Introduction to Faroe Petroleum Building a leading pan-North Sea independent E&P company Established North Sea E&P independent Njord Area Founded in 1997, entered the UKCS in 2004 and NCS in 2006 Headquartered in Aberdeen, offices…
Faroe Petroleum overview Building the leading pan-North Sea independent E&P company A high quality, diversified North Sea asset base 2017 production guidance Hub/spoke-focused strategy to unlock synergies 13-15,000 boepd 1H 2017:…
Visible growth route to over 40,000 boepd over 5 years Additional production from investment in existing projects - locking in low-cycle costs 40,000 boepd Fogelberg Development Status Committed Fenja (Pil) To be sanctioned…
Material production & reserves from diversified portfolio ULA hub area NCS producer with future tie-back potential Operators Net 2P Net prod. mmboe, Jan 2017 boepd, H1 2017 Operator pursuing cost reductions and incremental barrels…
Asset summary
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 upside Brasse: (Faroe 50% and operator) Brasse Extension New Acreage Feb 2017 The Brasse exploration well and appraisal wells an operational success Top decile performance for…
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 Infill Drilling Two new infill wells being drilled Plan to bring on production in…
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 benefiting from significantly lower costs Tax-efficient exploration offers material value uplift Balanced exploration strategy with strict internal criteria for drilling and exploration Benefiting from lower exploration…
Finances
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…
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
Strong support from institutional shareholders Share price performance and shareholder overview 12 Month share price performance Major shareholder split* Aviva: 7% Other 115 institutional Blackrock: 9% 47% 105 JP Morgan: 5%…
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…
Loading...
