Rocksource ASA First Quarter 2013 28 May 2013 CEO Chris Spencer
Table of contents 1Q highlights and financials Portfolio update Summary and outlook Appendix 3
1Q highlights and subsequent events Drilling of Storbarden exploration well commenced in April High risk target which was reported dry in May Post-well analysis ongoing Storbarden well operated safely by Rocksource No HSE incidents…
1Q highlights and subsequent events (continued) Marketing of key US GoM assets recently initiated Mandate agreeement with Houston based asset broker recently signed Encouraging developments in the core area within the Companys GoM…
Key figures NOK 000 1Q 2013 4Q 2012 1Q 2012 Drilling costs not impacting Total operating income 7 405 3 640 4 627 exploration expenses due to the Exploration expenses (37 466) (50 207) (34 290) Valiant carry-fund EBITDA (32 170) (44…
1Q financial comments Net loss of NOK 9.4 million in the quarter reflects a Net loss in quarter normal quarter with no special items recorded Low exploration costs due to carry of most licence cost 1Q-2013 9.4 Net finance income due…
Working capital incl. carry of NOK 158 million MNOK 350 300 250 142 122 135 200 150 61 33 100 96 158 50 125 70 - Cash and Refund of Refund of Repayment Other Working Net Valiant Working NOK 150m cash deferred tax 2012…
Table of contents 1Q highlights and financials Portfolio update Summary and outlook Appendix 9
On-going and upcoming wells representing a good mix of risk and potential Risk and value potential from upcoming wells Value potential High PL 528 Medium Ivory PL 659 Langlitinden PL586 Pil PL 535 Norvarg Low High…
PL 506S Storbarden Reported dry in May High risk/high reward oil prospect in the Stord Basin Potential play opener but reported dry in May Post-well analysis on-going, will determine future Stord basin strategy Well operated safely…
On-going appraisal well on Norvarg 2011 gas discovery currently drilling Current Rocksource mean resource estimate 290 mmboe (net 21 mmboe), wide resource range necessitates appraisal First appraisal to mitigate low side of…
Norvarg 2 to test reservoir quality in Kobbe fm 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…
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 well: PL 586 Pil A potential fast track development Formal drill decision on PL 586 taken in April Estimated drilling: 1Q 14 Low/medium risk oil prospect with potential for short cycle time development Moderate geological risk…
2014/2015 well: PL 528, Ivory (Rocksource 25%) Awarded in the NCS 20th Round Expected drilling: 4Q 2014 / 1Q 2015 (Transocean Barents) Multi-prospect licence with DHI support. Adjacent to the Aasta Hansteen field development. Key…
US Gulf of Mexico position A reminder Rocksource entered US GoM in 2009, eight months prior to the Macondo accident Core area: Trident, close to Mexican border Strategy to farm-down assets and attract operators Macondo incident…
Encouraging developments in the Trident area Renewed interest in the area following recent Pemex discoveries and encouraging production rates at Perdido Pemex has reported three oil discoveries south west of Trident, in same play…
Table of contents 1Q highlights and financials Portfolio update Summary and outlook Appendix 21
Summary and outlook NCS: Goal to participate in 3-4 wells per year remains Three wells sanctioned in 2013 Two wells firmed up for 2014, goal to mature up an additional 1-2 wells US GoM: Stepping up marketing efforts Mandate…
Table of contents 1Q highlights and financials Portfolio update Summary and outlook Appendix 23
Key figures 1Q NOK '000 1Q 2013 1Q 2012 2012 Total operating income 7 405 4 627 55 579 Exploration expenses, external (1) (19 230) (17 535) (144 539) Total G&A before reclassification (2) (20 345) (21 213) (87 632) EBITDA (3) (32…
Profit and loss statement NOK '000 1Q 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 Operating income 7 405 3 640 2 870 44 443 4 627 Total operating income 7 405 3 640 2 870 44 443 4 627 Other general and administrative expenses (2 109) 2 380…
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