Dno Asa Class A · OSL:DNO
Dno Asa Class A — Q4 2014 Earnings Presentation
19 slides from Dno Asa Class A's earnings presentation, Feb 4, 2015
Slide 1: Fourth Quarter 2014 Interim Presentation
Fourth Quarter 2014 Interim Presentation 4 February 2015
Slide 2: DNO logo, est. 1971
EST -1971
Slide 3: Operational review
Operational review Bijan Mossavar-Rahmani, Executive Chairman Page 3 4 February 2015 Fourth Quarter 2014 - Interim Presentation
Slide 4: 2014 highlights
Operational review 2014 highlights • Record output achieved in 2014 with gross production up 66 percent from 2013 to 117,482 barrels of oil equivalent per day (boepd) and company working interest (CWI) production up 76 percent to 68,958 boepd • Gross production at flagship Tawke field in Kurdistan r
Slide 5: 2015 preview
Operational review 2015 preview • DNO celebrated ten year anniversary in Kurdistan last year and remains fully committed to the region • On track to increase Tawke field production capacity to 200,000 bopd in early 2015 • Hit 100 million barrel cumulative production milestone at Tawke on 4 February
Slide 6: CWI production boepd
Operational review CWI production Kurdistan local sales Kurdistan volumes delivered at Fish Khabur for transport to Ceyhan Oman Yemen 80,000 68,958 70,000 60,000 2,705 7,839 boepd 50,000 39,965 39,170 31,552 38,354 40,000 4,999 3,907 4,143 5,745 10,736 30,000 21,512 17,381 12,776 20,000 27,960 7,749
Slide 7: Tawke
Operational review Tawke • New 24” pipeline • Current facilities capacity 125,000 bopd • Planned increase to 200,000 bopd • Tie-in to KRG export system • Truck loading station • Tie-in to federal export system • Pumping station • Storage facilities • Truck loading station • Five horizontal wells wer
Slide 8: Dohuk and Erbil
Operational review Dohuk and Erbil Dohuk license • Deliverability from the Summail field remains significantly lower than initially expected • Summail-1 producing intermittently; evaluating enhancement options Erbil license • Benenan field now estimated to hold more than two billion barrels of oil-i
Slide 9: Oman and United Arab Emirates
Operational review Oman and United Arab Emirates Oman • Offshore at Block 8, gross production averaged 15,678 boepd in 2014; new development well under consideration to increase West Bukha oil and gas output • Onshore at Block 36, continue to identify drilling targets United Arab Emirates • Reproces
Slide 10: Tunisia and Yemen
Operational review Tunisia and Yemen Tunisia • At Sfax Offshore Exploration Permit, Jawhara-3 vertically drilled to a total depth of 2,815 meters and completed in January • Douleb and Bireno formations water bearing in compartments of the structure targeted by the well; two secondary objectives had
Slide 11: Financial review
Financial review Haakon Sandborg, CFO Page 11 5 February 2015 Fourth Quarter 2014 - Interim Presentation
Slide 12: Financial results – key figures
Financial review Financial results – key figures Revenues* Netback* Operating profit* USD million USD million USD million 600 600 270 244 525 230 503 500 500 190 452 150 117 400 369 400 110 68 327 70 26 286 30 300 300 236 -10 2010 2011 2012 2013 2014 207 206 -50 200 200 -90 -130 100 100 63 -170 -210
Slide 13: 2014 revenue and gross profit distribution
Financial review 2014 revenue and gross profit distribution Revenues Gross profit USD million USD million Kurdistan Oman Yemen Kurdistan Oman Yemen 6 58 14 87 307 130 Page 13 5 February 2015 Fourth Quarter 2014 - Interim Presentation
Slide 14: Financial summary
Financial review Financial summary USD Million Q4 2014 Q3 2014 Q4 2013 2014 2013 Sales 80.1 115.7 133.6 452.0 503.0 Cost of goods sold -81.6 -84.9 -48.4 -316.5 -208.3 Gross profit -1.6 30.8 85.1 135.5 294.7 Expensed exploration -27.5 -13.9 -3.9 -50.6 -10.3 Administrative/other* -257.7 -57.6 -187.0 -
Slide 15: Investment program
Financial review Investment program Capex and capitalized exploration Kurdistan Oman Yemen UAE Tunisia Other 297 288 300 250 197 200 150 100 75 50 0 2011 2012 2013 2014 • Investments increased to USD 297 million in 2014, mainly for capacity expansion and development programs in Kurdistan • Significa
Slide 16: 2014 cash flow
Financial review 2014 cash flow 600 251 500 -51 400 -19 300 266 200 -297 3 114 100 -39 0 Cash at start Cash from Income taxes Interest Exploration & Purchase of Other financial Cash at end period operations development financial assets income period investments • Cash flow from operations reduced by
Slide 17: Capital structure
Financial review Capital structure Cash deposits Financial assets Equity ratio USD million USD million 293 300 120 70% 266 107 259 60% 57% 250 100 55% 48% 50% 200 80 43% 63 63 40% 150 60 114 30% 100 40 20% 22 50 20 10% 0 0 0% 2011 2012 2013 2014 2011 2012 2013 2014 2011 2012 2013 2014 • Low-leverage
Slide 18: Important notice
Important notice This presentation (the “Presentation”) has been prepared and delivered by DNO ASA (“DNO” or the “Company”). Copyright of all published material including photographs, drawings and images in this document remains vested in DNO and third party contributors as appropriate. Accordingly,
Slide 19: Slide 19