) (244) due to low production Exploration expenses (295)* (119) (243) (1 188) Increased opex in…
Write-downs and exploration write-offs in Q3 Write-downs Exploration write-offs Items (NOK mill) Before tax After tax Before tax After tax Oselvar 301 81 Nini, Nini East, Cecilie 256 192 Amalie 255 191 Crazy Horse 18 7 Total 555…
Balance sheet NOK million 30.09.13 30.06.13 31.12.12 Assets Tax receivable of NOK Non-current assets 4 653 5 212 5 411 723 million is Current assets 1 867 1 889 1 910 confirmed Cash 358 418 604 Cash NOK 358 mill, but Total assets 6 879 7…
Balance sheet specifications NOK mill NOK mill Further work to determine potential Asset gross after tax of Huntington Fulmar is on-going Gohta 125 28 Partners agreed in Q3 on a new Huntington Fulmar 569 238 study that will continue…
Covenant ratio new terms Minimum free cash NOK million Previous reported covenants no longer relevant; Gearing Ratio 1 Gearing Ratio 2 Adjusted Equity Ratio New covenant Free cash of NOK 100 million at all time Q3 13…
An eventful few months.. Key actions and events the last half year Balance sheet restructured Strong drive towards our operators to fix production Gohta, a sizeable discovery Good progress in fixing risk-reward balance in…
Main priorities going forward Production Bring Huntington to stable plateau production, and turn focus to upside potential Work with DONG to ensure more stable production in Denmark and Norway, particularly Siri Fairway Exploration,…
Presentation Third quarter 2013 Q3 2013 Presentation
Oil and gas reserves Per 31.12.2012 Reserves per field *) The reserves have been verified by DeGolyer & MacNaughton. *) With effect from 1 October 2013 the P2 estimate for Oselvar was reduced from 7.61 to 3.23 million…
Committed and potential wells PL492 2Q14 Gohta PL484 1Q14 Appraisal well on Gohta Verdande Verdande now in Q1 2014 PL639 4Q15 Kanel Xana spud Q4 2014 Potential new wells being PL519 2Q15 matured from our inventory of Albert…
North Sea North Albert well (2012) discovered oil at several levels Appraisal well is being considered for Albert Chalk in 2015 Albert Paleocene has no commercial value, but oil discovery positive for our Kanel prospects Combined…
South of Utsira High Noreco holds 15 per cent interest in Statoil operated PL360 and PL624 Recent Luno II discovery has reduced geological risk in the area Several prospects; interesting resource potential Lausinge Spann-…
North Sea South PL616 shows significant potential in several old oil and gas discoveries in Upper Jurassic and Tor Chalk layers Additional prospectivity in Paleozoic (older) sediments Combined resource potential large Nanna area…
DK 09/95 Xana Noreco 20.1% Maersk operated Upper Jurassic target in close vicinity (up-dip) to the Svane gas discovery and south of Gita discovery CoS: 27% Primary risk element: Trap 47 475 mmboe gross (gas), 28 mmboe net P50…
UK P1889 Niobe Noreco 22.5% Suncor operated Jurassic stratigraphic pinch-out trap, up-dip of proven oil discovery Located in Inner Moray Firth in proven play east of Beatrice Field, de-risking additional prospects given success…
Hedging programme Put options Noreco has been 1 000 barrels using put options to protect cash flow from oil price downside Asian type puts based on monthly average Brent oil price Forward strategy will be considered Q3 2013…
Shareholders Top 20 shareholders as of 25 November 2013 S hareholder S hares % of total IK M INDUSTR I-INV E ST A S 46 972 889 13,19 % SA B A R O INV E STME NTS LTD 43 867 228 12,32 % LY SE E NE R G I A S 27 701 514 7,78 % O M HO LDING A…
Important information This company presentation (the Presentation) has been prepared by Norwegian Energy Company ASA (Noreco or the Company). The Presentation has not been reviewed or registered with, or approved by, any public authority,…
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