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Q4 2010 EARNINGS CALL – North Energy

North Energy · Feb 22, 2011 · 32 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. Q4 2010 EARNINGS CALL – North Energy – slide 1
    North Energy Q4 2010 22 February 2011
  2. Q4 2010 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. Q4 2010 EARNINGS CALL – North Energy – slide 3
    Agenda Highlights Q4 APA 2010 awards Exploration update North Energy a stronger player in the north Financials Outlook North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail:…
  4. Q4 2010 EARNINGS CALL – North Energy – slide 4
    Highlights Q4 Full score in the APA 2010 licensing round Five licenses awarded, including one operated Evaluating options to accelerate the Fogelberg project Industry initiatives to increase gas export capacity from the area…
  5. Q4 2010 EARNINGS CALL – North Energy – slide 5
    Agenda Highlights Q4 APA 2010 awards Exploration update North Energy a stronger player in the north Financials Outlook North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail:…
  6. Q4 2010 EARNINGS CALL – North Energy – slide 6
    Full score in the APA 2010 licensing round Full score with five licenses High quality application demonstrating excellent understanding of the prime target areas the Barents Sea and the Norwegian Sea One operated license, PL 590,…
  7. Q4 2010 EARNINGS CALL – North Energy – slide 7
    Attractive portfolio In total, 19 licenses post APA 2010 8 licenses in the Barents Sea A major player in the area 7 in the Norwegian Sea Of which, two operated 4 licenses in the North Sea Possible drilling in 2013 as…
  8. Q4 2010 EARNINGS CALL – North Energy – slide 8
    Two new licenses in the Barents Sea PL 594 Block 7123/5 Statoil (O) 40% North Energy 20% OMV 20% Wintershall 20% PL 595 Block 7124/1,2 Edison International (O) 60% North Energy 40% Two new licenses in the Hammerfest…
  9. Q4 2010 EARNINGS CALL – North Energy – slide 9
    One new operated position in the Norwegian Sea PL 590 Block 6507/10 North Energy (O) 40% Wintershall 30% Faroe Petroleum 30% PL 587 Block 6407/8 Edison International (O) 60% North Energy 40% Awarded license Operator for…
  10. Q4 2010 EARNINGS CALL – North Energy – slide 10
    North Sea additional acreage PL 503B Block 17/5,6,9 Lotos E&P (O) 25% North Energy 25% Edison International 25% Skagen 44 25% Awarded license Securing acreage for possible future drilling of a large prospect North…
  11. Q4 2010 EARNINGS CALL – North Energy – slide 11
    Agenda Highlights Q4 APA 2010 awards Exploration update North Energy a stronger player in the north Financials Outlook North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail:…
  12. Q4 2010 EARNINGS CALL – North Energy – slide 12
    PL 433 Fogelberg maturing a promising discovery Gas/condensate discovery close to infrastructure Discovered in the spring of 2010 Several export options LLN via Heidrun moving up (2017) as result of recent wells on Ormen Lange…
  13. Q4 2010 EARNINGS CALL – North Energy – slide 13
    PL 341 Stirby evaluating well results and remaining resource potential Stirby Upper Penetration outside main reservoir extent Prospects under evaluation in the license group Stirby Deep 100 meter gas column Porosity between 8…
  14. Q4 2010 EARNINGS CALL – North Energy – slide 14
    Drilling program set to test more than 300 mmboe net to North Energy over the next 18 months mmboe High-impact exploration program Accumulated net risked resource estimate 110 100 coming up Net unrisked pre-drill resource estimate…
  15. Q4 2010 EARNINGS CALL – North Energy – slide 15
    Drilling program Net mean Rig Timing Prospect Licence Interest Operator Location risked secured 2011 2012 Norvarg PL 535 20% Total Barents Sea 13 mmboe West Phoenix Q2 Heilo PL 530 20% GdF Suez Barents Sea 24 mmboe Aker Barents…
  16. Q4 2010 EARNINGS CALL – North Energy – slide 16
    PL 535 Norvarg first high impact well in 2011 PL 535 in the Barents Sea Awarded 20th round (2009) Main prospect Norvarg Operator Total (40%) Hydrocarbons Gas Partners North Energy (20%) Expected drilling Q2 2011 Det norske (20%) Prob.…
  17. Q4 2010 EARNINGS CALL – North Energy – slide 17
