Atlantic Petroleum P/f · OMXCOP:ATLA_DKK

Atlantic Petroleum P/f — Shareholder Meeting (March 2012)

66 slides from Atlantic Petroleum P/f's shareholder meeting presentation, Mar 24, 2012

  1. Slide 1: Annual General Meeting

    Annual General Meeting 24th March 2012

  2. 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

  3. Slide 3: Agenda – Annual General Meeting 2011

    AGENDA – ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Director’s statement of the Company’s activity during the previous accounting year 3. Presentation of audited Annual Accounts for approval 4. Approval of the remuneration to the Board in 2011 and 2012 5. Deci

  4. Slide 4: 1. Election of Chairman of the Meeting

    1. ELECTION OF CHAIRMAN OF THE MEETING The Board of Directors proposes to elect Mr. Petur Even Djurhuus as the Chairman of the Meeting 4

  5. Slide 5: Agenda – Annual General Meeting 2011

    AGENDA – ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Director’s statement of the Company’s activity during the previous accounting year 3. Presentation of audited Annual Accounts for approval 4. Approval of the remuneration to the Board in 2011 and 2012 5. Deci

  6. Slide 6: The Board of Director's Statement

    The Board of Director’s Statement Birgir Durhuus, Chairman of the Board Annual General Meeting - Tórshavn 24th March 2012

  7. Slide 7: Agenda

    Agenda  2011 – a mixed year for Atlantic Petroleum  2012 – Standing on a Stronger Platform  Major changes in the investor base

  8. Slide 8: Oil Production in 2011

    Oil Production in 2011 Atlantic Petroleum Production 2011 mmm Production —Lower Guidance —— Upper Guidance 1.000.000 900.000 al 800.000 eal 700.000 aad ws 600.000 wr — g all 500.000 400.000 =a 300.000 _y 200.000 + 100.000 + 0. ; :

  9. Slide 9: Oil Prices in 2011

    Oil Prices in 2011 Expected EBIT: DKK 90m – 150m Realised EBIT: DKK 126.3m

  10. Slide 10: Economics – Debt development

    Economics – Debt development

  11. Slide 11: Standing on a Stronger Platform

    Standing on a Stronger Platform A Stronger Platform  Oil reserves increased during 2011  Exploration portfolio strengthened in 2011  Interesting exploration year ahead  Plenty of upside to NAV

  12. Slide 12: Licence portfolio

    Atlantic Petroleum Licences February 2010 Project status Exploration Appraisal & UK: Development • Blackbird Extension • Anglesey/Beaujolais • Biscuits UK: Production Licence portfolio • Perth • Marten • Blackbird UK: • West Lenox/Crosby • Ettrick Faroe Islands: • Chestnut • Kúlubøkan Ireland: • Mar

  13. Slide 13: Licence portfolio

    Atlantic Petroleum Licences February 2012 (continued) Project status Exploration UK: Appraisal & • East Perth Development • North Perth • Blackbird Extension • Orchid UK: Production Licence portfolio • Anglesey • Perth • Biscuits • Sigma Terrace • Harmonia Flank • NE Perth Ireland: UK: • Trent West

  14. Slide 14: Reserves and Resources

    Reserves and Resources Reserves & Resources MMboe @ Reserves | Contingent resources ™ Prospective resources 20 5 18 - 2007 2008 2009 2010 2011

  15. Slide 15: The Market Value of Atlantic Petroleum

    The Market Value of Atlantic Petroleum

  16. Slide 16: Market Value Relative to Small Cap Denmark

    Market Value Relative to Small Cap Denmark

  17. Slide 17: Market Value Relative to Peer Group

    Market Value Relative to Peer Group

  18. Slide 18: The Future

    The Future  The scene is set for growth  Reserves to increase  Via drillings  Via acquisitions  3 drillings planned in 2012 - more to follow?  Atlantic Petroleum is working hard to acquire assets  Stable production and high oil prices are supporting the case for growth

  19. Slide 19: 2012 Production

    2012 Production Atlantic Petroleum Production 2012 BOE mam Production ——LowerGuidance ——UpperGuidance ——Average Brent Oil $/bbl 900.000 120,00 y 118,93 800.000 7 L 448,60 700.000 + 116,00 600.000 500.000 + 114,00 400.000 + 112,00 300.000 + 110,00 200.000 — 100.000 | 108.09 0 + 106,00 co 3 Cy s oy <f

