Atlantic Petroleum P/f · OMXCOP:ATLA_DKK

Atlantic Petroleum P/f — FY2014 Earnings Presentation

26 slides from Atlantic Petroleum P/f's earnings presentation, Mar 25, 2015

  1. Slide 1: 2014 Results

    WEBCAST PRESENTATION – 25th MARCH 2015 2014 RESULTS

  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: 2014 Performance

    WEBCAST PRESENTATION – 25th MARCH 2015 2014 PERFORMANCE

  4. Slide 4: Highlights

    HIGHLIGHTS  Produced 586,000 boe (1605 boepd)  Commercial gas discovery on Pegasus West in September 2014 – Tested at over 90MMscf/d (15,000 boepd)  Gas discovery on Norway PL528/PL528B Ivory – Results being analysed; assessing commerciality  EBITDAX of DKK 124MM  Operating Cashflow DKK96.8MM f

  5. Slide 5: 2014 Production

    2014 PRODUCTION 2500 Production Guidance 1,520 - 1,600 boepd 2000 1500 boepd 1000 500 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Blackbird 129 167 130 126 105 12 0 186 654 460 339 453 Ettrick 815 894 759 732 695 501 0 275 593 487 412 586 Chestnut 977 1033 1076 894 804 742 598 778 753 712 666

  6. Slide 6: Consolidated Income Statement

    CONSOLIDATED INCOME STATEMENT DKK 1,000 Note 2014 2013 Revenue 3 343,146 417,421 Cost of sales 4 -530,002 -221,767 Gross loss/profit -186,856 195,655 Exploration expenses 5 -214,862 -119,647 Pre-licence exploration cost -12,631 -11,064 General and administration cost 6,7,8,10, 25 -41,548 -58,410 Dep

  7. Slide 7: Consolidated Balance Sheet

    CONSOLIDATED BALANCE SHEET DKK 1,000 Note 2014 2013 Non-current assets Goodwill 15,32 51,917 54,354 Intangible assets 16 16,576 26,482 Intangible exploration and evaluation assets 17 258,653 216,682 Tangible development and production assets 18 369,079 621,504 Property plant and equipment 19 2,036 2

  8. Slide 8: Share Performance 2014

    SHARE PERFORMANCE 2014 WEBCAST PRESENTATION – 25TH MARCH 2015

  9. Slide 9: Share Price Performance

    SHARE PRICE PERFORMANCE Share Price performance 12 last months (%) 0% Parkmead AP North Energy Serica Ithaca Providence Iona Trap Oil Noreco -20% -40% -51% -60% -58% -68% -80% -74% -81% -88% -89% -92% -100% -95% -120% A challenged segment WEBCAST PRESENTATION – 25TH MARCH 2015

  10. Slide 10: Shareholders

    SHAREHOLDERS Shareholders 1/3 Institutional in 37 countries Shareholders by end 2014 WEBCAST PRESENTATION – 25TH MARCH 2015

  11. Slide 11: Exploration & Appraisal

    ( ATLANTIC PETROLEUM Exploration & Appraisal

  12. Slide 12: Building a Solid Position in the Aasta Hansteen Area

    BUILDING A SOLID POSITION IN THE AASTA HANSTEEN AREA Aug -14 PL 528 farm down 6% to Repsol PL 602 take over 10% from Ithaca Oct -14 PL 528 spud of Ivory Dec -14 PL 528: The Ivory well proved 2-8 BSM3gas in the Kvitnos Formation Jan -15 PL 802: Awarded 20% in APA 2014 Feb -15 PL 704, 705, 802: Signed

  13. Slide 13: Roald Rygg

    ROALD RYGG Nise 1 regional Currently drilling the Roald Rygg well (6706/11-3) in PL602 TWT map  PL 602 located in the Vøring Basin, next to Aasta Hansteen Field development. The waterdepth is c. 1300 m. Ivory  Ownership: Statoil: 42.5 %* (Op), Centrica 20%, Petoro 20%, Wintershall 10%, Atlantic Sn

