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August 2013 Investor Presentation – Rocksource

Rocksource · Aug 27, 2013 · 20 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. August 2013 Investor Presentation – Rocksource – slide 1
    Rocksource ASA Second Quarter 2013 27 August 2013 CEO Chris Spencer
  2. August 2013 Investor Presentation – Rocksource – slide 2
    2Q highlights and subsequent events ? Storbarden exploration well completed in April ? Reported dry, post well analysis on-going ? Rocksource operated with no HSE incidents ? Norvarg appraisal well completed in August ? More sand,…
  3. August 2013 Investor Presentation – Rocksource – slide 3
    2Q financial comments ? Net loss of NOK 5.0 million in the quarter reflects a normal quarter with no special items recorded ? Low exploration costs due to Ithaca carry ? Net finance income due to currency gain and low interest costs…
  4. August 2013 Investor Presentation – Rocksource – slide 4
    Key figures NOK ?000 2Q 2013 2Q 2012 1H 2013 1H 2012 Total operating income 15 743 44 443 23 147 49 069 Exploration expenses (57 107) (114 182) (94 572) (148 472) EBITDA (44 966) (73 589) (77 136) (107 710) Total financial…
  5. August 2013 Investor Presentation – Rocksource – slide 5
    Working capital incl. carry of NOK 116 million ? Working capital down from NOK 125 million end 1Q to NOK 101 million end 2Q ? With an ambition to increase the activity set beyond the committed activities, the Company is continuously…
  6. August 2013 Investor Presentation – Rocksource – slide 6
    Recent news: The Norvarg appraisal well ? Discovered in 2011. Appraisal well, 5 km north- east from the discovery well, completed in August 2013 ? Appraisal confirmed the presence of higher porosity channel sands within the Kobbe…
  7. August 2013 Investor Presentation – Rocksource – slide 7
    Norvarg in a greater context ? Drilling activity picking up in this part of the Barents Sea ? Wisting (PL 537) currently drilling ? Apollo/Atlantis (PL 615) sanctioned for drilling in 2014 ? On-going and future exploration and…
  8. August 2013 Investor Presentation – Rocksource – slide 8
    Recent news: Strong result in NCS 22nd Licensing Round ? PL 717 (Rocksource 20%) ? On-trend with Skrugard/Havis discoveries ? Where Statoil and ENI are partners ? Partners: ENI (Op), Statoil and Edison ? PL 722 (20%) ? Hoop area.…
  9. August 2013 Investor Presentation – Rocksource – slide 9
    Sanctioned wells: Attractive mix of risk & potential ? Langlitinden:Oil prospect adjacent to the Caurus gas discovery ? Pil: Potential fast track development as tie-back to Njord ? Ivory: A gas prospect with substantial follow up…
  10. August 2013 Investor Presentation – Rocksource – slide 10
    2013 well: PL 586 Pil ? A potential fast track development ? Rocksource farmed into the PL 586 licence located in the Norwegian Sea in 2012 ? Low/medium risk oil prospect with potential for fast track development as tie-back to…
  11. August 2013 Investor Presentation – Rocksource – slide 11
    2013/2014 well: PL 659, Langlitinden ? in the Barents Sea sweet spot ? Proven play with multiple follow up prospects, includes the 2008 Caurus gas discovery (gross ~190 mmboe) ? Oil prospect with a potential gas cap ? Gross unrisked…
  12. August 2013 Investor Presentation – Rocksource – slide 12
    2014 well: PL 528, Ivory ? Adjacent to Aasta Hansteen ? Awarded in 20th & 21st Round ? Key attributes: Multi-prospect licence, gas prone, with DHI support.Adjacent to the Aasta Hansteen field development ? Gross unrisked resources…
  13. August 2013 Investor Presentation – Rocksource – slide 13
    Longer term drilling opportunities ? Upcoming drill or drop decisions: ? PL 506DS (1Q 2014) ? PL 559 (1Q 2014) ? PL 581 (1Q 2014) ? PL 601 (2Q 2014) ? PL 602 (2Q 2014) ? PL 610 (2Q 2014) ? Given positive drill decisions these…
  14. August 2013 Investor Presentation – Rocksource – slide 14
    US Gulf of Mexico ? An overview ? 10 leases with several identified prospects and discoveries ? Initiatives to farm down / attract partners ongoing ? Several drill ready prospects with DHIs and additional prospects under…
  15. August 2013 Investor Presentation – Rocksource – slide 15
    Encouraging developments in the Trident area ? Renewed interest in the area following recent Pemex discoveries and encouraging production rates at Perdido ? Pemex has reported three large oil discoveries south west of Trident, in…
  16. August 2013 Investor Presentation – Rocksource – slide 16
    Summary and outlook ? Norvarg: Appraisal confirmed the presence of channel systems and very significant volumes of gas in place; questions remain with regards to productivity ? Extensive post-well analysis on-going ? NCS: Aim to…
  17. August 2013 Investor Presentation – Rocksource – slide 17
    Key figures 2Q 22 NOK \'000 2Q 2013 2Q 2012 1H 2013 1H 2012 2012 Total operating income 15 743 44 443 23 147 49 069 55 579 Exploration expenses, external (1) (45 904) (96 306) (65 134) (113 840) (144 539) Total G&A before…
  18. August 2013 Investor Presentation – Rocksource – slide 18
    Profit and loss statement 23 NOK \'000 2Q 2013 1Q 2013 4Q 2012 3Q 2012 2Q 2012 Operating income 15 743 7 405 3 640 2 870 44 443 Total operating income 15 743 7 405 3 640 2 870 44 443 Other general and administrative expenses (3 602)…
  19. August 2013 Investor Presentation – Rocksource – slide 19
    Balance sheet 24 NOK \'000 30.6.2013 31.3.2013 31.12.2012 30.9.2012 30.6.2012 31.3.2012 Goodwill 10 000 10 000 10 000 10 000 103 000 103 000 Capitalised exploration and acquisition costs 122 159 118 129 116 710 121 728 132 120 289…
  20. August 2013 Investor Presentation – Rocksource – slide 20
    Cash flow 25 NOK \'000 2Q 2013 1Q 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 Net cash flow from: Operating activities (11 425) (32 261) 518 116 (113 106) (29 656) (41 161) Investing activities (4 914) - (2 961) - 76 320 (1 277) Financing…

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