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Q# 2013 – Rocksource

Rocksource · Dec 2, 2013 · 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. Q# 2013 – Rocksource – slide 1
    Rocksource ASA Third Quarter 2013
  2. Q# 2013 – Rocksource – slide 2
    Rocksource ASA Third Quarter 2013 2 December 2013 CEO Chris Spencer Disclaimer This presentation contains information provided by the management of Rocksource ASA with respect to historical and expected performance of the business…
  3. Q# 2013 – Rocksource – slide 3
    Table of contents 3Q highlights and financials Portfolio update Summary and outlook Appendix 3 3Q highlights and subsequent events Norvarg appraisal well completed in August The postwell analysis has led the operator to…
  4. Q# 2013 – Rocksource – slide 4
    3Q key figures NOK 000 3Q 2013 3Q 2012 YTD 30.9.2013 YTD 30.9.2012 Total operating income 7 781 2 870 30 929 51 939 Exploration expenses (106 332) (37 079) (200 904) (185 551) EBITDA (101 480) (37 215) (178 616) (144 927) Total…
  5. Q# 2013 – Rocksource – slide 5
    Upcoming sanctioned wells represent an attractive mix of risk & potential PL 586 PL 659 PL 528 Pil Langlitinden Ivory Location Norwegian Sea Barents Sea Norwegian Sea Welltype Exploration Exploration Exploration Assumed risk…
  6. Q# 2013 – Rocksource – slide 6
    Pil (&Bue) exploration well program Exploration well 6406/123 S Pil will test Upper Jurassic shallow marine fan delta sandstones of the Rogn 1 BCU formation and Rogn 2/Melke formation DHI Rogn 1 formation is present in the…
  7. Q# 2013 – Rocksource – slide 7
    Langlitinden exploration well program Exploration well 7222/112 Langlitinden will test a Triassic age Kobbe formation channel facies updip proven oil in well 7222/111 Caurus The channel facies mapped from seismic attributes…
  8. Q# 2013 – Rocksource – slide 8
    Longer term drilling opportunities Upcoming drill or drop decisions: 1Q 2014: PL 506DS , PL 559, PL 581 2Q 2014: PL 601, PL 602, PL 610, PL 509s Given positive drill decisions these licences could add wells from 2015 and…
  9. Q# 2013 – Rocksource – slide 9
    Table of contents 3Q highlights and financials Portfolio update Summary and outlook Appendix 15 Summary and outlook Three sanctioned wells for 2014 Two wells expected in 1Q, one in 4Q Portfolio activity now directed at…
  10. Q# 2013 – Rocksource – slide 10
    Table of contents 3Q highlights and financials Portfolio update Summary and outlook Appendix 17 Key figures 3Q 1.1 1.1 NOK '000 3Q 2013 3Q 2012 30.9.2013 30.9.2012 2012 Total operating income 7 781 2 870 30 929 51 939…
  11. Q# 2013 – Rocksource – slide 11
    Profit and loss statement NOK '000 3Q 2013 2Q 2013 1Q 2013 4Q 2012 3Q 2012 Operating income 7 781 15 743 7 405 3 640 2 870 Total operating income 7 781 15 743 7 405 3 640 2 870 Other general and administrative expenses (2 930) (3 602)…
  12. Q# 2013 – Rocksource – slide 12
    Cash flow NOK '000 3Q 2013 2Q 2013 1Q 2013 4Q 2012 3Q 2012 Net cash flow from: Operating activities (39 872) (11 425) (32 261) 518 116 (113 106) Investing activities (5 423) (4 914) - (2 961) - Financing activities 35 000 29 000 13 192…
  13. Q# 2013 – Rocksource – slide 13
    www.rocksource.com
  14. Q# 2013 – Rocksource – slide 14
    Rocksource ASA Third Quarter 2013 Rocksource ASA reported a net loss for third quarter 2013 of NOK 23.5 million, compared with a net loss of NOK 143.2 million for the comparable quarter of 2012. The net loss for the first nine months of…
  15. Q# 2013 – Rocksource – slide 15
