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…
Agenda Introduction to North Energy Fogelberg discovery Future growth Q&A 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
Introduction to North Energy ASA North Energy ASA is an independent E&P company Alta headquartered in Alta in the province of Finnmark Head office Incorporated in the autumn of 2007 with capital from investors in Northern Norway…
Rapid build up NOVEMBER 2007 2.5 YEARS JUNE 2010 Organization CEO, Erik Karlstrm, hired November 2007 Successful recruitment of experienced professionals to all key positions Capital NOK 253 million of equity capital raised from…
Solid financial situation Q1 2010 Cash balance of NOK 289 million Expected tax reimbursement of NOK 233 million No interest bearing debt NOK 300 million exploration loan facility with SEB available Net cash position of NOK 522…
Profitable, visible and leading in the north Objective Create value for shareholders and contribute to positive effects onshore by participating in exploration, development and production activities offshore Mid and Northern Norway…
The Norwegian Sea is in its golden phase Discovery rates and sizes Mid/golden phase Norwegian Sea The Norwegian Sea is in its golden phase of Early phase Mid phase exploration where the North Sea was in the 300 60 % eighties 200…
North Energy license portfolio License Equity Prospect/ Up to 12 million barrels o.e. lead discovered (likely to be PL 385 15% Jette appraised in 2011) PL 433 12% Fogelberg1 PL 498 25% Skagen 60 million barrels o.e. risked PL 503…
Exploration program Operational targets North Energys exploration program North Energy is fully funded to drill an eight Well Prospect Licence Interest 2010 2011 2012 well exploration program in the period 2010- 2012 1 Fogelberg PL…
Considerable value potential in exploration Value per barrel Transactions on the NCS Relative to capital invested, the most (normalised for current oil price, excl. tax balances) significant value creation takes place in the 12…
Agenda Introduction to North Energy Fogelberg discovery Future growth Q&A 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
Discovery in first well The Fogelberg discovery In March, North Energy struck gas/ condensate in PL 433 (12%) in the Norwegian Sea Preliminary resource estimate is between 19 and 94 million boe, according to the NPD The…
Preliminary resource estimate Resource estimate Interpreted model after drilling North Energys own analysis supports the NPD estimate: P90: 19 mmboe P10: 94 mmboe Additional upside in deeper reservoirs Gas filled…
Fogelberg key findings and next steps Preliminary conclusions Key uncertainties and next steps Discovery of hydrocarbons, most Uncertainties expected to be clarified probably gas and condensate in ongoing lab analysis: Gas/liquids…
Agenda Introduction to North Energy Fogelberg discovery Future growth Q&A North Energy ASA, Markedsgata 3, Alta, Norway. 17 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
Barents Sea The formerly disputed area is part of our long term strategy Phase 1 Acreage positions in known play models close to infrastructure in the Norwegian Sea and the Barents Sea High rate of discovery Short lead time to…
Why Alta and why plan beyond 2020 25% of all oil and gas yet to be found is in the arctic (USGS) Around 10% of the remaining oil and 62% gas resourses less than 1000 kms from Alta North Energys possibly captured equity may be…
Phase 2 Lofoten Study confirming upside NPD resource estimate Based on seismic acquired outside Lofoten and Vesterlen, the NPD has made a resource estimate for the area: 1,3 billion boe with an uncertainty span from 0,5 to 2.4…
Phase 3 is now approaching faster than expected North Energy ASA, Markedsgata 3, Alta, Norway. 21 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
North Energy building a competitive edge in the Barents Sea Huge, but uncertain resource potential Reasonable to assume more gas than oil Oil may be present in a few limited areas that probably will see a lot of…
Agenda Introduction to North Energy Fogelberg discovery Future growth Q&A North Energy ASA, Markedsgata 3, Alta, Norway. 23 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
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