21 August 2012 Rocksource ASA Second Quarter 2012 CEO Chris Spencer www.rocksource.com
Agenda Q2 and recent events Financials Corporate update Summary Appendix
Q2 and recent events Financial: - Q2 2012 net loss of NOK 8.8 million - NOK 60 million cash injection following completion of NCS asset transaction with Valiant - Remaining bond debt repaid - Claim from Oil Taxation Office paid in…
Valiant transaction completed The transaction - Sale of 13% interest in the Norvarg discovery, leaving a 7% interest with Rocksource - Farm down on average about half of Rocksources interests in a further 12 NCS licenses The…
Investing in the future New data to generate new ideas and prospects Q2 purchase of seismic and EM data for this year and future licensing rounds - Total cost: NOK 20 million post tax (NOK 89 million pre tax) - PGS mega-merge…
Agenda Q2 and recent events Financials Corporate update Summary Appendix
A cost efficient set up going forward Payroll expenses Focus on managing the cost base pays off - Cost cutting target reduced in 2012 40 of 30% will be achieved -27% 30 23,6 - No of employees reduced from approx. 50 to current…
Agenda Q2 and recent events Financials Corporate update Summary Appendix
2012 Corporate focus areas a reminder Rocksource is focussing on three areas in 2012: Build a sustainable NCS exploration programme of 3 to 4 wells per year - Targeting a four well campaign in 2013 Create an organisation for the…
2012 achievements and next steps Situation Q1 2012 Q2 2012 Next steps Q4 2011 No firm wells Norvarg appraisal PL 506S drilling Establish drilling firm for 2013 decision for 2013 queue of minimum Drilling 3-4 wells per year…
Norvarg (Rocksource 7%) Substantial gas discovery made in 2011. Potential to be one of the largest NCS gas discoveries for 20 years. Partnership: Total (Operator, 40%), Det norske (20%), North Energy (20%), Valiant (13%),…
PL 506S (Rocksource Operator 25%) High risk/high reward oil prospects in the Stord Basin. Key uncertainty associated with seal and source/migration. Partnership: Rocksource (Operator, 25%), Petrolia (30%)*, Valiant (25%), and…
PL 659 (Rocksource 5%) Barents Sea prospect close to the Caurus discovery. Multi-level and target prospectivity. Partnership: Det norske (Operator, 30%), Petoro (30%) Lundin (20%), Spring (10%), Rocksource (5%), Valiant (5%)…
International activities Gulf of Mexico - Continuing signs of improved sentiment - Initiatives to farm down / attract partners ongoing UK - Currently four licenses, down from seven year end - Operator Nautical currently working…
Agenda Q2 and recent events Financials Corporate update Summary Appendix
Summary & Outlook Good progress on all three 2012 corporate focus areas - On target for four well campaign in 2013 - Cost reduction actions delivering according to plan, technical capabilities enhanced - Financial basis…
Agenda Q2 and recent events Financials Corporate update Summary Appendix
Profit and loss statement NOK '000 Q2 2012 Q1 2012 Q4 2011 Q3 2011 Q2 2011 2011 Operating income 44 443 4 627 16 478 9 095 159 215 186 034 Total operating income 44 443 4 627 16 478 9 095 159 215 186 034 Other general and…
Valiant transaction accounting effects Cash consideration 60.0 Consideration for the transaction Capitalised exploration cost of 13% of Norvarg (160.2) - Valiant has paid NOK 60 million in cash Deferred tax, of 13% of Norvarg 124.9…
Shareholder list (as of 6 August) Investor of shares % of total Type Country VENTURE DRILLING AS 9,294,529 10.68% Comp. NOR LARSEN OIL & GAS AS 4,117,525 4.73% Comp. NOR PETROLIA INVEST AS 2,703,187 3.11% Comp. NOR VEEN EIENDOM A/S…
Analyst coverage Company Research analyst Telephone Website DnBNor Markets Espen Hennie +47 22 48 23 77 dnbnor.no Swedbank First Securities Teodor Nilsen +47 23 23 82 75 swedbank.no Pareto Securities Thomas Aarrestad +47 22 87 87…
Investor contacts Per Anders Muri, VP Corporate Communications - Tel: +47 91 11 61 21 - per.anders.murirocksource.com Tommy Sundt, CFO - Tel: +47 90 85 50 00 - tommy.sundtrocksource.com 26
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