Contents Headlines p. 3 Operations Production p. 4-7 Discoveries p. 8-11 Exploration incl. APA 2013 p. 12-18 Svein Arild Killingland, Shareholder matters Chief Exec Officer Refinancing concluded, new board p. 19-20 Key…
Headlines Refinancing concluded Subsequent issue significantly oversubscribed DK abandonment escrow account established (DKK 445 mill) Production performance the key to success Unstable Huntington in Q4 Oselvar and Lulita produce…
Producing fields Q4 2013 Presentation 4
Huntington Increasing production level Production levels in 2013 and January 2014 highly variable Compressor problems (Q3) Oil storage venting system (Q3) Gas export issues related to CATS1 system (Q4) Heavy winter storms…
Siri Fairway Nini back on stream Integrity issues discovered on Temporary solution with direct Siri platform in July 2013 loading to tanker sensitive to weather conditions Nini on stream early February. Cecilie expected back on…
Q4 production Noreco production Huntington output unstable (quarterly average in boepd) through Q4 Nini (comprising Nini and Nini East) resumed in early February. Still unstable. Cecilie remains shut Oselvar and Lulita have…
Discoveries Q4 2013 Presentation 8
Reserves and resources Certified reserves Contingent resources Noreco has concluded and published its Only including discoveries currently Annual Statement of Reserves per being matured by their licence groups 31.12.2013, audited by…
Gohta Rapidly maturing Robust and well defined 4-way closure Johan Castberg Permian carbonate reservoir, ca. 50 km2 PL 492 Gohta Gross contingent resources 111 - 232 PL492 Operated by Lundin mill boe 61 - 141 mill barrels Oil…
Gohta First appraisal Opportunities going forward 7120/1-1 Located in a highly promising and high-profile part of the Barents Sea Successful appraisal will open up several PL492 options Participate in field development 7120/1-3…
Exploration Q4 2013 Presentation 12
Verdande On track for Q1 2014 spud Located northwest of Norne PL484 Verdande To be drilled by semisub Bredford Dolphin Marulk Well planning on schedule, but Norne recent events on Bredford Dolphin Alve may cause delays Skarv…
Verdande Strong potential in a producing trend Middle Jurassic target in well proven play Chance of success: 29 per cent Primary risk element: Trap 53 236 mmboe gross (gas and oil), 39 mmboe P50 net to Noreco, with considerable…
Three key focus areas Current priorities PL639 Q4 15 Kanel North Sea North North Sea PL639 Kanel New seismic survey being North interpreted and preliminary results are encouraging. PL519 Q2 15 Drill-or-drop decision expected in late…
APA 2013 North Sea acreage Two licenses awarded Kanel Total gross resource potential 150 mmboe Total net resource potential 30 mmboe (net Albert PL748 risked 12 mmboe) Blocks 34/2,5 PL748 (Noreco 20 %) Targeting Lower Jurassic…
APA 2013 Mid-Norway acreage PL762 Blocks 6608/6,9 and 6609/4,7 Three licenses awarded Total gross resource potential 354 mmboe Total net resource potential 83 mmboe (net risked 25 mmboe) Verdande PL761 PL762 (Noreco (op.) 20 %)…
Shareholder matters Top 10 shareholders Refinancing concluded As of 18 February 2014 Holding in percent NOK 530 million new equity 1 Sabaro Investment Ltd 27.16 NOK 3.1 billion bonds 2 IKM Industri-Invest AS 18.20 restructured 3 MP…
Key financials Q4 2013 Presentation 21
Income statement NOK million Q4 13 Q3 13 2013 2012 Total revenues 255 177 894 832 Production expenses (139) (108) (430) (244) High DK production expenses despite production shut down Exploration expenses* (9) (295) (666) (1 188)…
