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Pareto EP Independents Conference – Interoil Exploration & Production Asa

Interoil Exploration & Production Asa · Jan 14, 2010 · 53 slides

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Slides

  1. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 1
    Company Presentation Nils N. Trulsvik Pareto E&P Independents Conference Chief Executive Officer London 14 January 2010
  2. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 2
    AGENDA 1. InterOil In Brief 2. Financial Data 3. Operational Development & Plans 2010 Peru Colombia Angola Ghana 4. 2010 Outlook 5. Q&As Pareto E&P Independents Conference 14. January 2010 3
  3. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 3
    INTEROIL IN BRIEF High-growth international independent exploration KEY FACTS and production oil company - listed on the Oslo Listed on the Oslo Stock Stock Exchange - with a strategic focus on Latin Exchange: IOX America and West…
  4. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 4
    INTEROIL IN BRIEF Peru Colombia Group HIGHLIGHTS Production boe/day 4893 2285 7178 Drilling of more than 60 wells in Reserves Mmboe Peru and 25 in Colombia since 2006 P1 12.4 5.4 17.8 P2 13.2 6.7 19.9 All wells, except four,…
  5. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 5
    MILESTONES 1 START 2 LISTING 3 ACQUISITION 4 SIGNING 5 SIGNING Acquisition Oslo Stock Proseis AG Blocks 5 & 6 Farm-out producing assets Exchange Switzerland offshore Angola with Tullow in Peru & Oil, Ghana Colombia September 2005…
  6. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 6
    KEY FINANCIAL FIGURES Figures in USD millions Q3 2009 Q3 2008 9 Months 2009 9 Months 2008 FY 2008 Production, before royalties (bbls) 590627 508845 2044478 1343628 2053778 Production, net of royalties (bbls) 376907 318727 1353117…
  7. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 7
    BACKGROUND Bondholder meeting for the FRN Interoil Exploration and Production ASA Senior Secured Callable and Putable Bond Issue 2007/2012 (the Senior Secured Bond Loan) held 15 May, 2009 Asked to to postpone an instalment until…
  8. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 8
    CURRENT STATUS The Company has been presented with some alternatives through the advisor Macquarie/Tristone and several directly from interested parties: Conditional offers for the acquisition of all or part of the assets in Peru…
  9. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 9
    ASSETS IN SOUTH AMERICA WEST AFRICA 10
  10. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 10
    LATIN AMERICAN ASSETS Pareto E&P Independents Conference 14. January 2010 11
  11. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 11
    PERU FACTS ONSHORE Current Production WI 6000 b/d Reserves P2 13.2 Mmboe Investments 2009 17 MMUSD Drilling 2009 3 Wells Cost per well 0.5 -1.8 MMUSD Corporate Tax 30% Royalty* 46% Working Interest 100% Licences Block III and…
  12. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 12
    PERU NORTHWEST PRODUCTION AT AUGUST 2009 100 000 PETROBRAS PETROTECH GMP PETROLERA INTEROIL LOTE X LOTE Z-2B LOTE I-V MONTERRICO LOTE III - IV LOTE II SAPET LOTE VI-VII UNIPETRO BPZ OLYMPIC LOTE IX 10 000 1 000 100…
  13. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 13
    WELLS DRILLED 2009 Pareto E&P Independents Conference 14. January 2010 14
  14. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 14
    SOUTH MIRADOR PRODUCTION FACILITIES PROJECT EXTENSION STATION 59 OVERALES Construction of cement platform and protection wall Feb 14th 09: starting day Mar 06th 09: Work in progress Mar 19th 09: work in progress Apr 30th 09: work…
  15. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 15
    SOUTH MIRADOR PRODUCTION FACILITIES PROJECT PIPELINE MC 8014 BATTERY 202 Pareto E&P Independents Conference 14. January 2010 16
  16. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 16
    SOUTH MIRADOR STRATIGRAPPHIC CORRELATION Dual Completion Interval Tested Gas Interval Tested Oil Interval Tested Water 1634 psi RCI / XPT Data Sands 4-8th Sand 12th Sands 14-15th Sands 16-18th Pareto E&P…
  17. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 17
    STRUCTURAL MAP SAND 12 th SALINA MOGOLLON 825 BOPD 520 BOPD 420 BOPD 865 BOPD 120 BOPD Initial rate Tested Water Tested Oil Tested Gas 1637 XPT, RCI Pressure (PSI) Pareto E&P Independents Conference 14. January…
  18. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 18
