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 Q4 highlights North Energy licenses to be drilled Financials Outlook and summary Appendixes 3
Q4 highlights Acquisition of 4sea energy Capital from industrial investors with extensive experience from Norwegian oil business Two licenses in the North Sea with interesting exploration acreage Acquisition of 15% in PL 385 from…
Main events after Q4 IPO successfully completed 3 February 2010 Equity strengthened by NOK 400 million Exploration program of 8 wells fully funded North Energy listed at Oslo Axess at 5 February 2010 3 licenses awarded in APA 2009…
Agenda Q4 highlights North Energy licenses to be drilled Financials Outlook and summary Appendixes 6
Fully funded exploration program Operational targets Current well program Build a portfolio of between 14 and 16 Well Prospect Licence Interest 2010 2011 2012 licenses before the end of 2010 February Rig: West Alpha 1 Fogelberg PL 433…
Two firm wells in the Norwegian Sea in 2010 Norwegian Sea license map Licence PL 385 Interest 15% Operator Statoil Main target Jette Two licenses with firm wells PL 433 12% Centrica Fogelberg close to infrastructure PL 510 20%…
Three firm wells in the Barents Sea in 2011 Barents Sea license map Licence PL 518 Interest 30% Operator DONG Main target Tana Three firm, high impact wells PL 518B 30% DONG Omega in 2011 PL 530 20% GDF Suez Heilo PL 535 20%…
Fogelberg first well to be drilled in Q1 2010 6506/9-2 6506/12-12A, S A B PL 433 in the Norwegian Sea 2500 Acquired 2009 Main prospect Fogelberg Operator Centrica (28%) Hydrocarbons Gas Cond. 3000 Partners North Energy (12%) Expected…
Jette second firm well in 2010 PL 385 in the Norwegian Sea Acquired 2009 Main prospect Jette Operator Statoil (45%) Hydrocarbons Gas Cond. Partners North Energy (15%) Expected drilling Q4 2010 Wintershall (20%) Prob. of success 37%…
Heilo first of three high impact wells in 2011 A B PL 530 in the Barents Sea Seabed 0.500 Awarded 20th round (2009) Main prospect Heilo Operator GDF Suez (40%) Hydrocarbons Oil w/gas cap Heilo ,1270m 1.000 Partners North Energy…
Agenda Q4 highlights North Energy licenses to be drilled Financials Outlook and summary Appendixes 13
Profit & Loss Q4 2009 4Q 4Q Year Year MNOK 2009 2008 2009 2008 Payroll 17,7 25,5 62,4 42,0 Adjustments in Q4/08 of MNOK 6 Depreciation 1,9 0,1 3,4 2,0 Exploration expenses 24,1 16,1 113,1 62,8 Licenses from 2 (0) to 8 (1) in Q4/09…
Balance Sheet 31.12.2009 31.12 31.12 MNOK 2009 2008 Assets Fixed Assets 32,6 20,1 Receivables 164,0 108,8 Tax receivables due Dec 2010 of MNOK 149 Cash 45,7 13,3 Total Assets 242,3 142,2 Equity and liabilities Total equity…
Solid financial situation Liquidity as of Cash balance of NOK 46 million Q4 2009 Expected tax reimbursement of NOK 149 million NOK 45 million drawn on a NOK 300 million exploration loan facility with SEB Net cash of NOK 150…
Agenda Q4 highlights North Energy licenses to be drilled Financials Outlook and summary Appendixes 17
Outlook and summary Sound business Uniquely positioned as a leading Northern Norwegian E&P player case Focused on high PoS prospects with short lead time to production 8 well exploration program fully funded through proposed equity…
Agenda Q4 highlights North Energy licenses to be drilled Financials Outlook and summary Appendixes 19
Attractive prospect inventory Probability of Main Hydrocarbon Gross Mean Net Mean License Equity Area Prospect Name Operator Success Phase Unrisked Risked aggregated mmboe mmboe Firm wells 2010 2012 PL 4331 12 % Norwegian Sea Fogelberg…
Total 20 largest shareholders as per 19 February 2010 Name No of shares % of tot UBS AG, LONDON BRANC S/A IPB SEGREGATED C 2 356 500 9,59 % SKS EIENDOM AS 1 824 920 7,43 % JPB AS 1 336 610 5,44 % ORIGO KAPITAL AS 1 248 100 5,08 %…
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