Write-downs and reversals Q4 and full year 2013 Write-downs Q4 Write-downs YTD Items (NOK mill) Before tax After tax Before tax After tax Goodwill (43) (43) (350) (350) Oselvar (12) (3) (388) (104) Enoch 12 3 12 3 Nini, Nini East,…
Refinancing Effects on the Accounts 2013 2014 2015 2016 2017 2018 2019 Profit & Loss Effects Financial Income 523 Financial Cost to be -8 -145 -134 -122 -110 -95 -17 amortised Tax (non cash) -24 +24 0 0 0 0 0 Balance Sheet…
Balance sheet NOK million 31.12.13 30.09.13 31.12.12 Restricted cash related Assets to DK abandonment Non-current assets * 4 797 4 653 5 411 security included as Current assets * 1 005 1 867 1 910 follows; Non-current assets 500…
Balance sheet specifications Further work to determine NOK mill NOK mill Asset gross after tax potential of Huntington Fulmar is on-going Gohta 134 29 Huntington Fulmar 576 240 NOK 174 million goodwill Huntington Forties 2 405 1…
From Q3 2013 presentation: Main priorities going forward Production Bring Huntington to stable plateau production, and turn focus to upside potential Work with DONG to ensure more stable production in Denmark and Norway, particularly…
Main priorities going forward Work with operators to maximise production Stabilise Huntington at plateau Maximise output from temporary Siri Fairway solution, while preparing for permanent solution in Q3 Exploration, appraisal and…
Oil and gas reserves Per 31.12.2013 Reserves per field 1P 2P Liquids Liquids Gas Interest Net (mill. Gas Interest Net (mill bbl) (bscf) Mill. boe % mill. boe bbl) (bscf) Mill. boe % mill. boe Nini 0.9 0.0 0.9 30.0 0.3 2.1 0.0 2.1…
Committed and potential wells PL492 2/3Q14 Gohta PL484 1Q14 Appraisal well on Gohta Verdande PL639 Verdande in Q1 2014 4Q15 Kanel Xana spud Q4 2014 Potential new wells being PL519 2Q15 matured from our inventory Albert…
North Sea North Albert well (2012) discovered oil at several levels Appraisal well is being considered for Albert Chalk in 2015 Albert Paleocene has no commercial value, but oil discovery positive for our Kanel prospects…
South of Utsira High Noreco holds 15 per cent interest in Statoil operated PL360, PL624 has recently been relinquished Several prospects; interesting resource potential Lausinge Spann- Portugis n holmane er-kloven Noreco 15…
North Sea South PL616 shows significant potential in several old oil and gas discoveries in Upper Jurassic and Tor Chalk layers Combined resource potential large Nanna area Amma PL616 PL616 Noreco 20 % Also in the area:…
DK 09/95 Xana Noreco 20.1% Maersk operated Upper Jurassic target in close vicinity (up-dip) to the Svane gas discovery and south of Gita discovery CoS: 27% Primary risk element: Trap 47 475 mmboe gross (gas), 28 mmboe net P50…
UK P1889 Niobe Noreco 22.5% Suncor operated Jurassic stratigraphic pinch-out trap, up-dip of proven oil discovery Located in Inner Moray Firth in proven play east of Beatrice Field, de-risking additional prospects given success…
New licenses and total portfolio APA 2013 PL744 S PL748 PL755 PL761 PL762 Noreco role Licensee Licensee Licensee Operator Operator Equity 20 % 20 % 20 % 40 % 20 % Initial period 7 years 6 (8) years 7 years 6 years 8 years Acquire…
Noreco bond structure NOK million Bond Outstanding Due **) Main Terms NOR06 NOK 600 mill 9 Dec 2017 6.5 % fixed, pledge in Oselvar asset NOR10 NOK 1 399.1 mill 9 Dec 2016 6.0 %, pledge in Huntington and Danish assets NOR11 NOK…
Shareholders Top 20 shareholders as of 18 February 2014 S hareholder S hares % of total SA B A R O INV E STME NTS LTD 1 536 354 828 27,16 % IK M INDUSTR I-INV E ST A S 1 029 470 893 18,20 % MP P E NSJO N P K 204 516 300 3,62 % O M HO…
Loading...
