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June 2013 Annual General Meeting – Interoil Exploration & Production Asa

Interoil Exploration & Production Asa · Jun 21, 2013 · 19 slides

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Slides

  1. June 2013 Annual General Meeting – Interoil Exploration & Production Asa – slide 1
    Annual General Meeting 21 June 2013 1
  2. June 2013 Annual General Meeting – Interoil Exploration & Production Asa – slide 2
    Table of contents 1. Background 2. 2012 Annual Report 3. Colombia update 4. Peru update 5. Outlook 2
  3. June 2013 Annual General Meeting – Interoil Exploration & Production Asa – slide 3
    2013 highlights Recapitalized to meet financial obligations and Norway, Oslo embark on new drilling program in Colombia Headquarter USD 35 million equity issue Bond maturity extended to 2016 Colombia, Overhead cost reduction…
  4. June 2013 Annual General Meeting – Interoil Exploration & Production Asa – slide 4
    High potential portfolio in South America Operated portfolio of two licenses in Colombia Puli-C is the main producing block LLA-47 exploration block in the Llanos Basin targeting farm down to reduce commitments Operated…
  5. June 2013 Annual General Meeting – Interoil Exploration & Production Asa – slide 5
    On track to deliver on new strategy 1. Reduce operating expenses Minimize corporate overhead Terminate related party consultancy agreements Optimize group operating structure 2. Restructure the balance sheet New capital…
  6. June 2013 Annual General Meeting – Interoil Exploration & Production Asa – slide 6
    Significantly reduced net debt after refinancing USD 35 million raised through equity issue Net. capitalization 31.03.13 USD million 13th March 2013 Bond (NOK 310m) 51 Bank loan (Colpatria) due 2014 8 Maturity on bond loan and…
  7. June 2013 Annual General Meeting – Interoil Exploration & Production Asa – slide 7
    Table of contents 1. Background 2. 2012 Annual Report 3. Colombia update 4. Peru update 5. Outlook 7
  8. June 2013 Annual General Meeting – Interoil Exploration & Production Asa – slide 8
    2012 Highlights In 2012, Interoil generated an EBITDA of USD Figures in USD millions 2012 2011 69 million and a loss before tax of USD 32 Realized oil price 107 105 million Production (boed) 4 799 6 329 Sales 118 148 Average…
  9. June 2013 Annual General Meeting – Interoil Exploration & Production Asa – slide 9
    P&L summary Despite a slightly higher oil price, revenues fell P&L 2012 2011 on the back of a 25% decline in production Amounts in USDm, except where stated otherwise WI (boed) 4 799 6 329 EBITDA fell by 30%, to USD 69 million…
  10. June 2013 Annual General Meeting – Interoil Exploration & Production Asa – slide 10
    Cash flow and balance sheet summary Operating cash flows after interest and taxes for the Cash flow statement 2012 2011 year reached USD 28 million against USD 52 million in Amounts in USDm, except where stated otherwise 2011. Total…
  11. June 2013 Annual General Meeting – Interoil Exploration & Production Asa – slide 11
    Table of contents 1. Background 2. 2012 Annual Report 3. Colombia update 4. Peru update 5. Outlook 11
  12. June 2013 Annual General Meeting – Interoil Exploration & Production Asa – slide 12
    Development drilling program on track New drilling program started in May 3 phase development program Working Interest Production, boe/day Phase 1: 12 development wells to be completed by 2013 Phase 2: 18 development…
  13. June 2013 Annual General Meeting – Interoil Exploration & Production Asa – slide 13
    Status of exploration blocks Interoil sold the Altair and Cor-6 exploration blocks in Colombia in 1Q 2013 Subject to ANH approval, expected to be completed within July 2013 Interoil continues to pursue farm-out alternatives for the…
  14. June 2013 Annual General Meeting – Interoil Exploration & Production Asa – slide 14
    Table of contents 1. Background 2. 2012 Annual Report 3. Colombia update 4. Peru update 5. Outlook 14
  15. June 2013 Annual General Meeting – Interoil Exploration & Production Asa – slide 15
    Interoil in Peru: Highlights Interoil has been active in Peru since 2005 Strong track record of production growth and cash flow generation License situation remains unclear, Interoil pursuing 2 strategies: 1) Arbitration…
  16. June 2013 Annual General Meeting – Interoil Exploration & Production Asa – slide 16
    Peru Production history Significant historical declination, but stable Working Interest Production, bbl/day production in recent quarters 4 500 4 000 1Q 2013 production of 2,774 bbl/day (before 3 500 royalty) 3 000…
  17. June 2013 Annual General Meeting – Interoil Exploration & Production Asa – slide 17
    Table of contents 1. Background 2. 2012 Annual Report 3. Colombia update 4. Peru update 5. Outlook 17
  18. June 2013 Annual General Meeting – Interoil Exploration & Production Asa – slide 18
    Outlook Several strategic initiatives implemented in 1H 2013 Result of overhead cost reduction program with full effect in Q3 First results of the drilling program in Colombia underway New production in Colombia will be onstream in…
  19. June 2013 Annual General Meeting – Interoil Exploration & Production Asa – slide 19
    19

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