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Q1 2010 Results – Rocksource

Rocksource · May 26, 2010 · 23 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. Q1 2010 Results – Rocksource – slide 1
    Rocksource ASA First Quarter 2010 www.rocksource.com 26 May 2010
  2. Q1 2010 Results – Rocksource – slide 2
    Q1 and recent events ? Financial position significantly strengthened in preparation for drilling - NOK 250 million equity raise, NOK 500 million exploration facility and NOK 150 million equity facility completed year to date -…
  3. Q1 2010 Results – Rocksource – slide 3
    $40 $50 $60 $70 $80 1 500 2 000 2 500 e per boe boepd Production and price Slight decline in production ? higher prices NYMEX Henry-hub gas 5 yrs development Q1 Q1 $0 $10 $20 $30 - 500 1 000 Q1-2009 Q2-2009 Q3-2009…
  4. Q1 2010 Results – Rocksource – slide 4
    ? Slight decline in production offset by higher prices and positive currency effect ? Exploration costs in the quarter NOK 42.5 million, mainly related to NCS exploration ? Recent financing activities not reflected in cash balance…
  5. Q1 2010 Results – Rocksource – slide 5
    Financial flexibility significantly improved following recent events ? NOK 500 million Credit Facility with SEB - To support exploration on main NCS market - Competitive funding with security in Norwegian State refund arrangement ?…
  6. Q1 2010 Results – Rocksource – slide 6
    Exploration portfolio overview ? Norway - 8 licences on the NCS of which 3 are operated - 4-5 high potential wells expected in 2011 ? West Africa - Several prospects identified - High potential well targeting the ?Kora? prospect…
  7. Q1 2010 Results – Rocksource – slide 7
    Norwegian Continental Shelf update Barents Sea PL 535 - 3D seismic data under evaluation, well planning and rig selection for 2011 firm well in progress 00000 1200000 1600000 8400000 800 00000 1000000 1200000 1400000 1600000…
  8. Q1 2010 Results – Rocksource – slide 8
    2010 2011 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec High impact drilling program Prospect RASA Equity AGC Profond West Africa Kora 25 % CY DWN 2001/1 India CY DWN-3 10…
  9. Q1 2010 Results – Rocksource – slide 9
    Entering a new phase Net risked resources (Mill boe) 1200 Drilling campaign commencing ? Norway - 4-5 high potential wells expected in 2011 - PL 530, ?the Golden block?, from the 20th round key well in 2011 on NCS Top quality…
  10. Q1 2010 Results – Rocksource – slide 10
    Key priorities going forward ? Firm up wells for 2010/2011 drilling - Several wells expected to be sanctioned during next quarter - Actively working with partners to accelerate drilling ? Capital discipline and portfolio optimisation…
  11. Q1 2010 Results – Rocksource – slide 11
    Profit and loss statement NOK \'000 Q1 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009 2009 Operating income oil and gas 18 647 17 070 15 717 22 200 28 600 83 586 Other operating income 1 154 2 807 18 381 377 483 22 048 Total operating income…
  12. Q1 2010 Results – Rocksource – slide 12
    Balance sheet NOK \'000 31.3.2010 31.12.2009 30.9.2009 30.6.2009 31.3.2009 31.12.2008 Deferred tax assets 52 419 50 371 50 465 28 301 26 311 27 443 Patents and development costs 437 636 843 4 683 5 004 5 265 S i i lib eismic library…
  13. Q1 2010 Results – Rocksource – slide 13
    Cash flow NOK \'000 Q1 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009 2009 Net cash flow from: Operating activities (102 598) 88 495 (65 417) (55 152) (65 114) (97 188) Investing activities (2 258) (25 293) (49 391) (17 636) (41 362) (133…
  14. Q1 2010 Results – Rocksource – slide 14
    Changes in cash ? Focus on strengthening cash position - New and extended exploration facility and equity line of credit available secured in the quarter - NOK 250 million equity issue completed in April MNOK 166 85 10 30 12 50…
  15. Q1 2010 Results – Rocksource – slide 15
    Key assets NCS: PL 416 FACTS: Where: North Sea, Block 31/8 Operator: E.ON Ruhrgas (50%) Partners: Rocksource (35%), Det norske (15%) Troll KEY ATTRACTIONS: ?EM positive prospect with good structural conformance ?Discovery can be…
  16. Q1 2010 Results – Rocksource – slide 16
    Key assets NCS: PL 416 FACTS: Where: North Sea, Block 31/8 Operator: E.ON Ruhrgas (50%) Partners: Rocksource (35%), Det norske (15%) Troll KEY ATTRACTIONS: ?EM positive prospect with good structural conformance ?Discovery can be…
  17. Q1 2010 Results – Rocksource – slide 17
    Key assets NCS: PL 528 FACTS: Where: Norwegian Sea, Blocks 6707/8,9&11 Operator: Petro-Canada (40%) Partners: Rocksource (30%), Centrica (30%) KEY ATTRACTIONS: ?Several EM positive prospects on the block ?Volume estimate indicate…
  18. Q1 2010 Results – Rocksource – slide 18
    Key assets NCS: PL 535 FACTS: Where: Barents Sea blocks 7225/3 & 7226/1 Operator: Total E&P Norge AS (40%) Partners: Rocksource (20%), Det norske (20%), North Energy (20%) KEY ATTRACTIONS: ?EM positive prospect on trend with recent…
  19. Q1 2010 Results – Rocksource – slide 19
    Key assets NCS: PL 559/PL 515 FACTS: Where: Norwegian Sea, Blocks 6608/10 & 6608/11 PL 559: Rocksource ASA (60%, operator), VNG Norge AS (30%), Skagen 44 (10%) PL 515: Rocksource ASA (60%, operator), Lotos E&P Norge (20%), Skagen 44…
  20. Q1 2010 Results – Rocksource – slide 20
    Key assets International: AGC Profond FACTS: Where: AGC Profond PSC, Senegal / Guinea Bissau (9,838 sq km) Operator: Ophir Energy (73%*) Partners: Rocksource (25%*), L?Enterprise (12%) KEY ATTRACTIONS: ?Low risk, high potential…
  21. Q1 2010 Results – Rocksource – slide 21
    Key assets International: India ? CY-DWN-2001/1 FACTS: Where: CY-DWN-2001/1 (12,425 sq km), offshore India ? Cauvery basin Operator: ONGC (45%) Partners: Petrobras (25%), Oil India (20%), Rocksource (10%) KEY ATTRACTIONS: ?World…
  22. Q1 2010 Results – Rocksource – slide 22
    Gulf of Mexico exploration update ? Attractive and prolific hydrocarbon basin - High Chance of Success (seismic DHIs) - Close proximity to markets and infrastructure - short lead time from discovery to production - Excellent fiscal…
  23. Q1 2010 Results – Rocksource – slide 23
    Key assets International: The Trident discovery Silvertip Great White 812 813 814 815 855 856 857 858 859 Tobago R k (100%) Location in the Gulf of Mexico Mexico approx 5 km U.S. 3 miles Rocksource leases Great White Unit…

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