Interim Results Presentation 22 September 2015 Meeting PSA 13 May 2015
Faroe overview Introduction Faroes exploration-led and production-backed strategy is delivering exceptional results Material exposure to Norwegian exploration upside - benefiting from tax refund incentive Continuing exploration…
2015 Interim Highlights Activity Operations Strong low-cost production performance Average H1 production 10,971 boepd (H1 2014: 7,592 boepd*) good performance and high uptime Balanced product mix of approximately 45% gas and 55%…
Faroes growth model Building core value and scale Maintain significant portfolio of Prospective Resources Participate in Licence Rounds excellent track record of awards Proactive approach to farm-ins/farm-outs Grow 2C Contingent…
Faroes growth model Prospective to 2C contingent to 2P reserves value realisation 1 bn boe* 109 mmboe* 30.6 mmboe* Prospective 2C resources 2P reserves unrisked resource * 31 December 2014 discoveries FDP and deals…
Robust company going forward Faroe well positioned to grow in lower oil price environment Financially robust Cash on the balance sheet (105m at 30 June 2015) Significant head-room in existing debt facilities Material cost reductions…
Exploration and appraisal Significant Pil and Bue discoveries (Norway) follow-up drilling ongoing 2014 Pil and Bue discoveries Faroe 25% Significant success - gross columns ca 135m oil & 91m gas Flowed at stable rate 6,710 bopd of 37…
Exploration and appraisal 3D view showing Pil, Bue, Boomerang and Blink 6406/12-5S 6406/12-4A Blink Pil 2 6406/12-4S Bue Pil 1 Boomerang 9
Producing assets Building production base and growing reserves Diversified production base with infill and near-field upside potential to boost production Brage Oil field in Norwegian Sea Wintershall-operated 2P Reserves (1 Jan-15)…
Producing assets Production performance exceeded forecast in H1 2015 2015 Monthly Net Faroe Oil and Gas Production (boepd) 2015 Production Guidance narrowed to 9,000 10,000 boepd Strong 2015 first half production performance 11
Production Blane (UK) consolidated position Acquisition of Roc Oil UK announced on 1 September 2015 Faroe to hold 30.5% of Blane (pre-acquisition 18%) and 13.86% of Enoch (Pre-Acquisition interest 1.86%) Consideration of 17million,…
Greater Njord Area (Norway) Strategic position Njord and Hyme: Currently producing in excess of forecast Njord A facility needs lifetime extension to exploit existing and new resources in area - scenarios under assessment Suspension…
Contingent Resources Converting 2C Contingent Resources to 2P Reserves Faroe Observations 2C Resources (1 Jan-15) Field WI Operator Others Butch 15% Centrica Lowlander/Perth/Dolphin (Norway) 2011 discovery Butch (N) (UK) Concept…
Butch (Norway) Excellent value creation opportunity Butch discovery (Faroe 15%) Southern North Sea; 66m water depth Close to infrastructure: Ula and Gyda Excellent quality reservoir, light oil Centrica operator Development project…
2015 Interim results Financial highlights Interim results for six months ended 30 June 2015 (unaudited) Turnover 55.3m (1H 2014: 53.5m) adjusted revenue (post under lifts/over-lifts) 67.9m (1H 2014: 40.1m) Production of 10,971 boepd…
Summary and outlook Solid and proven business model delivering sustainable value growth, through drill-bit and transactions Exploration-led strategy continues to deliver material success, underpinned by strong cash flow Balanced…
Differentiators Excellent exploration track Experienced management record - multi-well programme & clear strategy Financial strength and prudence Production field operator Excellent asset Strong Norway position monetisation…
Executive team Graham Stewart Helge Hammer Jonathan Cooper Chief Executive Officer Chief Operating Officer Chief Financial Officer Instrumental in founding Faroe Joined Faroe Petroleum in 2006 Joined Faroe Petroleum as Chief…
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