Atlantic Petroleum P/f · OMXCOP:ATLA_DKK
Atlantic Petroleum P/f — Shareholder Meeting (March 2011)
39 slides from Atlantic Petroleum P/f's shareholder meeting presentation, Mar 19, 2011
Slide 1: Annual General Meeting
ANNUAL GENERAL MEETING 19th March 2011
Slide 2: Agenda – Annual General Meeting 2011
AGENDA – ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Director’s statement of the Company’s activity during the previous accounting year 3. Presentation of Audited Annual Accounts for approval 4. Decision on how to use profit or cover loss according to the appro
Slide 3: 1. Election of Chairman of the Meeting
1. ELECTION OF CHAIRMAN OF THE MEETING • The Board of Directors proposes to elect Mr. Petur Even Djurhuus as the Chairman of the Meeting 3
Slide 4: Agenda – Annual General Meeting 2011
AGENDA – ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Director’s statement of the Company’s activity during the previous accounting year 3. Presentation of Audited Annual Accounts for approval 4. Decision on how to use profit or cover loss according to the appro
Slide 5: Chairman's Statement
CHAIRMAN’S STATEMENT | ATLANTIC PETROLEUM
Slide 6: Nordea Markets: Still not attractive – Sell rating
NORDEA MARKETS 20TH FEBRUARY 2010 Still not attractive Atlantic Petroleum Sell We reiterate our Sell rating on Atlantic Industry group (GICS): Oil & Gas Petroleum ahead of its Q4 2009 Exploration & Production Target price report. Even though the rights issue has (0-12M): DKK 150.00 reduced the net d
Slide 7: Production and Average Oil Price
PRODUCTION AND AVERAGE OIL PRICE Note: Production of barrels of oil equivalents (1.000) and average realised oil price per month 7
Slide 8: Share Performance 2010
SHARE PERFORMANCE 2010 Nasdaq OMX Copenhagen Nasdaq OMX Iceland DKK 240 220 200 180 160 140 120 1 Jan 1 Feb 1 Mar 1 Apr 1 May 1 Jun 1 Jul 1 Aug 1 Sep 1 Oct 1 Nov 1 Dec 8
Slide 9: Nordea Markets: Soft guidance explained by Blackbird start-up
NORDEA MARKETS 28TH FEBRUARY 2011 Soft guidance explained by Blackbird Atlantic Petroleum Buy start-up Industry group (GICS): Oil & Gas We reiterate our Buy recommendation and Exploration & Production Target DKK 260 per share target price (0-12M): DKK 260.00 price on Atlantic Petroleum after its Q4
Slide 10: New Management Team
NEW MANAGEMENT TEAM Ben Arabo CEO 14 years of experience with Hess worldwide Has held leadership positions with Hess as Exploration Business Manager in South East Asia, a management committee member in exploration ventures in Asia, North Africa and North West Europe and branch manager of Hess’ a
Slide 11: Organisation
ORGANISATION Ben Arabo CEO Fía Petersen Office Administrator Alyson Harding Sigurð í Jakupsstovu Mourits Joensen Exploration Manager, Technical Manager, CFO • Chestnut GM UK COO • Ettrick • Blackbird Exploration Appraisal • Perth Development Production Mary-Ann Thomsen Chief Accountant Lucy Slater D
Slide 12: License Overview
LICENSE OVERVIEW Geographically focused on NW Europe Kúlubøkan (10%) Marselius (40%) Stella Kristina (40%) Brugdan (1%) Perth (10.79%) Chestnut (15%) Marten (17.5%) Ettrick (8.27%) Hook Head Blackbird (8.27%) (18.33%) Anglesey 30% Producing fields Biscuits 20% 12
Slide 13: Reserves
RESERVES Proven reserves Contingent resources Prospective resources (risked) MMBoe MMBoe MMBoe Start of 2010 3.4 5.3 0.4 Production -0.96 Net additions & revisions 0.5 0.5 15.8 End of 2010 2.9 5.8 16.2 13
Slide 14: Faroe Islands – Highlights 2010
FAROE ISLANDS – HIGHLIGHTS 2010 • Faroes Licence 006 extended to January 2013. Site survey acquired in 2010 for a potential exploration well • Ongoing technical work on Licences 013 and 014 • Seabed samples were collected over Licence 016 during 2010 14
