15 February 2011 Rocksource ASA Fourth Quarter 2010 www.rocksource.com Disclaimer This presentation contains information provided by the management of Rocksource ASA with respect to historical and expected performance of…
Agenda Introduction Q4 and recent events Financials Portfolio update Summary Appendix Rocksource at a glance Rocksource is an exploration driven company - In excess of 1 billion barrels of oil equivalents (boe) in net…
Agenda Introduction Q4 and recent events Financials Portfolio update Summary Appendix Q4 and recent events Additional prospects firmed up for 2011 drilling - Drilling decision on NCS licence PL 559 announced in December…
Q4 and recent events Notice of possible change in tax assessment received in October - The Oil Taxation Office (OSK) has challenged pricing of EM interpretation services - Rocksource strongly disagrees with the alleged basis for…
Update on India A third well is now drilling on block CY-DWN-2001/1. As with first two wells, it is not targeting EM prospect as defined by Rocksource. Rocksource has still not signed the Production Sharing Contract and is hence…
Revenue slightly down, net profit slightly improved versus Q3 Revenue of NOK 13.0 million in the quarter - NOK 9.0 million relates to sale of oil and gas in the quarter, NOK 52.1 million for the full year - NOK 4.0 million relates to…
Agenda Introduction Q4 and recent events Financials Portfolio update Summary Appendix Exploration portfolio overview Norway - 13 licences on the NCS (of which two extensions), six are operated - Four high potential…
2011 Exploration Well Schedule Well Preparations Kora well to spud after well operations in Mauritania and Ghana, expected early/mid April Norvarg N spud d planned l d iin A Aprilil with ith th the West W t Phoenix Ph i…
The Kora prospect Kora Trap type Structural 4 way closure Reservoir Coniacian Aptian Seal Upper Cretaceous and Tertiary shales Source Primary source is Albian shales EM response Strong 17 2011 sanctioned well: Breiflabb…
The Breiflabb prospect Breiflabb Trap type Tilted fault block with 3 way closure (typical Brent Province) Reservoir Sognefjord Fm (same as Troll) Seal Draupne (same as Troll) Source Draupne (unproven in Stord Basin) EM response…
Norvarg Prospect evaluation Trap Top Snadd depth (m msl) - Structural trap, large dome structure - Robust 4-way structural dip closure - Compartmentalized in several structurally controlled segments Planned drilling loc.…
Norvarg Risk analysis Trap Low risk Reservoir Moderate to high risk Source and Migration Low risk Retention Moderate to high risk Probability of Geologic Success (Pg) = 48% Volumetric Analysis: Main targets, mean resources =…
Norvarg CSEM evaluation Planned well loc Results - High quality data (2D and 3D coverage) - Significant, well defined resistivity response - Good lateral match between the primary anomaly and its equivalent target (Intra Snadd/Kobbe…
2011 sanctioned well: Heilo Where: Norway, Barents Sea Operator: GDF Suez E&P Norge AS Rocksource equity: 20 % Key prospect: Heilo Heilo Mean recoverable: 200 mmboe CoS: +50% Rig: Aker Barents Type: Semi sub Spud date: Q3/Q4 2011…
Agenda Introduction Q4 and recent events Financials Portfolio update Summary Appendix Entering a new phase Recent years characterised by acreage build up 2011 representing a step change in the companys evolution Five…
In excess of NOK 800 million in funds for exploration drilling Cash position in excess of NOK 450 million - Repair issue can add an additional NOK 50 million NCS credit facility of NOK 500 million in place - In excess of NOK 350…
Launching into high potential exploration campaign Launching a high impact drilling campaign - Five high impact wells in 2011, multiple options in 2012 - Significant value potential per year Short term triggers coming up - Three…
Profit and loss statements NOK '000 Q4 2010 Q3 2010 Q2 2010 Q1 2010 Q4 2009 2010 O Operating ti income i oilil and d gas 8 967 10 550 13 927 18 647 17 070 52 091 Other operating income 4 066 10 320 2 678 1 154 2 807 18 218…
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