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Q2 2015 Earnings Call – Noreco

Noreco · Aug 27, 2015 · 19 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. Q2 2015 Earnings Call – Noreco – slide 1
    Second quarter 2015 Presentation material 27 August 2015
  2. Q2 2015 Earnings Call – Noreco – slide 2
    Contents and presenters Headlines p. 4 Operations Production p. 6 Exploration p. 7 Key financials Second quarter p. 8 Tommy Sundt, Chief Executive Officer Concluding remarks p. 11 Questions & Answers Reference material p.…
  3. Q2 2015 Earnings Call – Noreco – slide 3
    Second quarter summary Financial restructuring completed, started to deliver on revised strategy. Some important steps: Participation in Nini and Cecilie (Denmark) licences terminated, settlement for liabilities and abandonment costs…
  4. Q2 2015 Earnings Call – Noreco – slide 4
    Current company structure Two structures ring-fenced, separate loan agreements New group structure Norwegian Energy Company ASA involving ring-fence around NOR06s Norwegian Energy pledged assets in Company (UK) Ltd Altinex AS…
  5. Q2 2015 Earnings Call – Noreco – slide 5
    Huntington back on stream Noreco production (quarterly average in boepd) Huntington back on stream in April. No impact from CATS summer maintenance Nini and Cecilie participation terminated Lulita1 stable in Q2, affected by…
  6. Q2 2015 Earnings Call – Noreco – slide 6
    Exploration: Niobe and Haribo dry, Xana under evaluation Haribo Xana Drilled by Trans- ocean Searcher Drilled by Noble Niobe in June and July Sam Turner. Drilled in June 2015 Completed May 2015 by jackup 2015 P&A, dry Ensco…
  7. Q2 2015 Earnings Call – Noreco – slide 7
    Key financials 8
  8. Q2 2015 Earnings Call – Noreco – slide 8
    Income statement Q2 15 Q2 15 Q1 15 Q1 15 YTD 15 Low production NOK million Segm1 IFRS Segm1 IFRS IFRS expenses due to Total revenues 193 193 114 114 308 reversion of accrued cost Production expenses (19) (19) (139) (139) (157) on…
  9. Q2 2015 Earnings Call – Noreco – slide 9
    Balance sheet NOK million 30.06.15 30.06.15 31.03.15 Repayment of NOR06 and NOR10 classified as current Segments IFRS IFRS Assets NOK 250 mill paid to NOR10 bondholders in Non-current assets 1 856 1 812 1 675 August Current assets…
  10. Q2 2015 Earnings Call – Noreco – slide 10
    Concluding remarks 11
  11. Q2 2015 Earnings Call – Noreco – slide 11
    Strategy and priorities Implementation of new strategy, which was approved earlier this year, is well underway and will continue Disciplined approach to operation Carefully deliver on existing commitments Continue to work with…
  12. Q2 2015 Earnings Call – Noreco – slide 12
    Production per field (boepd) Noreco Field share Q2 15 Q1 15 Q4 14 Q3 14 Q2 14 Q1 14 Oselvar 15 % 411 454 497 528 550 574 Enoch 4.36 % 0 0 0 0 0 0 Lulita 28.2 %1 282 101 136 192 172 330 Nini2 30 % 0 644 2 012 1 722 1 839 1 415 Cecilie2…
  13. Q2 2015 Earnings Call – Noreco – slide 13
    Table of contents Additional Production per field Revenue per field 14 15 Production expenses per field 16 information Producing assets Intangible assets Siri insurance claim 17 18 19 14
  14. Q2 2015 Earnings Call – Noreco – slide 14
    Revenue per field (NOK million) Noreco Field share Q2 15 Q1 15 Q4 14 Q3 14 Q2 14 Q1 14 Oselvar 15 % 15 16 19 25 25 30 Enoch 4.36 % 10 0 2 0 0 0 Lulita 28.2 %1 9 3 5 9 8 15 Nini2 30 % -9 23 85 95 113 82 Cecilie2 61 % -1 9 10 9 1 0…
  15. Q2 2015 Earnings Call – Noreco – slide 15
    Production expenses per field (NOK million) Noreco Field share Q2 15 Q1 15 Q4 14 Q3 14 Q2 14 Q1 14 Oselvar 15 % 6 5 11 7 6 6 Enoch1 4.36 % -18 1 1 0 0 2 Lulita 28.2 %2 2 1 2 1 2 3 Nini3 30 % -30 46 54 95 55 48 Cecilie3 61 % -7 18…
  16. Q2 2015 Earnings Call – Noreco – slide 16
    Producing assets Gross Asset Deferred book retirement tax Net book Asset (NOK million) value obligation (-asset) value Oselvar 0 67 -269 202 Enoch 0 8 -7 -2 Lulita 13 5 3 5 Nini and Cecilie1 0 530 0 -530 Huntington 291 170 -45 166…
  17. Q2 2015 Earnings Call – Noreco – slide 17
    Intangible assets Gross Deferred Net book tax book Asset (NOK million) value (-asset) value Goodwill Denmark (Lulita) 5 0 5 Total Goodwill 5 0 5 Gohta 254 198 56 Other licences 0 0 0 Total licence and capitalised 254 198 56…
  18. Q2 2015 Earnings Call – Noreco – slide 18
    Siri insurance claim Status o No change since Q1 o Gross book value at the end of Q2 is NOK 465 mill o NOK 407 mill net of deferred tax o USD amount unchanged at 59 mill o Total claim is USD 400 mill plus interests o Continues to…
  19. Q2 2015 Earnings Call – Noreco – slide 19
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