Slide 15: Ireland – Highlights 2010
IRELAND – HIGHLIGHTS 2010 • During 2010, partners in the licence agreed to farm down up to 50% equity interest in the Hook Head oil discovery to Sosina subject to committing to drilling a fully funded well • During 2010, partners agreed to farm down up to 65% equity in Nemo to Nautical Petroleum plc
Slide 16: UK – Highlights 2010 - Production
UK – HIGHLIGHTS 2010 - PRODUCTION Net production to Atlantic Petroleum was 960,000 barrels of oil equivalents (boe) in 2010 The Ettrick field produced a total of 6.63MM boe in 2010 The Chestnut field produced 2.74MM barrels (bbls) in 2010 Two successful development wells drilled on the Ettri
Slide 17: UK – Highlights 2010
UK – HIGHLIGHTS 2010 The development of the Blackbird field has been sanctioned by Atlantic Petroleum. First oil expected in January 2012 Net contingent reserves in Perth have increased from 1.0 MMBbls to 1.7 MMBbls due to a change in equity from 3.75% to 6.62% Marten licence extended to July
Slide 18: Anglesey – Prospect Summary
ANGLESEY – PROSPECT SUMMARY • Prospect offers an opportunity to test the prospectivity in the Upper Jurassic Sgiath Formation • 3 well defined structural closures with significant stratigraphic upside of 130 MMbbl reserves • Oil proven immediately down- dip by the 14/14-1 well • Proprietary 2D and 1
Slide 19: Biscuits
BISCUITS ATLANTIC PETROLEUM Summary Application Area and Prospect Summary 26t Round traditional licence Licence interests: = Bridge Energy UK Limited: 40.00 % = Idemitsu Petroleum UK Limited: 40.00% = Atlantic Petroleum UK Limited 20.00% Work Programme - = Obtain and reprocess 200 sq km of 3D seismi
Slide 20: Blackbird
BLACKBIRD ( ATLANTIC PETROLEUM ETTRICK FPSO {AOKA MIZU) [tui BLACKBIRD FIELD DEVELOPMENT bal BBO-FE:<CH 008 REV pee nt 2 20 20
Slide 21: Perth
PERTH DEO (Operator) 42.09% Faroe Petroleum 28% Maersk 19.13% Atlantic Petroleum 10.8% 21
Slide 22: Faroe Islands – Brugdan Deep 2011
FAROE ISLANDS – BRUGDAN DEEP 2011 • Brugdan Deep well planned for spudding July 2011 • Water Depth 400 – 500m • Partners: Statoil 50% ExxonMobil 49% Atlantic Petroleum Brugdan Deep 1% 22
Slide 23: 2011 Outlook
2011 OUTLOOK Total production for 2011 is estimated to between 750,000 - 950,000 barrels net for the year EBIT is predicted in the range of DKK 90MM-150MM on an expected average realised oil price of 90 USD/barrel Develop Blackbird field with an expectation of production by 1Q 2012 Further i
Slide 24: Agenda – Annual General Meeting 2011
AGENDA – ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Director’s statement of the Company’s activity during the previous accounting year 3. Presentation of Audited Annual Accounts for approval 4. Decision on how to use profit or cover loss according to the appro
Slide 25: Annual Accounts 2010
Kw ATLANTIC PETROLEUM ANNUAL ACCOUNTS 2010
Slide 26: Five Year Summary, Consolidated Figures
FIVE YEAR SUMMARY, CONSOLIDATED FIGURES Financials 2010 2009 2008 2007 2006 Accounting basis IFRS IFRS IFRS IFRS IFRS Revenue DKK 422.469.572 219.252.477 43.267.047 0 0 Profit before taxation DKK 163.083.205 -60.442.213 -145.418.901 -76.071.551 -8.088.880 Net profit for the period after taxation DKK
Slide 27: Parent and Consolidated Income Statement
PARENT AND CONSOLIDATED INCOME STATEMENT Parent and Consolidated Income Statement For the year ended 31st December 2010 Parent Group 2010 2009 2010 2009 DKK DKK DKK DKK 0 0 Revenue 422.469.572 219.252.477 0 0 Cost of sales -256.439.727 -164.638.988 0 0 Gross profit 166.029.844 54.613.489 0 0 Explora
Slide 28: Parent and Consolidated Balance Sheet
