B r i g h t h o r i z o n s Annual General Meeting1 26 June 2018 Slide 1
Introduction to Faroe Petroleum Successful North Sea explorer with significant production growth underway 12 principal fields across 4 hubs/areas High quality, diversified 2P reserves: 98 mmboe, 79% oil North Sea asset base Long…
Delivery through the drill-bit Proven & probable (2P) reserves at year-end 2017 2P Reserve Growth 2013-2018 Reserve split by Area (mmboe) (mmboe) UK 98 Ula Sourced 4 25% through Area M&A* gas 32 21% 36 98 oil 79%…
High value, organic production growth Fully funded for all committed projects plus Brasse 60,000 Strong growth trajectory principally 50,000 from subsea tie back developments Contingent resources 40,000 (pending commitment)…
Key near term catalysts Value driving events over next 12 months 2018 2019 Q1 Q2 Q3 Q4 H1 Tambar infills Wells complete and producing in excess of expectations Development Production & Brage infills Brasse DG2 and PDO…
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 exploration…
Asset summary
Brasse flagship operated development project Robust, simple subsea development project near infrastructure PL740 Brasse: (Faroe 50% and operator) Brasse discovered July 2016 and successful appraisal campaign July 2017 Oil and…
Ula Area proving the hub approach Focus on valuable incremental volumes Ula (20%), Tambar (45%), Oda (15%), Blane UK (44.5%), Oselvar (55%) Successful Tambar revitalisation Two new infills on stream and performing well Ula Hub (20%)…
Njord Area a major NCS (re)development project Aligned interest across entire area Njord, Hyme, Bauge & Fenja (all 7.5%) Significant resource base remaining in Njord Area Gross reserves of 345 mmboe and peak production of 130,000…
Finance
2017 final results & 2018 outlook Financial highlights and outlook 2017 Results Revenue 152.9 million (2016: 94.8 million), EBITDAX 82.2 million (2016: 25.8 million) Production 2017 economic production 14,349 boepd, forecast 2018…
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 460 million Maximising debt availability Reserves based lending facility 250 million facility Total Liquidity1 Maturity December 2023, amortisation starts 2020 ( million) 2 Currently undrawn with…
Faroe Petroleum summary High quality explorer with significant production growth all fully funded Significant production & value growth Fully funded & strong liquidity position Multiple event catalysts next 12 mths…
Appendices
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,…
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 Slide 20
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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