    PL 530 Heilo second high impact well in 2011 A B PL 530 in the Barents Sea 0.500 Seabed Awarded 20th round (2009) Main prospect Heilo Heilo ,1270m Operator GDF Suez (40%) Hydrocarbons Oil w/gas cap 1.000 S (TWT) Partners…
  18. Q4 2010 EARNINGS CALL – North Energy – slide 18
    PL 518 Zapffe - well late in 2011 PL 518 and PL 518B in the Barents Sea Awarded APA 2008 Main prospect Zapffe Operator DONG (40%) Hydrocarbons Oil Partners North Energy (30%) Expected drilling Q4 2011 Front Exploration (20%) Prob. of…
  19. Q4 2010 EARNINGS CALL – North Energy – slide 19
    PL 385 Jette firm well late in 2011/early 2012 PL 385 in the Norwegian Sea Acquired 2009 Main prospect Jette Operator Statoil (45%) Hydrocarbons Gas Cond. Partners North Energy (15%) Expected drilling Q4 2011 Wintershall (20%) Prob. of…
  20. Q4 2010 EARNINGS CALL – North Energy – slide 20
    PL 498 Skagen drill decision taken PL 498 in the North Sea Acquired 2009 Main prospect Skagen Operator Lotos (25%) Hydrocarbons Oil Partners North Energy (25%) Expected drilling 2012 Edison Int. (25%) Prob. of success 36% Skagen 44…
  21. Q4 2010 EARNINGS CALL – North Energy – slide 21
    Agenda Highlights Q4 APA 2010 awards Exploration update North Energy a stronger player in the north Financials Outlook North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail:…
  22. Q4 2010 EARNINGS CALL – North Energy – slide 22
    North Energy's strategic platform Fully financed exploration portfolio into 2012: High probability of success (PoS) prospects Close to infrastructure Low financial exposure Optimize through active business development Strategic…
  23. Q4 2010 EARNINGS CALL – North Energy – slide 23
    Positioning to participate as a strong, local player in the promising area outside Lofoten/Vesterlen Fisheries have been main Known prospects obstacle in the past Fishery organizations recently opened door to impact study and chose…
  24. Q4 2010 EARNINGS CALL – North Energy – slide 24
    The previously disputed area to the East could be opened in the next big (22nd) licensing round North Energys location ideal for targeting the border plays Active player in the political debate, centrally and locally Russian…
  25. Q4 2010 EARNINGS CALL – North Energy – slide 25
    Agenda Highlights Q4 APA 2010 awards Exploration update North Energy a stronger player in the north Financials Outlook North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail:…
  26. Q4 2010 EARNINGS CALL – North Energy – slide 26
    North Energy ASA Profit & Loss 4Q 4Q Year Year MNOK 2010 2009 2010 2009 Payroll 16,1 17,6 62,1 62,4 Depreciation 1,5 1,9 4,6 3,4 Exploration expenses 118,6 24,1 179,0 113,1 PL 341 Stirby expensed Q4 2010 Other operating expenses 10,4 7,9…
  27. Q4 2010 EARNINGS CALL – North Energy – slide 27
    North Energy ASA - Balance sheet Year end Year end MNOK 2010 2009 Assets Fixed Assets 161.9 32.6 Capitalised drilling PL433 of 110 MNOK Receivables 385.5 164.0 Acc tax receivables of 348 MNOK Cash and cash equivalents 90.7 45.7…
  28. Q4 2010 EARNINGS CALL – North Energy – slide 28
    Solid financial situation Cash balance of NOK 91 million Expected tax reimbursement of NOK 348 million Liquidity as of No interest bearing debt Q4 2010 Net cash position of NOK 397 million Exploration loan facility of MNOK 760 to…
  29. Q4 2010 EARNINGS CALL – North Energy – slide 29
    Net cash according to plan Net cash position Q4 2010 Net cash position of NOK 397 million 41 397 No interest bearing debt Unused exploration loan 348 facility of NOK 760 million Developing in line with funding plans at the IPO…
  30. Q4 2010 EARNINGS CALL – North Energy – slide 30
    Agenda Highlights Q4 APA 2010 awards Exploration update North Energy a stronger player in the north Financials Outlook North Energy ASA, Markedsgata 3, Alta, Norway. Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail:…
  31. Q4 2010 EARNINGS CALL – North Energy – slide 31
    Outlook 6 months outlook Results from 21st ordinary licensing rounds Norvarg exploration well in the Barents Sea Heilo exploration well in the Barents Sea + possible sidestep Further work towards PDO on Fogelberg Drilling decision…
  32. Q4 2010 EARNINGS CALL – North Energy – slide 32
    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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