Dno Asa Class A · OSL:DNO
Dno Asa Class A — DNO International — Investor Presentation (September 2012)
23 slides from Dno Asa Class A's investor presentation, September 2012
Slide 1: DNO International Corporate Presentation September 2012
DNO International Corporate Presentation September 2012
Slide 2: DNO International
Reserves: DNO International 530 1 Three licenses in Kurdistan: million boe Tawke (operator) Erbil (operator) P50 CWI Dohuk (operator) 1 2 Five licenses in Yemen and one additional under negotiation: Production: Block 53 40,000 Block 72 Block 32 (operator) Block 43 (operator) Block 47 (operator) Bloc
Slide 3: DNO is following an ambitious strategy for growth in the MENA region
Oil and gas operations in the DNO is following an ambitious strategy Middle East and North Africa: Kurdistan for growth in the MENA region P50 reserves: Gross production 470.2 mmboe 75,000 bopd capacity: Tawke (55%) Licenses: Dohuk (40%) Kurdistan (Iraq) Erbil (40%) Tunisia Oman P50 reserves: 27.0 m
Slide 4: Unlocking reserves and resources through aggressive drilling in 2012 and 2013
Oil and gas operations in the Unlocking reserves and resources through Middle East and North Africa: Kurdistan aggressive drilling in 2012 and 2013 P50 reserves: Gross production capacity: 470.2 mmboe 75,000 bopd Tawke (55%) Licenses: Dohuk (40%) Erbil (40%) Oman P50 reserves: 27.0 mmboe Gross produ
Slide 5: Substantial activity ahead in Kurdistan
1 Substantial activity ahead in Kurdistan 2 1 Tawke Dohuk Erbil 3 2 3 Plans to increase capacity to 3D seismic completed on • First stage of the 100,000 bopd in 2012 and Summail discovery Benenan/Bastora 200,000 bopd by 2014 (gross) Gas development development commenced Extensive drillin
Slide 6: Appraisal and development projects in other areas
Appraisal and development projects in other areas Yemen Oman UAE Continue infill drilling as rigs become Complete three well drilling program on Initiate re-development of Saleh gas available Bukha/West Bukha fields condensate field Development of the Yaalen field with Pursue developm
Slide 7: Increasing reserves and production
Increasing reserves and production WI Production 2P Reserves 40,000 600 35,000 500 30,000 400 25,000 300 20,000 15,000 200 10,000 100 MMboe 5,000 Boepd 0 0 2009 2010 2011 Q2 2012 2009 2010 2011 Q2 2012 Value addition through: • 53% CAGR in 2P reserves since 2009 • Doubling of production since 2010 C
Slide 8: Competitive cost structure
Competitive cost structure Low Finding & Development Costs Low Lifting Costs 12 9 11 8 10 10 7 8 6 5 6 4 8 8 7.26 4 3 5.01 2 2 1.2 1.2 USD/Boe USD/Boe 1 0 0 2007-2019 2008-2010 2009-2011 2010-Q2 2012 2009 2010 2011 Q2 2012 • Low cost structure provides strong operational margins • 3-year average fin
Slide 9: Kurdistan – a world-class resource base
Kurdistan – a world-class resource base • Material discoveries of both oil and gas • Momentum building through increasing production capacity and infrastructure development • Consolidation continues through string of large scale M&A deals over last twelve months • Entry of majors highlights the indu
Slide 10: DNO has the most advanced oil operations in Kurdistan today
DNO has the most advanced oil operations in Kurdistan today Pioneer Connected Growth Was first IOC to commence The only IOC connected to Is fully committed to exploration in Kurdistan the international market by continuous future growth in pipeline infrastructure Kurdistan The giant oil field Tawke
Slide 11: DNO's reserves and resources in Kurdistan have steadily increased
DNO´s reserves and resources in Kurdistan have steadily increased 500 450 Million barrels of oil on 2P/P50 company working interest basis 400 Development in DNO´s 2P reserves in 350 Kurdistan – from the Tawke discovery in 2006 to the last revision in March 2012 300 250 470.2 200 381.6 150 193.5 100
Slide 12: Extensive short term drilling plan
Tawke: Extensive short term drilling plan Currently drilling: Tawke-13 • Tawke-18 Tawke-14 Tawke-17 • side track to Footwall prospect ongoing • Tawke-17 (Tawke Deep) Tawke-19 Next well: • Tawke-14 side track Green: Old P50 model Red: Reservoir volume indicated • Tawke-19 Tawke-16 on reprocessed seis
Slide 13: Tawke-18: A combined producer and exploration well
Tawke-18 A combined producer and exploration well • Tawke N-Fault is the major thrust fault with approx 800m displacement in this section of the structure • Tawke-18 has a primary objective of increasing Cretaceous production capacity in the Tawke Field • By extending T-18 below the Tawke main thrus
Slide 14: Tawke-17 (Tawke Deep)
Tawke-17 (Tawke Deep) • Production capacity well in discovered Cretaceous fault-block • Exploration test in Jurassic and Triassic Corporate Presentation, September 2012 14
Slide 15: Peshkabir-1 discovery well
Peshkabir-1 discovery well • Confirmed movable oil in Jurassic. Further testing planned in 2012 • Discovery notice submitted to KRG • 200 sq km 3D seismic survey initiated as part of a comprehensive appraisal program Corporate Presentation, September 2012 15
Slide 16: Summail-1 discovery well
Summail-1 discovery well • 3D seismic completed • Declaration of Commerciality in progress • Gas development considerations ongoing • Heavy oil study initiated Corporate Presentation, September 2012 16
Slide 17: Developing the Benenan/Bastora oil discoveries
Developing the Benenan/Bastora oil discoveries • Benenan/Bastora development initiated by spudding the Benenan-3 horizontal well • Designed to further appraise the Benenan discovery and contribute to additional production • First stage contemplates drilling of two new horizontal wells and one side t
Slide 18: Renewed focus on Yemen
Renewed focus on Yemen Block 53 Block 32 • DNO holds 24.45% (32.60% paying) • DNO holds 38.95% (41.00% paying) • Operated by Dove • Operated by DNO • Gross production around 5,600 bopd • Gross production around 2,900 bopd Block 72 Block 43 • DNO holds 18.00% (20.00% paying) • DNO holds 56.67% (66.67
Slide 19: Restoring and increasing production from West Bukha
Restoring and increasing production from West Bukha • WB-5, the first of a three well drilling campaign, completed • 4.3 km pipeline replaced • Production resumed early September • Accelerated recovery of deferred production Corporate Presentation, September 2012 19
Slide 20: Al Jariya high impact prospect
Block 31 Oman onshore Al Jariya high impact prospect AL’JARIYA Prospect Line NV03-109 BLOCK 31 Top Carbonates Regional Time Map • Very interesting HPHT prospect with significant volume potential • Will be matured for possible drilling in 2013 Corporate Presentation, September 2012 20
Slide 21: Solid financial performance
Solid financial performance Growth in revenue and Increasing cash and balance Operational cash flow operating profit sheet strength covering investments Cash Balances Capex & Exploration Revenues Netback Operating Profit 2,000 1,400 2200 1,250 1,645 1,638 1,200 1,600 1800 1,385 1,000 1400 1,200 800
Slide 22: Outlook
Outlook • Targeting continued production increases • Building additional production capacity through facility upgrades and new wells • Significant reserves upside from high impact exploration and appraisal drilling • Growing the organization and preparing for increased activity in all disciplines •
Slide 23: IMPORTANT NOTICE
IMPORTANT NOTICE The information contained in this results presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions co
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