PARENT AND CONSOLIDATED BALANCE SHEET Parent and Consolidated Balance Sheet As at 31st December 2010 Parent Group 2010 2009 2010 2009 DKK DKK DKK DKK Non-current assets 207.982 0 Intangible Assets 207.982 0 19.678.747 15.078.783 Intangible exploration and evaluation assets 109.483.257 64.625.118 0 0
Slide 29: Parent and Consolidated Cash Flow Statement
PARENT AND CONSOLIDATED CASH FLOW STATEMENT CASH FLOW STATEMENT Atlantic Petroleum Parent and Consolidated Parent Group 2010 2009 2010 2009 DKK DKK DKK DKK -16.440.532 -34.356.696 Net cash provided by operating activities 239.685.644 54.035.541 -4.974.571 -6.688.938 Net cash used in investing activi
Slide 30: Agenda – Annual General Meeting 2011
AGENDA – ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Director’s statement of the Company’s activity during the previous accounting year 3. Presentation of Audited Annual Accounts for approval 4. Decision on how to use profit or cover loss according to the appro
Slide 31: Agenda – Annual General Meeting 2011
AGENDA – ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Director’s statement of the Company’s activity during the previous accounting year 3. Presentation of Audited Annual Accounts for approval 4. Decision on how to use profit or cover loss according to the appro
Slide 32: David A. MacFarlane
DAVID A. MACFARLANE David MacFarlane, an economics graduate and Chartered Accountant, has been CFO of Dana from 2002 – March 2011. He has more than 25 years experience in financial control and management in the upstream oil and gas business. Between 1985 and 1993 he was Finance Director of the MOM G
Slide 33: Agenda – Annual General Meeting 2011
AGENDA – ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Director’s statement of the Company’s activity during the previous accounting year 3. Presentation of Audited Annual Accounts for approval 4. Decision on how to use profit or cover loss according to the appro
Slide 34: 6. Election of Auditor
6. ELECTION OF AUDITOR • The present accountant of the Company is Sp/f Grannskoðaravirkið INPACT løggilt grannskoðaravirki, R.C.Effersøesgøta 26, 100 Tórshavn • The Board proposes re-election of the present accountant for the period until the next Annual General Meeting 34
Slide 35: Agenda – Annual General Meeting 2011
AGENDA – ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Director’s statement of the Company’s activity during the previous accounting year 3. Presentation of Audited Annual Accounts for approval 4. Decision on how to use profit or cover loss according to the appro
Slide 36: Agenda – Annual General Meeting 2011
AGENDA – ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Director’s statement of the Company’s activity during the previous accounting year 3. Presentation of Audited Annual Accounts for approval 4. Decision on how to use profit or cover loss according to the appro
Slide 37: Agenda – Annual General Meeting 2011
AGENDA – ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Director’s statement of the Company’s activity during the previous accounting year 3. Presentation of Audited Annual Accounts for approval 4. Decision on how to use profit or cover loss according to the appro
Slide 38: Agenda – Annual General Meeting 2011
AGENDA – ANNUAL GENERAL MEETING 2011 1. Election of Chairman of the Meeting 2. The Board of Director’s statement of the Company’s activity during the previous accounting year 3. Presentation of Audited Annual Accounts for approval 4. Decision on how to use profit or cover loss according to the appro
Slide 39: The Future
THE FUTURE We are embarking on the next step which will secure further value for the shareholders and secure Atlantic Petroleum’s place as a leading independent European E&P company. 39
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