Atlantic Petroleum P/f · OMXCOP:ATLA_DKK
Atlantic Petroleum P/f — Atlantic Petroleum — Q1 2015 Earnings Presentation
24 slides from Atlantic Petroleum P/f's earnings presentation, May 27, 2015
Slide 1: Q1 2015 Results
WEBCAST PRESENTATION – 27th MAY 2015 Q1 2015 RESULTS
Slide 2: Disclaimer
DISCLAIMER This presentation includes statements regarding future results, which are subject to risks and uncertainties. Consequently, actual results may differ significantly from the results indicated or implied in these statements No representation or warranty (expressed or implied) is made as
Slide 3: Q1 Performance
WEBCAST PRESENTATION – 27th MAY 2015 Q1 PERFORMANCE
Slide 4: Highlights and Events
HIGHLIGHTS AND EVENTS Production for the first 3 months was 106,000 boe corresponding to an average of 1,178 boepd net Revenue for 1Q 2015 was DKK 39.1MM and this was impacted by the lower than expected production and lower oil price. Net loss for 1Q 2015 was DKK 11.7MM. EBITDAX for the firs
Slide 5: Production
PRODUCTION 2000 boepd 1800 Ettrick & Blackbird 1600 1400 Q1 Production impacted by 1200 a planned well intervention 1000 800 600 Chestnut 400 200 Q1 production impacted by 0 scale squeezes Jan Feb Mar Apr Blackbird 329 308 270 278 Ettrick 427 421 393 465 Chestnut 354 392 632 1047 Revised Product
Slide 6: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT 3 months 3 months to 31st March to 31st March Full year DKK 1,000 2015 2014 2014 343,146 Revenue 39,143 112,706 -530,002 Cost of sales -53,246 -73,894 -186,856 Gross loss/profit -14,102 38,812 -214,862 Exploration expenses -1,434 -81,333 -12,631 Pre-licence exploration
Slide 7: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET At 31st March At 31st March At 31st December DKK 1,000 2015 2014 2014 Non-current assets Goodwill 55,617 55,111 51,917 Intangible assets 14,740 28,332 16,576 Intangible exploration and evaluation assets 311,628 235,484 258,653 Tangible development and production assets 411
Slide 8: Exploration & Appraisal
( ATLANTIC PETROLEUM Exploration & Appraisal
Slide 9: Norway Exploration
EXPLORATION EXPLORATION 2015 2016 2017 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q NORWAY PL705 NAPOLEON / SURNA Possible Well PL602 ROALD RYGG Firm Well P1610 MAGNOLIA / LIBERATOR Possible Well P1906 GREATER YORK Possible Well UK P2082 SKERRYVORE Firm Well P2126 AURORA Contingent Well P2128 ANDROMEDA Conti
Slide 10: Developments
( ATLANTIC PETROLEUM Developments
Slide 11: Development and Near Development
DEVELOPMENT AND NEAR DEVELOPMENT DEVELOPMENT & NEAR DEVELOPMENT 2015 2016 2017 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q P1606 ORLANDO EXECUTE PRODUCTION P1607 KELLS DEFINE EXECUTE UK P354 CHESTNUT II ASSESS SELECT DEFINE EXECUTE PRODUCTION P218 & P588 PERTH ASSESS SELECT DEFINE EXECUTE Final Investment D
Slide 12: Orlando – On Track for 2016 First Oil – Low Cost Barrels
ORLANDO – ON TRACK FOR 2016 FIRST OIL – LOW COST BARRELS JV partners & equities Iona Energy 75% (Operator), Atlantic Petroleum 25% Orlando Field CPR estimates Orlando net 2P reserves of 3.8 MMboe Orlando initial rates expected at 10,000+ bopd Development Progress Infrastructure agreements si
Slide 13: Near Developments – Kells & Perth
NEAR DEVELOPMENTS – KELLS & PERTH KELLS – P1607 3/8d Iona Energy (Operator) 75%, Atlantic Petroleum 25% CPR estimates Kells net 2P reserves of 2.25 MMboe Kells initial rates expected at 7,000+ bopd First production expected 2017 Development plan Subsea tieback to Ninian Central Platform PERT
Slide 14: Chestnut & Chestnut Re-development
CHESTNUT & CHESTNUT RE-DEVELOPMENT Comments Map Chestnut – P354, Block 22/2a Located in the UK sector of the Central North Sea JV partners and interests: Centrica Energy Upstream (Operator) 69.875% Dana Petroleum (E&P) Limited 15.125% Atlantic Petroleum 15.000% Wells 2 production wells, 1
Slide 15: Pegasus - Value Unlocked
( ATLANTIC PETROLEUM Pegasus - Value Unlocked
Slide 16: Gas Discovery on Pegasus West
GAS DISCOVERY ON PEGASUS WEST WEBCAST PRESENTATION – 27TH MAY 2015 4
Slide 17: Pegasus West Timeline
PEGASUS WEST TIMELINE Discovery Test Result Did the market react?
Slide 18: Gas Discovery on Pegasus West – Area Sold to Third Energy
GAS DISCOVERY ON PEGASUS WEST Pegasus area Sold to Third Energy. GBP 7.5MM on completion. Potentially further GBP 9MM dependent on production and further development on the blocks 18
Slide 19: Summary & Outlook
( ATLANTIC PETROLEUM Summary & Outlook
Slide 20: Targets 2015
TARGETS 2015 TARGETS 2015 PRODUCTION FINANCIAL EXPLORATION 520,000 BOE EBITDAX POSITIVE DRILL NORWAY ROALD RYGG WEBCAST PRESENTATION – 27TH MAY 2015
Slide 21: Reserves (CPR Numbers)
RESERVES (CPR NUMBERS) MMBoe 60 Reserves Contingent resources 50 Prospective resources 40 30 20 10 0 2009 2010 2011 2012 2013 2014 1) Source: Competent Person’s Reports by Fugro Robertson (year 2009-2012) & GCA (year end 2013 & 2014) 21
Slide 22: The Way Forward
THE WAY FORWARD • Capital discipline is key • Prioritise development & production Capex in the short term to get to first oil on Orlando in 2016. Production is set to more than double in 2016 • Build and protect exploration portfolio for drilling activity in 2016 and onwards for longer term growth •
Slide 23: Q&A
( ATLANTIC PETROLEUM Q&A
Slide 24: Contact
CONTACT Headquarters, Faroe Islands P/F Atlantic Petroleum Yviri við Strond 4 P.O.Box 1228 Faroe Islands Tel +298 350 100 Norway office, Bergen Atlantic Petroleum Norge AS Edvard Griegsvei 3c 5059 Bergen Norway Tel +47 9920 5989 UK office, London Atlantic Petroleum (UK) Limited 26/28 Hammersmith Gro