1 March 2012 Rocksource ASA Fourth Quarter 2011 CEO Chris Spencer 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 Corporate status Q4 and recent events Financials Portfolio update Summary Appendix
Company focus Rocksource focussing on three key themes for 2012: Building a sustainable drill queue of 3 to 4 wells per year - Expecting four well campaign in 2013, including Norvarg appraisal well Creating an organisation for…
Our foundation to build on A significant portfolio in Norway (14 licenses) and Gulf of Mexico (17 leases) Partner in one of the major NCS discoveries in 2011, Norvarg: To be appraised in 2013 100 per cent owner in the +130 mmboe…
Sustainable drill queue Status at 1 March Realistic outlook for 2013: Four well campaign - 2 to 3 wells from own portfolio: Norvarg appraisal, PL 528, PL 506, AC 855 (GoM) - 1 to 2 NCS farm-ins / swaps From 2014 onwards: - 2 to 3…
Organisation for the future Status at 1 March Continue to maximise use of the competent organisation - Enhanced geographical focus - More selective with operatorships - Investment in technology to enhance EM capabilities…
Improving financial situation Status at 1 March Bond debt further reduced through more buy-backs in the market - Bond debt reduced by 51 per cent (NOK 93 million) since 30 September - Bond buy back programme with current net savings…
Agenda Corporate status Q4 and recent events Financials Portfolio update Summary Appendix
Q4 and recent events The Heilo well reported dry in October - Post well analysis ongoing - Marked the conclusion of an overall disappointing 2011 drilling campaign CEO Trygve Pedersen elected to step down in December - Former VP…
Agenda Corporate status Q4 and recent events Financials Portfolio update Summary Appendix
Q4 results overview Result development MNOK 150 100 50 11 Net profit - EBITDA before exploration (50) (100) -103 (150) Q4 Q1 Q2 Q3 Q4 2010 2011 2011 2011 2011 Net loss of NOK 103.4 million includes non-cash write…
Cash balance of NOK 247 million at year-end MNOK 600 500 178 400 188 13 300 44 27 200 341 247 100 13
Goodwill impairments taken in Q4 In accordance with IAS 36 in the International Financial Reporting Standards (IFRS) Rocksource has performed an impairment test of the goodwill as of 31 December 2011 Given the conservative…
Agenda Corporate status Q4 and recent events Financials Portfolio update Summary Appendix
Actively progressing NCS portfolio North Sea: PL 506S - preparation for drill or drop decision PL 581 - decision to progress to acquire seismic data in 2012 Norwegian Sea: PL 528 - preparation for drill or drop decision PL 559 -…
The Norvarg gas discovery (Rocksource 20%) likely to be appraised early 2013 Significant gas discovery announced in June - Official resource range 60-315 mmboe (15-63 mmboe net Rocksource) - Defined as Big Cat ( 200 mmboe) by…
2013 drilling candidate: PL 506S/BS/CS (Rocksource 50% & Operator) Awarded in APA 2008, APA 2010 & APA 2011 Partners: Petoro (20%), FrontX (30%) Drill or drop delayed in order to incorporate new information and new licenses…
2013 drilling candidate: PL 528 (Rocksource 30%) Awarded in the 20th Round (PL 528) & 21st Round (PL 528B) Partners: Suncor Energy Norge AS (Operator & 25%), Centrica (30%), Statoil (15%) Work program: - Acquisition of minimum…
2014 drilling candidate: PL 659 (Rocksource 10%) Awarded in APA 2011 Partners: Det norske (Operator & 30%), Petoro (30%) Lundin (20%), Spring Energy (10%) Work programme: - Acquire 3D seismic - Drill one exploration well within…
Gulf of Mexico (GoM) overview 17 deep water leases in the Gulf of Mexico - Leases acquired in 2009 through farm-ins and through awards in the Western Gulf of Mexico Lease Sale 210 - Estimated exploration potential of 200 mmboe net…
The Trident Discovery (Rocksource 100%) Three well oil discovery (2001 & 2002), located in Alaminos Canyon - 12 km from Shells Perdido Spar regional hub (Great Main res Wx2 White, Silvertip & Tobago) - Two 18 O & G pipelines with…
2013 drilling candidate: AC 855 (Rocksource 65%) Acquired in 2009 Partner: Focus Exploration (35%) Key prospect: Drum - +200 mmboe oil prospect - Key risk: Reservoir - Extensive data from wells at Perdido - Good 3D seismic…
Agenda Corporate status Q4 and recent events Financials Portfolio update Summary Appendix
