24 May 2012 Rocksource ASA First Quarter 2012 CEO Chris Spencer www.rocksource.com
Agenda Q1 and recent events Financials Corporate update Summary Appendix
Q1 and recent events Highlights NCS asset transaction with Valiant Petroleum announced in March, approved by government in May Two licenses awarded in the NCS APA 2011 Licensing Round (reported as subsequent event in Q4 2011…
Closing of the Valiant transaction The transaction: - Sale of 13 per cent interest in the Norvarg discovery, leaving a 7 per cent interest with Rocksource - Farm down on average about 50% of Rocksources interests in a further 12…
Clarity on oil taxation dispute Ruling from the Norwegian Oil Taxation Board (OTB) related to intercompany pricing of electromagnetic (EM) interpretation services received in May Initial assessment implies a repayment of approx.…
Communication re-established with ONGC on India issue As previously communicated, none of the three exploration wells drilled on the on the CY-DWN-2001 block (offshore India) were at locations recommended by Rocksource, utilising its…
A new Board of Directors elected in April * Henrik Christensen Ole Wiborg Marianne E. Johnsen (Chairman) Eva von Hirsch Helge Ringdal Nick Johnson The Directors bring a good blend of financial, legal, exploration and…
Agenda Q1 and recent events Financials Corporate update Summary Appendix
2012 financial framework Remaing bond debt to be repaid shortly. Financing structure now reflects a pure exploration company set up NOK 200 million NCS carry element from Valiant Petroleum to be utilized on all NCS exploration…
Agenda Q4 and recent events Financials Corporate update Summary Appendix
Company focus recap from Q4 2011 presentation Rocksource focussing on three key themes for 2012: 1. Build a sustainable drill queue of 3 to 4 wells per year - Expecting four well campaign in 2013 Status at 24 May: 2013: Norvarg…
2013 well: Norvarg (Rocksource 7%) +200 mmboe gas discovery made in 2011 Partnership: Total (Operator, 40%), Det norske (20%), North Energy (20%), Valiant (13%), Rocksource (7%) Upside potential identified Resource range wide…
2013 well: PL 506S, BS, CS (Rocksource Operator 25%) High risk/high reward oil prospects in the Stord Basin Key uncertainty associated with seal and source/migration Robust economics in success case Rocksource operated license…
2013/2014 drilling candidate: PL 659 (Rocksource 5%) Awarded in APA 2011 Work programme: - Acquire 3D seismic - Drill one exploration well within 4 years Multi-level and multi target prospectivity - two prospects and 12 leads…
Gulf of Mexico Sentiment gradually improving Rocksource marketing drill-ready prospects and discoveries Steady increase in number of deep water permits, increasing rig activity Reason for optimism with backlog of wells being…
GoM exploration leases, highlights EB 419 EB 300 WD 800m WD 500m EM and Seismic DHI Houston Discovery with upside potential Medium size oil w/gas cap potential Seismic DHI Drill ready Medium size oil potential Stand alone or…
Gulf of Mexico Key assets 812 813 814 815 Great White Trident discovery (Rocksource 100%) Silvertip - Contingent resources of 133 mmboe Tobago - Feasibility studies have been undertaken with 855 856 857 858 859 Main res Wx2…
Agenda Q4 and recent events Financials Corporate update Summary Appendix
Summary & Outlook Financial basis improved - Bond debt to be repaid shortly, maximum exposure to tax issue clarified - G&A level significantly reduced Strong new board in place - Good blend of financial, legal, exploration and…
Agenda Q4 and recent events Financials Corporate update Summary Appendix
Profit and loss statement NOK '000 Q1 2012 Q4 2011 Q3 2011 Q2 2011 Q1 2011 2011 Operating income 4 627 16 478 9 095 159 215 1 246 186 034 Total operating income 4 627 16 478 9 095 159 215 1 246 186 034 Other general and…
Shareholder list (as of 14 May) Investor of shares % of total Type Country VENTURE DRILLING AS 37,178,112 10.68% Comp. NOR PETROLIA INVEST AS 10,812,746 3.11% Comp. NOR VEEN EIENDOM A/S 6,600,000 1.90% Comp. NOR BALANCED ROCK AS…
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 first.no Pareto Securities Thomas Aarrestad +47 22 87 87 21…
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 28
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