Point Resources. Ny operatør blåser nytt liv i Norges første lisens. Modifikasjonskonferansen, Mars

Transcription

1 Point Resources Ny operatør blåser nytt liv i Norges første lisens Modifikasjonskonferansen, Mars

2 Point Resources a full cycle E&P company built on ExxonMobil heritage Full-cycle E&P focused on the proven areas of the NCS Pure play NCS company with a concentrated portfolio in four core areas Production set to grow organically to 150,000 boepd by 2022 Backed by leading E&P private equity firm HitecVision USD 1.1bn equity invested to date World-class operator organization combined with the agility from the heritage Point Resources organization Strong focus on preserving the operational excellence culture inherited from ExxonMobil as well as the agility from the heritage Point Resources organization Organization of ~400 employees Headquartered at Forus, with office in Oslo Increased need for contractor cooperation with loss of ExxonMobil corporate support and significant growth ambitions kboepd PRODUCTION DEVELOPMENTS M&A GROWTH Identified potential in producing assets (2C resources) 2

3 Producing asset overview Producing Assets Diversified portfolio Balder area Brage area Balder (100%) Brage (12%) Ringhorne (100%) Brasse (50%) Ringhorne Øst (77%) Bøyla (20%) Njord area Tampen area Hyme (18%) Snorre (1%) Bauge (18%) Garantiana (30%) Fenja (45%) 3

4 Own operated assets Balder Ringhorne Jotun Asset Description: - FPSO with Subsea development - 21 subsea wells, 15 production and 3 injection - Processing facility for Balder and Ringhorne oil Life Extension Program ongoing; application to authorities Aug Modification projects - Further drilling being assessed Ownership: - PR 100% Asset Description: - Manned wellhead platform with 1st stage separation - Interconnected to Balder and Jotun FPSOs - 22 wells, 17 production and 5 injection/other - Preparing for 2019 drilling start Ownership: Ringhorne PR 100% Ringhorne East PR 77% Statoil15% Faroe 8% Asset Description: - Jotun A FPSO with unmanned wellhead platform; Jotun B - Processing facility for Ringhorne Jurassic - Jotun production ceased Dec Jotun B decomissioning ongoing; P&A completion 3Q facilities removal 2019/20 - Future of Jotun A being discussed Ownership PR 100% 4

5 Balder & Ringhorne area: Material remaining potential Vast set of profitable opportunities Infill drilling Life extension Facility optimization Significant proven resource base to be developed through infill drilling Ringhorne phase III: Sanctioned infill campaign - three workovers and six infill wells targeting 33 mmboe net 2P reserves Balder phase IV: Planned, but not sanctioned infill drilling program - four subsea wells targeting 21 mmboe net 2C resources Further identified infill targets: 74 mmboe net 2C resources Life extension and facility optimization to capture the value of the resources base Area optimization study ongoing to further optimize infrastructure utilization and maximize field recovery and value Balder area resource base (gross) mmboe Balder & Ringhorne area production (gross) boepd Previous owner plan Lifetime extension RH phase III infill 21 Balder phase IV infill Further infill Exploration potential potential 375 Total resource base Exploration Proved potential Point current plan Previous owner plan Low risk exploration Underexplored area with numerous low risk, high value targets - more than 150 mmboe resource potential in injectite plays Two firm, low risk wells targeting ~30 mmboe net unrisked resources to be drilled in

6 Positioned to create a new NCS champion Production set to grow organically to 150,000 boepd by 2022 Material remaining potential in the Balder- Ringhorne area; high-quality opportunities identified to drive growth and maximize recovery Evaluating area optimization potential to streamline costs and prolong field life Strong and competent organization dependent on good cooperation with the supply industry to achieve growth ambitions 6

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8 Disclaimer This presentation (the Presentation ) contains financial information (the Financial Information ), operational, legal and other information (jointly referred to as the Information ) concerning the business of Point Resources AS (the Company ) and its subsidiaries (jointly the Group ). This Presentation is for information purposes only and does not constitute a prospectus or offering memorandum or an offer or solicitation to acquire or invest in or take any action in respect of any securities. This Presentation is not intended to provide the basis for any credit or any other third party evaluation of the Group, any securities previously issued by it, any securities which may be issued by it or any subsidiaries in the future or any related transactions and should not be considered as a recommendation that any investor should subscribe for or purchase or invest in any such securities. Neither entity in the Group nor the Company s sole shareholder Point Resources Holding AS, nor HitecVision which manages fund who have invested in to the Company, makes any representation or warranty of any sort as to the accuracy or completeness of the Information or in any other model or information made available in connection with this Presentation or the reasonableness of the assumptions on which any such Information is based. No person shall have any right of action against any entity of the Group, their respective directors, officers, employees or advisers or any other person in relation to the accuracy or completeness of any such Information. The Information is subject to amendments without notice and such amendments may be material. This Presentation is not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation or which would require any registration or licensing within such jurisdiction. Any failure to comply with these restrictions may constitute a violation of law. The Information may include results of analyses from a quantitative model that may represent potential future events that may or may not be realized, and is not a complete analysis of every material fact relating to the Group or its business. This Presentation contains projections and forward looking statements. The words believe, expect, could, may, anticipate, intend and plan and similar expressions identify forward-looking statements. All statements other than statements of historical facts included in the Presentation, including, without limitation, those regarding the Financial Information, the Group s financial position, potential business strategy, potential plans and potential objectives, are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Group s actual results, performance, achievements and value to be materially different from any future results, performance, achievements or values expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Group s present and future business strategies and the environment in which the Group will operate in the future. No warranty or representation is given by any entity of the Group or any of their respective directors, officers, employees or advisers or any other person as to the reasonableness of these assumptions. The forward-looking statements in the Financial Information speak only as at the date of the Financial Information and the Group assumes no obligation to update or provide any additional information in relation to such forward-looking statements. Nothing in the Financial Information is, or should be construed as, a profit forecast. Unless otherwise stated, the Information is provided as at the date of this Presentation and is subject to change without notice. None of the entities of the Group or any of their respective directors, officers, employees or advisers undertake any obligation to update the Information, to provide the recipient with any additional information, or to correct any inaccuracies that may become apparent in any information provided. This Presentation is governed by Norwegian law. 8