Faroe Petroleum plc 2015 Preliminary Results 29 March 2016
2015 Final Results Summary Strong production performance, lowered opex, significant reserves growth & robust cashflow Strong production performance and low operating costs Total average economic production1 for 2015 at 10,530 boepd…
2015 Final Results Summary Outlook Outlook fully-funded well programme and positioned for potential acquisitions Two remaining 2016 exploration wells (benefit from 78% tax rebate) 2016 capex estimates: E&A 50m pre-tax (12m…
Exploration and appraisal Active drilling programme: E&A continuing - benefiting from lower costs in 2016 Prospect Equity 2016 2017 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Kvalross ** 40.0% Brasse * 50.0% Njord North Flank * 7.5% Dazzler* 20.0%…
Exploration and appraisal Brasse near field exploration well - expected summer 2016 The Brage area (Faroe 14.3% in producing Brage field) Very prospective area, containing giant Oseberg field, Brage and Veslefrikk Krafla is a…
Exploration and appraisal Njord North Flank exploration well expected in Q3 2016 Njord North Flank prospect The Njord area Highly prospective area Contains the Njord field and Draugen field Snilehorn (Faroe 7.5%), Pil (Faroe 25%),…
Production and Development assets Building production base and growing reserves Diversified production base (50:50 Norway/UK and 50:50 oil/gas) with infill and near-field upside potential to boost production Lowered opex and long…
Faroe investment in Southern Gas Basin production Schooner and Ketch Faroe is 60% owner and Operator of the Schooner and Ketch gas fields Faroe is doing things differently to extract more value from these assets So far we have…
Butch (Norway) development planned Excellent value creation opportunity Butch oil field (Faroe 15%), operated by Centrica Southern North Sea, 66m water depth Close to infrastructure - Ula and Gyda Excellent quality reservoir, light…
Greater Njord Area (Norway) Strategic position Prolific area with yet to be produced reserves in region of 300mmboe Njord, Hyme and Snilehorn Njord & Hyme producing in excess of forecast declining due to drill stop Facility needs…
Contingent Resources Converting 2C Contingent Resources to 2P Reserves Faroe Observations 2C Resources (1 Jan-16) Field WI Operator Bue and Boomerang 25% VNG 2014 and 2015 discoveries Others (Norway) Being matured to concept…
Shareholder information & key metrics Shareholder analysis 18 March 2016 No. of shares in issue: 269,033,765 Market cap at 24.3.2016: 176.4m 17.9% Net cash: 68.5m Enterprise value: 107.9m 34.9% EV/2P: 2.7/boe 11.0%…
2015 Final Results Financial highlights and outlook 2015 Results Revenue (excluding hedging) 113.0m (2014: 128.8m) EBITDAX (incl. 9.3m realised hedging gains) 60.4m (2014: 59.1m) Realised boe price of 47 boe including realised hedging…
Summary and outlook Financially robust and operationally strong Solid and proven business model delivering sustainable value growth, through drill-bit and transactions Exploration-led strategy continues - underpinned by production and…
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…
Faroe overview Introduction Faroe has developed a geographically focussed exploration-led and production-backed strategy which is delivering exceptional results Outstanding, diversified full-cycle portfolio of assets High quality…
Group Income Statement 2015 2014 000 000 Revenue 112,980 128,761 Cost of sales (99,838) (102,815) Asset Impairment (45,108) (38,468) Gross loss (39,166) (12,522) Other income 13,867 5,044 Net gain on disposal of…
Group Balance Sheet 2015 2014 000 000 Non-current assets Intangible assets 73,521 128,316 Property, plant and equipment: development & production 110,594 138,351 Other assets 503 827 Financial Assets 12 12 Deferred tax assets…
Group Cash Flow Statement Condensed Group Cash Flow Statement 2015 2014 for the year ended 31 December 2015 000 000 Loss before tax (122,300) (165,796) Depreciation, depletion and amortisation 38,447 33,108 Exploration asset…
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