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Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa

Norse Energy Corp. Asa · Mar 18, 2010 · 30 slides

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Slides

  1. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 1
    Presentation of the Proposed Barnett Asset Combo Transaction March 18th 2010 Oslo, 10 AM
  2. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 2
    Executive Summary Proposed Barnett Combo Transaction Inside our strategy of unconventional plays Exposure to oil, not only gas Very attractive risk / reward Creates another attractive platform for growth and M&A Creates a…
  3. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 3
    Dr. Dimitrios Kousparis 10 years of experience in Barnett Combo Education & Experience Spice/Paris Development Tulsa Oklahoma University, Established position in PhD Geology/Geophysics Barnett in 2000 15 years with Conoco, HQ…
  4. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 4
    Agenda Corporate issues and background to current transactions The proposed Barnett Combo Asset Transaction Strategic rationale Assets, geology and technology Terms and status Q&A (Including possible Pan questions) 4
  5. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 5
    The rationale behind the demerger Different geographical areas with limited synergies between the US and Brazilian operations Significant potential in both companies which is better developed as two separate listed entities…
  6. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 6
    Demerger of the company Approved by EGM on January 28, 2010 Current structure sub-optimal for Existing shareholders shareholders Limited synergies between units Facing different challenges Capital requirements Investment…
  7. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 7
    Summary: Structural activities Share capital development example effect on NEC ASA There are currently 459 million shares outstanding in NEC ASA Proposed transactions New shares NEC ASA shares 1) Repair issue (NOKm 60, 4.25 share…
  8. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 8
    Summary: Structural Activities Share capital development example New Brazil Holding Upon demerger there will be 459 million shares outstanding in New Brazil Holding New Brazil Proposed transactions New shares Holding shares 1)…
  9. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 9
    Milestones EGM to vote on proposed Barnett transaction April EGM to vote on proposed Pan Petroleum merger April Listing of New Brazil Holding April / May Market will ultimately decide the share price in the two different…
  10. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 10
    Agenda Corporate issues and background to current transactions The proposed Barnett Combo Asset Transaction Strategic rationale Assets, geology and technology Terms and status Q&A (Including possible Pan questions) 10
  11. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 11
    Norse Energy Background The Norse team has a 20 years record as an active oil and gas asset player - Invest early in unconventional plays with new technology and/or geological know-how - Develop asset; business development, geology…
  12. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 12
    A History of Value Creation in America Gulf of Mexico, Oklahoma and Appalachian Basin 1973 Norse Petroleum Established 1993 Sold Gulf of Mexico oil and gas assets 1997 Sold Oklahoma natural gas assets 1996 Built and operated…
  13. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 13
    Agenda Corporate issues and background to current transactions The proposed Barnett Combo Asset Transaction Strategic rationale Assets, geology and technology Terms and status Q&A (Including possible Pan questions) 13
  14. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 14
    Strategic rationale Inside our strategy of unconventional plays Exposure to oil, not only gas Very attractive risk / reward Creates another attractive platform for growth and M&A Creates a robust, more diversified platform as…
  15. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 15
    Strategic Rationale Oil price decoupling from natural gas Total Oil rig US rigs share USD
  16. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 16
    Agenda Corporate issues and background to current transactions The proposed Barnett Combo Asset Transaction Strategic rationale Assets, geology and technology Terms and status Q&A (Including possible Pan questions) 16
  17. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 17
    Barnett shale - Asset overview The Barnett Asset Transaction is an oil & gas combo play Significant upside with: Horizontal drilling technology Emerging completion technology Barnett assets to be acquired: Acres: 4.1% working…
  18. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 18
    Leasehold position Attractive acreage position in a highly competitive area Economic assumptions assume 100 acre spacing Other industry players are despacing to 40 to 20 acre to improve recovery Leases have no depth limitations…
  19. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 19
    Evolution in horizontal drilling and completion technologies Multi stage fracing of horizontal wells can extract significantly more hydrocarbons than traditional vertical drilling With thicknesses over 700 feet, professional…
  20. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 20
    Barnett shale Due diligence Population of sample wells Bellevue area Midway area The Seller has participated in more than 130 wells Norse due diligence team has evaluated 189 horizontal wells Operated properties…
  21. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 21
    Barnett shale - Historical production profiles Strong Learning Curve Effects BARNETT SHALE COMBO PLAY HORIZONTAL WELL ANALYSIS A number of Maximum Oil Rate vs Date of Well Completion 600 wells have been drilled 500 There is a…
  22. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 22
    Barnett shale Historical production profiles Technological breakthrough December 2008 BARNETT SHALE COMBO PLAY HORIZONTAL WELL ANALYSIS Maximum Oil Rate vs Date of Well Completion 600 500 The performance of the horizontal…
  23. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 23
    Barnett shale Historical production profiles Estimated Ultimate Recovery rates on the rise BARNETT SHALE COMBO PLAY HORIZONTAL WELL ANALYSIS Estimated Ultimate Recovery vs Date of Well Completion 600 000 Only 1-3% of the oil in…
  24. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 24
    Attractive play potential EOG statement slide Barnett Combo
  25. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 25
    Agenda Corporate issues and background to current transactions The proposed Barnett Combo Asset Transaction Strategic rationale Assets, geology and technology Terms and status Q&A (Including possible Pan questions) 25
  26. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 26
    The Transaction Assets to be acquired debt free at closing Estimated cash flow of USD 5 million in 2010 Initial CAPEX commitments in the range of 20 to 30 MUSD for 2010 drilling program (to be finalized during due diligence) NEC…
  27. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 27
    Status on transaction process Letter of Intent (LOI) - Norse has 45 days exclusivity Completed Due diligence (DD) Ongoing - Seasoned team performing thorough analysis - Main focus on geology and drilling results Sales and…
  28. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 28
    Due diligence Comprehensive due diligence process - 3rd party expert advisors LAND GEOLOGY ENGINEERING/ ENVIRONMENTAL LEGAL/ FINANCIAL PRODUCITON REGULATORY 3rd party advisor 3rd party advisors 3rd party Review of Review of all…
  29. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 29
    Executive Summary Inside our strategy of unconventional plays Exposure to oil, not only gas Very attractive risk / reward Creates another attractive platform for growth and M&A Creates a robust, more diversified platform as a…
  30. Presentation of the Proposed Barnett Asset Combo Transaction – Norse Energy Corp. Asa – slide 30
    Agenda Corporate issues and background to current transactions The proposed Barnett Combo Asset Transaction Strategic rationale Assets, geology and technology Terms and status Q&A (Including possible Pan questions) 30

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