Faroe Petroleum Interim Results 26 September 2017 1 Slide 1
Faroes 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…
2017 Interim Highlights Activity Operations Exploration programme continues to deliver in Norway Successful Brasse oil and gas appraisal well and DST increases recoverable volumes to 56-92 mmboe (43-80 mmboe previously) Four new APA…
Visible growth route to over 40,000 boepd within 5 years New production from investment in projects - locking in low costs 40,000 Development Status Fogelberg Committed To be sanctioned Fenja (Pil) Contingent on appraisal…
Committed projects on track Attractive projects with excellent upside Brage infill drilling promising results Brage A-25 A Initial production First producer in three well programme brought on stream at excellent initial oil rate: 8,000…
Asset summary
Core hub areas Attractive projects with excellent upside Focus on value growth to realise synergies Greater NJORD hub area Njord Future Project (including new Bauge) on track for 2020 Fenja (Pil & Bue) FEED underway FDP expected late…
Brage hub area: BRASSE Robust, simple subsea development project with excellent address Brasse: (Faroe 50% and operator) PL740 Brasse oil and gas discovery July 2016 similar to Brage Preliminary estimates of 56-92 mmboe recoverable…
Brage hub area: BRASSE High value project with excellent upside Brasse: (Faroe 50% and operator) Slide 10
Brage hub area: BRAGE Incremental project to deliver 2018 production growth Brage: (Faroe 14.3%) Overview Large STOOIP (1,000 mmbbls) Net 2P Reserves at 5.0 mmboe at 1 Jan 2017 Wintershall 35.2% and operator MAP Opex reductions…
Ula hub area: ULA Significant upside from further infill drilling and WAG reinjection scheme Ula: (Faroe 20%) Overview AkerBP 55% and operator Net 2P Reserves at 6.5 mmboe at 1 January 2017 Field development Net 2P Reserves at 6.5…
Ula hub area: TAMBAR Gas lift and new infill wells Tambar: (Faroe 45%) Overview AkerBP 55% and operator Net 2P Reserves 9.8 mmboe at 1 January 2017 Installing artificial lift Retrofit gas lift system (straddle) in existing wells…
Ula hub area: ODA 1 Simple, high-return oil development via Ula hub infrastructure Oda: (Faroe 15%) High value project Centrica 40% and operator, AkerBP 15% and Suncor 30% 66m water depth - excellent quality reservoir, light oil…
Njord hub area: NJORD + HYME + BAUGE + FENJA Attractive projects with excellent upside Njord: (Faroe 7.5%) + Fenja (Pil & Bue): (Faroe 25%) Njord Future Project FDP approved June 2017 Dry dock phase for hull reinforcements and…
Njord hub area: SIGNIFICANT RESOURCE BASE Material 2P reserves, future production and significant prospect inventory Faroe has material position in prolific Halten Terrace area Gross reserves on Faroe licences estimated to be more than…
Exploration drive benefiting from much lower costs Tax-efficient exploration offers material value uplift More than 1.0 bn boe unrisked prospective resource in portfolio1) Strong in-house team with excellent track record High…
Finances
H1 2017 Results Summary Increased profitability and cash flow from operations Financial Summary (M) H1 2017 H1 2016 Explanation An increase of 64% in accounting production (due to acquisition of DONG assets) and Revenue (IFRS) 80.1…
Financial summary highlights and outlook Strong balance sheet, undrawn RBL, good hedging, production cash flow o 78% tax rebate for Norwegian E&A o 117.5m at 30 Jun 17 o Over 90% cost recovery for (unaudited) developments in Norway…
Summary Diversified portfolio, high upside, funded programme - material value growth Solid and proven pan-North Sea model with world class team delivering sustainable value growth Greatest exposure to Norway of all London quoted E&Ps…
Appendices
Share price Slide 23
Faroe Petroleums shares Number of Average traded shares in issue volume per day in 2016 366.5m 1.3m Quoted on AIM, Shares in free London float approx. 84%* *Source: RDIR Blue chip shareholder base Slide 24
Loading...