  14. Slide 14: Developments

    ( ATLANTIC PETROLEUM Developments

  15. Slide 15: Orlando Field Development

    ORLANDO FIELD DEVELOPMENT JV partners & equities Orlando Field  Iona Energy 75% (Operator)  Atlantic Petroleum 25% CPR estimates  Orlando net 2P reserves of 3.8 MMboe  Orlando initial rates expected at 10,000+ bopd Development Progress  Infrastructure agreements signed in October 2014 for first

  16. Slide 16: Pegasus Field Development – a significant gas discovery

    PEGASUS FIELD DEVELOPMENT – a significant gas discovery JV partners & equities:  Centrica 55% (Operator)  Third Energy 35%  Atlantic Petroleum 10% CPR estimates  176BCF in Pegasus & Pegasus North discovered and tested resource is economic History  Original discovery well drilled in 2010 found g

  17. Slide 17: Near Developments – Kells & Perth

    NEAR DEVELOPMENTS – KELLS & PERTH KELLS – P1607 3/8d Iona Energy (Operator) 75%, Atlantic Petroleum 25% CPR estimates  Kells net 2P reserves of 2.25 MMboe  Kells initial rates expected at 7,000+ bopd  First production expected 2017 Development plan  Subsea tieback to Ninian Central Platform PERT

  18. Slide 18: Summary & Outlook

    ( ATLANTIC PETROLEUM Summary & Outlook

  19. Slide 19: Targets 2015

    TARGETS 2015 TARGETS 2015 PRODUCTION FINANCIAL EXPLORATION 560,000 BOE EBITDAX POSITIVE DRILL NORWAY ROALD RYGG WEBCAST PRESENTATION – 25TH MARCH 2015

  20. Slide 20: Development and Near Development

    DEVELOPMENT AND NEAR DEVELOPMENT DEVELOPMENT & NEAR DEVELOPMENT 2015 2016 2017 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q P1606 ORLANDO EXECUTE PRODUCTION P1607 KELLS DEFINE EXECUTE UK P1724 PEGASUS ASSESS SELECT DEFINE EXECUTE PRODUCTION P354 CHESTNUT II ASSESS SELECT DEFINE EXECUTE PRODUCTION P218 & P588

  21. Slide 21: Exploration

    EXPLORATION EXPLORATION 2015 2016 2017 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q NORWAY PL705 NAPOLEON / SURNA Possible Well PL602 ROALD RYGG Firm Well P1610 MAGNOLIA / LIBERATOR Possible Well P1906 GREATER YORK Possible Well UK P2082 SKERRYVORE Firm Well P2126 AURORA Contingent Well P2128 ANDROMEDA Conti

  22. Slide 22: Reserves (CPR Numbers)

    RESERVES (CPR NUMBERS) MMBoe 60 Reserves Contingent resources 50 Prospective resources 40 30 20 10 0 2009 2010 2011 2012 2013 2014 1) Source: Competent Person’s Reports by Fugro Robertson (year 2009-2012) & GCA (year end 2013 & 2014) 22

  23. Slide 23: Potential Production Profile

    POTENTIAL PRODUCTION PROFILE The building blocks are in place for a mid-size NW Europe E&P company WEBCAST PRESENTATION – 25TH MARCH 2015

  24. Slide 24: The Opportunity Set

    THE OPPORTUNITY SET Development of current UK projects can deliver 5,000-7,000 boe/d production in 2017/18: • Three oil projects – additional equity may be available to Atlantic Petroleum • One oil with substantial gas project • One gas project • 2 projects are with Centrica as operator. • The proje

  25. Slide 25: Q&A

    ( ATLANTIC PETROLEUM Q&A

  26. Slide 26: Contact

    CONTACT Headquarters, Faroe Islands P/F Atlantic Petroleum Yviri við Strond 4 P.O.Box 1228 Faroe Islands Tel +298 350 100 Norway office, Bergen Atlantic Petroleum Norge AS Edvard Griegsvei 3c 5059 Bergen Norway Tel +47 9920 5989 UK office, London Atlantic Petroleum (UK) Limited 26/28 Hammersmith Gro

Atlantic Petroleum P/f — FY2014 Earnings Presentation on 6ix