Oil and gas production 5 000 4 000 Oselvar Enoch 3 000 boe/day Lulita Cecilie 2 000 Nini Nini East 1 000 0 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 April 104 112 110 107 116 115 2
Siri area Gross daily production 3
Oselvar on stream 4
Huntington on track 5
Exploration drilling programme Norwegian Sea Frontier play Emerging play North Sea Albert Mature play Barents Sea Jette Crazy Horse Kalvklumpen Lupin Eik Scotney Ogna Snurrevad Romeo Clapton Luna 6
2012 exploration program 7 P90-P10 volume range, gross mmboe
Licence rounds 2012 Norway: 8 licences awarded in APA 2011 Preparing for APA 2012 and 22nd round UK: 1 licence awarded (26th round) Applied in 27th round 8
Safe and efficient drilling operator 9
Gita / Maja Applied for licence extension for 9/95 (Maja) and 9/06 (Gita) Next well expected 2013/2014 10
Financial statements First quarter 2012
Income statement First quarter 2012 NOK million Q1-12 Q4-11 Q1-11 Total revenues 177 193 216 Production expenses 73 100 56 Exploration and evaluation expenses 223 32 200 Payroll and other operating expenses 67 50 92 EBITDA (185) 12…
Balance sheet 31 March 2012 NOK million 31.03.2012 31.12.2011 31.03.2011 Assets Non-current assets 7 591 7 596 10 400 Current assets 1 223 1 367 1 581 Cash 884 689 490 Total assets 9 698 9 652 12 471 Equity and liabilities Total equity…
Financial ratios 31 March 2012 Equity ratio Gearing ratio percent 14
Summary Building a leading, independent E&P company Strong production growth High exploration activity Norecos vision is to build a leading independent oil and gas company in the North Sea region 15
ADDITIONAL INFORMATION Ref.: pres-external 17
Noreco at a glance Exploration-driven E&P company 12 exploration wells planned for the coming 18 months Production from five fields 2011-H2: 3,500 boe/day Two new fields on stream in 2012 Adding 8-9,000 boe/day Significant…
Noreco repositioned in 2011 NOK 2 billion asset sales Financial NOK 2 billion reduced investment commitments NOK 1 billion debt repayment Siri and Huntington resolved Operational Oselvar in line with plan High impact exploration…
Exploration strategy Licensed acreage awarded on NCS last 10 years Active and focused exploration program from a large portfolio Focus on wells with significant value creation potential Clear entry and exit strategy for each…
High impact exploration program Prospect License Noreco Chance of Volume1) Drilling Operato share success potential start r Kalvklumpen PL414 20% Dry Det Norske Zidane-2 2) PL435 Discovery RWE Luna DK 1/11 47% Dry Noreco Eik PL396 50%…
Bond debt NOK million Bond Outstanding Due Terms NOR03 NOK 475.5 mill 20 Nov 2012 3m NIBOR + 7.9 %, pledge in shares in subsidiaries NOR04 NOK 1,250 mill 20 Nov 2014 12.9 % fixed, pledge in shares in subsidiaries NOR05 NOK 700 mill 6…
Hedging programme Put options Noreco is using put 1,000 barrels options to protect cash flow from oil price downside 24 months rolling forward programme Asian type puts based on monthly average Brent oil price 24
Exploration and investment activity NOK million Q1-2012 Q4-2011 Q3-2011 Q2-2011 Q1- 2011 Exploration expenses 170 32 103 86 202 Exploration capitalized 13 10 132 14 22 Investments in fields 161 170 274 249 240 Total 344 212 509…
PL519 Albert Noreco 20% - Lundin operated Major fault bound high with a Lower Cretaceous play CoS - 24%: Primary risk element reservoir 280 510 mmboe gross Spud in May 2012 using Bredford Dolphin 6201/11-1 Discovery Albert…
PL440S Clapton Noreco 12% - Faroe Petroleum operated Chalk reservoir around the flanks of a major salt diapir Located in Central Graben in proven play Cos - 25%: Primary risk element - trap integrity 76 194 mmboe gross Spud in May…
PL385 Jette Noreco 20% - Statoil operated Middle Jurassic target in conventional play in a prolific area CoS - 32%: Primary risk element - trap 35 210 mmboe gross Expected spud Q3 2012 A A N S Luna Jette
PL490 Juksa/Snurrevad Noreco 20% - Lundin operated Lower Cretaceous stratigraphic trap south of Loppa High in Barents sea, with significant additional high risk plays that will be de-risked by the well CoS 10%: Primary risk element…
P1666 Romeo Prospect Noreco 22% - Suncor operated Robust fault bound dip closure in proven Upper Jurassic play. Considerable upside potential to west of license (Alpha prospect) CoS - 24%: Primary risk element - trap geometry 19…
P1658 Scotney Prospect Noreco 44% - Suncor operated Robust 4-way dip closure in proven Upper Jurassic play, in close vicinity to existing infrastructure CoS 26%: Primary risk element reservoir presence 17 100 mmboe gross Expected…
PL360 Lupin Prospect Interest Interest bearing bearing Noreco 15% debt&&equity debt - Statoil operated equity Large fault bound structure in Ling Graben, gas prospect, target NOK million Q4-2011 Q3-2011 Q2-2011 Q1-2011 Q4-2010…
P1650 Crazy Horse Prospect Noreco 78% - Noreco operated Targeting Lower Cretaceous sands in a stratigraphic trap CoS - 21%: Primary risk element charge (migration) 88 230 mmboe gross in Scapa Sands only Expected spud in Q4 2012/Q1…
PL453S Ogna Prospect Noreco 25% - Lundin operated Simple fault bound 4-way dip closure in an Upper Jurassic play, in close vicinity to local kitchen, analogue to Bream discovery CoS 19%: Primary risk element presence of local mature…
Reserves and resources Total resource base Development in 2P reserves mmboe mmboe 2P reserves are verified by DeGolyer & MacNaughton 35
Reserve tables by field Reserves and associ ated contingent resources Net contingent Net reserves (mmboe) resources (mmboe) Country License Asset Name Equity Category 2P 2C DK 16/ 98 Cecilie 61 % Reserves 1.2 DK 19/ 98 Connie 61 %…
Shareholders Top 20 shareholders as of 23 May 2012 S hareholder S hares % of total IK M INDUSTR I-INV E ST A S 23 673 998 9,7 % LY SE E NE R G I A S 23 647 460 9,7 % O M HO LDING A S 12 685 484 5,2 % G O LDMA N SA CHS INT. - E Q UITY - 10…
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,…
Loading...
