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Q1 2010 RESULTS – North Energy

North Energy · May 12, 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. Q1 2010 RESULTS – North Energy – slide 1
    North Energy Q1 2010 12 May 2010
  2. Q1 2010 RESULTS – 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…
  3. Q1 2010 RESULTS – North Energy – slide 3
    Agenda Q1 highlights Main events after Q1 Next wells Financials Outlook North Energy ASA, Markedsgata 3, Alta, Norway. 3 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
  4. Q1 2010 RESULTS – North Energy – slide 4
    Q1 highlights Three new licenses in APA 2009 30% interest in PL 518B in the Barents Sea 20% interest in PL 564 in the Barents sea 10% interest in PL 562 in the Norwegian Sea IPO and listing on Oslo Axess Equity strengthened by NOK…
  5. Q1 2010 RESULTS – North Energy – slide 5
    Agenda Q1 highlights Main events after Q1 The Fogelberg discovery NPD report on Lofoten and Vesterlen Barents Sea agreement Licenses to be drilled Financials Outlook North Energy ASA, Markedsgata 3, Alta, Norway. 5…
  6. Q1 2010 RESULTS – North Energy – slide 6
    Fogelberg Discovery in first well The Fogelberg discovery In March, North Energy struck gas/ condensate in PL 433 (12%) in the Norwegian Sea Preliminary resource estimate is between 19 and 94 million boe, according to the NPD…
  7. Q1 2010 RESULTS – North Energy – slide 7
    Fogelberg Pre-drill resource estimate Stacked reservoir model Anticipated model before drilling Stacked reservoirs are common in the area; Morvin Kristin Smrbukk Smrbukk satellites Fogelberg was seen as a justified case for…
  8. Q1 2010 RESULTS – North Energy – slide 8
    Fogelberg Post-drill resource estimate Tank reservoir model Interpreted model after drilling Based on well data, the discovery is interpreted to be a tank reservoir North Energys own analysis based on Fogelberg being a tank…
  9. Q1 2010 RESULTS – North Energy – slide 9
    9 MBOE 10 20 30 40 50 60 70 80 90 0 100 110 120 130 140 150 Victoria 259 MBOE Onyx 216 MBOE Luno Peon Source: NPD / Centrica Grosbeak Afrodite Draupne Morvin Jordbr Grevling URD Vilje Fogelberg…
  10. Q1 2010 RESULTS – North Energy – slide 10
    Fogelberg key findings and next steps Preliminary conclusions Key uncertainties and next steps Discovery of hydrocarbons, most Uncertainties expected to be clarified probably gas and condensate in ongoing lab analysis: Gas/liquids…
  11. Q1 2010 RESULTS – North Energy – slide 11
    Lofoten Study confirming upside NPD resource estimate Based on seismic acquired outside Lofoten and Vesterlen, the NPD has made a resource estimate for the area: 1,3 billion boe with an uncertainty span from 0,5 to 2.4 billion…
  12. Q1 2010 RESULTS – North Energy – slide 12
    Barents Sea Boundary agreement with Russia In April this year, Norway and Russia agreed on the boundary line in the Barents Sea The disputed zone is split in two approximately equally large parts Norways original claim was based…
  13. Q1 2010 RESULTS – North Energy – slide 13
    Barents Sea Implications for North Energy The industry believes that the area hides vast volumes of hydrocarbons most likely gas Huge structures have been identified However, significant geological risk North Energy is an arctic…
  14. Q1 2010 RESULTS – North Energy – slide 14
    Barents Sea The formerly disputed area is part of our long term strategy Phase 1 Acreage positions in known play models close to infrastructure in the Norwegian Sea and the Barents Sea High rate of discovery Short lead time to…
  15. Q1 2010 RESULTS – North Energy – slide 15
    Agenda Q1 highlights Main events after Q1 Licenses to be drilled Financials Outlook North Energy ASA, Markedsgata 3, Alta, Norway. 15 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no…
  16. Q1 2010 RESULTS – North Energy – slide 16
    Exploration program Operational targets North Energys exploration program North Energy is fully funded to drill an Well Prospect Licence Interest 2010 2011 2012 eight well exploration program in the 1 Fogelberg PL 433 12 % February…
  17. Q1 2010 RESULTS – North Energy – slide 17
    Trap models in the North Energy license portfolio License Equity Prospect/lead Trap model Reservoirs PL 385 15 % Jette Stacked 4 PL 498 25 % Skagen Tank 1 PL 503 25 % Valberget Tank 1 PL 510 20 % Toto/Dorothy Stacked 4 PL 518 30 %…
  18. Q1 2010 RESULTS – North Energy – slide 18
    Jette second firm well in 2010 PL 385 in the Norwegian Sea Acquired 2009 Main prospect Jette Operator Statoil (45%) Hydrocarbons Gas Cond. Partners North Energy (15%) Expected drilling Q4 2010 Wintershall (20%) Prob. of success 37%…
  19. Q1 2010 RESULTS – North Energy – slide 19
    Agenda Q1 highlights Main events after Q1 Licenses to be drilled Financials Outlook North Energy ASA, Markedsgata 3, Alta, Norway. 19 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no…
  20. Q1 2010 RESULTS – North Energy – slide 20
    Profit & loss 1Q 4Q 1Q Year MNOK 2010 2009 2009 2009 Payroll 17,4 17,7 11,5 62,4 No increase in manyears vs 4Q/2009 Depreciation 0,9 1,9 0,5 3,4 Exploration expenses 13,5 24,1 11,4 113,1 Drilling costs PL433 capitalised Other…
  21. Q1 2010 RESULTS – North Energy – slide 21
    Balance sheet 31.mar 31.mar 31.des MNOK 2010 2009 2009 Assets Fixed Assets 161,3 43,0 32,6 Capitalised drilling PL433 of 52 MNOK Receivables 182,3 79,2 164,0 Acc tax receivables of 233 MNOK Cash and cash equivalents 289,1 63,1…
  22. Q1 2010 RESULTS – North Energy – slide 22
    Solid financial situation Cash balance of NOK 289 million Expected tax reimbursement of NOK 233 million No interest bearing debt NOK 300 million exploration loan facility with SEB available Net cash position of NOK 522…
  23. Q1 2010 RESULTS – North Energy – slide 23
    Agenda Q1 highlights Main events after Q1 Licenses to be drilled Financials Outlook North Energy ASA, Markedsgata 3, Alta, Norway. 23 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no…
  24. Q1 2010 RESULTS – North Energy – slide 24
    Outlook Near term Preparing license applications for the 21st round and APA 2009 Pursuing farm-in opportunities to secure third well in 2010 Evaluating results from the Fogelberg discovery to determine next steps Preparing for…

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