North Energy Asa · OSL:NORTH
North Energy Asa — Q4 2009 Earnings Presentation
22 slides from North Energy Asa's earnings presentation, February 2010
Slide 1: North Energy – Q4 presentation
North Energy – Q4 presentation
Slide 2: Important information
Important information This presentation and its appendices (together the “Presentation”) have been prepared and delivered by North Energy ASA (“North Energy” or the “Company”). The Presentation is prepared for information purposes only, and is not to be used for any other purpose. The Presentation d
Slide 3: Agenda
Agenda • Q4 highlights • North Energy – licenses to be drilled • Financials • Outlook and summary • Appendixes 3
Slide 4: Q4 highlights
Q4 highlights • Acquisition of 4sea energy Capital from industrial investors with extensive experience from Norwegian oil business Two licenses in the North Sea with interesting exploration acreage • Acquisition of 15% in PL 385 from Statoil In an area of several discoveries in the Norwegian S
Slide 5: Main events after Q4
Main events after Q4 • IPO successfully completed 3 February 2010 Equity strengthened by NOK 400 million Exploration program of 8 wells fully funded North Energy listed at Oslo Axess at 5 February 2010 • 3 licenses awarded in APA 2009 30% interest in PL 518B in Barents Sea 20% interest In
Slide 6: Agenda
Agenda • Q4 highlights • North Energy – licenses to be drilled • Financials • Outlook and summary • Appendixes 6
Slide 7: Fully funded exploration program
Fully funded exploration program Operational targets Current well program • Build a portfolio of between 14 and 16 Well Prospect Licence Interest 2010 2011 2012 licenses before the end of 2010 February Rig: West Alpha 1 Fogelberg PL 433 12 % 2010 • Existing portfolio: 13 licenses1 • Acquisitions/far
Slide 8: Two firm wells in the Norwegian Sea in 2010
Two firm wells in the Norwegian Sea in 2010 Norwegian Sea license map Licence PL 385 Interest 15% Operator Statoil Main target Jette • Two licenses with firm wells PL 433 12% Centrica Fogelberg close to infrastructure PL 510 20% Centrica Dorothy/Toto PL 526 40% North Energy Vågar PL 562 10% Dana Lep
Slide 9: Three firm wells in the Barents Sea in 2011
Three firm wells in the Barents Sea in 2011 Barents Sea license map Licence PL 518 Interest 30% Operator DONG Main target Tana • Three firm, high impact wells PL 518B 30% DONG Omega in 2011 PL 530 20% GDF Suez Heilo PL 535 20% Total Norvarg PL 536 20% Statoil Elbrus • Net risked mean resources PL 56
Slide 10: Fogelberg – first well to be drilled in Q1 2010
Fogelberg – first well to be drilled in Q1 2010 6506/9-2 6506/12-12A, S A B PL 433 in the Norwegian Sea 2500 Acquired 2009 Main prospect Fogelberg Operator Centrica (28%) Hydrocarbons Gas Cond. 3000 Partners North Energy (12%) Expected drilling Q1 2010 Fogelberg, 4160m Faroe Petroleum (15%) Prob. of
Slide 11: Jette – second firm well in 2010
Jette – second firm well in 2010 PL 385 in the Norwegian Sea Acquired 2009 Main prospect Jette Operator Statoil (45%) Hydrocarbons Gas Cond. Partners North Energy (15%) Expected drilling Q4 2010 Wintershall (20%) Prob. of success 37% Noreco (20%) Gross mean 95 mmboe unrisked Net mean unrisked 14 mmb
Slide 12: Heilo – first of three high impact wells in 2011
Heilo – first of three high impact wells in 2011 A B PL 530 in the Barents Sea Seabed 0.500 Awarded 20th round (2009) Main prospect Heilo Operator GDF Suez (40%) Hydrocarbons Oil w/gas cap Heilo ,1270m 1.000 Partners North Energy (20%) Expected drilling Q1 2011 S (TWT) Discover (20%) Prob. of succes
Slide 13: Agenda
Agenda • Q4 highlights • North Energy – licenses to be drilled • Financials • Outlook and summary • Appendixes 13
Slide 14: Profit & Loss Q4 2009
Profit & Loss Q4 2009 4Q 4Q Year Year MNOK 2009 2008 2009 2008 Payroll 17,7 25,5 62,4 42,0 Adjustments in Q4/08 of MNOK 6 Depreciation 1,9 0,1 3,4 2,0 Exploration expenses 24,1 16,1 113,1 62,8 Licenses from 2 (0) to 8 (1) in Q4/09 Other operating expenses 7,9 4,8 28,8 34,0 Operating profit 51,5 47,1
Slide 15: Balance Sheet 31.12.2009
Balance Sheet 31.12.2009 31.12 31.12 MNOK 2009 2008 Assets Fixed Assets 32,6 20,1 Receivables 164,0 108,8 Tax receivables due Dec 2010 of MNOK 149 Cash 45,7 13,3 Total Assets 242,3 142,2 Equity and liabilities Total equity 152,9 108,9 Total long-term liabilities 6,1 1,8 Total current liabilities 83,
Slide 16: Solid financial situation
Solid financial situation Liquidity as of • Cash balance of NOK 46 million Q4 2009 • Expected tax reimbursement of NOK 149 million • NOK 45 million drawn on a NOK 300 million exploration loan facility with SEB Net cash of NOK 150 million 4sea energy • The 4sea energy acquisition provides North Ene
Slide 17: Agenda
Agenda • Q4 highlights • North Energy – licenses to be drilled • Financials • Outlook and summary • Appendixes 17
Slide 18: Outlook and summary
Outlook and summary Sound business • Uniquely positioned as a leading Northern Norwegian E&P player case • Focused on high PoS prospects with short lead time to production • 8 well exploration program fully funded through proposed equity issue • Experienced management team Near time news • Targeting
Slide 19: Agenda
Agenda • Q4 highlights • North Energy – licenses to be drilled • Financials • Outlook and summary • Appendixes 19
Slide 20: Attractive prospect inventory
Attractive prospect inventory Probability of Main Hydrocarbon Gross Mean Net Mean License Equity Area Prospect Name Operator Success Phase Unrisked Risked aggregated mmboe mmboe Firm wells 2010 – 2012 PL 4331 12 % Norwegian Sea Fogelberg (p. 20) Centrica 57 % Gas Condensate 196 13 PL 3852 15 % Norwe
Slide 21: Total 20 largest shareholders as per 19 February 2010
Total 20 largest shareholders as per 19 February 2010 Name No of shares % of tot UBS AG, LONDON BRANC S/A IPB SEGREGATED C 2 356 500 9,59 % SKS EIENDOM AS 1 824 920 7,43 % JPB AS 1 336 610 5,44 % ORIGO KAPITAL AS 1 248 100 5,08 % CITIBANK N.A. (LONDO A/C POHJOLA BANK PLC 840 000 3,42 % ONSHORE GROUP
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