Introduction to Faroe Petroleum Building a leading pan-North Sea independent E&P company 40 oil & gas assets across Norway, UK, Ireland Established North Sea full-cycle HQ in Aberdeen, offices Stavanger & London E&P independent Blue…
Strong delivery of hard value through the drill bit Reserves evolution 2P Reserve Growth 2013-2018 (mmboe) 98 58% Discoveries (Transfer from 2C) 81 61 16% Discoveries (Maria swap) Existing portfolio & 19 25%…
High value organic production growth Fully funded for all committed projects, additional infill upside, plus Brasse Further potential pending from 50,000 Fogelberg, Iris &Hades discoveries Contingent Resources incl. infills…
Material production & reserves from diversified portfolio ULA hub area Growth area for Faroe given Oda development, Tambar gas lift and Operators Net 2P Net prod. further investment opportunities (Ula/Tambar) mmboe, Jan 2018 boepd,…
Asset summary
BRASSE - flagship operated development project - 50% Robust, simple subsea development project with excellent address Brasse: (Faroe 50% and operator) PL740 Brasse oil and gas discovery July 2016 Successful 2017 appraisal campaign:…
Ula hub area Significant upside from further infill drilling and WAG scheme Ula, Tambar, Oda and Blane Ula (20%) Renewed exploitation drive underway led by AkerBP New 4D seismic, infill targets maturing Tambar (45%) Two new infill…
Njord hub area: NJORD + HYME + BAUGE + FENJA Attractive projects with excellent upside Njord A facility at the Aker Stord yard Njord: (Faroe 7.5%) + Fenja (Faroe 7.5%*) Significant resource base Gross reserves on Faroe licences…
Exploration key to Faroes value creation Tax-efficient, low cost exploration offers material value uplift Focused and balanced exploration strategy Strict internal criteria for drilling and exploration Benefiting from lower…
Key catalysts 2018 Value-driving events over next 12 months 2018 2019 Q1 Q2 Q3 Q4 H1 Tambar infills Development Production & Brage infills Brasse DG2 and PDO Fenja PDO approval Oda first oil Iris/Hades1 Exploration &…
Finances
2017 final results & 2018 outlook Financial highlights and outlook 2017 Results Revenue 152.9m (2016: 94.8m), EBITDAX 82.2m (2016: 25.8m) Production 2017 economic production 14,349 boepd, forecast 2018 production 12-15,000 boepd…
Strong financial foundation to unlock value Diversified capital structure and financial flexibility Exploration success driving development capex Seek to manage exposure to individual projects Healthy Operatorship important factor…
Capital structure and liquidity - approx. 500m Maximising debt availability Reserves based lending facility 250 million facility Maturity July 2023, amortisation starts 2020 Total Liquidity1 ( million) Currently undrawn with…
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 LSE quoted E&Ps…
Appendices
Iris & Hades Discoveries and Fogelberg Appraisal Successful start of 2018 exploration programme Iris & Hades: (Faroe 20% , Operator OMV) Prospects identified by Faroe: Original award in APA 2009 Reapplied as an extension to Aerosmith…
Strong support from institutional shareholders Share price performance and shareholder overview 12 Month share price performance Major shareholder split* DNO: 28.7% Other institutional 35.9% Invesco: 4.1% JP Morgan: 5.2% Aviva:…
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…
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