Fourth Quarter 2013 Mark McAllister, CEO Tomas Hedstrm, CFO Stockholm, 5 February 2014
Todays topics BUILDING A PLATFORM FOR THE FUTURE FINANCIAL HIGHLIGHTS OPERATIONAL UPDATE CONCLUSION 2
Q4 and full year Summary Strengthened balance sheet and refinancing Portfolio rationalisation Strategic farm-outs bring in strong partners and reduce risk and investment Azurite field closed and field abandonment commenced SEK…
Three strategic Farm-outs Each operator is a technical and strategic fit for the respective licence. Exploration Appraisal Production MPS 12/06 Zarat Congo Denmark Tunisia Farmed out 60% to SOCO Farmed out 40% to Dana Farmed out…
Latest news Diega towards development Block I, Equatorial Guinea PAR 5.7% Noble Energy, operator Encouraging results Good reservoir quality, no water Consistent with upside case expectations Tie Back to the Aseng FPSO Development…
An experienced Management Team Mark McAllister CEO London Tomas Hedstrm Kevin McGrory Graham Goffey Paul Elstone Slimane Bouabbane CFO General Counsel SVP Exploration MD Tunisia VP Business MD West Africa Development and North…
Shaping the asset portfolio Core areas: North Sea, North Africa and West Africa Project execution moving our assets further Plan of development in the coming months Take out Greenland Tunisia Offshore: Didon Production Tunisia…
Financial highlights Q1
Production and sales in Q4 Average production (bopd) bopd Full year Q4 Dec. 2013 2013 2013 9 000 8 000 West Africa 3,900 3,000 2,600 7 000 6 000 North Africa 700 600 1,000 5 000 8 700 8 000 7 700 4 000 7…
Earnings and key ratios Q4 2013 Q3 2013 2013 KEY COMMENTS Q4 vs Q3 Production (bopd)* 3,600 4,200 4,600 Revenue lower due to production and oil price Oil price (USD/barrel) 106 108 108 Fourth quarter impairment of MPS and Revenue…
Q4 & Q3 comparison after one-offs SEK million Q4 2013 Q3 2013 KEY COMMENTS Profit for the period -402 -501 Didon vessel upgrade costs SEK 42 million in Q4 and SEK 48 million in Q3 One-off costs Decommissioning costs 0 469 Block H…
Income Statement full year 2013 SEK million 2013 KEY COMMENTS Profit for the period -1,219 Impairments of: Block 8, Greenland 97 One-off costs 9/06 (Gita), Denmark 90 Decommissioning costs 469 MPS, Congo 326 Azurite, Congo 21…
Cash flow SEK million Q4 2013 Q3 2013 2013 KEY COMMENTS Cash flow from operations -269 -13 -379 Q4 capex of SEK 100 million, mainly related to drilling activities in Block I in Capex -100 -74 -271 Equatorial Guinea Full year capex…
Current equity and debt situation Covenants and Net Debt development KEY COMMENTS Q4 Q3 Q2 Q1 Covenants Equity amounted to SEK 1,795 million 2013 2013 2013 2013 Book Equity In compliance with both covenants as per 1,795 2,144 1,973…
Operational update Q1
Production re-start on the Didon Field 2017 1976 1997 1998 2005 2006 2008-2009 2011 2013-2017 2014 First production Discovery Concession First Oil PA Acquisition Platform + 2 Wells 4 New Wells Enhancement Study Development ESP,…
Plan of development for the Zarat Field 1990 1992 1995 2005 2012 2013 2014 Permit Award Discovery Appraisal Well PA Acquisition Draft POD EnQuest Farm-Out UUOA, UPOD Largest undeveloped discovery in Tunisia with 120mmboe of oil…
Plan appraisal well on the Elyssa field 1974 1992 2005 2006/2007 2010 2013 2015 Appraisal Enquest Farm-Out Appraisal Well Discovery PA Acquisition Appraisal Well + ST New 3D Seismic Well Another significant gas accumulation…
Commercialisation of Broder Tuck 2006 2008 2011 2011 2013 2014 6th license round PA acquired Exploration well Discovery Evaluation Dana Farm-out Pre-development evaluation Awarded to Scotsdale Scotsdale Report Gas field…
Appraisal drilling at Lille John 2006 2008 2011 2012 2013 2014 6th license round PA acquired Exploration well Discovery Evaluation Dana Farm-out Appraisal well Awarded to Scotsdale Scotsdale + ST Report Oil field discovered by PA…
Identify drilling target at Mer Profonde Sud 2002-2004 2010-2011 2014 WO & Infill Drilling 3D Seismic DL-23 Azurite Field now abandoned and vessel shortly to depart Murphy exited from remaining MPS exploration licence MPS is…
2014 Key activities Exploration Appraisal/Development Production Closing of MPS farm-out to SOCO Closing of 12/06 farm-out to Dana Closing of Tunisian farm-out to EnQuest MPS Block I Didon - Confirm drilling target - Submit Diega POD -…
Conclusion Q1
A period of change for long term success Developed platform for future growth Project execution Based on 2013 achievements Start building the Closing of farm-out contracts Development of platform Cooperation for the future:…
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