Atlantic Petroleum P/f · OMXCOP:ATLA_DKK
Atlantic Petroleum P/f — Atlantic Petroleum — Investor Presentation (June 2009)
27 slides from Atlantic Petroleum P/f's investor presentation, June 2009
Slide 1: Company presentation
Company presentation June 2009
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: Presentation team
Presentation team Sigurð í Jákupsstovu, COO PhD in Reservoir Modelling and MSc in Mechanical Engineering, the Technical University of Denmark Technical Manager since 2008 and COO since 2009 Employment history includes 5 years with Maersk Oil and Gas and 5 years with Faroese Energy Authorities,
Slide 4: Presentation overview
Presentation overview Company introduction Market outlook Portfolio overview Financials Investment highlights 4
Slide 5: Company introduction
Company introduction
Slide 6: Atlantic Petroleum in brief
Atlantic Petroleum in brief Diversified E&P company active on the Faroese, UK and Irish Continental Shelves Upstream oil and gas company active on the Faroese, UK Share price development and Irish Continental Shelves 2,500 DKK – 15 licences comprising 30 fields, discoveries and prospects 2,000 – 1
Slide 7: Organisation
Organisation Flexible low-cost organisation Wilhelm Petersen, CEO Sigurð í Jákupsstovu, COO Teitur Samuelsen Sigurð í Jákupsstovu Financial Manager COO 1 financial/business analyst 1 geologist on a retainer agreement 1 accounting/administrative 2 geophysicists on retainer agreements 1 admi
Slide 8: Strengths and competences
Strengths and competences One – soon two – producing oil fields with tie-back Oil fields in production opportunities and potential near term upside Expected positive cash flow in the short term Extensive geological Strong technical staff and network of consultants with proven track record know
Slide 9: Business model and strategy
Business model and strategy The two-fold business model of Atlantic Petroleum secures a focused strategy Requires extensive geological and geophysical knowledge and insight Requires geological/geophysical knowledge, commercial skills and financial preparedness Active involvement in the development
Slide 10: Market outlook
Market outlook
Slide 11: Market outlook
Market outlook Experts point to oil prices bouncing back at significantly higher levels Brent oil price Summary of oil price forecasts USD/bbl H2 2009 Date Handelsbanken 70 25.05.2009 Commerzbank 67 20.05.2009 IEA forecasts the oil price to JPMorgan Chase 61 20.05.2009 return to USD 100 per barrel B
Slide 12: Portfolio overview
Portfolio overview
Slide 13: Licence overview, geography
Licence overview, geography Geographical focus on North West Europe Kúlubøkan Marselius Stella Kristina Brugdan Perth Chestnut Marten West Lennox/ Crosby Dee Ettrick Hook Head Option 7/01 Blackrock 13
Slide 14: Licence overview, stage
Licence overview, stage The portfolio is well-balanced between the different stages of the E&P cycle P50 AP Net production per Licence Field/prospect/lead MMboe* Ownership Exploration Discovery Development Production day P354 Chestnut field 1.5 15.00% 1,665 bbl P273 & P317 Ettrick field and Jarvis f
Slide 15: Licence development
Licence development Prioritisation of projects Highly prioritised projects Prioritised projects Upside projects Exploration Appraisal Development Production Sigma Terraces Perth East Perth Gamma Ettrick Central Chestnut West Lennox UK North Perth NE Perth Blackbird Dolphin Bright Dee Crosby Marten C
Slide 16: Reserves and resources
Reserves and resources Total reserves and resources of 11.1 MMboe at year-end 2008 Overall recovery from Chestnut expected to Prospective and exceed the estimate contingent resources from 31 December 2008 reduced by 1.1 MMboe from recent farm- down in Crosby 4 MMboe 2 MMboe 13 18 Prospective resourc
Slide 17: Fields with near term cash flow generation
Fields with near term cash flow generation Atlantic Petroleum has four focus projects with short time to production Chestnut Ettrick Blackbird Perth Discovery 1986 1981 2008 1992 Entry date by 2003 2003 2003 2003 Atlantic Petroleum Atlantic Petroleum 15.00% 8.27% 8.27% 3.75% ownership Activity statu
Slide 18: Chestnut field
Chestnut field Chestnut is Atlantic Petroleum’s first producing field Discovered 1986 Entry by Atlantic Petroleum 2003 First producing field in the portfolio Activity status Production Reserves 1.5 MMboe First Hummingbird FPSO in operation Of which Oil 1.5 MMb oe Gas n.a. South Chestnut well a
Slide 19: Ettrick field
Ettrick field The Ettrick field is expected to come into production shortly Discovered 1981 Entry by Atlantic Petroleum 2003 FPSO currently in Rotterdam Activity status Development Reserves 2.5 MMboe Production expected shortly Of which Oil 2.3 MMb oe Gas 0.2 MMb oe Possible tie-back of Blackb
Slide 20: Faroese licences
Faroese licences Faroese licences are expected to add significant value in the future Atlantic Petroleum has been awarded licences in all licence rounds held in the Faroe Islands The Faroese licences are still early in the exploration phase Very high potential of Faroese Continental Shelf indi
Slide 21: Production profile
Production profile Production profiles of the fields close to production yield steady cash flows The Chestnut field came on stream in Sept. 2008, with South Chestnut added in March 2009 – Total production Q1 2009: 120,000 barrels to Atlantic Petroleum – Average daily production of 1,330 barrels –
Slide 22: Expected operational news flow in 2009
Expected operational news flow in 2009 2009 is expected to be an eventful year Strong operational news flow expected in 2009 with, among other things, additional production coming on stream – Ettrick in Q2 2009 Further development of Blackbird and Perth Evaluation of satellites around the Ches
Slide 23: Financials
Financials
Slide 24: Key financials
Key financials - 123,000 barrels Profit/loss 2008 Q1 2009 - Average price USD 38.1 per barrel Revenue 43.3 26.6 Gross profit 16.4 -4.3 Operating profit -5.6 -15.4 Financials, net -139.8 24.2 Profit/loss before tax -145.4 8.7 Net profit/loss -89.7 15.3 Balance sheet 2008 Q1 2009 - Intra-group foreign
Slide 25: Financial outlook 2009
Financial outlook 2009 Expected cash flow of DKK >100m in 2009 – however, sensitivity to oil price is significant EBIT of DKK 50-60m for 2009 – Estimated oil price of 60 USD/bbl for Q2-Q4 – Estimated production in the range of 800,000 – 900,000 barrels net Cash flow from the operating activities
Slide 26: Investment highlights
Investment highlights
Slide 27: Investment highlights
Investment highlights Atlantic Petroleum is an attractive investment in an attractive industry Cash flow positive Strong pipeline with licences located in politically stable jurisdictions Unique position in the promising Faroese Continental Shelf Partnerships with quality partners Company sp
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