Atlantic Petroleum P/f · OMXCOP:ATLA_DKK
Atlantic Petroleum P/f — Q4 2013 Earnings Presentation
21 slides from Atlantic Petroleum P/f's earnings presentation, Mar 14, 2014
Slide 1: 4Q 2013 Results
WEBCAST PRESENTATION – 14th MARCH 2014 4Q 2013 RESULTS
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: 4Q 2013 Performance
WEBCAST PRESENTATION – 14TH MARCH 2014 4Q 2013 PERFORMANCE
Slide 4: Reserves (CPR Numbers)
RESERVES (CPR NUMBERS) MMBoe 60 Reserves 50 Contingent resources Prospective resources 40 30 20 10 0 2009 2010 2011 2012 2013 WEBCAST PRESENTATION – 14th MARCH 2014
Slide 5: Significant Achievements in 2013
SIGNIFICANT ACHIEVEMENTS IN 2013 Successful completed acquisition of 25% working interest in UK licences P1606 and P1607 containing the development assets Orlando and Kells. Orlando development was approved by DECC in 2013. UK 27th Licensing Round – awarded 12 blocks in 4 licences bringing the t
Slide 6: Production
PRODUCTION Boepd 3000 2500 2000 1500 1000 500 0 2009 2010 2011 2012 2013 WEBCAST PRESENTATION – 14th MARCH 2014
Slide 7: Excellent Chestnut Performance
EXCELLENT CHESTNUT PERFORMANCE Production has increased over the last three years due to opening of the chokes Water Cut has stabilised just below 50% Ultimate Remaining Reserves (URR) have consistently increased over field life (from annual CPR reports) and have the potential for further incr
Slide 8: Income Statement – 4Q 2013
INCOME STATEMENT – 4Q 2013 DKK MM 4Q 2013 Revenue 89.1 Cost of sales -63.2 Gross profit 26.0 Exploration expenses -5.8 Pre-licence exploration cost -2.4 General and administration cost -16.4 Operating profit 1.2 Interest income and finance gain -2.8 Interest expenses and other finance cost -2.4 Loss
Slide 9: Income Statement – 2013
INCOME STATEMENT – 2013 DKK MM 2013 2012 Revenue 417.4 596.7 Cost of sales -221.8 -274.9 Gross profit 195.7 321.9 Exploration expenses -119.6 -27.2 Pre-licence exploration cost -11.1 -8.0 General and administration cost -66.6 -39.9 Operating loss/profit -1.6 246.8 Interest income and finance gain 1.
Slide 10: Balance Sheet and Cash Flow – 2013
BALANCE SHEET AND CASH FLOW – 2013 Balance sheet DKK MM 2013 2012 Total assets 1,237.2 1,121.8 – Cash and cash equivalents 184.6 242.5 Equity 597.3 537.1 Bank debt 103.1 78.0 – Long term 44.6 19.5 – Short term 58.5 58.5 Cash flow DKK MM 2013 2012 Net cash from operating activities 219.1 367.6 Net ca
Slide 11: 2014 Targets
2014 TARGETS Estimated 2014 Opex: DKK 155MM Estimated 2014 Capex: DKK 135MM WEBCAST PRESENTATION – 14th MARCH 2014
Slide 12: Year End 2013 – Shareholder Distribution
YEAR END 2013 – SHAREHOLDER DISTRIBUTION Unregistered 1.57% Rest of the World 20.06% Institutional 32% Denmark (2012: 22%) 39.66% Norway 17.58% Non- institutional 68% (2012: 78%) Faroe Islands 21.13% WEBCAST PRESENTATION – 14th MARCH 2014
Slide 13: NCS Portfolio Growth
NCS PORTFOLIO GROWTH Atlantic Petroleum will grow its portfolio through licensing rounds and farm ins. The company was awarded two new licenses in the latest APA 2013 round, both near existing fields and discoveries. PL659 In December 2013 the company farmed into two licenses with 2014 wells, PL 659
Slide 14: Barents Sea – Langlitinden
PL 659 BARENTS SEA - LANGLITINDEN Blocks 7221/12, 7222/10,11,12, and parts of 7121/3, 7122/1,2 Det Norske 20% (Op), Petoro 30%, Lundin 20%, Tullow 15%, Langlitinden oil discovery Rocksource 5%, Atlantic 10% Caurus gas Well 7222/11-2 was spudded January 14th and completed on discovery 27th February
Slide 15: PL528/528B Norwegian Sea – Ivory
PL528/528B NORWEGIAN SEA - IVORY Blocks 6707/8,9,11 and 6707/10 (part) Centrica 40% (Op.), Statoil 35%, Rocksource *20% (10-25%) Atlantic *5% (5-15%) • Gross recoverable resources up to 306 mmboe • Gas prone area with possibility for oil • Adjacent to Aasta Hansteen field (2017 first gas) • Seismic
Slide 16: Capturing Acreage Close to Near-Future Infrastructure
CAPTURING ACREAGE CLOSE TO NEAR-FUTURE INFRASTRUCTURE Following up with our strategy to capture good quality exploration acreage close to near-future infrastructure, we recently secured the PL763 license (APA 2013 award). PL 763 Karius (Blocks 6606/2,3) Repsol 40% (Op), Rocksource 30%, Atlantic 30%
Slide 17: Faroes L006 – Brugdan
FAROES L006 - BRUGDAN JV partners & equities: Statoil (operator) 35% ExxonMobil 49% OMV 15% Atlantic Petroleum 1% Area: Faroe Shetland Basin Extremely large four way dip closure with prognosed Palaeocene Vaila Formation reservoir History: Brugdan I drilled in 2006: Failed to reach Va
Slide 18: UK P1724 – Pegasus
UK P1724 - PEGASUS JV partners & equities: Centrica (operator) 55% Viking UK Gas (Third Energy) 35% Atlantic Petroleum (Volantis) 10% Area: Southern North Sea, close to Cavendish Field Intra-Carboniferous structures, reservoirs & seals History: Pegasus North well drilled 2011 & discovere
Slide 19: Exploration Portfolio (4 Year Projection)
EXPLORATION PORTFOLIO (4 YEAR PROJECTION) 300 250 200 mm boe 150 100 net resources net risked resources 50 0 2014 2015 2016 2017 WEBCAST PRESENTATION – 14th MARCH 2014 19
Slide 20: 2014 Activity Outlook
2014 ACTIVITY OUTLOOK 2014 LICENCE 1Q 2Q 3Q 4Q UK P1724 Pegasus West (Committed) Exploration well Exploration PL528 Ivory (Committed) Exploration well Norway PL659 Langlitinden (Committed) Exploration well Faroe Islands L006 Brugdan II (Committed) Exploration well Production UK P317, P273, & P1580 B
Slide 21: Contact
CONTACT Headquarters, Faroe Islands P/F Atlantic Petroleum Yviri við Strond 4 P.O.Box 1228 Faroe Islands Tel +298 350100 Norway office, Bergen Atlantic Petroleum Norge AS Edvard Griegsvei 3c 5059 Bergen Norway Tel +47 99205989 UK office, London Atlantic Petroleum (UK) Limited 26/28 Hammersmith Grove
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