Faroe Petroleum plc Annual General Meeting 28 June 2016
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 large…
2015 Final Results Summary issued 29 March 2016 Strong production performance, lowered opex, significant reserves growth & strong net cash Strong production performance and low operating costs Total 2015 average economic…
2015 Final Results Summary issued 29 March 2016 Outlook Outlook fully-funded well programme and positioned for growth Two remaining 2016 exploration wells (benefit from 78% tax rebate) Brasse discovery (ongoing), Njord North Flank 2016…
Exploration and appraisal Brasse discovery side track drilling ongoing The Brage area (Faroe 14.3% in producing Brage field) Very prospective area Significant infrastructure including Oseberg, Brage and oil and gas export pipelines…
Exploration and appraisal Njord North Flank exploration well expected in Q3 2016 The Njord area Highly prospective area Contains the Njord field and Draugen field Snilehorn (Faroe 7.5%), Pil (Faroe 25%), Bue (Faroe 25%) and…
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 life…
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 We have invested in…
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 Strategic position material value potential in GNA GNA has yet to be produced reserves in excess of 300mmboe Njord/Hyme/Snilehorn over 200mmboe gross (Faroe over 15mmboe net) Pil/Bue/Boomerang 80-200mmboe gross…
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 and operationally robust Solid and proven business model delivering sustainable value growth, through drill-bit and transactions Exploration-led strategy continues - underpinned by production and…
Differentiators Excellent exploration track record - Experienced management multi-well programme & clear strategy Financial strength and prudence Production field operator Excellent asset monetisation track Strong Norway…
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…
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…
Shareholder information & key metrics Shareholder analysis 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% EV/(2P+2C):…
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