Point Resources Ny operatør blåser nytt liv i Norges første lisens Modifikasjonskonferansen, Mars - 2018
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 160 140 120 100 80 60 40 20 1 PRODUCTION DEVELOPMENTS 0 2018 2019 2020 2021 2022 2023 2024 2025 2 3 M&A GROWTH Identified potential in producing assets (2C resources) 2
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
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 - 2030+ Life Extension Program ongoing; application to authorities Aug 2018 - 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 2016 - Jotun B decomissioning ongoing; P&A completion 3Q facilities removal 2019/20 - Future of Jotun A being discussed Ownership PR 100% 4
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 400 300 200 100 0 63 30 37 Balder & Ringhorne area production (gross) boepd 80 60 Previous owner plan Lifetime extension RH phase III infill 21 Balder phase IV infill 74 150 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 2019 40 20 0 2018 2021 2024 2027 2030 2033 2036 2039 2042 2045 5
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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