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Q1 2013 EARNINGS CALL – North Energy

North Energy · May 7, 2013 · 31 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. Q1 2013 EARNINGS CALL – North Energy – slide 1
    North Energy Q1 2013 7 May 2013
  2. Q1 2013 EARNINGS CALL – 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. Q1 2013 EARNINGS CALL – North Energy – slide 3
    Agenda Highlights Q1 Financial update Exploration update 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. Q1 2013 EARNINGS CALL – North Energy – slide 4
    Highlights Q1 and later events Two wells 3,500 km apart drilling at the same time Cooperation and credit agreements with Rex and TGS of NOK 300 million Licence transaction of NOK 28,2 million with Lime firmed up Licence…
  5. Q1 2013 EARNINGS CALL – North Energy – slide 5
    Agenda Highlights Q1 Financial update Exploration update 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
  6. Q1 2013 EARNINGS CALL – North Energy – slide 6
    Further strengthening of financial position 4 year credit facilities of NOK 300 million with Rex and TGS Enables a significant number of prospect evaluations Enables acquisition of seismic data prior to next APA and numbered rounds…
  7. Q1 2013 EARNINGS CALL – North Energy – slide 7
    Credit facility with Rex Covering seismic interpretation over the next 4 years using Virtual Drilling technology Credit facility of MNOK 100 No commitments or obligations 8% interest payable No installments, but with full repayment…
  8. Q1 2013 EARNINGS CALL – North Energy – slide 8
    Credit facility with TGS Covering purchase of seismic data and services over 4 years Cash payment of 35% Credit facility of MNOK 200 No commitments or obligations 8% interest payable No installments, but with full repayment option…
  9. Q1 2013 EARNINGS CALL – North Energy – slide 9
    Profit & Loss statement Q1 Q1 Year MNOK 2013 2012 2012 Profit - - (46,9) Payroll 16,2 18,0 56,8 Less staff Depreciation 2,5 2,5 10,2 Exploration expenses 27,7 24,1 540,1 PL 498 Skagen and PL 385 Jette Other operating expenses 8,7 9,7…
  10. Q1 2013 EARNINGS CALL – North Energy – slide 10
    Balance sheet Q1 Year end Year end MNOK 2013 2012 2011 Assets Fixed Assets 308,4 304,2 418,6 Capitalized drilling cost Long term receivables 43,2 0,0 0,0 Tax receivable refund - Dec 2014 Short term receivables 557,9 540,6 608,4 Cash…
  11. Q1 2013 EARNINGS CALL – North Energy – slide 11
    Financed well into 2014 before Rex and TGS convertible loan agreements Net cash position Q1 2013 600 17 Net cash position of 500 43 NOK 237 million Unused exploration 400 329 loan facility of NOK 300 621 million 490 200 237…
  12. Q1 2013 EARNINGS CALL – North Energy – slide 12
    New convertible loans adding liquidity support Rex and TGS purchases eligible for 78% exploration tax refund Net cash position MNOK Balance sheet Off balance sheet 500 of NOK 237 million 437 450 Rex convertible 400 125 loan…
  13. Q1 2013 EARNINGS CALL – North Energy – slide 13
    Agenda Highlights Q1 Financial update Exploration update 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
  14. Q1 2013 EARNINGS CALL – North Energy – slide 14
    PL 535 Norvarg appraisal spudded April 29 PL 535 in the Barents Sea- pre drill Awarded 20th round (2009) Main prospect Norvarg Operator Total (40%) Hydrocarbons Gas Partners North Energy (20%) Det norske (20%) Valiant (13%) Rocksource…
  15. Q1 2013 EARNINGS CALL – North Energy – slide 15
    PL 535 Norvarg 2 - huge potential and positive expectations Norvarg-2 position Norvarg 2 testing the geological model Reservoir productivity, especially channel development Fluid contacts Field extension and volumes A third…
  16. Q1 2013 EARNINGS CALL – North Energy – slide 16
