Faroe overview Explorationled and productionbacked E&P company Faroe has built the largest acreage position in Norway of any UK independent, and also has major frontier position Faroe has an excellent track record of success…
Consistent and proven strategy Exploration Target 45 material wells per year High Impact near field and frontier Leverage competitive edge Win licences, drill wells and make discoveries Monetisation Realise value of exploration…
Proven track record 2P reserves Production* Significant growth in key parameters year on year * Economic production figures differ to those used for accounting purposes. For example, in 2013 Faroe received the economic benefit…
Among most successful explorers in Norway Faroe has made 5 discoveries in 11 wells in Norway (Maria, Fogelberg, Butch, Rodriguez & Snilehorn) Faroe ranks 8th best in terms of net resources added through organic growth since entering…
2013 an active and successful year High impact exploration drilling programme Rodriguez exploration well (Norway) significant oil discovery leading to Solberg follow up well (currently drilling) Snilehorn exploration well (Norway)…
Nearfield wells: Norwegian Sea Halten Terrace Huge potential, near infrastructure Faroe excellent track record: 4 significant discoveries Snilehorn significant discovery Significant discovery announced in November 2013 Recoverable…
Snilehorn: significant discovery announced 11 November 2013 PL348, Statoil operator, Faroe 7.5% Snilehorn building on success of Hyme (3.5 years from discovery to production) Satellite development opportunity to Hyme (4 km)…
Novus: small discovery announced 27 January 2014 Faroe 30% & operator Novus West Main target Garn formation thicker and better Garn HC quality than expected 12.5m oil column with a Novus East 12m gas cap Ile water-wet…
Solberg: appraisal of January 2013 discovery PL475 Wintershall operator, Faroe 20% Rodriguez gas condensate discovery Jan13 Penetrated reservoir at edge of seismic anomaly Significant further upsides in PL590 and in PL475…
Pil: exploration well Njord satellite PL586, VNG operator, Faroe 25% Well defined prospect with flat spot Satellite development opportunity to Njord (32 km) Significant follow up potential (Bue prospect) Commenced drilling 20…
Butch: two nearfield exploration wells Two scheduled exploration wells could change development materially from subsea to stand alone PL405, Centrica operator, Faroe 15% Programme involves: drilling Butch E and Butch SW back to back…
Nearfield wells: 2 on Butch structure Butch discovery (Faroe 15%) Southern North Sea; 66m water depth Close to infrastructure: Ula and Gyda Excellent quality reservoir, light oil Centrica operator Already of commercial size…
Frontier exploration: strategic positions Dazzler Barents Sea Successful Iceland entry Immense province, recent breakthroughs Material potential conjugate model New key licence awarded 22nd Round 23rd Round initiated West…
Expected Drilling Programme Targeting continuous drilling: targeting 45 high impact, wells per annum Balance of Lowrisk, high potential value, nearfield exploration wells Potential company maker frontier exploration wells (West of…
Converting Contingent into Reserves and Production Perth and Lowlander significant upside No existing facilities in the area allow production of sour crude oil1. Faroe and Parkmead plan to bring Perth and Lowlander to development…
Production and reserves: a solid platform for growth Faroe has interests in 8 oil and gas fields, of which key fields are: Njord (Faroe 7.5%): Prolific oil and gas field in the Norwegian Sea Statoil operated Hyme subsea satellite…
Njord field, Norwegian Sea Njord A facility Field brought on stream 1997. Gas export 2007 Hyme satellite brought on production in 2013 Faroes 7.5% interest acquired in Petoro Maria swap (2011) Njord A facility designed for 16…
Financial highlights H1 2013 results 1H revenue 89.0m (1H 2012: 90.6m) 1H EBITDAX1 56.9m (1H 2012: 62.8m) Outlook Planned exploration drilling programme in 2014 of approx. 110m (pretax rebate) and 35m post tax Development capex…
Differentiators Excellent exploration Experienced management track record & clear strategy Financial strength Sustainable multiwell Excellent monetisation Strong Norway drilling programme track record position 21
Summary Solid and proven business model delivering sustainable value growth, principally through drillbit Worldclass technical team Explorationled strategy with strong focus on high impact opportunities in Norway and Atlantic margin…
Executive team Graham Stewart Chief Executive Instrumental in founding Faroe Petroleum in 1998 Over 25 years experience in oil and gas technical and commercial affairs Previously finance director and commercial director at Dana…
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