Rocksource ASA Third Quarter 2009 www.rocksource.com 12 November 2009
Q3 and recent events ? Q3 results hit by low gas prices and high exploration costs - US Granbury discovery deemed uncommercial, costs expensed in Q3, cash effect taken in Q1 - Q3 NOK 34 1 illi f il & d ti NOK 15 7 illi revenue NOK 34.1…
Exploration portfolio overview ? AGC Profond - Farm-in announced in July, high potential well targeting the ?Kora? prospect scheduled for summer 2010 ? Gulf of Mexico - Portfolio expansion and EM currently being acquired -…
Net risked resource base approaching 1 billion barrels Net risked resources Mill boe 1200 ? Strong portfolio growth from Q2 presentation - Net risked resources increased from 630 to 980 mill boe - New additions to portfolio relates…
Gulf of Mexico entry ? strategic rationale ? One of the World?s great petroleum provinces ? Offers short to medium term production opportunities ? Successful ?bright spot? exploration since the late 1960?s ? Rocksource to combine…
Current Gulf of Mexico position ? 21 leases ? Acquired at low cost and in record time (initial entry announced in August) ? Exploration potential: 200 mmboe ? Discovered resources: 80-400 mmboe ? Trident field (Rocksource 100%) awarded…
The Trident field awarded Rocksource in September Gotcha SilverTip Tiger AlaminosCanyon Discovery Dry Hole Rocksource acreage Trident Toledo Tobago Hammerhead GreatWhite 12 miles USA MEXICO ? Field discovered in 2001 -…
Key factors suggest a possible development of Trident field The Trident field ? Supportive facts: - Proven oil (3 separate wells) - Several oil discoveries made in the area - Proven technology ? Adjacent field to start operations in…
Rocksource to actively work the Trident field Trident Plan forward for the next year: ?Complete a full evaluation of the field - Perform detailed reservoir studies to determine sweet spots, volume and production potential - Screening…
GoM exploration prospect example ? Similar to nearby producing field (seismic) ? Possible to further de-risk by using EM ? Short term drilling (2010) ? Short lead time after discovery Depth to target ? 1,150m Hydrocarbon Type ? Gas…
Rocksource Gulf of Mexico ? Way forward Gas cap OWC ? Large portfolio established in short time ? Short term drilling opportunities with short lead time to production ? Key goal ? Rapidly mature drilling campaign leading to 3-4 EM…
Drilling schedule to start in 2010 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q India CY-DWN-2001/1 PL 416 AGC Profond 2010 2011 Firm exploration well Exploration well PL 515 (op) PL 530 PL 528 PL 535 GoM #1 (op) GoM #2 (op) G M #3 ( ) Firm…
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 PL 480 PL 451 PL 506s (op) Portfolio outlook ? More to come 2010 2011 2012 Exploration well Exploration well Exploration well P 1067 P 1486 P 1484/P 1488 P 1573/P 1574 NCS - APA 2009 NCS…
US production update ? Status - Production has now stabilised after recent operational issues 1800 2000 2009 Production - Pipeline inspection shutdown completed in October, all wells are back to normal production - Fields are in…
? Q3 results hit by low gas prices and high exploration costs - Average price per boe was USD 24.9 in the quarter ? down from USD 26.4 in previous quarter and down from USD 65.4 same quarter last year - Exploration costs in the quarter…
? Lower contribution from onshore production in the US - Average production in Q3 was 1,134 boepd ? down from 1,422 in Q2 - Average price per boe was USD 24.9 in quarter ? down from USD 26.4 in Q2 ? Sales to partners high in quarter…
Reduced production and low gas price NYMEX Henry-hub gas development Q3 Q3 Q3 - 2008 Q4 - 2008 Q1-2009 Q2-2009 Q3-2009 Oil bbls 23 700 23 707 16 411 15 080 11 608 Gas mcf 1 019 517 1 143 625 769 892 641 527 513 934 All produced…
? Cash focused on NCS exploration ? Cash further adversely effected by one off effects including: - Farm-in and auction cost in Gulf of Mexico - Payment of staged entry in technology company Changes in cash Change in cash from Q2 to…
Rocksource entering a new phase ? Firming up a high potential ?company making? drilling campaign - AGC and GoM adds significant growth potential to portfolio - 2010 will represent a step change in activity for Rocksource - Testing…
Profit and loss statement NOK \'000 Q3 2009 Q2 2009 Q1 2009 Q4 2008 Q3 2008 2008 Operating income oil and gas 15 717 22 200 28 600 55 188 79 876 283 986 Operating income other 18 381 377 483 2 193 - 3 189 Total operating income 34…
Loading...
