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Q1 2011 Results – Rocksource

Rocksource · May 13, 2011 · 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. Q1 2011 Results – Rocksource – slide 1
    Rocksource ASA First Quarter 2011 www.rocksource.com 13 May 2011
  2. Q1 2011 Results – Rocksource – slide 2
    Q1 and recent events ? Successful awards in NCS 21st Round announced in April - Four licenses awarded - Aggregated net risked resource addition of approximately 150 mmboe ? Successful awards in APA 2010 announced in January - Five…
  3. Q1 2011 Results – Rocksource – slide 3
    Q1 and recent events ? Drilling campaign underway with ?Norvarg? spud in April - Two more wells expected to spud in the second quarter - Five sanctioned wells to be drilled by year end, testing approximately 200 mmboe in net risked…
  4. Q1 2011 Results – Rocksource – slide 4
    Successful awards secure long term growth foundation Number of awards in NCS 20th and 21st Rounds: 7 6 5 4 3 2 21 R 20 R 1 0 Rocksource Noreco North Energy Spring Front Exploration Det norske Rocksource awards in comparison to a…
  5. Q1 2011 Results – Rocksource – slide 5
    21st Round awards ? PL 602 (Norwegian Sea) - Operator: Statoil (40%), Rocksource 20% - Located immediately west of the Luva, Haklang and Snefrid discoveries - Several prospects mapped and de-risked using 3D seismic and EM - Work…
  6. Q1 2011 Results – Rocksource – slide 6
    21st Round awards (continued) ? PL 601 (Norwegian Sea) - Operator: Wintershall (40%), Rocksource 20% - Located in the eastern part of the Tr?na Basin - Several leads and prospects mapped and de-risked using 3D seismic and EM - Work…
  7. Q1 2011 Results – Rocksource – slide 7
    Update on India (block CY-DWN-2001/1) ? First Phase of the work programme recently completed - Three wells drilled - None of the wells have tested the EM prospect as identified by Rocksource ? Rocksource is formally still not party to…
  8. Q1 2011 Results – Rocksource – slide 8
    ? Revenue - Booked income in Q1 2011 of NOK 1.2 million (exclusive sale of oil and gas) - The Company?s US onshore assets have been re-classified as ?discontinued operations? - Income and expenses from the US Onshore assets have been…
  9. Q1 2011 Results – Rocksource – slide 9
    Cash position strengthened following equity raise Successfully completed financing activities strengthens capital base - Cash balance at 31 March NOK 385 million - Equity issue completed in February securing NOK 250 million in net…
  10. Q1 2011 Results – Rocksource – slide 10
    2011 Exploration Well Schedule 20 11 Licence/Lease Prospect Equity Rig Q2 Q3 Q4 Apr May Jun Jul Aug Sep Oct Nov Dec AGC Profond West Africa Kora 25% Maersk Deliverer PL 535 NCS Norvarg 20% West Phoenix Well preparations: ? Kora…
  11. Q1 2011 Results – Rocksource – slide 11
    2011 sanctioned well: ?Norvarg? Where: Norway, Barents Sea Operator: Total E&P Norge AS Rocksource equity: 20 % Key prospect: \"Norvarg\" Mean recoverable: 260 mmboe CoS: 60 % Rig: West Phoenix Type: Semi sub Spud date: Drilling…
  12. Q1 2011 Results – Rocksource – slide 12
    The ?Norvarg? prospect Norvarg Trap type Structural 4-way closure Reservoir Snadd and Kobbe formations Seal Jurassic shales Source Kobbe Fm proven in Ververis EM response Strong, larger than a simple gas case. Also has good seismic…
  13. Q1 2011 Results – Rocksource – slide 13
    2011 sanctioned well: ?Kora? Where: Offshore Senegal/Guinea Bissau Operator: Ophir Energy Rocksource equity: 5/25* Key prospect: \"Kora\" Mean recoverable: 450 mmboe CoS: 50 % Rig: Maersk Deliverer Type: Ultra deepwater semi sub…
  14. Q1 2011 Results – Rocksource – slide 14
    The ?Kora? prospect Kora Trap type Structural 4 way closure Reservoir Coniacian - Aptian Seal Upper Cretaceous and Tertiary shales Source Primary source is Albian shales EM response Strong 18
  15. Q1 2011 Results – Rocksource – slide 15
    2011 sanctioned well: ?Breiflabb? Where: Norway, North Sea Operator: E.ON Ruhrgas Rocksource equity: 35 % Key p p rospect: \"Breiflabb\" Mean recoverable: 170 mmboe CoS: 44 % Rig: Borgland Dolphin Type: Semi sub Spud date: June…
  16. Q1 2011 Results – Rocksource – slide 16
    The ?Breiflabb? prospect Breiflabb Trap type Tilted fault block with 3 way closure (typical Brent Province) Reservoir Sognefjord Fm (same as Troll) Seal Draupne (same as Troll) Source Draupne (unproven in Stord Basin) EM response…
  17. Q1 2011 Results – Rocksource – slide 17
    2011 sanctioned well: ?Heilo? Where: Norway, Barents Sea Operator: GDF Suez E&P Norge AS Rocksource equity: 20 % Key prospect: \"Heilo\" Mean recoverable: 200 mmboe CoS: 50 % Rig: Aker Barents Type: Semi sub Spud date: Q3/Q4…
