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…
Faroe: Leading Explorer in Norway Faroe has made 7 discoveries in 13 wells in Norway Number of Licenses 20102013 (Maria, Fogelberg, Butch, Rodriguez/Solberg, Snilehorn & Pil) Faroe ranks 8th in terms of net resources added…
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)…
Pil & Bue: Exploration well sidetrack drilling PL586, VNG operator, Faroe 25% Gross columns of ca 135m of oil and 91m of gas Reservoir sands with a very high net to gross ratio Well test flowed at a stable rate of 6,710 bopd of…
Pil Follow up PL586, VNG operator, Faroe 25% Analogous prospectivity together with the deeper than expected oil column have resulted in further exploration opportunities within the licence The operator has secured the…
Rodriguez & Solberg discovery 2013/2014 PL475 Wintershall operator, Faroe 20% Rodriguez & Solberg gas condensate discoveries Jan13 & Apr14 Lower Cretaceous Lange formation Better than expected permeability in the reservoir…
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…
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…
Drilling programme outlook 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 Shetlands…
Converting contingent resources into reserves Maximise project values through lowcost predevelopment activities Field WI Operator Faroe Observations Snilehorn 7.5% Statoil 2013 discovery (Norway) Further appraisal may be required…
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 as a joint project sharing the same facilities…
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…
Ketch and Schooner Acquisition April 2014 Accretive deal to grow production and 2P reserves on attractive terms 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…
Ketch & Schooner assets overview Faroe to hold a 60% interest and operatorship of both Ketch and Schooner fields Ketch discovered 1984 and on stream 1999 Schooner discovered 1987 and on stream 1996 Both developed by Shell as…
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, Statoil operated Njord Hyme…
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…
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 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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