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…
Agenda Highlights Q2 Financial update Exploration update Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no 3
Highlights Q2 and later events 6 awards in the 22nd Licencing Round Norvarg appraisal well confirms the extensive nature of the discovery Farm-down of 10% interest in PL 299 Frode prior to drilling Licence transaction of NOK 28.2…
Agenda Highlights Q2 Financial update Exploration update Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no 5
Profit & Loss Q2 Q1 Q2 Year MNOK 2013 2013 2012 2012 Profit (66,1) - - (46,9) Sale of PL 299 Payroll 12,2 16,2 10,7 56,8 Depreciation 2,1 2,5 2,5 10,2 Exploration expenses 163,9 27,7 166,2 540,1 PL299, seismic acq. and PL cost Other…
Balance sheet Q2 Year end Year end MNOK 2013 2012 2011 Assets Fixed Assets 396,2 304,2 418,6 Capitalized drilling cost Long term receivables 201,9 0,0 0,0 Tax receivable refund - Dec 2014 Short term receivables 609,6 540,6 608,4 Tax…
Financed throughout 2014 Net cash* position Q2 2013 Net cash position of NOK 193 million Unused exploration loan facility of NOK 503 million * Excluding 1) loan of NOK 27,5 million and sale proceeds of NOK 28,2 million to Lime…
Credit facility with Rex Covering seismic interpretation over the next 4 years using Virtual Drilling technology Credit facility of MNOK 100 No commitments or obligations 8% interest payable No installments, but with full…
Credit facility with TGS Covering purchase of seismic data and services over 4 years Cash payment of 35% Credit facility of MNOK 200 No commitments or obligations 8% interest payable No installments, but with full repayment…
Capacity for several new wells TGS and Rex purchases eligible for 78% exploration tax refund Net cash position of Balance sheet Off balance sheet NOK 193 million Rex convertible loan provides a free cash potential of NOK 75…
Agenda Highlights Q1 Financial update Exploration update Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no 12
Second well on Norvarg structure Leiv Eiriksson Tests proved deep contact, huge structure and drilled poorly developed channels Higher porosity than in well 1 Gas sampled and interpreted on logs deeper than before New unknown…
Test results from appraisal well not to be compared to rates from production wells Damage done by the well to reduce Vertical well Deviated well Horizontal well production rates is not known Kristin Field gave 10 x improvement of…
New and unmapped geology filled with gas gives new potential for production rates Gas in every well on Bjarmeland platform, except for Eik Norvarg-Ververis structures likely 1 to contain largest gas accumulation in the Barents Sea…
Prospectivity to be clarified by tailor-made 3D seismic over larger area Greater area needs mapping as a complete system of variety of channels with better 3D data North Energy reviewing potential 3D Broadband Seismic acquisition…
North Energy defending its position as second to Statoil in the Barents Sea in 22nd Round Awarded six licences in the Barents Sea Only Statoil got more (7) Entry into Skrugard Area and included in upcoming drilling campaign Work…
Declared 22R winner by the media following trend from previous rounds in the Barents Sea Barents Sea awards since North Energy start-up Statoil 19 North Energy 14 OMV 13 Eni 12 Det norske 8 GDF Suez 7 Rocksource 7…
North Energy taking part in adding resources on the Skrugard trend Three attractive licences Apollo 2014 along the Skrugard trend Bjrnya Basin with proven oil Firm well on PL 713 with Wisting 2013 Statoil as operator and Rosneft…
Implementing Virtual Drilling (VD) in 2013 to improve success rate Testing VD on 59 prospects in 2 years 16 predicted positive 11 Drilled with commercial oil (69%) 5 failures had weak anomalies 25 predicted negative 24 of 25 were…
Not everything that glitters is gold, but with no glitter there seems to be no hope Dry well cost may be reduced by 30 analyses 60 analyses predicting dry wells with high in 2012 in 2014 certainty Savings seen already in 2013…
Utilizing VD for optimizing the portfolio Revised agreement with Lime Petroleum Licence transaction of NOK 28,2 mill replacing previous agreement after relinquishment of several licences Farm-out of two licences to Spike Petroleum…
Drilling and DoD schedule Drill or drop decisions to be made during the next six months PL 503 - Q4 2013 PL 590 - Q1 2014 PL 587 - Q1 2014 PL 595 - Q1 2014 PL 601 - Q2 2014 Firm wells PL 510 Tvilling Sr - 2014 PL 713 Halddi -…
Agenda Highlights Q1 Financial update Exploration update Outlook North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no 24
Outlook 3 months Application APA 2013 12 new VD evaluations Drill or drop decision: PL 564 Barents Sea PL 503 North Sea 12 months Award APA 2013 Exploration well on PL 510 Drill or drop decisions: PL 590 Norwegian Sea PL 587…
Q&A North Energy ASA postnorthenergy.no (+47) 78 60 79 50 www.northenergy.no 26
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