    PL 299 Frode imminent spud PL 299 Frode in the North Sea Acquired 2012 Main prospect Frode Operator Talisman (31.5%) Hydrocarbons Oil Partners Agora (28.5%) Expected drilling Q2 2013 Dong (20%) North Energy (20%)* Prob. of success 19…
  17. Q1 2013 EARNINGS CALL – North Energy – slide 17
    PL 299 Frode - in fairway with multiple discoveries Volume decided by sealing fault Dry well to the north east indicates that the main fault is sealing Sufficient oil to give commercial accumulation 2/1-12 in the independent…
  18. Q1 2013 EARNINGS CALL – North Energy – slide 18
    PL 510 - new firm well in 2014 New license group Maersk Oil 50% operator Edison 30% North Energy 20% 5 prospects with potential Breitind cluster development Scarecrow Toto Dorothy Henry Breitind Discovery well 6406/5-1 Wet…
  19. Q1 2013 EARNINGS CALL – North Energy – slide 19
    Firm Drilling Programme with potentially new wells from ongoing work 2013 2014 - Dec. Aug. Sep. Nov. Feb. Mar. May Jan. Jun. Oct. Apr. Jul. License NE Share Operator Rig PL 535 Norvarg 2 20 % Total…
  20. Q1 2013 EARNINGS CALL – North Energy – slide 20
    Examples of ongoing VD Well x work North Energy use all geophysical parameters and tools involving seismic time, amplitude, frequency, Lithology prediction from seismic amplitude EM and resonance (VD from Rex) Well x before…
  21. Q1 2013 EARNINGS CALL – North Energy – slide 21
    A process to give oil wells and licences in 2013. More evalutions, filtering and rejections VD no Business Licensing VD no Development Rounds VD VDD VD no VD no VD no VD VDD Lime and North Energy in AMIs. Applying for VD equity in…
  22. Q1 2013 EARNINGS CALL – North Energy – slide 22
    Drill or Drop licences also go through the extended work flow Drill or drop decisions to be made Decissions in drill or during the next six months: drop licences Licenses to be Relinquished PL 526 15th of May 2013 extension…
  23. Q1 2013 EARNINGS CALL – North Energy – slide 23
    Lange discovery Rodriguez Well found 3 sands over a zone of 52 m Operator estimated the recoverable volumes to 20 - 125 Rodriguez discovery Mmboe The discovery may be a part of a Lange PL 590 prospect mapped in PL 590 The…
  24. Q1 2013 EARNINGS CALL – North Energy – slide 24
    Rodriguez an interesting discovery - May extend into PL 590 acreage Lange anomaly N PL 590 S S N Rodriguez North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail:…
  25. Q1 2013 EARNINGS CALL – North Energy – slide 25
    Seismic line through Rodriguez and PL 590 PL 590 Rodriguez PL 590 Rodriguez 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
  26. Q1 2013 EARNINGS CALL – North Energy – slide 26
    PL 590 - Promising surprise in operated license PL 590 in the Norwegian Sea Awarded APA2010 Main prospect Lange Operator North Energy (40%)* Hydrocarbons Oil Partners Faroe Petroleum Norge AS Expected drilling 2014 (30%) Wintershall…
  27. Q1 2013 EARNINGS CALL – North Energy – slide 27
    Active in optimizing the portfolio Completion of the new partnership in PL 510 Maersk (50%) and operator, Edison (30%) and North Energy (20%) Firm well expected to be drilled in 2014 Revised agreement with Lime Petroleum Licence…
  28. Q1 2013 EARNINGS CALL – North Energy – slide 28
    Agenda Highlights Q1 Financial update Exploration update 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
  29. Q1 2013 EARNINGS CALL – North Energy – slide 29
    Outlook 3 months 22nd round application award Results from appraisal well on Norvarg in the Barents Sea Results from Frode exploration well in the North Sea Drill or drop decisions: PL 526 Norwegian Sea PL 562 Norwegian Sea PL 564…
  30. Q1 2013 EARNINGS CALL – North Energy – slide 30
    Q&A 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
  31. Q1 2013 EARNINGS CALL – North Energy – slide 31
    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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