Slide 1: Webcast Presentation 2012 Results
WEBCAST PRESENTATION 2012 RESULTS 15th March 2013
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: 2012: A Year of Delivery
2012: A Year of Delivery 2012 was a record-breaking year for Atlantic Petroleum. Results The company achieved its highest ever: Revenue Operating Profit Net Cash Flow from Operating Activities Geographical focus Entry into two new countries in 2012: Norway The Netherlands License portfolio
Slide 4: 2012 Highlights
2012 Highlights Revenues of DKK 596.7MM in 2012 (2011: DKK 434.8MM) - Average realised oil price in 2012 was USD 112.3 per barrel (2011: USD 108.7) Operating profit (EBIT) of DKK 246.8MM in 2012 (2011: DKK 126.3MM) Profit before taxation of DKK 227.7MM in 2012 (2011: DKK 127.5MM) Net cash fl
Slide 5: Production
Production Average production in 2012 was 2,536 Boepd - above budgeted production Ettrick and Chestnut showed strong production performance in 2012 Average production 2008-2012 5 15 March 2013
Slide 6: Income Statement
Income Statement 2012 DKK 1,000 2012 2011 Revenue 596,745 434,831 Cost of sales -274,888 -261,196 Gross profit 321,857 173,634 Exploration expenses -27,209 -17,812 Pre-licence exploration costs -7,962 -1,828 General and administration costs -39,930 -27,676 Other operating income 14 0 Operating profi
Slide 7: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow 2012 DKK 1,000,000 End 2012 End 2011 Balance sheet Total assets 1,121.8 776.9 - Cash and cash equivalents 242.5 114.3 Equity 537.1 429.3 Bank debt 78.0 105.0 - Long term 58.5 65.0 - Short term 19.5 40.0 2012 2011 Cash flow Net cash from operating activities 367.6 269.9 Ne
Slide 8: 2012 Share Price Performance
2012 Share Price Performance Share price at start 2012: DKK 156.5 Share price at end 2012: DKK 184 – an increase of 17%. DKK 8 15 March 2013
Slide 9: Atlantic Petroleum Shareholders
Atlantic Petroleum Shareholders Geographical distribution Investor type distribution Unregistered 7.1% Institutional Rest of the Faroe Islands 22% World 29.2% 23.9% Non-Institutional Denmark 78% 39.7% As of 31st December 2012. As of 31st December 2012. 9 15 March 2013
Slide 10: Reserves and resources
Reserves and resources As of 1st January 2013, net reserves equalled 5.1 MMBoe according to the latest Fugro Robertson CPR (Competent Persons Report) report MMBoe P50 reserves Contingent Prospective resources resources (risked) Start of 2012 2.6 8.1 16.2 Production -0.93 Net additions & revisions
Slide 11: Reserves Development 2008 - 2012
Reserves Development 2008 - 2012 Reserves replacement rate of 369% compared to previously announced reserves figures Fugro Robertson CPR 1st January 2013. Includes Orlando & Kells. Agreement was signed 13th December and completion occurred in February prior to report date. 11 15 March 2013
Slide 12: Our Strategy & Building Blocks
Our Strategy & Building Blocks Provide step change growth through high impact exploration and targeted acquisitions GROWTH THROUGH GROWTH BY FARM-IN & DEVELOPMENT ACQUISITIONS Create organic growth through Increase portfolio through development of existing asset selective farm-ins and base acquisiti
Slide 13: A Balanced Portfolio
A Balanced Portfolio Portfolio of assets spanning across all four stages of exploration, appraisal, development and production – a total of 39 licenses UK 3 licences in UK Central North Sea with fields in production. 26 exploration, appraisal & development licences in the UK sector of the North Se
Slide 14: Exploration & Appraisal Wells
Exploration & Appraisal Wells Obtained exposure to significant potential on the Norwegian Continental Shelf Desire to drill 4-5 exploration/appraisal wells per year, spread across North West Europe 14 15 March 2013
Slide 15: Orlando and Kells Development
Orlando and Kells Development Orlando field has been sanctioned for development 15 15 March 2013
Slide 16: Orlando and Kells P1606/P1607, Blocks 3/3b & 3/8d
Orlando and Kells P1606/P1607, Blocks 3/3b & 3/8d Atlantic Petroleum 25% First oil from Orlando is expected second half 2014. The expected initial rate from Orlando is +10,000 bopd gross. Orlando OPEX and Tariff is USD 16.75/bbl. CAPEX to first oil is currently estimated to be USD 43.4MM net
Slide 17: Outlook
Outlook Outlook Total production for 2013 is estimated to be between 700,000 – 800,000 boe net Earnings Before Interest, Taxes, Depreciation, Amortisation and Exploration Expenses (EBITDAX) is predicted in the range of DKK 200MM - 250MM based on an expected average oil price of 100 USD/barrel an
Slide 18: Contact
Contact Headquarters, Faroe Islands P/F Atlantic Petroleum Yviri við Strond 4 P.O.Box 1228 Faroe Islands Tel +298 350100 Norway offices, Bergen Atlantic Petroleum Norge AS Kanalveien 109 5068 Bergen Norway Tel +47 99205989 Ben Arabo, CEO UK offices, London Tel +298 350 100 Mobile +298 550 100 Atlant