    Key financial & operational figures 1.1 1.1 NOK '000 3Q 2013 3Q 2012 30.9.2013 30.9.2012 2012 Total operating income 7 781 2 870 30 929 51 939 55 579 Exploration expenses, external (1) (4 823) (13 029) (69 958) (126 870) (144 539) Total…
  16. Q# 2013 – Rocksource – slide 16
    Det norske is the operator and carries a pre-drill resource range estimate of 154-374 mmboe. This well will target targets deeper than the 190 mmboe Caurus gas discovery made by Statoil in 2008. The partnership consists of Det norske,…
  17. Q# 2013 – Rocksource – slide 17
    The Mexican national oil company, Pemex, has now completed three exploration wells southwest of the Trident discovery. All three wells have been reported as making discoveries. The partners at the Shell-operated Perdido development…
  18. Q# 2013 – Rocksource – slide 18
    Drilling costs related to the wells at Storbarden and Norvarg did not impact this item, due to the Ithaca (former Valiant) carry-fund described below. Under the terms of the agreement between Ithaca and Rocksource, Ithaca has provided a…
  19. Q# 2013 – Rocksource – slide 19
    The previous NCS credit facility of NOK 121.5 million, which relates to 2012 exploration expenses, will be repaid when the Company receives its exploration tax refund in December 2013. As of 30 September 2013 Rocksource ASA had…
  20. Q# 2013 – Rocksource – slide 20
    ROCKSOURCE GROUP - CONDENSED CONSOLIDATED INCOME STATEMENTS (Quarter and YTD unaudited) 3Q 2013 3Q 2012 1.130.9.2013 1.130.9.2012 2012 NOK '000 Notes IFRS IFRS IFRS IFRS IFRS Operating income Revenue 7 781 2 870 30 929 10 693 14 333…
  21. Q# 2013 – Rocksource – slide 21
    ROCKSOURCE GROUP - CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (Quarter and YTD unaudited) 3Q 2013 3Q 2012 1.130.9.2013 1.130.9.2012 2012 NOK '000 IFRS IFRS IFRS IFRS IFRS Net profit/(loss) (23 515) (143 161) (37…
  22. Q# 2013 – Rocksource – slide 22
    ROCKSOURCE GROUP - CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (YTD unaudited) 30.9.2013 31.12.2012 NOK '000 IFRS IFRS EQUITY AND LIABILITIES Equity Share capital 8 706 8 706 Treasury shares (22) (22) Share premium…
  23. Q# 2013 – Rocksource – slide 23
    ROCKSOURCE GROUP - CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (YTD unaudited) 1.130.9.2013 1.130.9.2012 2012 NOK '000 Notes IFRS IFRS IFRS Cash flow from operating activities Profit/(loss) before taxes (172 399) (301 195) (348 767)…
  24. Q# 2013 – Rocksource – slide 24
    ROCKSOURCE GROUP CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (YTD unaudited) Share Additional Currency Share Treasury premium paidin translation Retained Total NOK '000 capital shares reserves capital differences…
  25. Q# 2013 – Rocksource – slide 25
    ROCKSOURCE GROUP - NOTES THIRD QUARTER 2013 Principles and reporting These financial statements are the unaudited interim consolidated financial statements of Rocksource ASA and its subsidiaries (hereafter the Group) for the three-month…
  26. Q# 2013 – Rocksource – slide 26
    The Oil Taxation Board has completed its assessment of the 2012 tax return and confirms that the Company will receive a refund totalling NOK 238.3 million in December 2013. This consists of ordinary exploration tax refund totalling NOK…
  27. Q# 2013 – Rocksource – slide 27
    Total financial income in the third quarter was mainly impacted by unrealised foreign currency gain of NOK 3.3 million due to a strengthening of the exchange rate USD/NOK in the period. Financial expenses are mainly related to interest…

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