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1H 2014 RESULTS – Atlantic Petroleum

Atlantic Petroleum · Aug 29, 2014 · 24 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. 1H 2014 RESULTS – Atlantic Petroleum – slide 1
    WEBCAST PRESENTATION 29th AUGUST 2014 1H 2014 RESULTS
  2. 1H 2014 RESULTS – Atlantic Petroleum – slide 2
    WEBCAST PRESENTATION 29th AUGUST 2014 1H 2014 PERFORMANCE
  3. 1H 2014 RESULTS – Atlantic Petroleum – slide 3
    HIGHLIGHTS - 1H 2014 Net production to Atlantic Petroleum was 1,762 boepd planned shutdowns of Ettrick & Blackbird Within target (1,650-1,900 boepd) Production Chestnut field produced in line with guidance. In May field life was…
  4. 1H 2014 RESULTS – Atlantic Petroleum – slide 4
    INCOME STATEMENT 1H 2014 6 months 6 months to 30th June to 30th June DKK MM 2014 2013 Revenue Revenue 198.2 214.2 Average realized oil price USD Costs of sales -135.8 -123.4 108.3/bbl (USD 108.5/bbl 1H 2013) Gross profit 62.4 90.8…
  5. 1H 2014 RESULTS – Atlantic Petroleum – slide 5
    FINANCIAL POSITION & CASH FLOW 1H 2014 Balance sheet DKK MM 1H 2014 END 2013 Total assets Total assets 1,372.8 1,237.2 Increased by DKK 135.6MM - Production/development assets 636.2 621.5 - Exploration/appraisal assets 235.1 216.7 Cash…
  6. 1H 2014 RESULTS – Atlantic Petroleum – slide 6
    Operational update
  7. 1H 2014 RESULTS – Atlantic Petroleum – slide 7
    EXPLORATION PORTFOLIO (4 YEAR PROJECTION) net resources net risked resources 300 250 200 mm boe 150 100 50 0 WEBCAST PRESENTATION 29TH AUGUST 2014 8
  8. 1H 2014 RESULTS – Atlantic Petroleum – slide 8
    2014 PRODUCTION YTD Production Impacts Annual production guidance 1,650-1,900 boe/d Ettrick and Blackbird fields annual Current average production 1,762 boe/d shutdown commenced in end-June and completed in mid-August shutdown 5…
  9. 1H 2014 RESULTS – Atlantic Petroleum – slide 9
    ORLANDO FIELD DEVELOPMENT FUTURE PRODUCTION JV partners & equities Orlando Field Iona Energy 75% (Operator) Atlantic Petroleum 25% CPR estimates Orlando net 2P reserves of 3.8 MMboe Orlando initial rates expected at 10,000+…
  10. 1H 2014 RESULTS – Atlantic Petroleum – slide 10
    KELLS FIELD DEVELOPMENT JV partners & equities: Iona Energy 75% (Operator) Atlantic Petroleum 25% CPR estimates Kells net 2P reserves of 2.25 MMboe Kells initial rates expected at 7,000+ bopd Kells Field First production…
  11. 1H 2014 RESULTS – Atlantic Petroleum – slide 11
    PERTH Developing an integrated plan Perth P588 15/21b & 15/21c Parkmead Group (Operator) 52.13%, Faroe Petroleum 34.62% Atlantic Petroleum 13.35% CPR Estimates 5.1MMBbl 2C contingent resources Development Plans A joint…
  12. 1H 2014 RESULTS – Atlantic Petroleum – slide 12
    North Sea
  13. 1H 2014 RESULTS – Atlantic Petroleum – slide 13
    UK P1724 - PEGASUS JV partners & equities: Centrica 55% (operator) Third Energy 35% Atlantic Petroleum 10% Area: Southern North Sea, close to Cavendish Field Pegasus Intra-Carboniferous structure, reservoirs & seals Appraisal…
  14. 1H 2014 RESULTS – Atlantic Petroleum – slide 14
    UK P2126 - AURORA JV partners & equities: Centrica 45% (operator) GDF Suez 45% Aurora Atlantic Petroleum 10% Area: Southern North Sea, close to Breagh Field Intra-Carboniferous structures, reservoirs & seals Pegasus Large…
  15. 1H 2014 RESULTS – Atlantic Petroleum – slide 15
    UK P1906 - YORK AREA JV partners & equities: Centrica 52.5% (operator) Serica Energy 37.5% Atlantic Petroleum 10% - 5% carried Area: Southern North Sea, close to York Field Rotliegend & Intra-Carboniferous structures, reservoirs…
  16. 1H 2014 RESULTS – Atlantic Petroleum – slide 16
    UK P2082 - SKERRYVORE JV partners & equities: Parkmead 30.5% (operator) Atlantic Petroleum 30.5% Bridge Energy 25% Dyas 14% Area: Central North Sea, close to Orion, Talbot, Cawdor & Flyndre Adjacent to salt diapir Multiple…
  17. 1H 2014 RESULTS – Atlantic Petroleum – slide 17
    Norwegian & Barents Sea
  18. 1H 2014 RESULTS – Atlantic Petroleum – slide 18
    BUILDING A POSITION AROUND NEW INFRASTRUCTURE PL528/528B Ivory (Blocks 6707/8,9,11 and 6707/10 part) Farm in 2013 Centrica 40% (Op.), Statoil 35%, Rocksource 10%, Atlantic Petroleum 9%*, Repsol 6%* PL763 Karius (Blocks 6606/2,3) APA…
  19. 1H 2014 RESULTS – Atlantic Petroleum – slide 19
    PL528/528B IVORY - NORWEGIAN SEA JV partners & equities: Centrica 40% (Op.), Statoil 35%, Rocksource 10%, Atlantic Petroleum Norge 9%*, Repsol 6%* Gross recoverable resources up to 306 MMboe Gas prone area with possibility for oil…
  20. 1H 2014 RESULTS – Atlantic Petroleum – slide 20
    Summary & Outlook
  21. 1H 2014 RESULTS – Atlantic Petroleum – slide 21
    TARGETS 2014 PRODUCTION FINANCIAL EXPLORATION Production in 2014 average EBITDAX in the range Drill 4 exploration/appraisal between 1,6501,900 DKK 125MM - 175MM wells targeting 86MMboe of boepd net net un-risked resources 1H…
  22. 1H 2014 RESULTS – Atlantic Petroleum – slide 22
    SUMMARY AP will continue to pursue a sustainable model where cash flow funds growth Aspire to high impact exploration with limited downside expenditure AP will leverage its position to get carried exploration where possible Current…
  23. 1H 2014 RESULTS – Atlantic Petroleum – slide 23
    Q&A
  24. 1H 2014 RESULTS – Atlantic Petroleum – slide 24
    CONTACT Headquarters, Faroe Islands P/F Atlantic Petroleum Yviri vi Strond 4 P.O.Box 1228 Faroe Islands Tel +298 350 100 Norway office, Bergen Atlantic Petroleum Norge AS Edvard Griegsvei 3c 5059 Bergen Norway Tel +47 9920…

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