  18. Q1 2011 Results – Rocksource – slide 18
    The ?Heilo? prospect Heilo Trap type Rotated fault blocks (as Goliat and Nucula) Reservoir Multiple targets including the Snadd, Kobbe fms Seal Jurassic Shale (as Nucula) Source Kobbe Formation (proven in Goliat and Nucula) Fluid…
  19. Q1 2011 Results – Rocksource – slide 19
    2011 sanctioned well: ?Phoenix? Where: Norway, Norwegian Sea Operator: Rocksource ASA Rocksource equity: 60 % Key prospect: \"Phoenix\" Mean recoverable: 163 mmboe CoS: 50 % Rig: Borgland Dolphin Type: Semi sub Spud date: Q3…
  20. Q1 2011 Results – Rocksource – slide 20
    = 6608/11-7 S approx spud location and deviation path = Key prospect faults = Low risk potential migration barriers = Migration route from Linerle PL 559 ? Phoenix Prospect Evaluation Structure: - Combined…
  21. Q1 2011 Results – Rocksource – slide 21
    PL 559 ? Phoenix Prospect Evaluation Seal: - Proven top seal ? Cretaceous & Paleocene shales - Intra-?re base seal ? regionally present and tied to nearby wells - Fault seal control required at southern and western prospect…
  22. Q1 2011 Results – Rocksource – slide 22
    PL 559 ? Phoenix Prospect Evaluation Risk Analysis: ? Structure ? Reservoir ? Seal (key risk) MEFS ? Source and Migration ? Probability of Geologic Success (Pg) = 38% ?re Fm Volumetric Analysis: ? Mean (oil) resources = 292mmboe…
  23. Q1 2011 Results – Rocksource – slide 23
    PL 559 ? Phoenix DHI Evaluation Seismic Data: - High quality 3D seismic data acquired in May 2010 - Rock physics modelling carried out on nearby wells - Seismic inversion for DHI evaluation purposes Observations: - Coherency 3D…
  24. Q1 2011 Results – Rocksource – slide 24
    PL 559 ? Phoenix DHI Evaluation EM Data : - 2D and 3D EM data acquired - High quality data Pre acquisition model expectations: - EM feasible prospect - Clear response > 25% Normalised Amplitude Response (NAR) if hydrocarbons (HC)…
  25. Q1 2011 Results – Rocksource – slide 25
    PL 559 ? Phoenix DHI Evaluation Results: - Data fits within model expectations - Anomaly fits to Phoenix structure - Significant anomaly present on both raw and inverted data /? Interpretation: - Anomaly present at prospect - No…
  26. Q1 2011 Results – Rocksource – slide 26
    Risk: EM data improves Pg from 38% to COS of 50% ?re Fm Volumetrics: PL 559 ? Phoenix Prospect Summary MEFS Mean resource estimated at 163 mmboe Post DHI volumes: - EM anomaly fits to Phoenix structure but varies in strength from…
  27. Q1 2011 Results – Rocksource – slide 27
    ? Low risk prospectivity with nearby analogous discovery (Linerle) ? Rotated fault block structural trap subcropped by the Base Cretaceous Unconformity PL 559 ? Phoenix Prospect Summary W SE ? Lower Jurassic ?re Fm. primary…
  28. Q1 2011 Results – Rocksource – slide 28
    NCS: ? PL 559 Significant follow up potential, partly dependent upon Phoenix well result (2011) ? PL 515 Auchentoshan - Possible well in 2012 ? PL 528 Ivory - Possible well in 2012/2013 2012/2013 ? Potential exploration drilling ? PL…
  29. Q1 2011 Results – Rocksource – slide 29
    High potential drilling campaign in 2011 Current sanctioned 2011 programme Prospect Operator Estimated spud Gross * RGT% RGT net** Oil/Gas PL 535 N - Norvarg T t l otal O i ngoing 260 20 52 Oil/Gas AGC Profond *** Ophir Energy June…
  30. Q1 2011 Results – Rocksource – slide 30
    ? Launching a high impact drilling campaign - Five high impact wells in 2011, multiple options in 2012 - Significant value potential per year Launching into high potential exploration campaign ? Short term triggers coming up -…
  31. Q1 2011 Results – Rocksource – slide 31
    Profit and loss statement NOK \'000 Q1 2011 Q4 2010 Q3 2010 Q2 2010 Q1 2010 2010 Operating income 1 246 4 066 10 320 2 678 1 154 18 218 Total operating income 1 246 4 066 10 320 2 678 1 154 18 218 Other general and administrative…
  32. Q1 2011 Results – Rocksource – slide 32
    Balance sheet NOK \'000 30.3.2011 31.12.2010 30.9.2010 30.6.2010 31.3.2010 Deferred tax assets 36 097 35 147 49 861 49 569 52 419 Patents and development expenses 52 75 134 258 437 Goodwill 154 563 154 563 154 563 154 563 154 563…
  33. Q1 2011 Results – Rocksource – slide 33
    Cash flow NOK \'000 Q1 2011 Q4 2010 Q3 2010 Q2 2010 Q1 2010 2010 Net cash flow from: Operating activities (63 712) 55 384 (76 336) (63 648) (102 598) (184 080) Investing activities (39 420) (17 695) (6 004) (10 188) (2 258) (36…

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