Atlantic Petroleum P/f · OMXCOP:ATLA_DKK
Atlantic Petroleum P/f — Atlantic Petroleum — Q1 2011 Earnings Presentation
21 slides from Atlantic Petroleum P/f's earnings presentation, May 18, 2011
Slide 1: Webcast Presentation 2011 Q1 Result
WEBCAST PRESENTATION 2011 Q1 RESULT 18th May 2011
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: Atlantic Petroleum Licences April 2011
ATLANTIC PETROLEUM LICENCES APRIL 2011 3
Slide 4: Atlantic Petroleum Licences May 2011
ATLANTIC PETROLEUM LICENCES MAY 2011 4
Slide 5: 2011 Highlights
2011 HIGHLIGHTS Total production in 1Q 2011 205,000 boe EBITDA in 1Q 2011 of DKK 64.2MM (1Q 2010: DKK 44.0MM) Net Cash from operating activities DKK 108.0MM (1Q 2010: DKK 47.6MM) Blackbird equity increased from 8.27% to 9.40% Perth equity increased from 6.62% to 10.80 Farmed into UK Orch
Slide 6: Income Statement
INCOME STATEMENT 1st Quarter 2011 1st Quarter 1st Quarter DKK 2011 2010 Revenue 112.025.840 76.854.603 Cost of sales -79.097.469 -50.809.940 Gross profit 32.928.371 26.044.664 Exploration expense 0 -7.387 Pre-licence exploration costs -215.711 -96.211 General and administration costs -6.001.069 -3.6
Slide 7: Balance Sheet and Cash Flow
BALANCE SHEET AND CASH FLOW 1st Quarter 2011 DKK MM Balance Sheet 1Q 2011 4Q 2010 Total assets 670.5 671.8 Equity 378.1 377.9 Bank debt 150.0 162.3 - Long term 97.5 97.5 - Short term 52.5 64.8 Cash Flow 1Q 2011 1Q 2010 Net cash from operating activities 108.0 47.6 Net cash from investing activities
Slide 8: 2011 Outlook
2011 OUTLOOK Production is expected to be within the range of 2,100 - 2,600 boepd Operating profit (EBIT) for the year 2011 is expected to be in the range DKK 90MM - 150MM The Blackbird field development has commenced. First oil expected by January 2012 On Perth field, complete the developme
Slide 9: Reserves
RESERVES Proven reserves Contingent resources Prospective resources (risked) MMBoe MMBoe MMBoe Start of 2010 3.4 5.3 0.4 Production -0.96 Net additions & revisions 0.5 0.5 15.8 End of 2010 2.9 5.8 16.2 9
Slide 10: Share Performance 1Q 2010 – 1Q 2011
SHARE PERFORMANCE 1Q 2010 – 1Q 2011 10
Slide 11: A Focused North Sea Portfolio and Experienced Management Team
A Focused North Sea Portfolio and Experienced Management Team 11
Slide 12: Focused N Sea Portfolio & Experienced Management Team
FOCUSED N SEA PORTFOLIO & EXPERIENCED MANAGEMENT TEAM • Organic Growth Portfolio: Currently 15 licences containing 7 discoveries of which at least 3 contain potentially commercial volumes of hydrocarbons. • Balanced Portfolio: Ranges from high reward emerging trends to low risk near field appraisal
Slide 13: Volantis Acreage Position
VOLANTIS ACREAGE POSITION 1st phase 25th Rnd 44/28c…………………………… 5% Awarded Feb 2009 49/29e&49/30b (part)…………. 35% 44/7, 44/8 & 44/9…………......... 100% 43/13b…………......……………. 10% 2nd phase 25th Rnd 43/17b & 18b…………………… 10% Awarded May 2010 44/23 ……………...…………….. 10% 48/8c ………………...………….. 10% 37/5, 10 (p
Slide 14: Strategy to Mature and Grow the Current Portfolio
STRATEGY TO MATURE AND GROW THE CURRENT PORTFOLIO To create a material gas business in the Southern North Sea (reserves >30mmbbloe) within 5 years; primarily through organic growth supplemented with strategic acquisitions and /or farm ins • Maintain a large acreage position to provide a continual st
Slide 15: Balanced Inventory with Near Term Drilling Opportunities
BALANCED INVENTORY WITH NEAR TERM DRILLING OPPORTUNITIES Pegasus Discovery Emerging 50-200bcf Rotliegendes & Carb plays. Multiple opportunities including potential Harmonia Discovery extension of Cygnus. Fulham (30- 200bcf) & Arrol Trent West (70bcf) Discovery 90bcf Discoveries Prospect Endymion 227
Slide 16: Low Risk Prospect: Foxtrot (35%) August Spud
LOW RISK PROSPECT: FOXTROT (35%) AUGUST SPUD 49/29-8 • Tullow farmed into the licence in February 2011. • Well programmed for August 2011 49/29-8 spud • Volantis’s share of the well is fully funded 30% Sg • The Foxtrot prospect is a 4 way dip closed Bunter sand with an amplitude bright up dip of a w
Slide 17: Summit P.1556, 29/1c, Orchid
SUMMIT P.1556, 29/1c, ORCHID Summit 45%, Reach 5%, Valiant 30%, Trap Oil 10%, AP 10% WI 4 way dip closure at Andrew Orchid sand & Chalk P1556 29/1c Drill well end Q3 2011 Resources base of 57 - 91 MMboe 17
Slide 18: Faroe Islands – Brugdan Deep 2011
FAROE ISLANDS – BRUGDAN DEEP 2011 • Brugdan Deep well planned for spudding July 2011 • Water Depth 400 – 500m • Partners: Statoil 50%, ExxonMobil 49%, Atlantic Petroleum 1% Brugdan Deep • P50 prospective resources net to AP 9.2mmboe unrisked. Risked: 1.2mmboe 18
Slide 19: Timeline – Firm Exploration Wells
TIMELINE – FIRM EXPLORATION WELLS UK Orchid 10% WI UK Foxtrot 35% WI Faroes Brugdan II 1% WI Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2011 2011 2011 2011 2012 2012 2012 201 2 19
Slide 20: Going Forward
GOING FORWARD Increase production from existing assets Bring Blackbird and Perth developments on stream New asset acquisition Farm in or acquire new development and appraisal fields Acquire new exploration acreage Create value through focused exploration and appraisal Derisk existing project
Slide 21: The Future
THE FUTURE We are embarking on the next step which will secure further value for the shareholders and secure Atlantic Petroleum’s place as a leading independent European E&P company. 21