Atlantic Petroleum P/f · OMXCOP:ATLA_DKK

Atlantic Petroleum P/f — Atlantic Petroleum — Q3 2011 Earnings Presentation

19 slides from Atlantic Petroleum P/f's earnings presentation, Nov 2, 2011

  1. Slide 1: Webcast Presentation 3Q 2011 Result

    WEBCAST PRESENTATION 3Q 2011 RESULT 2nd November 2011

  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: Atlantic Petroleum Licences November 2011

    ATLANTIC PETROLEUM LICENCES NOVEMBER 2011 3

  4. Slide 4: 2011 Highlights

    2011 HIGHLIGHTS  EBIT 3Q 2011 DKK 32.1MM (3Q 2010: DKK 35.6MM)  EBIT first nine months 2011 of DKK 109.1MM (1Q-3Q 2010: DKK 93.6MM)  Net Cash from operating activities first nine months of 2011 was DKK 234.7MM (1Q-3Q 2010: DKK 176.7MM)  Cash position end 3Q 2011 was DKK 158.4MM (At year end 2010

  5. Slide 5: Income Statement 3Q 2011

    INCOME STATEMENT 3Q 2011 3 months to 3 months to 30th September 30th September 2011 2010 DKK DKK Revenue 95.936.931 106.240.234 Cost of sales -56.408.473 -65.615.415 Gross profit 39.528.458 40.624.819 Exploration expense -247.832 7.534 Pre-licence exploration costs -570.776 -824.344 General and admi

  6. Slide 6: Income Statement 1Q-3Q 2011

    INCOME STATEMENT 1Q-3Q 2011 9 months to 9 months to 30th September 30th September 2011 2010 DKK DKK Revenue 336.980.009 287.331.228 Cost of sales -201.872.223 -181.167.704 Gross profit 135.107.786 106.163.524 Exploration expense -6.572.782 0 Pre-licence exploration costs -1.075.382 -1.132.922 Genera

  7. Slide 7: Balance Sheet and Cash Flow

    BALANCE SHEET AND CASH FLOW 3Q 2011 DKK MM Balance Sheet End 3Q 2011 End 2010 Total assets 757.9 671.8 Equity 403.0 377.9 Bank debt 140.5 162.3 - Long term 97.5 97.5 - Short term 43.0 64.8 Cash Flow 1Q-3Q 2011 1Q-3Q 2010 Net cash from operating activities 234.7 176.7 Net cash from investing activiti

  8. Slide 8: 2011 Outlook

    2011 OUTLOOK  Operating profit (EBIT) for the year 2011 is expected to be at the higher end of the previously announced range of DKK 90MM - 150MM  Production is expected to be 2,000 to 2,300 compared to the previous guidance of 2,100 - 2,600 boepd  Blackbird first oil expected in 4Q 2011  The dr

  9. 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

  10. Slide 10: Share Performance 3Q 2010 – 3Q 2011

    SHARE PERFORMANCE 3Q 2010 – 3Q 2011 10

  11. Slide 11: Exploration Wells Planned for 2011-2012

    EXPLORATION WELLS PLANNED FOR 2011-2012 Brugdan II – 2012 well Spaniards – 2012 well Orchid – December 2011 well Pegasus – 2012 well 11

  12. Slide 12: Exploration Activity: Orchid

    EXPLORATION ACTIVITY 25km 15km 5km Orchid, UK Licence P.1556, Block 29/1c JV partners and Interests:  The Orchid exploration well expected to spud Summit Petroleum Limited (Operator) 45% in December 2011 Valiant Exploration Limited 30%  Well drilled by semi-submersible drilling rig Trap Oil Group

  13. Slide 13: Exploration Activity: Brugdan II

    EXPLORATION ACTIVITY Faroes, L006, Brugdan II  Brugdan Deep well planned for spudding April 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 13

  14. Slide 14: UK P.1655, 15/21g, Spaniards

    UK P.1655, 15/21g, SPANIARDS  2012 well  100% carried by EnCore Group  Spaniards equities EnCore 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 day in 198

  15. Slide 15: Appraisal Activity: Pegasus

    APPRAISAL ACTIVITY Pegasus  Drilled end of 2010 – discovery well  Acquired through the Volantis acquisition  Potentially a 100 to 200 BCF field  Appraisal well due in 2012  A successful appraisal well will lead to first gas in 2014/5 15

  16. Slide 16: Timeline – Firm Exploration Wells

    TIMELINE – FIRM EXPLORATION WELLS 4th Quarter 2011 1st Half 2012 2nd Half 2012 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec UK Orchid 10% Faroes Brugdan 1% UK Spaniards 3,24% UK Pegasus West 10% 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 Red line indicates rig contract signed 16

  17. Slide 17: World Energy Consumption

    WORLD ENERGY CONSUMPTION Source: BP Statistical Review 2011 17

  18. Slide 18: Investment Rationale

    INVESTMENT RATIONALE Atlantic Petroleum is an attractive investment opportunity in an attractive industry • Strong near term cash flow  New oil production coming onstream late 2011  Strong acreage position with 31 licenses  Partnerships with quality partners Company specific  Strong management t

  19. Slide 19: Newsflow Going Forward

    NEWSFLOW GOING FORWARD  First oil from Blackbird 4Q 2011  Orchid well to be drilled 4Q 2011  Planned Perth field sanction 1Q 2012  Brugdan II well to be drilled 2Q 2012  Spaniards well to be drilled 2012  Pegasus discovery to be appraised 2012  Asset deals and farm-ins continually being evalu

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