Faroe overview Faroes strategy is delivering exceptional results Two significant exploration successes in Snilehorn and Pil Schooner & Ketch acquisition tax efficient, diversified cash flow Significant potential now being realised…
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…
Strategy is delivering solid growth in core value 2010 to 2014 track record is outstanding Production increased fourfold through a combination of acquisitions and swaps 2P Reserves increased eightfold through combination of FDPs,…
Faroes growth model building core value and scale Prospective Resources 2C Resources 2P Reserves Production Licence awards 4 5 E&A wells per year FDP sanction Valueaccretive maintain success 1 in 3 discovery rate Highly selective…
Enhance exploration & appraisal Norway world class exploration region One of most attractive exploration regions in the world Faroe has largest position in Norway of any UK independent World class discoveries still being made Johan…
Enhance exploration & appraisal Faroe a leading explorer in the region H A reputation for technical excellence A Successful in all UK licensing rounds and Norway APA licensing rounds since 2006 first equal with Statoil in B 2013…
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)…
Enhance exploration & appraisal Pil: significant exploration success Significant success announced in March 2014 Faroe 25% Initial wellbore: gross columns ca 135m of oil and 91m of gas Well test flowed at a stable rate of 6,710…
Nearfield well: Butch South West Butch discovery (Faroe 15%, Centrica operator) Norway Southern North Sea; 66m water depth Stavanger . PL405 Close to infrastructure: Ula and Gyda Excellent quality reservoir, light oil Aberdeen…
Enhance exploration & appraisal Expected drilling programme: current outlook Continuous drilling: 10 E&A wells during next 2.5 years (4 to 5 targeted per annum) Balance of lowrisk highvalue stepout exploration, highimpact wells and…
Move 2C Contingent Resources to 2P Reserves Current 2C Contingent Resource Estimate summary Maximise project values through relatively lowcost predevelopment activities Estimated Net 2C Resources Faroe Observations (mid case est.)…
Build production base Producing assets Diversified production base with infill and near field upside potential to boost production Brage Oil field in Norwegian Sea Wintershall operated (Faroe: 14.25%) 2P Reserves (01/01/14) Infill…
Build production base Schooner & Ketch acquisition Accretive deal grows production and 2P reserves Adds 3,000 4,000 boepd net increasing group production to 7,00010,000 boepd for 2014 Adds 5.9 million boe of 2P reserves at 1…
Build production base Producing assets Greater Njord Area Longterm growth potential despite temporary Njord shutin Asset overview Snilehorn Draugen Hyme Faroe acquired 7.5% working interest in 2011; producing since 1997,…
Share Placing June 2014 65m placing to build upon success & maintain momentum Protect Faroes 25% interest in Pil follow-up programme Maintain material equity positions in multi-well programme Progress 2C resources towards…
Financial highlights 2013 results Turnover 129.4m (2012: 158.8m) EBITDAX1 80.5m (2012: 96.3m) Expensed exploration expenditure of 22.2m (2012: 79.7m) includes prelicence expenditure of 6.9m and write offs of 15.4m Profit after tax…
Summary Solid and proven business model delivering sustainable value growth, principally through drillbit Explorationled strategy with strong focus on high impact opportunities in Norway and Atlantic margin Worldclass technical team…
Executive team Graham Stewart Chief Executive Officer 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…
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