Transcript ProCorp ASA Independent Corporate Finance

Nordic Petroleum AS
Generalforsamling mars 2014
Lysaker
Disclaimer
This document contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates.Forward-looking statements concern
future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, “expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”,
“foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third
party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the
Company or any of the respective group companies or any such person’s officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors
nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no
obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results.
An investment in the Company involves risk, and several factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or
achievements that may be expressed or implied by statements and information in this presentation, including, among others, risks or uncertainties associated with the Company’s business, segments,
development, growth management, financing, market acceptance and relations with customers, and, more generally, general economic and business conditions, changes in domestic and foreign laws and
regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rates and interest rates and other factors.
Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this presentation. The Company does not
intend, and does not assume any obligation, to update or correct the information included in this presentation.
No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability
whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company or any of the group companies or any such person’s officers or employees
accepts any liability whatsoever arising directly or indirectly from the use of this document.
By attending the investor presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own
analysis and be solely responsible for forming your own view of the potential future performance of the Company’s business.
This Presentation is confidential and is being communicated in the United Kingdom to persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (such persons being referred to as “investment professionals"). This presentation is only directed at qualified investors and investment
professionals and other persons should not rely on or act upon this presentation or any of its contents. Any investment or investment activity to which this communication relates is only available to and
will only be engaged in with investment professionals. This Presentation (or any part of it) is not to be reproduced, distributed, passed on, or the contents otherwise divulged, directly or indirectly, to any
other person (excluding an investment professional’s advisers) without the prior written consent of the Company.
This Presentation and the information contained herein do not constitute an offer of securities for sale in the United States and are not for publication or distribution to U.S. persons (within the meaning of
Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”)). The securities proposed to be offered in the Company have not been and will not be registered under the Securities
Act and may not be offered or sold in the United States or to U.S. persons except pursuant to an exemption from the registration requirements of the Securities Act.
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HENDELSER 2013
Inngått forlik med Mercom Q4 2013
–
Erstatning ca CAD 350.000
• Alle kostnader + kompensasjon ca CAD 200.000
Inngått forlik med Piikani Nation
–
Erstatning ca CAD 125.000 før kostnader
Inngått avtale med Athabasca Resource Limited (ARL) om utvikling av Chard
–
Avtalen innebærer:
•
finansiering av arbeidsprogram USD 2,5 mill
• Cashelement til Nope USD 750.000
Carmangay ervervet 100%
–
Nordic Petroleum sitt Kanadiske datterselskap ervervet 100% av Carmangay
–
Tidligere eierandel 40% gjennom farm in
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HENDELSER 2013 cont’d
Forenkling av selskapsstruktur i Kanada
–
Nordic Mega og Norwegian Oilsands fusjonert med Nordic Americas Inc
• Alle assets ligger nå i Nordic Americas Inc
–
Norwegian Petroleum fortsetter som operatørselskap
• Datter av Nordic Americas Inc
–
Formål er å forenkle og redusere administrasjon og kostnader
Svalbard & Grønnland eiendel gjennom Norwegian Petroleum AS
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Grønnland eiendel levert tilbake til myndighetene
–
Svalbard søker partner for feltarbeid
–
Nordic har 10% royalty
Administrative forhold
–
Redusert admin kost med nesten 50% i 2013 i forhold til 2012
–
Mye ressurser brukt til opprydning og gjennomgang av selskap i Norge og Canada
–
Minimum driftsnivå opprettholdt
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Eiendeler Nope mars 2014
• Hovedaktiva Chard Canada
•
•
Avtale inngått med Athabasca Resources Limited
om arbeidsprogram Chard
Planlagt gjennomført Q3 2014
• Kjøp av 100% av Carmangay
• Seismikk program igangsatt
• Prosessering og tolkning p.t.
• Planlegger “science based” program hvor
seismikk er første ledd.
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CHARD

Nordic Petroleum har 100% eierandel I Chard



50% etter implementering av avtalen med Athabasca Resource Limited
Reserve sertifiseringsbyrå DeGolyer & MacNaughton har estimert utvinnbare “contingent resources” som
følger

2C = 27mln boe’s

3C = 60mln boe’s

In place volum på 240 mill fat
Arbeidsprogram Q3 2014 skal fundes av Athabasca

USD 2,5 mill budget

Skal inneholder 4-5 kjerneboring, analyser, engineering studie samt oppdatert CPR

Målsetning :

verifisere / oppgradere volumer

Verifisere kommersialitet
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CHARD cont’d
Arbeide mot nabo områder for å gjøre caset større
–
Gjøre terksel for kommersialitet lavere
–
Mer interessant I konkuranse med andre felt
–
Synergier
Organsisasjon etablert I Calgary
–
Nope har etablert kompetent organisasjon I Calgary
–
Gjennomføre arbeidsprogram
–
kvalitetssikring
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Veien videre på Chard
4-5 brønner i området rundt section 5 vil avklare om D&M’s geotolkning er
riktig
Dersom 10M pay i gjennomsnitt i section 5 gir det drøye 20-30 mill fat
utvinnbart volum – mulig mer oppside i området rundt
Investeringer/priser/opex vil avklare om kommersielt
Ved å samarbeide med nabo lager man et større prosjekt med lavere terskel for å
bli kommersielt
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Carmangay
Ervervet 100% i 2013
Regional geostudie utført ved bruk av gamle brønn data for å lage cross sections
–
Området sør/øst for brønn 16-25 mest interessant
–
Ligger høyere på struktur på basis av dagens tolkning
20km 2D seismikk innkjøpt våren 2014
–
Prosesseres og tolkes i Calgary
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Tolkning estimerte klar etter påske
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Utarbeidelse av ytterligere arbeid på basis av resultat av seismikk
Arbeidsprogram i 2 faser
–
Første fase igangsatt med geostudie/seismikk/logging
–
Andre fase avgjøres av utfall av fase 1:
• Testing av eksisterende brønn (16-25) om fase 1 tilsier det
• Boring av ny brønn
–
Åpne for farm out
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SEISMIKK Carmangay
Well
16-25
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Budsjett /Økonomi
Avtalen med Athabasca gir Nordic USD 750.000 i Cash
Nope har ihht budsjett penger ut 2014 og planlegger ikke finansiering før etter
Chard program er gjennomført
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ATHABASCA RESOURCE LIMITED
Presentation by Julian Hamilton Barns
Q&A
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