Company Presentation January 2010 This presentation is prepared for discussion purposes only, and does not constitute and does and will not form part of, and should not be construed as, any offer or invitation or recommendation to buy or…
Introduction to North Energy ASA Barents Sea North Energy is an independent E&P company headquartered in Alta in the province of Finnmark Incorporated in the autumn of 2007 with Alta capital from investors in Northern Norway Head…
Process and timeline Background North Energy is contemplating raising up to NOK 400 million equity capital Submitted application for listing on Oslo Axess on 23 December 2009 Road show and Domestic and international road show…
Key investment considerations Fully funded 8 well exploration program fully funded through proposed equity issue exploration program Targeting average prospect size of 50 mmboe1 net to North Energy Expecting to make two to three…
Unique position Awards in the 20th licensing round Recognised by the authorities 20th LICENSING ROUND Licenses Operatorships Norwegian Sea Barents Sea Minister of Petroleum and Energy, Mr. Terje Riis- Statoil Noreco 7 5 5 4 5 3…
Experienced management Johan Petter Barlindhaug, Chairman Founder of Barlindhaug, the largest combined consulting, development and engineering group in Northern Norway Awarded the Royal Norwegian Order of St. Olav in November 2009 for…
Rapid build-up NOVEMBER 2007 2 YEARS DECEMBER 2009 Organization CEO, Erik Karlstrm, hired November 2007 Experienced organization with 40 employees in Alta and Oslo Capital A total of NOK 253 million equity capital raised from…
Solid financial situation Liquidity as of Cash balance of NOK 41 million Q3 2009 Expected tax reimbursement of NOK 204 million NOK 96 million drawn on a NOK 300 million exploration loan facility with SEB Net cash of NOK 149…
Fully funded exploration program Operational targets Current well program Build a portfolio of between 14 and 16 licenses Well Prospect Licence Interest 2010 2011 2012 before the end of 2010 February Rig: West Alpha 1 Fogelberg PL 433…
Two firm wells in the Norwegian Sea in 2010 Norwegian Sea license map Licence Interest Operator Main target Two licenses with firm wells PL3851 15% Statoil Jette PL 433 12% Centrica Fogelberg close to infrastructure PL 510 20%…
Three firm wells in the Barents Sea in 2011 Barents Sea license map Licence Interest Operator Main target Two licenses with firm wells PL 518 30% DONG Tana PL 530 20% GdF Suez Heilo close to infrastructure PL 535 20% Total Norvarg…
Interesting upside in the North Sea portfolio North Sea license map Licence Interest Operator Main Target PL498 25% Lotos Skagen Two licenses in the Norwegian part of the PL503 25% Lotos Valberget Central North Sea Net mean risked…
Attractive prospect inventory North Energy Probability of Main Hydrocarbon Gross Mean Net Mean License Equity Area Prospect Name Operator Success Phase Unrisked Risked aggregated mmboe mmboe Firm wells 2010 2012 PL 3851 15 % Norwegian…
Fogelberg first well to be drilled in 1Q 2010 6506/9-2 6506/12-12A, S A B PL 433 in the Norwegian Sea 2500 Acquired 2009 Main prospect Fogelberg Operator Centrica (28%) Hydrocarbons Gas Cond. 3000 Partners North Energy (12%) Expected…
Jette second firm well in 2010 6608/10-1 A B PL 385 in the Norwegian Sea 2400 2600 Acquired 2009 Main prospect Jette 2800 Operator Statoil (45%) Hydrocarbons Gas Cond. 3000 Jette N, 3170m Partners North Energy (15%) Expected…
Heilo one of three high impact wells in 2011 A B PL 530 in the Barents Sea Seabed 0.500 Awarded 20th round (2009) Main prospect Heilo Operator GDF Suez (40%) Hydrocarbons Oil and gas Heilo ,1270m 1.000 Partners North Energy (20%)…
Summary Sound business Uniquely positioned as a leading Northern Norwegian E&P player case Focused on high PoS prospects with short lead time to production 8 well exploration program fully funded through proposed equity issue…
Broad shareholder base in Northern Norway Number of Shareholders1 Province shares Ownership Geographic shareholder structure 1 JPB AS Troms 1 338 210 14.5 % 2 Origo Kapital AS Finnmark 1 248 100 13.6 % 2% 3 SKS Eiendom AS Nordland 1…
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