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Q2 2012 – North Energy

North Energy · Aug 22, 2012 · 25 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q2 2012 – North Energy – slide 1
    North Energy Q2 2012 22 August 2012
  2. Q2 2012 – North Energy – slide 2
    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 is…
  3. Q2 2012 – North Energy – slide 3
    Agenda Highlights Q2 Financial update Exploration update Outlook North Energy ASA, Markveien 38b, Postboks 1243,9504 Alta, Norway. Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
  4. Q2 2012 – North Energy – slide 4
    Highlights Q2 and later events Dry well on Kakelborg in the North Sea High business development activity Swapped into the Frode oil prospect in North Sea Increased equity interest in the Vgar license Signed farm-down agreement with…
  5. Q2 2012 – North Energy – slide 5
    Agenda Highlights Q2 Financial update Exploration update Outlook North Energy ASA, Markveien 38b, Postboks 1243,9504 Alta, Norway. Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
  6. Q2 2012 – North Energy – slide 6
    North Energy Profit & Loss Q2 Q2 Year Q1 MNOK 2012 2011 2011 2012 Payroll 10,7 15,9 70,9 18,0 Less headcount and increased charge out Depreciation 2,5 1,7 7,2 2,5 Exploration expenses 166,2 20,1 340,2 24,1 Dry PL 450 Storebjrn…
  7. Q2 2012 – North Energy – slide 7
    North Energy Balance sheet Q2 Year end Year end MNOK 2012 2011 2010 Assets Fixed Assets 422,2 418,6 161,9 Capitalized drilling cost Long term receivables 181,5 0,0 0,0 Tax receivable refund - Dec 2013 Short term receivables 659,1…
  8. Q2 2012 – North Energy – slide 8
    Strong net cash position Net cash position Q2 2012 Net cash position of NOK 243 million Unused exploration loan facility of NOK 455 million Sale of Fogelberg of NOK 70 million not included (completion late August) Proceeds…
  9. Q2 2012 – North Energy – slide 9
    Agenda Highlights Q2 Financial update Exploration update Outlook North Energy ASA, Markveien 38b, Postboks 1243,9504 Alta, Norway. Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
  10. Q2 2012 – North Energy – slide 10
    Kakelborg dry well in the North Sea Well 33/6-4 was estimated at Kakelborg anomaly 30% chance of success The seismic anomaly represents a lithological effect and not presence of hydrocarbons The effect is now analyzed to…
  11. Q2 2012 – North Energy – slide 11
    Drilling activity 2012 - 2013 Two more wells in 2012 Wells 2012 PL 385 Jette wildcat (15% Wells 2013 WI, operated by Statoil) PL 498 Skagen wildcat (25% WI, operated by Lotos) Two wells in 2013 PL 535 Norvarg appraisal (20%…
  12. Q2 2012 – North Energy – slide 12
    Drill or Drop (DoD) licences Three drill or drop decisions Drill or drop licences the next six months PL 526 15 Nov 2012 PL 590 have applied for 6 month extension (6 Feb 2013) PL 503 DoD/relinquishment 23 Jan 2013 Drop decision…
  13. Q2 2012 – North Energy – slide 13
    Current drilling program with rig slots 2012 2013 August Sept. Sept. Mars June Nov. Nov. Dec. Dec. Feb. April May Jan. Oct. Oct. July PL 385 Jette West Alpha PL 498 Skagen Maersk…
  14. Q2 2012 – North Energy – slide 14
    PL 385 Jette expected spud Q3 PL 385 in the Norwegian Sea Acquired 2009 Main prospect Jette Operator Statoil (45%) Hydrocarbons Gas cond. Partners North Energy (15%) Expected drilling Q3 2012 Noreco (20%) PoS 37% Dong (20%) Gross…
  15. Q2 2012 – North Energy – slide 15
    PL 385 Jette located in prolific area Jette prospect similar to the recently discovered Alve North accumulation 8 kms to the South Jette The Jette South prospect in between and possible next target Both oil and gas encountered…
  16. Q2 2012 – North Energy – slide 16
    Development of Jette as tie-in to the Norne facilities in case discovery Source: NPD / North Energy Foto Statoil North Energy ASA, Markveien 38b, Postboks 1243,9504 Alta, Norway. Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50…
  17. Q2 2012 – North Energy – slide 17
    PL 498 Skagen drilling Q4 2012 PL 498 in the North Sea Acquired 2009 Main prospect Skagen Operator Lotos (25%) Hydrocarbons Oil Partners North Energy (25%) Expected drilling Q4 2012 Edison Int. (25%) PoS 36% Skagen 44 (25%) Gross…
  18. Q2 2012 – North Energy – slide 18
    PL 299 Frode drilling Q2 2013 PL 299 in the North Sea Acquired 2012 Main prospect Frode Operator Talisman (31.5%) Hydrocarbons Oil Partners DONG (20%) Expected drilling Q2 2013 Agora (28.5%) PoS 29% North Energy (20%) Gross mean 18…
  19. Q2 2012 – North Energy – slide 19
    Norvarg appraisal well Rig firmed up Leiv Eiriksson semi-sub Key objectives of the appraisal well Increase understanding of Leiv Eiriksson Leiv Eiriksson different reservoir qualities within the structure Increase…
  20. Q2 2012 – North Energy – slide 20
    Exploration success in core areas the Norwegian Sea and the Barents Sea Largest discoveries in the north (Norwegian The Fogelberg discovery First exploration well Discovery Area Million boe Operato 1 Skrugard Barents Sea 260 Statoil…
  21. Q2 2012 – North Energy – slide 21
    Looking to capitalize on North Energys core competence in the attractive 22nd round Since start-up, North Energy has built up in- depth understanding of the Barents Sea geology Bilde fra 22R Cooperation with crew i arbeid…
  22. Q2 2012 – North Energy – slide 22
    Agenda Highlights Q2 Financial update Exploration update Outlook North Energy ASA, Markveien 38b, Postboks 1243,9504 Alta, Norway. Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
  23. Q2 2012 – North Energy – slide 23
    Outlook 6 months outlook Jette exploration well in the Norwegian Sea Skagen exploration well in the North Sea Drill or drop decision on PL 590 Drill or drop decision on PL 526 Drill or drop decision on PL 503 12 months outlook…
  24. Q2 2012 – North Energy – slide 24
    Q&A North Energy ASA, Markveien 38b, Postboks 1243,9504 Alta, Norway. 24 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
  25. Q2 2012 – North Energy – slide 25
    Thank you for your attention Welcome back to our next presentation 31 October North Energy ASA, Markveien 38b, Postboks 1243,9504 Alta, Norway. Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no…

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