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Q3 2011 – North Energy

North Energy · Nov 9, 2011 · 27 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. Q3 2011 – North Energy – slide 1
    North Energy Q3 2011 9 November 2011
  2. Q3 2011 – 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…
  3. Q3 2011 – North Energy – slide 3
    Agenda Highlights Q3 Financial update Exploration update Outlook & Summary 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
  4. Q3 2011 – North Energy – slide 4
    Highlights Q3 Disappointing wildcat well in the Barents Sea The Heilo reservoir proved better than expected, however water filled Increased volume estimate on Fogelberg Conceptual studies ongoing Promising results from internal…
  5. Q3 2011 – North Energy – slide 5
    Agenda Highlights Q3 Financial update Exploration update Outlook & Summary North Energy ASA, Markedsgata 3, Alta, Norway. 5 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
  6. Q3 2011 – North Energy – slide 6
    North Energy ASA Profit & Loss Q3 Q3 YTD YTD MNOK 2011 2010 2011 2010 Exploration expenses NOK 85 million higher than Q3 2010 Payroll 19.8 16.0 54.5 46.0 Depreciation 1.8 1.1 5.0 3.1 Exploration expenses 114.5 29.1 142.0 60.4…
  7. Q3 2011 – North Energy – slide 7
    High activity level driving exploration costs Exploration expenses Q3 MNOK Drill decisions moving closer Dry well PL 530 Heilo 29 increased need for seismic and data processing Seismic for Drill or Drop decisions *) 56 Regional…
  8. Q3 2011 – North Energy – slide 8
    North Energy ASA - Balance sheet YTD Year end Year end MNOK 2011 2010 2009 Fixed assets up NOK 260 million from year-end 2010 Assets Fixed Assets 419.4 161.9 32.6 Capitalized drilling costs on Long term receivables 363.2 0.0 0.0…
  9. Q3 2011 – North Energy – slide 9
    Net cash according to plan Net cash position as of Q3 2011 31 Net cash position of NOK 238 million 363 450 NOK 310 million undrawn of NOK 760 million exploration 238 financing facility 350 Developing in line with funding…
  10. Q3 2011 – North Energy – slide 10
    Next 4 wildcat wells financed NOK 670 million raised before and NOK million in the IPO 700 Acc. capital injection NOK 270 million raised from 650 Acc. expenses 600 investors in Northern Norway 550 500 NOK 432 million invested…
  11. Q3 2011 – North Energy – slide 11
    Agenda Highlights Q3 Financial update Exploration update Outlook & Summary North Energy ASA, Markedsgata 3, Alta, Norway. 11 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
  12. Q3 2011 – North Energy – slide 12
    Strong track record and exciting outlook PROSPECTS PRE-DRILL ESTIMATES POST-DRILL ESTIMATES License Prospect Equity Gross POS Net risked Well result Gross Net interest unrisked (P50) (P50) PL 433* Fogelberg 12% 196 57% 13 Gas /…
  13. Q3 2011 – North Energy – slide 13
    Drawing lessons from dry Heilo well Better reservoir quality than expected, however water filled Heilo Head (prospect) No oil shows in cuttings Oil still believed to have passed Heilo North (prospect) through the Heilo area…
  14. Q3 2011 – North Energy – slide 14
    Increased volume estimate on Fogelberg 09.11.11 Feasibility Conceptual Detailed Engineering, Pre-engineering Production Production Studies Studies Construction, Start-up BOK BOV PDO Resource estimates recently 97 updated by…
  15. Q3 2011 – North Energy – slide 15
    Increased expectations to Norvarg 09.11.11 Feasibility Conceptual Pre- Detailed Eng, Appraisal Studies Studies engineering Construction Production BOK BOV PDO Increased expectations to Norvarg 500 volumes Operators first…
  16. Q3 2011 – North Energy – slide 16
    Positive regional effects of Norvarg Break through gas production test from the Kobbe formation Has lifted the potential in large areas towards the north and east Future exploration success depends on differentiating between…
  17. Q3 2011 – North Energy – slide 17
    PL 518 Zapffe drilling ongoing PL 518 / PL 518 B in the Barents Sea Award APA 2008 Main prospect Zapffe Operator DONG (40%) Hydrocarbons Oil Partners North Energy (30%) Expected drilling Q4 2011 Front Exploration (20%) PoS 25%…
  18. Q3 2011 – North Energy – slide 18
    PL 450 Storebjrn high PoS oil prospect PL 450 in the North Sea Aquired 2011 Main prospect Storebjrn Operator Det norske (60%) Hydrocarbons Oil Partners North Energy (15%) Expected drilling Q1 2012 Dana Petroleum (25%) PoS 49% Gross…
  19. Q3 2011 – North Energy – slide 19
    PL 370 / PL 370 B Kakelborg drilling in Q1 2012 PL 370 / PL 370 B in the North Sea Aquired 2011 Main prospect Kakelborg Operator Wintershall (40%) Hydrocarbons Oil Partners North Energy (10%) Expected drilling Q1 2012 Agora (30%)…
  20. Q3 2011 – North Energy – slide 20
    PL 385 Jette drilling expected mid 2012 PL 385 in the Norwegian Sea Aquired 2009 Main prospect Jette Operator Statoil (45%) Hydrocarbons Gas cond. Partners North Energy (35%) Expected drilling Q2/Q3 2012 Noreco (20%) PoS 37% Gross…
  21. Q3 2011 – North Energy – slide 21
    PL 498 Skagen drilling in 2012 PL 498 in the North Sea Aquired 2009 Main prospect Skagen Operator Lotos (25%) Hydrocarbons Oil Partners North Energy (25%) Expected drilling 2012 Edison Int. (25%) PoS 36% Skagen 44 (25%) Gross mean…
  22. Q3 2011 – North Energy – slide 22
    Exploration track record and outlook mmboe 130 120 110 100 90 80 70 60 50 40 30 20 10 0 Fogelberg* Stirby Norvarg** Heilo Zapffe Storebjrn*** Kakelborg Jette Skagen Scarecrow**** Net unrisked pre-drill volume (completed…
  23. Q3 2011 – North Energy – slide 23
    Drilling program with timing uncertainties in 2012 Zapffe Storebjrn Kakelborg Skagen Jette Norvarg, appraisal Scarecrow 2011 I 2012 I 2013 Possible Oil appraisal oil Gas-Condensate North Energy ASA, Markedsgata 3,…
  24. Q3 2011 – North Energy – slide 24
    Agenda Highlights Q3 Financial update Exploration update Outlook & Summary North Energy ASA, Markedsgata 3, Alta, Norway. 24 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
  25. Q3 2011 – North Energy – slide 25
    Outlook 6 months outlook Result from the Zapffe exploration well in the Barents Sea (ongoing) Storebjrn exploration well in North Sea Kakelborg exploration well in the North Sea Decision on appraisal program for Norvarg Drill or…
  26. Q3 2011 – North Energy – slide 26
    Summary Disappointing wildcat well in the Barents Sea Increased volume estimate on Fogelberg Promising results from internal Norvarg study Strong track record after 4 wells 5 firm wells planned for the next 12 months…
  27. Q3 2011 – North Energy – slide 27
    Thank you for your attention North Energy ASA, Markedsgata 3, Alta, Norway. 27 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no

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