  20. Slide 20: Faroese Shareholders are fading…

    Faroese Shareholders are fading…

  21. Slide 21: The Board of Director's Statement

    The Board of Director’s Statement Ben Arabo, CEO Annual General Meeting - Tórshavn 24th March 2012

  22. Slide 22: Licence Portfolio

    Licence Portfolio Atlantic Petroleum Atlantic Petroleum producing field

  23. Slide 23: Licence portfolio

    Atlantic Petroleum Licences February 2012 Project status Exploration UK: Appraisal & • East Perth Development • North Perth • Blackbird Extension • Orchid UK: Production Licence portfolio • Anglesey • Perth • Biscuits • Sigma Terrace • Harmonia Flank • NE Perth Ireland: UK: • Trent West Faroe Island

  24. Slide 24: Strategy

    Strategy To create an E&P company capable of providing significant returns to shareholders through high impact exploration offshore NW Europe Focus on Offshore North West Europe Mature basin but significant opportunities remain for Small to Mid Cap players Growth from the Existing Base Reserve/produ

  25. Slide 25: Atlantic Petroleum in Transformation

    Atlantic Petroleum in Transformation 2011 – Refocusing on growth  Acquisition of Volantis Exploration Limited  Doubled exploration portfolio with further licence applications outstanding  Provided very experienced technical team  Carry over of strong relationships to Centrica, GDF, and Tullow 

  26. Slide 26: Atlantic Petroleum Management

    Atlantic Petroleum Management Ben Arabo, Mourits Joensen, Nigel Thorpe, Business Wayne J Kirk, CEO CFO Development Director Technical Director M.Sc. (Economics and M.Sc. in Economics Petroleum Engineer. 30 BSc in Geophysics from the Business Administration). from Copenhagen years+ international E&P

  27. Slide 27: Production Assets

    Production Assets Chestnut, Licence P.354, Ettrick & Blackbird, Licence P.317, P.273, & Block 22/2a P.1580, Blocks 20/2a, 20/3a, & 20/3f JV partners and Interests: JV partners and Interests:  Centrica Energy Upstream (Operator) 69.88%  Nexen UK Limited (Operator) 79.73% / 90.60% in Blackbird Field

  28. Slide 28: Production

    Production Production : ul ] 2009 2010 2011

  29. Slide 29: Operating Cashflow & Equity

    Operating Cashflow & Equity DKK Million 300 5 250 - 200 - 150 | 100 | 50 - Operating Cash Flow -50 ~ i 2007 2008 2009 2010 2011 DKK Million 500 5 400 — 300 - 200 — 2007 2008 Equity 2009 2010 2011

  30. Slide 30: Planned Activities (2012 to 2013)

    Planned Activities (2012 to 2013) 2012 2013 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 L006 Brugdan II well Faroe L013&014 2D Seismic Islands L016 3D Seismic (proposal) P1556 Orchid well Explo- ration P1655 Spaniards P1716 Foxtrot P1724 Pegasus West UK P1734 Endymion Ettrick Water injector Deve- Water injector lopment

  31. Slide 31: Reserves & Resources

    Reserves & Resources Reserves & Resources @ Reserves ™ Contingent resources ™ Prospective resources 4. 24 0-4 T T T 2007 2008 2009 2010 2011

  32. Slide 32: Exploration & Appraisal

    Exploration & Appraisal (— Exploration & appraisal wells mam Drilled exploration/appraisal wells —Cummulative Wells Drilled Wells Cum. wells drilled drilled 45 -9 + 8 3. 7 - 6 @ PremierOil 5 - — mm: & : 7 Statoil | |centrical ; 7 -— ~ a> centrica| ' 0 —| 7 |, 2009 2010 2011 2012 2013

  33. Slide 33: AP Licences & Wells planned for 2012 – 2013

    AP Licences & Wells planned for 2012 – 2013 Spaniards – 2012 well – Premier Oil Orchid – Feb 2012 well - Summit Pegasus West – 2013 well - Centrica Endymion – 2013 well - Centrica Brugdan II – 2012 well – Statoil

  34. Slide 34: UK P.1556, Block 29/1c - Orchid

    UK P.1556, Block 29/1c - Orchid 25km 15km 5km Orchid, UK Licence P.1556, Block 29/1c JV partners and Interests:  The Orchid exploration well spudded in 1Q 2012  Summit Petroleum Limited (Operator) 45%  Well drilled by semi-submersible drilling rig  Valiant Exploration Limited 30% Sedco 711  Tra