    STRUCTURAL MAP SAND 14 th SALINA MOGOLLON 830 BOPD 720 BOPD 810 BOPD 500 BOPD 120 BOPD Initial rate Tested Water Tested Oil Tested Gas 1637 XPT, RCI Pressure (PSI) Pareto E&P Independents Conference 14. January…
  19. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 19
    13058D COMPLETION DESIGN BEFORE TODAY Pareto E&P Independents Conference 14. January 2010 20
  20. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 20
    PLAN 2010: 7 WELLS IN SOUTH MIRADOR Pareto E&P Independents Conference 14. January 2010 21
  21. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 21
    PLAN 2010: 7 WELLS IN SOUTH MIRADOR BLOCK III D D D Proposed Location Pareto E&P Independents Conference 14. January 2010 22
  22. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 22
    OPPORTUNITY AND UNRISKED UPSIDE MAP Peru Northern Block IV Pareto E&P Independents Conference 14. January 2010 23
  23. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 23
    OPPORTUNITY AND UNRISKED UPSIDE MAP Peru Southern Block III Pareto E&P Independents Conference 14. January 2010 24
  24. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 24
    OPPORTUNITY AND UNRISKED UPSIDE MAP Peru Northern Block III Pareto E&P Independents Conference 14. January 2010 25
  25. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 25
    OPPORTUNITY SUMMARY PERU PACKAGE Reserve Category Workover Drilling Location Total PDNP 123 0 123 PUD 0 106 106 PROB 0 7 7 POSS 0 1 1 Unrisked Upside 42 109 151 Total 165 223 388 Pareto E&P Independents Conference 14.…
  26. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 26
    COLOMBIA FACTS ONSHORE Current Production WI 2300 b/d Reserves P2 6.7 Mmboe Investments 2009 7 MMUSD Drilling 2009 5 Wells Cost per well 0.5 1.8 MMUSD Corporate Tax 33% Royalty* average 2008 13.1% Plant near Piedras Working Interest*…
  27. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 27
    DEVELOPMENT PROGRAM 2009 MN-30 MN-30 Pareto E&P Independents Conference 14. January 2010 28
  28. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 28
    PROPOSED DRILLING LOCATIONS 2010 TWT Basement Deep wells 2010 Mana Mana - N Ambrosia Toqui Toqui MN-28X Mana - S Mana RO-5X RO-6X MN S-3X MN-29X MN S-1X Ro Opia Pareto E&P Independents Conference 14.…
  29. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 29
    MANA Main Structures & Remaining Prospectivity 2 km remaining prospectivity Ambrosia Mana-N Toqui ChicoralToqui Toqui Mana-S Escondido RoOpia Mana South Mana West TWT map top Basement Pareto E&P…
  30. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 30
    OPPORTUNITY SUMMARY COLOMBIA Reserve Category Workover Drilling Location Total PUD 0 10 10 PROB 0 4 4 POSS 0 2 2 Unrisked Upside 0 18 18 Total 0 34 34 Pareto E&P Independents Conference 14. January 2010 31
  31. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 31
    MANA MONSERRATE STRUCTURE MAP Existing Well Wells Completed in 2008/2009 Proved Well Locations Probable Well Locations Possible Well Locations Pareto E&P Independents Conference 14. January 2010 32
  32. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 32
    PULI B FAULT BLOCKS Loc I Loc -H Producing Well Loc - B Loc - A Proved Location Loc - C Loc - D Probable Location Loc -E Loc -F gas Loc -G Possible Location 400 m Pareto E&P Independents Conference…
  33. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 33
    TOTARE STRUCTURE MAP Proved Probable TOT-11 Possible TOT-8 TOT-9 TOT-10 TOT-12 TOT-13 Pareto E&P Independents Conference 14. January 2010 34
  34. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 34
    ALTAIR EXPLORATION LICENSE IN LANOS BASIN Exploration Block Altair Prospective 27 MMb Resources 1st Investment Phase 18 Months starts Nov. 08 3D Seismic 1 well Cost per well 4 MMUSD Llianos savannah Corporate Tax 33% Royalty 8.5%…
  35. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 35
    SEISMIC EXAMPLE ALTAIR 3D S Inline 165 N Pareto E&P Independents Conference 14. January 2010 36
  36. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 36
    ANGOLA - FACTS - OFFSHORE Exploration Block 5 Block 6 Prospective 450 MMb 600 MMb Resources* Contingent 27 MMb 16 MMb Resources* Investments 1st 27 MMUSD 23 MMUSD Phase, 4 Years (InterOils share) Drilling 2010 2 wells 2 wells Luanda,…
  37. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 37
    PRE-SALT PLAY: POTENTIAL IN BLOCKS 5 & 6 ANGOLA Sedimentary basins along the South American and African continental margin Some 200 million years ago, South America started to drift Stratigraphy: away from Africa and sedi- mentary…
