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2019 Interim Results Presentation – Dno International Asa

Dno International Asa · Mar 31, 2020 · 23 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 2019 Interim Results Presentation – Dno International Asa – slide 1
    2019 Interim Results Presentation
  2. 2019 Interim Results Presentation – Dno International Asa – slide 2
    Operational and financial highlights Page 2
  3. 2019 Interim Results Presentation – Dno International Asa – slide 3
    2019 operational highlights Operated 2019 production averaged 127,000 barrels of oil equivalent per day (boepd), compared to 117,600 boepd in 2018, of which Kurdistan accounted for 124,000 barrels of oil per day (bopd) and the North…
  4. 2019 Interim Results Presentation – Dno International Asa – slide 4
    2019 financial highlights Net profits of USD 74 million on record revenues of USD 971 million Operational spend of USD 606 million in 2019 including USD 345 million in Kurdistan and USD 261 million in the North Sea (net of…
  5. 2019 Interim Results Presentation – Dno International Asa – slide 5
    Q4 2019 results On a quarterly basis, Q4 2019 operated production in Kurdistan of 122,800 bopd (119,800 bopd in Q3 2019) Of which 86,600 bopd represented Kurdistan CWI production in Q4 2019 (84,400 bopd in Q3 2019) North Sea…
  6. 2019 Interim Results Presentation – Dno International Asa – slide 6
    Historical production and revenue trends CWI production Revenue boepd USD million 120000 1200 100000 1000 971 829 80000 800 60000 600 493 498 452 40000 400 365 347 234 197 211 187 202 20000 200 149 156 154 161 140 93…
  7. 2019 Interim Results Presentation – Dno International Asa – slide 7
    DNO driving Kurdistan operations DNOs foot remains firmly on the accelerator and we are committed to continue to outdrill and outproduce all other international oil companies in Kurdistan 2019 Tawke license operated production…
  8. 2019 Interim Results Presentation – Dno International Asa – slide 8
    while actively exploring Baeshiqa license contains two large structures with multiple target reservoirs, including in Cretaceous, Jurassic and Triassic formations Last November, DNO reported a discovery in the Baeshiqa-2…
  9. 2019 Interim Results Presentation – Dno International Asa – slide 9
    and continuing to reduce carbon footprint On track to deliver Peshkabir-to-Tawke gas injection project in spring 2020 Effectively eliminates gas flaring in DNOs Kurdistan operations while enhancing oil recovery in the Tawke field…
  10. 2019 Interim Results Presentation – Dno International Asa – slide 10
    Building a strong North Sea platform North Sea CWI production averaged 17,400 boepd in 2019 Recently awarded 10 exploration licenses under Norways Awards in Predefined Areas (APA) 2019 licensing round with five in the North Sea,…
  11. 2019 Interim Results Presentation – Dno International Asa – slide 11
    which continues to grow DNO leapfrogs to fifth place in total Norwegian licenses with 97 licenses, of which 24 are operated Solid platform to pursue more transactions in the United Kingdom and Norway, including acquisition of…
  12. 2019 Interim Results Presentation – Dno International Asa – slide 12
    Returning cash to shareholders Since commencement of a dividend program in August 2018 DNO has made three distributions totaling NOK 620 million or USD 72 million Next semi-annual distribution of NOK 0.20 per share expected to be…
  13. 2019 Interim Results Presentation – Dno International Asa – slide 13
    And buying back bonds Strong cash balances allow previously announced buyback of bonds To date, DNO has bought back USD 69.6 million in nominal value of FAPE01 bonds originally issued by Faroe Petroleum Purchased at a weighted…
  14. 2019 Interim Results Presentation – Dno International Asa – slide 14
    Additional financing secured In November 2019, DNO North Sea plc increased and extended its reserve based lending (RBL) and exploration financing (EFF) facilities RBL increased from USD 245 million to USD 350 million with accordion…
  15. 2019 Interim Results Presentation – Dno International Asa – slide 15
    Financial review Page 15
  16. 2019 Interim Results Presentation – Dno International Asa – slide 16
    DNO financial results key figures Revenue Netback Operating profit USD million USD million USD million 1200 700 600 606 521 1000 971 600 500 829 489 500 800 400 377 400 600 300 300 232 400 347 200 200 202 200 93 100…
  17. 2019 Interim Results Presentation – Dno International Asa – slide 17
    Financial summary USD million Q4 2019 Q3 2019 Q4 2018 2019 2018 Revenues 274.6 227.0 368.8 971.4 829.3 Cost of goods sold -151.7 -139.0 -106.8 -541.4 -350.6 Gross profit 123.0 88.0 262.0 430.0 478.7 Expensed exploration -47.9 -47.4…
  18. 2019 Interim Results Presentation – Dno International Asa – slide 18
    Annual operational spend USD million Capex Expex Lifting 900 800 700 606 600 500 400 300 239 262 200 100 0 2017 2018 2019 Operational spend at USD 606 million in 2019, of which USD 345 million in Kurdistan and…
  19. 2019 Interim Results Presentation – Dno International Asa – slide 19
    2019 cash flow USD million 1200 385 -823 1100 1000 900 800 729 700 600 195 486 500 400 300 200 100 0 Cash at Cash from Investment Tax & Cash at end 2018 operations activities finance end 2019 More than half of…
  20. 2019 Interim Results Presentation – Dno International Asa – slide 20
    Capital structure Cash deposits Financial assets Equity ratio USD million USD million Percent 800 350 100 729 700 90 300 281 80 600 250 70 486 62 61 500 430 60 200 400 50 145 41 150 300 40 36 261 100 30 200 58 20…
  21. 2019 Interim Results Presentation – Dno International Asa – slide 21
    2020 sneak peek Planned capital expenditure in 2020 of USD 320 million, of Projected operational spend 2020 which USD 200 million in Kurdistan and USD 120 million in USD million the North Sea Capex Expex Lifting Kurdistan capital…
  22. 2019 Interim Results Presentation – Dno International Asa – slide 22
    Important notice This presentation (the Presentation) has been prepared and delivered by DNO ASA (DNO or the Company). Copyright of all published material including photographs, drawings and images in this document remains vested in…
  23. 2019 Interim Results Presentation – Dno International Asa – slide 23

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