  35. Slide 35: Faroes, L006 - Brugdan II

    Faroes, L006 - Brugdan II  Brugdan Deep well planned for spudding June 2012  Water Depth 400 – 500m  Equities: Statoil 50%, ExxonMobil 49%, Atlantic Petroleum 1%  P50 prospective resources net to AP 9.2mmboe unrisked. Risked: 1.2mmboe* * Fugro Robertson Estimate

  36. Slide 36: UK P.1655, Block 15/21g - Spaniards

    UK P.1655, Block 15/21g - Spaniards  2012 well  100% carried by Premier Group  Spaniards equities Premier 28% (op), Nautical 21%, Serica 21%, DEO 12.62%, Faroe Petroleum 8.4%, Maersk 5.74%, AP 3.24%  Spaniards well will be appraising the Gamma structure where a well flowed at 2,600 barrels per d

  37. Slide 37: Development Assets

    Development Assets Perth, Licences P.218 & P.588, Block 15/21a,b,c,f JV partners and Interests:  Large discovery with over 300 mmboe STOIIP  DEO (Operator) 52.03%  Field Development Plan submitted 30th September 2011  Faroe Petroleum 34.62%  If sanctioned in 2012 first oil is expected in H1  A

  38. Slide 38: Outlook

    Outlook Outlook • Total production for 2012 is estimated to be between 700,000 – 800,000 boe net for the year • Earnings Before Interest, Taxes, Depreciation, Amortisation and Exploration Expenses (EBITDAX) is predicted in the range of DKK 200.0MM to DKK 270.0MM (2011: DKK 266MM) • Continue Blackbir

  39. Slide 39: Agenda – Annual General Meeting 2011

    AGENDA – ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Director’s statement of the Company’s activity during the previous accounting year 3. Presentation of Audited Annual Accounts for Approval 4. Approval of the remuneration to the Board in 2011 and 2012 5. Deci

  40. Slide 40: 3. Presentation of Audited Annual Accounts

    3. Presentation of Audited Annual Accounts ATLANTIC PETROLEUM GROUP P/F ATLANTIC PETROLEUM PARENT COMPANY ATLANTIC PETROLEUM UK LIMITED ATLANTIC PETROLEUM VOLANTIS EXPLORATION IRELAND LIMITED LIMITED

  41. Slide 41: 3. Presentation of Audited Annual Accounts

    3. Presentation of Audited Annual Accounts

  42. Slide 42: 3. Presentation of Audited Annual Accounts

    3. Presentation of Audited Annual Accounts

  43. Slide 43: 3. Presentation of Audited Annual Accounts

    3. Presentation of Audited Annual Accounts

  44. Slide 44: 3. Presentation of Audited Annual Accounts

    3. Presentation of Audited Annual Accounts ATLANTIC PETROLEUM GROUP P/F ATLANTIC PETROLEUM PARENT COMPANY ATLANTIC PETROLEUM UK LIMITED ATLANTIC PETROLEUM VOLANTIS EXPLORATION IRELAND LIMITED LIMITED

  45. Slide 45: 3. Presentation of Audited Annual Accounts

    3. Presentation of Audited Annual Accounts

  46. Slide 46: 3. Presentation of Audited Annual Accounts

    3. Presentation of Audited Annual Accounts

  47. Slide 47: 3. Presentation of Audited Annual Accounts

    3. Presentation of Audited Annual Accounts

  48. Slide 48: 3. Presentation of Audited Annual Accounts

    3. Presentation of Audited Annual Accounts

  49. Slide 49: Independent Auditor´s Report

    Independent Auditor´s Report 49

  50. Slide 50: Agenda – Annual General Meeting 2011

    AGENDA – ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Director’s statement of the Company’s activity during the previous accounting year 3. Presentation of audited Annual Accounts for approval 4. Approval of the remuneration to the Board in 2011 and 2012 5. Deci

  51. Slide 51: 4. Approval of the remuneration to the Board in 2011 and 2012

    4. Approval of the remuneration to the Board in 2011 and 2012 A. Approval of the remuneration to the Board in 2011  The Board proposes approval of the actual remuneration in 2011 of DKK 1,329,225 B. Approval of the basis for the remuneration to the Board in 2012.  The Board proposes that the basis

