11 November 2010 Rocksource ASA Third 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 the business as well as the historical and expected performance of its industry.…
Agenda Q3 and recent events Financials Exploration update Summary and outlook Appendix
Q3 and recent events Rigs secured for Heilo and Norvarg prospects in the Barents Sea - 270 mmboe Norvarg prospect to be drilled in Q2 2011 - 200 mmboe Heilo prospect to be drilled in Q3 2011 Letter of Intent signed for sale of…
Q3 and recent events Selective applications submitted for NCS 21st Round and APA 2010 - All applications include prospects with stand-alone development potential in a success case - All applications are based on EM positive or EM…
Bid for US onshore assets Letter of Intent signed for sale of US onshore assets - Finalising the transaction is subject to amongst other acceptable commercial terms agreed with the bondholders - Bondholder meeting scheduled for…
Third party review on Trident endorses Rocksources estimates of contingent resources Gaffney, Cline & Associates (GCA) endorses Rocksources estimates of Contingent Resources in Trident discovery - Best estimate (2C) Contingent…
Further Trident studies have been initiated Development via subsea tieback to the Perdido hub remains an option However, with volume estimates by GCA, Rocksources view is that stand-alone development also has potential to be…
Notice of possible change to tax assessments Oljeskattekontoret (OSK/The Norwegian Oil Taxation Office) has challenged the pricing of the proprietary EM interpretation services provided to Rocksource and its license partners from…
Agenda Q3 and recent events Financials Exploration update Summary and outlook Appendix
Revenue up, net profit hit by non-cash currency loss Revenue in quarter up versus Q2 due to sale of EM data processing to external parties Exploration costs in the quarter NOK 65.4 million, mainly related to NCS seismic acquisition…
On track to reach 2010 production target NYMEX Henry-hub gas price development Production and price 2,000 60 Q3 50 1,500 price per boe 40 Q3 BOPED 1,000 30 20 500 10 - 0 Q3-2009 Q4-2009 Q1-2010 Q2-2010 Q3-2010…
NOK 264 million in cash end Q3 Financial flexibility in place: - NOK 271 million undrawn and available in credit facility with SEB end Q3 - NOK 150 million in unutilized equity facility end Q3 MNOK 350 300 16 0 250 45 58 20…
Agenda Q3 and recent events Financials Exploration update Summary and outlook Appendix
Exploration portfolio overview Norway - 8 licences on the NCS of which 3 are operated - 3-4 high potential wells in 2011 West Africa - High potential well targeting the Kora prospect scheduled to spud in the next quarter -…
Norwegian Continental Shelf update Barents Sea PL 535 - Well sanctioned for 2011, expected spud Q2 PL 530 - Well sanctioned for 2011, expected spud Q3 Norwegian Sea PL 528 - 3D seismic data recently acquired, 2012 drilling candidate…
2011 sanctioned well: Kora FACTS: Where: AGC Profond PSC, Senegal / Guinea Bissau Operator: Ophir Energy (83%/63%*) Partners: Rocksource (5%/25%*), LEnterprise (12%) KEY ATTRACTIONS: Low risk, high potential prospects Significant…
2011 sanctioned well: Breiflabb FACTS: Where: North Sea, Block 31/8 Operator: E.ON Ruhrgas (50%) Partners: Rocksource (35%), Det norske (15%) KEY ATTRACTIONS: EM positive prospect with good structural conformance Discovery can be…
2011 sanctioned well: Heilo Fluid attribute consistent with structural spill FACTS: Where: Barents Sea, Part blocks 7123/6 & 7124/4 Operator: GDF SUEZ E&P Norge AS (40%) Partners: Rocksource (20%), Front Exploration (20%), North…
2011 sanctioned well: Norvarg FACTS: Where: Barents Sea blocks 7225/3 & 7226/1 Operator: Total E&P Norge AS (40%) Partners: Rocksource (20%), Det norske (20%), North Energy (20%) KEY ATTRACTIONS: Multiple target levels On trend…
Agenda Q3 and recent events Financials Exploration update Summary and outlook Appendix
Moving from acreage capturing to drilling Recent years characterized by acreage build up (figures in net risked resources) 1200 Selective portfolio build-up in recent years 800 100 prospects EM tested, 20+ positive prospects in…
High potential drilling campaign firmed up for 2011 Current sanctioned 2011 program Prospect Operator Estimated spud Gross * RGT% RGT net** Oil/Gas AGC Profond *** Ophir Energy Q1 450 25 113 Oil PL 535 - Norvarg Total Q2 270 20 54…
2011 well schedule 2010 2011 Q4 Q1 Q2 Q3 Q4 Prospect RASA Equity Rig Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec AGC Profond West Africa Kora 25 % Maersk Deliverer PL 535 NCS Norvarg 20 % West Phoenix PL 416 NCS…
Upcoming drilling campaign offers significant upside potential Illustration of value potential 2011 programme assuming: 150 mmboe in net risked resources (Rocksource estimate) USD 1-3/bbl post tax transaction value discovery NOK/USD…
Actively addressing funding to secure optimal drilling exposure Rocksource will continue to assess sale of non-core assets - US Onshore in process - Encouraging third party review on Trident discovery Rocksource will use current…
Agenda Q3 and recent events Financials Exploration update Summary and outlook Appendix
Profit and loss statement NOK '000 Q3 2010 Q2 2010 Q1 2010 Q4 2009 Q3 2009 2009 Operating income oil and gas 10 550 13 927 18 647 17 070 15 717 83 586 Other operating income 10 320 2 678 1 154 2 807 18 381 22 048 Total operating…
SPE Resource Classification Overview Resource Maturity Resource Uncertainty (likelihood of commerciality) (low, best & high estimates) Trident (Upper Wilcox formation) Source: SPEs Petroleum Resources Management System,…
Shareholder list (as of 8 November) Investor Number of % of top % of total Type Country MORGAN STANLEY & CO INTERNAT. PLC 15.000.842 17.21% 5.71% Nom. GBR ODIN OFFSHORE 7.433.000 8.53% 2.83% Comp. NOR DNO INVEST AS 5.751.717 6.60%…
Analyst coverage Company Research analyst Telephone Website ABG Sundal Collier Anders Holte +47 22 01 61 60 www.abgsc.no DnBNOR Markets Espen Hennie +47 22 48 23 77 www.dnbnor.no Pareto Securities Thomas Aarrestad +47 22 87 87 21…
Investor contacts Per Anders Muri, VP Corporate Communications - Tel: +47 91 11 61 21 - per.anders.murirocksource.com Tommy Sundt, CFO - Tel: +47 90 85 50 00 - tommy.sundtrocksource.com 34
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