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Q2 2010 – North Energy

North Energy · Aug 19, 2010 · 24 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 2010 – North Energy – slide 1
    North Energy Q2 2010 19 August 2010
  2. Q2 2010 – 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 2010 – North Energy – slide 3
    Agenda Fogelberg update Stirby farm-in Exploration programme Financials Outlook North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
  4. Q2 2010 – North Energy – slide 4
    PL 433: Fogelberg discovery PL 433 in the Norwegian Sea Acquired 2009 Discovery Fogelberg PL 433 Operator Centrica (28%) Hydrocarbons Gas/cond. Discovery Morvin, under 2009 Partners Petro-Canada (30%) P10 estimate development Faroe…
  5. Q2 2010 – North Energy – slide 5
    PL 433: Previously disclosed information In April, North Energy and its partners in PL 433 confirmed that well 6506/9-2S had found gas and condensate in two productive reservoir formations The well was successfully drilled with the…
  6. Q2 2010 – North Energy – slide 6
    PL 433: Commerciality Evaluations in second quarter have confirmed the early volume estimates Content of condensate and CO2 in the gas is similar to other discoveries and fields in the area North Energys evaluations gives positive…
  7. Q2 2010 – North Energy – slide 7
    PL 433: Likely development solution The most likely development solution for Fogelberg consists of: 2-3 gas producers drilled from one subsea template Tie-back to sgard B platform (20 km east of Fogelberg) Gas processing at sgard B…
  8. Q2 2010 – North Energy – slide 8
    PL 433: Growing pool of undeveloped gas supporting new gas export line More than 200 billion Sm3 of gas in the Haltenbanken area without identified gas export options Gro 38 billion Sm3 Asterix 15 billion Sm3 Luva 53 billion Sm3…
  9. Q2 2010 – North Energy – slide 9
    PL 433: Considerations regarding appraisal Volume range is well understood based on data from the exploration well Commerciality is established also in the lower range of volume estimates The largest uncertainty in the present…
  10. Q2 2010 – North Energy – slide 10
    PL 433: Next steps Work will continue in the license on several areas Specialist analysis of fluids and core data (not expected to impact volumes) Further evaluation of gas export options Commerciality to be established in the…
  11. Q2 2010 – North Energy – slide 11
    Agenda Fogelberg update Stirby farm-in Exploration programme Financials Outlook North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
  12. Q2 2010 – North Energy – slide 12
    PL 341: Stirby farm-in North Energy farms into 11% of the PL 341 Stirby well from Talisman In line with North Energys strategy Promising POS and volumes Close to infrastructure Attractive terms Prospect quality and attractiveness…
  13. Q2 2010 – North Energy – slide 13
    PL 341: Location map PL 341 Stirby Alvheim PL 341 Stirby Gudrun East Brae Gudrun Sleipner Sleipner Vest North Energy ASA, Markedsgata 3, Alta, Norway. 13 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail:…
  14. Q2 2010 – North Energy – slide 14
    PL 341: Attractive prospect Moderate HPHT gas/cond. prospect PL 341 in North Sea 30% Probability of Success Awarded APA 2004 Main prospect Upper Stirby 97 mill. boe in main prospect (unrisked) Expiry December 2012 Hydrocarbon type…
  15. Q2 2010 – North Energy – slide 15
    Agenda Fogelberg update Stirby farm-in Exploration programme Financials Outlook North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
  16. Q2 2010 – North Energy – slide 16
    Exciting 18 months outlook with 5 firm wildcat wells to be drilled North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
  17. Q2 2010 – North Energy – slide 17
    Agenda Fogelberg update Stirby farm-in Exploration programme Financials Outlook North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
  18. Q2 2010 – North Energy – slide 18
    North Energy ASA Profit & Loss 2Q 2Q 1H 1H Year MNOK 2010 2009 2010 2009 2009 Payroll 12,6 15,6 30,1 27,1 62,4 Depreciation 1,1 0,5 2,0 1,0 3,4 Exploration expenses 17,8 30,1 31,2 46,5 113,1 Drilling costs PL433 capitalised Other…
  19. Q2 2010 – North Energy – slide 19
    North Energy ASA Balance sheet 30.jun 30.jun 31.des MNOK 2010 2009 2009 Assets Fixed Assets 126,2 14,8 32,6 Capitalised drilling PL433 of 105 MNOK Receivables 370,2 193,4 164,0 Accumulated tax receivables of 303 MNOK Cash and cash…
  20. Q2 2010 – North Energy – slide 20
    Solid financial situation Cash balance of NOK 172 million Expected tax reimbursement of NOK 303 million No interest bearing debt Net cash position of NOK 474 million NOK 300 million exploration loan facility with SEB fully…
  21. Q2 2010 – North Energy – slide 21
    Agenda Fogelberg update Stirby farm-in Exploration programme Financials Outlook North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
  22. Q2 2010 – North Energy – slide 22
    Outlook 6 months outlook Drilling of PL 341 Stirby APA 2010 licensing round 18 months outlook 21st ordinary licensing round Jette exploration well in the Norwegian Sea Three well drilling campaign in the Barents Sea Further…
  23. Q2 2010 – North Energy – slide 23
    Actively participating in the Lofoten/Vesterlen and Eastern Barents Sea discussions North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
  24. Q2 2010 – North Energy – slide 24
    Thank you for your attention North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no

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