PA Resources finding our niche Mark McAllister, CEO Annual General Meeting April 2014
Todays outline FINANCIAL HIGHLIGHTS Q1 Full-year 2013 and Q1 2014 2013 PROGRESS Refinancing, drilling success, farm-outs 2014 PRIORITIES Development planning, appraisal drilling REFINING THE BUSINESS MODEL Building for…
A period of change for long term success Building the platform Laying the Exploration and Appraisal drilling Sustainable Future Foundations Development Plans Project execution Increased and stable Short term finance New…
Improving financial reporting Board review of presentation format and accounting policies Resulted in new P&L format: Royalty in kind and tax oil no longer included as revenue. lower reported revenue lower costs unchanged net…
Earnings and key ratios Q1 2014 Q1 2013 FY 2013 FY 2012 COMMENTS Revenue (SEK million) 178 359 1,049 1,856 REVENUE: decreased due to lower production EBITDA (SEK million) 114 211 -494 1,185 OIL PRICE: PA Resources Profit before…
Cash flow and investments SEK million Q1 2014 Q1 2013 2013 2012 Investments (MSEK) Cash flow from operations -52 -70 -379 838 300 250 200-250 200 Cash flow from investments -41 -58 -271 -255 150 255 271 100 Rights issue - 604…
Debt and equity 31 March 31 December 31 December SEK million 2014 2013 2012 COMMENTS Total assets 5,330 5,460 6,439 CONVERTIBLE BOND: SEK 94 million amortised in January 2014 Cash 216 403 58 NEW WC FACILITY IN PLACE: 50…
2013 Summary Strengthened balance sheet and refinancing Two large new owners with outstanding industry expertise A highly experienced management team now in place Portfolio rationalisation Strategic farm-outs bring in strong partners…
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…
Shaping the asset portfolio Core areas: North Sea, North Africa and West Africa Project execution moving our assets further Plans of development in the coming months Take out Greenland Tunisia Offshore: Didon Production Tunisia…
Preparing Didon for the long term 2014 2017 1976 1997 1998 2005 2006 2008-2009 2011 2013-2017 Discovery Concession First Oil PA Acquisition Platform + 2 Wells 4 New Wells Enhancement Study Development ESPsFirst production…
Appraisal and Development Tunisia: Zarat & Elyssa Equatorial Guinea: Diega Denmark: Broder Tuck & Lille John Take out Greenland UK: Birgitta (22/19-1) Danish appraisal costs carried by Dana Production EnQuest part carry…
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…
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 plan in…
Commercialisation of Broder Tuck 2006 2008 2011 2012 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…
Exploration Tunisia: Onshore permits North Sea: German block, Danish/UK rounds Equatorial Guinea: Block I potential Take out Greenland Congo: MPS prospect Seismic planned for Tunisia Bid groups in place for Denmark/UK…
Identify drilling target at Mer Profonde Sud 2002-2004 2010-2011 2014 WO & Infill Drilling 3D Seismic DL-23 Abandonment on Azurite field continues and is presently around 80% complete Murphy exited from remaining MPS…
Value Cycle Cash from Low Cost Core Skills: Production Access Subsurface Excellence Financial Management Commercial Acumen Appraise and Core Areas: Work Up Develop Value North Sea, North Africa West Africa Farm Down…
How we deliver value M&A Develop Current Portfolio Organic Growth Strong Owners Top Team Good Assets Right Operators Development Planning Maximise Asset Value
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…
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…
A period of change for long term success Building the platform Laying the Exploration and Appraisal drilling Sustainable Future Foundations Development Plans Project execution Increased and stable Short term finance New…
Loading...