  52. Slide 52: Agenda – Annual General Meeting 2011

    AGENDA – ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Director’s statement of the Company’s activity during the previous accounting year 3. Presentation of audited Annual Accounts for approval 4. Approval of the remuneration to the Board in 2011 and 2012 5. Deci

  53. Slide 53: 5. Decision on how to use profit or cover loss

    5. Decision on how to use profit or cover loss according to the approved Accounts and Annual report The Board of Directors recommends that the result according to the approved Accounts is carried forward to next year. 53

  54. Slide 54: Agenda – Annual General Meeting 2011

    AGENDA – ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Director’s statement of the Company’s activity during the previous accounting year 3. Presentation of audited Annual Accounts for approval 4. Approval of the remuneration to the Board in 2011 and 2012 5. Deci

  55. Slide 55: 6. Election of Board of Directors

    6. Election of Board of Directors Three Members of the Board are to be elected for a period of two years. The three Board Members up for election are Jan Edin Evensen, Diana Leo and David Archibald MacFarlane. The Board proposes re-election of the three Members up for election. 55

  56. Slide 56: Agenda – Annual General Meeting 2011

    AGENDA – ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Director’s statement of the Company’s activity during the previous accounting year 3. Presentation of audited Annual Accounts for approval 4. Approval of the remuneration to the Board in 2011 and 2012 5. Deci

  57. Slide 57: 7. Election of auditor

    7. Election of auditor, who will sit until the next Annual General Meeting is held The present auditor of the Company is Sp/f Grannskoðaravirkið INPACT løggilt grannskoðaravirki, R.C. Effersøesgøta 26, 100 Tórshavn. The Board proposes re-election of the present auditor for the period until the next

  58. Slide 58: Agenda – Annual General Meeting 2011

    AGENDA – ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Director’s statement of the Company’s activity during the previous accounting year 3. Presentation of audited Annual Accounts for approval 4. Approval of the remuneration to the Board in 2011 and 2012 5. Deci

  59. Slide 59: 8. Authority to the Board to buy own shares

    8. Authority to the Board of Directors of the Company to buy own shares. The Board of Directors proposes to the Annual General Meeting to change the current authorization to the Board to buy own shares to the following: ”The Board of Directors is in the period from 24th March 2012 to 23rd March 2017

  60. Slide 60: Agenda – Annual General Meeting 2011

    AGENDA – ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Director’s statement of the Company’s activity during the previous accounting year 3. Presentation of audited Annual Accounts for approval 4. Approval of the remuneration to the Board in 2011 and 2012 5. Deci

  61. Slide 61: 9. Proposal to changes in the Articles of Association

    9. Proposal to changes in the Articles of Association of the Company The Board of Directors of the Company proposes to make the following changes in the Articles of Association of the Company: A 1. In § 6 the number ‘14’ will be changed to ’21 days’, otherwise the provision is unchanged. A 2. The cu

  62. Slide 62: 9. Proposal to changes in the Articles of Association

    9. Proposal to changes in the Articles of Association of the Company B. The provisions in § 2 subclause 2, § 3 subclause 2, item 4, § 3 B subclause 1, item 4 and in § 3 D subclause 2, item 4 of the Company’s Articles of Association which are as follows: “No shareholder can hold more than 20% of the

  63. Slide 63: 9. Proposal to changes in the Articles of Association

    9. Proposal to changes in the Articles of Association of the Company C. The current §8 will be deleted, and replaced with a new provision with the following wording: “All shareholders have the right to have a specific item added to the agenda for the General Meeting – subject to following two points

  64. Slide 64: 9. Proposal to changes in the Articles of Association

    9. Proposal to changes in the Articles of Association of the Company F 1. The following provision will be inserted at the start of § 11: “A shareholder’s right to attend the General Meeting and to vote will be in proportion to the number of shares he/she holds on the record date. The record date is

  65. Slide 65: 9. Proposal to changes in the Articles of Association

    9. Proposal to changes in the Articles of Association of the Company G. In § 16 the following wording: “and its size is to be determined by the Board of Directors, but the total board remuneration to all the board members for one year cannot exceed DKK 1,000,000 without approval from the Company’s G

  66. Slide 66: Agenda – Annual General Meeting 2011

    AGENDA – ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Director’s statement of the Company’s activity during the previous accounting year 3. Presentation of audited Annual Accounts for approval 4. Approval of the remuneration to the Board in 2011 and 2012 5. Deci

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