North Energy at Pareto Securities 20th annual Oil & Offshore Conference Oslo 5 September 2013
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…
Agenda North Energy in brief Exploration in focus Financial status Summary North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no 3
Agenda North Energy in brief Exploration in focus Financial status Summary North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no 4
Introduction to North Energy The most northern oil and gas Portfolio development, of licenses company. Headquartered in Alta in 24 Finnmark, Northern Norway 14 Listed on Oslo Axess (ticker: NORTH) 8 Market cap of USD 35 million…
Agenda North Energy in brief Exploration in focus Financial status Summary North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no 6
North Energy defending its position as second to Statoil in the Barents Sea in 22nd Round Awarded six licences in the Barents Sea Only Statoil got more (7) Entry into Skrugard Area and included in upcoming drilling campaign Work…
Declared 22R winner by the media following trend from previous rounds in the Barents Sea Barents Sea awards since North Energy start-up Statoil 19 North Energy 14 OMV 13 Eni 12 Det norske 8 GDF Suez 7 Rocksource 7…
North Energy taking part in adding resources on the Skrugard trend Three attractive licences Apollo along the Skrugard trend 2014 with proven oil Bjrnya Basin Firm well on PL 713 with Wisting 2013 Statoil as operator and Rosneft…
Second well on Norvarg structure Leiv Eiriksson Tests proved deep contact, huge structure and drilled poorly developed channels Higher porosity than in well 1 Gas sampled and interpreted on logs deeper than before New unknown…
Test results from appraisal well not to be compared to rates from production wells Damage done by the well to reduce Vertical well Deviated well Horizontal well production rates is not known Kristin Field gave 10 x improvement…
New and unmapped geology filled with gas gives new potential for production rates Gas in every well on Bjarmeland platform, except for Eik Norvarg-Ververis structures likely 1 to contain largest gas accumulation in the Barents Sea…
Rex Virtual Drilling (RVD) reduces number of dry wells . 120 anomalies The theory at the base of Rex 2013 Virtual Drilling (RVD) is known as resonance frequency RVD screening Calculates the frequency of oil in a certain reservoir…
Implementing Rex Virtual Drilling (VD) in 2013 to improve success rate Testing VD on 59 prospects over 2 years (41 drilled) 16 predicted positive 11 Drilled with commercial oil (69%) 5 failures had weak anomalies 25 predicted…
Agenda North Energy in brief Exploration in focus Financial status Summary North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no 15
Financed through 2014 Net cash* position Q2 2013 Net cash position of NOK 193 million Unused exploration loan facility of NOK 503 million * Excluding 1) loan of NOK 27,5 million and sale proceeds of NOK 28,2 million to Lime…
Capacity for several new wells TGS and Rex purchases eligible for 78% exploration tax refund Net cash position of Balance sheet Off balance sheet NOK 193 million Rex convertible loan provides a free cash potential of NOK 75…
Agenda North Energy in brief Exploration in focus Financial status Summary North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no 18
New tools and technology strengthens existing strategy Commercially based exploration Aiming mainly for oil High PoS* prospects Vision of North Close to infrastructure low capex Energy: yields high asset values Tougher screening…
Q&A North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no 20
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