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February 2013 Investor Presentation – Interoil Exploration & Production Asa

Interoil Exploration & Production Asa · Feb 11, 2013 · 33 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 1
    Table of contents 1. Introduction 2. Colombia production 3. Colombia exploration 4. Peru 5. Financials 6. Investment Highlights 2
  2. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 2
    Introduction to the Interoil Group International independent exploration and production oil company founded in 2005 Norway, Oslo Operations onshore Colombia and Peru Headquarter New board of directors and management Initiated…
  3. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 3
    High potential portfolio in South America Operated portfolio of two licenses in Colombia Puli-C is the main producing block which can be developed further by low risk drilling program LLA-47 is a promising exploration block in the…
  4. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 4
    Interoils new organizational structure Board of directors: Anne-Grete Ellingsen (chair) Material restructuring of Interoils board and Thor Haugnaess Nils Trulsvik management team New board of directors in Interoil was appointed…
  5. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 5
    New strategy and reduced cost base 1. Reduce operating expenses (Ongoing) New management and board of directors currently implementing a plan to maximize value for shareholders Minimize corporate overhead Management is dedicated to…
  6. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 6
    Recapitalization plan to significantly grow production Interoil is currently under-capitalized with Net. capitalization 31.12.12 USD million 1) USD 97m of debt 3) Bond (NOK 310m) 54 Bank loan (Colpatria) due 2014 10 Production…
  7. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 7
    Table of contents 1. Introduction 2. Colombia production 3. Colombia exploration 4. Peru 5. Financials 6. Investment Highlights 8
  8. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 8
    Interoil Colombia: Overview Active in Colombia since 2005 Experienced organization Portfolio of two operated licenses in the Middle Magdalena Valley Basin and the Llanos Basin Key producing block is Puli-C Targeting farm-down…
  9. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 9
    Puli C: Interoils producing asset in Colombia Location Middle Magdalena Basin History Awarded in March 1984, expires 2027/28 Area 17800 acres (72 km2) Partnership Ecopetrol (30%), Sismopetrol (10% Ambrosia*) Contract area…
  10. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 10
    Puli-C: History shows the attractiveness of investing WI production, bbl/day from existing Puli-C fields Interoil increased production to Bbl/day USD/bbl +1,500 bbl/day from Colombia with 2 000 140 approx. USD 14.5 million…
  11. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 11
    Strong Operating Netbacks and Cash Flow Operating netback per barrel 2) EBITDA and capex for Colombia (incl. Altair) 120 50 45 100 10 12 40 28 35 80 22 USD per bbl USD million 9 30 60 15 25 7 20 40 12 15 32 69 68 29…
  12. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 12
    Puli C: Future Drilling and Development Interoil recognizes significant potential for future development and production within Puli C Within contract areas there are large proven but unexploited areas of hydrocarbon potential both…
  13. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 13
    Interoil will restart a large scale development program Interoils new development program for 2013-15: Expected net production Puli C 2012-15 33 deep wells to target the Monserrate reservoirs bbl/d 35 shallow wells to target the…
  14. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 14
    Monserrate development drilling locations (deep) The deeper Monserrate wells have excellent economics (gross per well): 200,000 bbl recoverable based on historical average wells USD 20 million revenue potential at USD 100/bbl…
  15. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 15
    Doima development drilling locations (shallow) The shallower Doima wells target less reserves, but still have strong economics (gross per well): 55-155,000 bbl oil recoverable based on historical average wells USD 5.5-15.5…
  16. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 16
    Puli C: Reserves and Resources Puli C: Reserves and resources net to Interoil (post royalty) Puli C: Reserves and resources net to Interoil (after royalty) As of 31.12.2012 20 Unit P50 18 Oil MMbbl 3.0 16 Gas Bcf 10.4 6.0 14…
  17. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 17
    Table of contents 1. Introduction 2. Colombia production 3. Colombia exploration 4. Peru 5. Financials 6. Investment Highlights 18
  18. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 18
    Status of exploration blocks Interoil has signed a binding agreement to farm out the following interests in its Colombia exploration blocks following cancellation of the LOIs announced previously in 2012: Altair: Sell 100% by…
  19. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 19
    LLA-47: License Overview Location Llanos Basin History Awarded in 2010 Open Bid Round Area 110,500 acres (447 km2) Partnership Interoil (100%) Royalty 8% royalty + 15% X-factor Contingent and Prospective P50 resources:…
  20. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 20
    Table of contents 1. Introduction 2. Colombia production 3. Colombia exploration 4. Peru 5. Financials 6. Investment Highlights 21
  21. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 21
    Peru Factsheet Licenses Block III & IV License expiry 1) 2013-2016 2012 WI production 3000 boe/day Reserves 2P+2C 2) 2.2 MMboe Investments 2013 USD 1 million Cost per well USD 1.3-1.8 mill. Corporate Tax 30% Royalty 3) 49% San…
  22. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 22
    Interoil in Peru: Highlights Interoil has been active in Peru since 2005 Strong track record of production growth and cash flow generation 2012 production of 3,000 bbl/day (before royalty) Stable production in Block IV 800…
  23. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 23
    bbl/day 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Sep05 Dec05 Mar06 Jun06 Sep06 Dec06 Mar07 Jun07 Sep07 Block III Dec07 Block IV Mar08 Jun08 Sep08 Peru Production history 2005-2012 Dec08…
  24. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 24
    USD 40/bbl netback in Peru at current oil price Operating netback per barrel 1) EBITDA and capex for Peru 60 120 50 100 54 40 80 53 USD million USD per bbl 30 60 38 49 26 15 13 44 20 40 37 36 9 6 10 18 20 40…
  25. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 25
    Peru Large resource potential beyond license term Interoils licenses in Peru holds considerable Resource potential, Peru (net to Interoil) resources beyond the current license period 20 Large upside certified by independent…
  26. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 26
    Table of contents 1. Introduction 2. Colombia production 3. Colombia exploration 4. Peru 5. Financials 6. Investment Highlights 27
  27. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 27
    Historical financials Interoil ASA Steady production decline Financial statement, 2009-12 since 2009, but helped by P&L 2009 2010 2011 2012 increasing oil price Amounts in USD thousands, except where stated otherwise Working…
  28. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 28
    Historical financials Interoil ASA Cash flow and balance sheet, 2009-12 All oil assets in Peru written Cash flow statement 2009 2010 2011 2012 down to zero as of year- Amounts in USD thousands, except where stated otherwise end…
  29. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 29
    Description of interest bearing indebtedness NOK 310m corporate bond loan (USD 54m) Issuer: Interoil Exploration & Production ASA 15% interest, maturities: NOK 45m March 13 105% and NOK 265m March 14 Share pledge in South American…
  30. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 30
    Share capital and shareholders Investor Shares % 48 million shares outstanding 1 EKSPORTCONSULT AS 11,782,816 24.67% NOK 287m market capitalization 2 RAKILA PROPERTIES LIMITED 11,007,816 23.05% 3 TRAFALGAR AS 4,412,092 9.24% NOK…
  31. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 31
    Table of contents 1. Introduction 2. Colombia production 3. Colombia exploration 4. Peru 5. Financials 6. Investment Highlights 32
  32. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 32
    Investment highlights Interoils new board and management is determined to create a new platform for growth Significant reductions in costs and improved organizational structure Willingness to re-capitalize and implement other…
  33. February 2013 Investor Presentation – Interoil Exploration & Production Asa – slide 33

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