Rocksource ASA Fourth Quarter 2012 26 February 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 as well as the historical and expected performance of its industry.…
Table of contents 2012 review 4Q highlights and financials Portfolio update Summary and outlook Appendix 3
2012 review: Objectives achieved THREE KEY FOCUS AREAS FOR 2012 (RECAP FROM 4Q 2011 PRESENTATION): 1. Build a sustainable drill queue of 3 to 4 wells per year Year end status: Five wells currently expected for next two years Of…
Rocksource 2013: Well positioned for growth and value creation NCS focussed strategy Strong technical team Cost base significantly reduced Debt free following restructuring in 2012* Returning to drilling Funded into 2014 Leiv…
Table of contents 2012 review 4Q highlights and financials Portfolio update Summary and outlook Appendix 6
4Q highlights and subsequent events Corporate reorganisation completed 31 December 2012 NCS activities transferred to a dedicated subsidiary The restructuring will result in a payout of a tax loss carry forward in December 2013…
Corporate restructuring completed 31 Dec. 2012 Current structure New structure Rocksource ASA NCS operations Rocksource ASA UK subsidiary NCS subsidiary UK subsidiary GoM subsidiary GoM subsidiary Rocksource Geotech Rocksource…
4Q key figures NOK 000 4Q 2012 3Q 2012 Total operating income 3 640 2 870 Net profit impacted by tax effects Exploration expenses (50 207) (37 079) from restructuring of the NCS activities EBITDA (44 186) (37 215) Working capital as of…
Working capital incl. carry of NOK 190 million MNOK 400 350 300 250 142 122 150 200 57 41 150 96 100 190 149 50 89 - Cash and cash Refund of Refund of 2012 Repayment of Other working Working capital Net Valiant Working…
Funded into 2014 Drilling cost and activity level Committed drilling cost in 2013 will be fully covered by the Valiant carry fund 800 685 700 Drilling of the three committed wells with no cash impact 600 NOK million 500…
Table of contents 2012 review 4Q highlights and financials Portfolio update Summary and outlook Appendix 12
Embarking on a new drilling campaign PL 506S PL 535 PL 659 PL 586* PL 528 Storbarden Norvarg Langlitinden Pil & Bue Ivory Location North Sea Barents Sea Barents Sea Norwegian Sea Norwegian Well-type Exploration Appraisal Exploration…
Upcoming wells representing a good mix of risk and potential Risk and value potential from upcoming wells Value potential High PL 506S Storbarden PL 528 Ivory Medium PL 659 Langlitinden PL586* Pil & Bue PL 535 Norvarg…
2013 well: PL 506S Storbarden potential play opener High risk/high reward oil prospect in the Stord Basin Gross unrisked resources of 100-1,800 mmboe, first well to test resources of 100-340 mmboe Key risks: seal and…
Storbarden well programme Well objective: Test hydrocarbon potential and reservoir quality in the Tertiary reservoir The well will test the play in a new Well 26/5- 1 province Main target at approx. 1,500m Secondary target is the…
2013 well: PL 535, Norvarg Barents Sea gas discovery 2011 gas discovery Current Rocksource mean resource estimate 290 mmboe (net 21 mmboe), wide resource range necessitates appraisal First appraisal to mitigate low side of estimates…
Norvarg appraisal programme Top Kobbe depth Norvarg 2 appraisal map Test reservoir quality and prove well productivity in the main channel sands 7225/3-2 Norvarg Appraisal Expected to mitigate low side of estimates and increase…
2013 well: PL 659, Langlitinden (previously Matrosen) in the Barents Sea sweet spot Proven play with multiple follow up prospects, includes the 2008 Caurus gas discovery (gross 190 mmboe) Langlitinden is defined as an oil prospect…
Langlitinden exploration well Langlitinden will test a Triassic age Kobbe formation channel facies updip proven oil in the Caurus well The channel facies mapped from seismic attributes are believed to contain improved reservoir…
2014 candidate: PL 586 Pil & Bue A potential fast track development Rocksource farmed into the PL 586 licence located in the Norwegian Sea in 2012 1Q 14 drilling candidate drill or drop by end February 2013 Low/medium risk oil…
2014/2015 well: PL 528, Ivory (Rocksource 25%) Awarded in 20th & 21st Round Partners: Centrica, (Op 50%) and Valiant Petroleum (25%) Key attributes: Multi-prospect licence with DHI support. Adjacent to the Aasta Hansteen field…
US Gulf of Mexico An overview 12 leases with 20+ identified prospects and discoveries Initiatives to farm down / attract partners ongoing Several drill ready prospects with DHIs and additional prospects under maturation 130 mmboe…
Encouraging developments in the Trident area Renewed interest in the area following recent Pemex discoveries and encouraging production rates at Perdido Pemex has reported two large oil discoveries south west of Trident, in same…
Table of contents 2012 review 4Q highlights and financials Portfolio update Summary and outlook Appendix 25
Focus areas for 2013 1. Continue to firm up attractive exploration wells Goal to drill a minimum of 3-4 NCS wells per year remains Wells to come from current portfolio, farm-ins and future license awards 2. Ensure a safe and…
Outlook Returning to drilling Operations Three sanctioned wells expected to be drilled in 2013 Good mix of risk and reward Drill or drop on recent farm-in by end February 2013, PL 528 recently sanctioned for drilling 2014/2015…
Table of contents 2012 review 4Q highlights and financials Portfolio update Summary and outlook Appendix 28
4Q key figures NOK '000 Q4 2012 Q4 2011 2012 2011 Total operating income 3 640 16 478 55 579 186 034 Exploration expenses, external (1) (17 670) (25 033) (144 539) (95 242) Total G&A before reclassification (2) (25 928) (23 729) (87 632)…
Profit and loss statement NOK '000 Q4 2012 Q3 2012 Q2 2012 Q1 2012 Q4 2011 2012 2011 Operating income 3 640 2 870 44 443 4 627 16 478 55 579 186 034 Total operating income 3 640 2 870 44 443 4 627 16 478 55 579 186 034 Other general…
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