  38. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 38
    ANGOLA BLOCK 5 - LEAD & PROSPECT MAP Block 5 Seismic acquisition completed Q4 2008 Evaluation of 3D seismic ongoing Drilling first well 2010 3D (2008) Pareto E&P Independents Conference 14. January 2010 39
  39. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 39
    ANGOLA BLOCK 5 2008 3D CATUMBELA DEPTH MAP N Newly shot 3D-seismic was received as a fast track volume in March 2009 This seismic was interpreted and a number of prospects were identified Evaluation of these prospects is…
  40. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 40
    ANGOLA BLOCK 6 - LEAD & PROSPECT MAP 012 45' 00 E 013 00' 00 E 013 15' 00 E 9,060,000 Block 6 MUAMBA-1 Prospects, Leads by Company Reprocessing to PSTM finalized Wel head 650 6 00 4 50 8 5 00 5 00 Buengo 50 100…
  41. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 41
    ANGOLA CABINDA NORTH - ONSHORE Exploration Cabinda North Prospective 300 MMb Resources* Contingent 53 MMb Resources* Acquisition cost 33 MMUSD Drilling 2010 3 Wells Working Interest 11% Surface 2400 km2 Operator Sonangol 20%…
  42. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 42
    GHANA TANO SHALLOW - OFFSHORE Exploration Tano Shallow Prospective 50 Mmboe Resources* Contingent 25 Mmboe Resources* 100 bcf Investments 2009 2 MUSD Drilling Q4 2008 1 Well Working Interest 31.5% Adriatic VI, 300 Foot…
  43. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 43
    AGENDA 1. InterOil In Brief 2. Financial Data 3. Operational Development & Plans 2010 Peru Colombia Angola Ghana 4. 2010 Outlook 5. Q&As Pareto E&P Independents Conference 14. January 2010 44
  44. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 44
    OPERATIONAL OUTLOOK & SUMMARY Production guidance 2010: 9500 boe/day Colombia: 2800 boe/day Peru: 6700 boe/day Current drilling plan 2010 Colombia: 6 production/appraisal wells in Mana and Rio Opia and one exploration well in…
  45. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 45
    UPDATE ON PRODUCTION GUIDANCE AND CAPEX Production boe/day Target of 9500 boe/day in 2010 from current 16000 Average Daily Production WI, per year concessions in Latin America Production Latin America All infrastructure in place…
  46. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 46
    INVESTMENT SUMMARY Norway-based E&P company with focus on Latin-America and West-Africa Producing assets in Peru and Colombia P1+P2 reserves 30.6 MMb1) Discoveries and exploration opportunities in Angola and Ghana Significant…
  47. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 47
    INTEROIL E&P ASA STRANDVEIEN 50 N-1366 LYSAKER NORWAY T +47 6751 8650 F +47 6751 8660 Q&A - Thank you for your attention INFOINTEROIL.NO WWW.INTEROIL.NO VISIT US Pareto E&P Independents Conference 14. January 2010 48
  48. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 48
    CORPORATE INFORMATION BOARD Auditor Ernst & Young MRTEN RD Chairman GIAN ANGELO PERRUCCI Lawyers Wiersholm, Gloor & Sieger President Thor Hkstad Director Bankers DnB NOR, Zrcher Kantonalbank BERIT KJLL Director Analysts Thomas…
  49. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 49
    MAIN SHAREHOLDERS Pareto E&P Independents Conference 14. January 2010 50
  50. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 50
    SHARE PERFORMANCE SHARE DATA Listing OSE, Ticker IOX Number of Shares 21.8 Mill Share price NOK 10.00 52 week high NOK 21.6 52 week low NOK 7.0 Average daily volume 18000 Pareto E&P Independents Conference 14.…
  51. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 51
    MANAGEMENT STRUCTURE PEOPLE Excellent network and experience in board and management Proven track record +30 years in South America and West Africa Local management with country managers No expats Fast decision…
  52. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 52
    GROUP STRUCTURE COMPANYS INTEROIL EXPLORATION & PRODUCTION ASA (Norway) Tax optimised holding structure INTEROIL E&P INTEROIL E&P INTEROIL INTEROIL INTEROIL E&P INTEROIL E&P All companies are 100% GHANA AS (Norway) LATIN…
  53. Pareto EP Independents Conference – Interoil Exploration & Production Asa – slide 53
    DEBT OVERVIEW Loan Amount Terms Duration Description 5 year senior 115 MUSD** 3 month Libor May 2007-2012 security in shares of secured bond loan* + 4.5%*** all subsidiaries 3 year senior 100 MNOK 12.5% fixed March 2007-2010 -…

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