Norwegian Energy Company ASA Verksgata 1A P.O. Box 550 Sentrum 4003 Stavanger Norway Tel: +47 99 28 39 00 Fax: +47 51 53 33 33 www.noreco.com Second quarter 2012 9 August 2012
Building the company Executing the strategy and business plan 2012 deliverables Create value through exploration Triple production Second quarter results EBITDA of NOK (87) mill Net income of NOK (93) mill 2
Active exploration Well positioned to exploit substantial value creation potential Exploration strategy re-focused in 2011 Active and balanced drilling programme
Oil and gas production boe/day 104 112 110 107 116 97 93 9
Siri area Gross daily production 10
Oselvar on stream 11
Huntington on track 12
Financial statements Second quarter 2012
Income statement Second quarter 2012 NOK million Q2-12 Q1-12 H1-12 H1-11 Total revenues 248 177 425 444 Production expenses 46 73 119 115 Exploration and evaluation expenses 226 223 449 283 Payroll and other operating expenses 63 67 129…
Balance sheet 30 June 2012 NOK million 30.06.2012 31.03.2012 31.12.2011 Assets Non-current assets 8 201 7 591 7 596 Current assets 1 155 1 223 1 367 Cash 608 884 689 Total assets 9 964 9 698 9 652 Equity and liabilities Total equity 2…
Financial ratios 30 June 2012 Equity ratio Gearing ratio percent times 16
Summary Building a leading, independent E&P company Strong production growth High exploration activity Norecos vision is to build a leading independent oil and gas company in the North Sea region 17
ADDITIONAL INFORMATION 19
Noreco at a glance Exploration-driven E&P company 11 exploration wells planned for the coming 18 months Production from six fields 2012-Q2: 4,300 boe/day Two new fields on stream in 2012 Significant portfolio of licenses and…
Exploration strategy Licensed acreage awarded on NCS last 10 years Active and focused exploration program from a large portfolio Focus on wells with significant value creation potential Clear entry and exit strategy for each…
Exploration schedule Updated August 2012 1) Prospect License Noreco Chance of Volume Drilling Operato share success potential start r Albert PL519 20% 24% 280-510 Q3-2012 Lundin Jette PL385 20% 32% 35-210 Q3-2012 Statoil…
PL519 Albert Noreco 20% - Lundin operated Well to target major fault bound high with a Lower Cretaceous play north of the Tampen Spur hydrocarbon province (Statfjord, Snorre, etc) Robust trap in close vicinity to a discovery…
PL385 Jette Noreco 20% - Statoil operated Middle Jurassic target in conventional play in a prolific area CoS - 32%: Primary risk element - trap 35 210 mmboe gross, 25 mmboe net P50 Expected spud Sep 2012 using West Alpha A A…
P1666 Romeo Noreco 22% - Suncor operated Robust fault bound dip closure in proven Upper Jurassic play. Considerable upside potential to west of license (Alpha prospect) CoS - 24%: Primary risk element - trap geometry 19 103 mmboe…
PL490 Snurrevad Noreco 20% - Lundin operated Lower Cretaceous stratigraphic trap south of Loppa High in Barents sea, with significant additional high risk plays that will be de-risked by the well CoS 10%: Primary risk element trap,…
PL360 Lupin Noreco 15% - Statoil operated Large fault bound structure in Ling Graben, gas prospect, target reservoir is the Rotliegendes sands, few wells in North Sea have targeted this play hence new play opener CoS - 10%: Primary…
P1658 Scotney Noreco 44% - Suncor operated Robust 4-way dip closure in proven Upper Jurassic play, in close vicinity to existing infrastructure CoS 26%: Primary risk element reservoir presence 17 100 mmboe gross, 19 mmboe net P50…
PL453S Ogna Noreco 25% - Lundin operated Simple fault bound 4-way dip closure in an Upper Jurassic play, in close vicinity to local kitchen, analogue to Bream discovery CoS 19%: Primary risk element presence of local mature source…
P1650 Crazy Horse Noreco 78% - Noreco operated Stratigraphic trap in Outer Moray Firth (UK) north of Claymore Field. Proven Lower Cretaceous Scapa Sands (reservoir) in nearby wells. Well will test both the Scapa sands (primary…
PL484 Verdande Noreco 40% - Noreco operated Middle Jurassic target in well proven play northwest of Norne. Linerle CoS 29%: Primary risk element Trap Skuld 53 236 mmboe gross (gas and oil), 39 mmboe net P50, with considerable…
DK 09/95 Gita South Noreco 16.4% - Maersk operated Upper Jurassic target in close vicinity (up-dip) to the Svane gas discovery Gita Amalie CoS 27%: Primary risk element Trap 47 475 mmboe gross (gas), 28 mmboe net P50 Gita South…
PL492 Gotha Snadd Noreco 20% - Lundin operated Skrugard Triassic target in Western Barents Sea Emerging play With additional secondary target in Permian Frontier Play CoS (oil) 10%: CoS (HC) 20%: Primary risk element Charge 68 217…
Noreco bonds NOK million Bond Outstanding Due Terms NOR03 NOK 475.5 mill 20 Nov 2012 3m NIBOR + 7.9 %, pledge in shares in subsidiaries NOR04 NOK 1,250 mill 20 Nov 2014 12.9 % fixed, pledge in shares in subsidiaries NOR05 NOK 700 mill…
Interest bearing debt & equity NOK million Q2-2012 Q1-2012 Q4-2011 Q3-2011 Q2-2011 Bonds 2,989 2,794 2,791 2,993 3,253 NOR03, NOR04, NOR05, NOR06, NOR07 Reserve Based Loan 447 594 293 1,006 1,025 79 109 54 177 190 Convertible bond -…
Exploration and investment activity NOK million Q2-2012 Q1-2012 Q4-2011 Q3-2011 Q2- 2011 Exploration expenses 219 170 32 103 86 Exploration capitalized 52 13 10 132 14 Investments in fields 203 161 170 274 249 Total 474 344 212…
Hedging programme Put options Noreco is using put 1,000 barrels options to protect cash flow from oil price downside 24 months rolling forward programme Asian type puts based on monthly average Brent oil price 37
Shareholders Top 20 shareholders as of 8 August 2012 S hareholder S hares % of total IK M INDUSTR I-INV E ST A S 23 673 998 9,7 % LY SE E NE R G I A S 23 647 460 9,7 % O M HO LDING A S 12 685 484 5,2 % G O LDMA N SA CHS INT. - E Q UITY -…
Important information This company presentation (the Presentation) has been prepared by Norwegian Energy Company ASA (Noreco or the Company). The Presentation has not been reviewed or registered with, or approved by, any public authority,…
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