Faroe Petroleum plc Norwegian Asset Swap with Equinor 5 December 2018 1 Slide 1
Norwegian swap with Equinor More production, less development Transaction Summary Cashless swap with Equinor to acquire four producing assets in return for Njord, Hyme, Bauge (all 7.5%) Effective date of 1 January 2019 Adds…
Transaction rationale Active portfolio optimisation Accelerating growth, rebalancing reserves, reducing capex and unit opex Accelerates production growth towards near-medium term target of 35,000 boepd Preliminary estimate of 2019…
Transaction impact Accelerating growth, rebalancing reserves, reducing capex and unit opex Unrisked production profile (boepd)* 70,000 2P Reserves** 60,000 Pre-Deal 35% 50,000 Post-Deal 54% 2C Resources Producing Development…
Acquired assets summary
Asset overview Optimised portfolio with near term catalysts Acquired assets unrisked production profile (boepd)* Expands footprint through two new core 10,000 areas (Alvheim and Norne) Base 9,000 Potential upsides Alve, Marulk and…
Asset summary: Alve Norne core area Asset overview Asset location Partners Net 2P HC Type Equinor (53.0%, op) Faroe (32.0%) 7.7 Gas/Cond INEOS (15.0%) Discovered 1990, 16 km SW of Norne Upper Jurassic (Tilje, Ile, Tofte, Not and…
Asset summary: Marulk Norne core area Asset overview Asset details Partners Net 2P HC Type Equinor (33.0%) ENI (20.0%, op) 2.3 Gas/Cond Top Lysing Faroe (17.0%) Top Lange Discovered 1992, 30 km south west of Norne Production…
Asset summary: Ringhorne East Balder/Ringhorne core area Asset overview Asset details Partners Net 2P HC Type Point (77.38%, op) 4.7** Oil Faroe (22.62%)* Jurassic shallow marine sandstones with excellent reservoir quality Three…
Asset summary: Vilje Alvheim core area Asset overview Asset detail Partners Net 2P HC Type Top Heimdal Depth Map AkerBP (46.904%, op) Faroe (28.853%) 4.4 Oil PGNiG (24.243%) Simple 4-way structure in Heimdal (turbidite) Three…
Outlook & summary
Key near term catalysts Driving growth through organic investment 2018 2019 2020 WI% Op H1 H2 H1 H2 H1 H2 Brage 14.3% Wintershall infills infills Brasse 50.0% Faroe DG2 PDO EPCI 2P Reserves Fenja 7.5% Neptune PDO drilling…
Agar discovery (UK) Recent discovery near Alvheim core area Licence P1763: Faroe 25%, Azinor 25% operator, Cairn 50% Successful Agar discovery in November 2018 Gross recoverable resources: 15 to 50 mmboe Operators capex estimates…
Cassidy exploration well - Norway Licence PL405: Faroe 15%, Spirit 40% (Op), Suncor 30%, AkerBP 15% Spudded 4th December with Mrsk Innovator Located north of Oda in similar salt dome setting Oil prospect: 50 110 mill boe gross…
Delivering value for all shareholders Strongly positioned a well funded, sustainable business Supporting growth with M&A Multiple transactions in 2018: Fenja partial-sale Effective portfolio management Fogelberg farm-down Agar…
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