Summary Working on options to improve liquidity and strengthen balance sheet - Several options being considered including asset sale and new debt financing Currently no wells expected for 2012, goal to firm up four wells for 2013…
Agenda Corporate status Q4 and recent events Financials Portfolio update Summary Appendix
Profit and loss statement NOK '000 Q4 2011 Q3 2011 Q2 2011 Q1 2011 Q4 2010 Operating income 16 478 9 095 159 215 1 246 4 066 Total operating income 16 478 9 095 159 215 1 246 4 066 Other general and administrative expenses (5…
Shareholder list (as of 27 February) Investor of shares % of total Type Country VENTURE DRILLING AS 36,478,112 10.48% Comp. NOR LARSEN OIL & GAS AS 9,219,080 2.65% Comp. NOR OM HOLDING AS 9,063,644 2.60% Comp. NOR VEEN EIENDOM A/S…
Analyst coverage Company Research analyst Telephone Website DnBNor Markets Espen Hennie +47 22 48 23 77 dnbnor.no Swedbank First Securities Teodor Nilsen +47 23 23 82 75 first.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 32
www.rocksource.com
Rocksource ASA Fourth quarter 2011 Rocksource ASA (Rocksource or the Company) reported operating income of NOK 16.5 million in the fourth quarter of 2011, up from NOK 9.1 million in the previous quarter and up from NOK 4.1 million…
Operational update NCS The NCS is Rocksources main focus area. In the fourth quarter Rocksource continued the maturation of its exploration portfolio. In January the Company was awarded two licences from the APA 2011: PL 506DS and PL…
Senegal/Guinea Bissau AGC Profond The current exploration period has been extended by one year, until September 2012. Each of the licensees will by then have to decide whether to pursue to the next exploration period with the…
Cash flow from operating activities in 2011 was minus NOK 339.1 million, compared to minus NOK 184.1 million in 2010. BALANCE SHEET AND LIQUIDITY Rocksources total balance sheet as of 31 December 2011 was NOK 1 259.3 million…
ROCKSOURCE GROUP - CONSOLIDATED INCOME STATEMENTS (Quarter and 2011 unaudited) Q4 2011 Q4 2010 2011 2010 NOK '000 Notes IFRS IFRS IFRS IFRS Operating income Revenue 1 , 11 16 478 4 066 186 034 18 218 Total operating income 16…
ROCKSOURCE GROUP - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Quarter and 2011 unaudited) Q4 2011 Q4 2010 2011 2010 NOK '000 IFRS IFRS IFRS IFRS Net profit/(loss) (103 417) (67 592) (178 333) (298 661) Exchange…
ROCKSOURCE GROUP - CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (2011 unaudited) 31.12.2011 31.12.2010 NOK '000 IFRS IFRS EQUITY AND LIABILITIES Equity Share capital 348 222 262 612 Treasury shares (25) (25) Share premium reserve…
ROCKSOURCE GROUP - CONSOLIDATED CASH FLOW STATEMENTS (2011 unaudited) 2011 2010 NOK '000 IFRS IFRS Cash flow from operating activities Profit/(loss) before taxes from continued operations (549 849) (295 541) Net profit/(loss) from…
ROCKSOURCE GROUP - CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (2011 unaudited) Share Additional Currency Share Treasury premium paidin translation Retained Total Minority Total NOK '000 capital shares reserves capital…
ROCKSOURCE GROUP - NOTES FOURTH QUARTER 2011 Principles and reporting These financial statements are the unaudited interim consolidated financial statements of Rocksource ASA and its subsidiaries (hereafter the Group) for the…
Note 2: Related parties/share-based remuneration Reference is made to detailed information disclosed in the Annual Report for 2010 regarding related parties transactions. Options under the share-based remuneration programme, as…
Note 4: Exploration expenses NOK '000 Q4 2011 Q4 2010 2011 2010 Exploration expenses related to license participation (4 224) (21 381) (52 379) (145 292) Exploration expenses, other external expenses (seismic, EM, etc) (20 809) 231…
Net profit/(loss) from discontinued operations in the income statements. Historical results from the operations are stated in the table below. The results from the discontinued operations are presented below: NOK '000 Q4 2011 Q4…
Note 9: Cash and cash equivalents NOK '000 2011 2010 Bank deposit, non-restriced 181 170 224 870 Bank deposit, restriced 66 000 - Total 247 169 224 870 As of year-end, restricted cash includes a NOK 66 million bank deposits as a…
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