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PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
DNO ASA
Helge EideManaging Director
Pareto Oil & Offshore Seminar
5 September 2001
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
• Introduction
• Financial Performance
• Overview of Activities
• Short Term Outlook
PARETO OIL & OFFSHORE SEMINAR 2001
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
• Niche Oil Company
DNO ASA
• Substantial expansion during past 5 years
• Solid basis for further growth
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
• Operator or active Partner
• Project-oriented Network
• Investments in Rigs and Oil Service
KEY STRATEGIES
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
”DNO shall be a leading, international niche player
DNO’S VISION
engaged in both the development ofsmaller oil & gas fields,
and in extended production andincreased recovery from mature
petroleum fields.”
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
BUSINESS STRUCTURE
DNO ASADNO ASA
Offshore & Services
Offshore & Services
Oil & GasOil & Gas
Det Norske Oljeselskap AS
Det Norske Oljeselskap AS
DNOInternational
DNOInternational
DNO Britain Ltd
DNO Britain Ltd
PDR ASA 37,2%IOT AS 100,0%Clampon AS 36,0%
PDR ASA 37,2%IOT AS 100,0%Clampon AS 36,0%
12 Petroleum Licenses
Staff = 130
+ Network Companies
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
UK
License Interest Operator
Heather 100.00% DNO
W. Heather 100.00% DNO
P. 250 100.00% DNO
Claymore 1.00% Talisman
Solan 3.70% Am. Hess
UK
License Interest Operator
Heather 100.00% DNO
W. Heather 100.00% DNO
P. 250 100.00% DNO
Claymore 1.00% Talisman
Solan 3.70% Am. Hess
YEMEN
License Interest Operator
Tasour 41.00% DNO
Sharyoof 24.45% Dove Energy
YEMEN
License Interest Operator
Tasour 41.00% DNO
Sharyoof 24.45% Dove Energy
NORWAY
Lisence Interest Operator
Jotun 3.25% Exxon/Mobil
Glitne 10.00% Statoil
PL 203 15.00% N. Hydro
Tyr 10.00% Amerada Hess
PL 148 30.00% Amerada Hess
NORWAY
Lisence Interest Operator
Jotun 3.25% Exxon/Mobil
Glitne 10.00% Statoil
PL 203 15.00% N. Hydro
Tyr 10.00% Amerada Hess
PL 148 30.00% Amerada Hess
LICENSE PORTEFOLIO
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
• Introduction
• Financial Performance
• Overview of Activities
• Short Term Outlook
PARETO OIL & OFFSHORE SEMINAR 2001
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
Average Oil Production: 13.011 BOPD
Operating Revenue: MNOK 561,5
Free Cash Reserves as of June 2001: MNOK 474,5
EBITDA: MNOK 293,1
Operating Profit: MNOK 189,2
HIGHLIGHTS 1. H 2001
Bond Issue: MNOK 500
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
BOPD
6.303 6.695 6.0488.638
13.174 12.881
0
5.000
10.000
15.000
20.000
1. Q 00 2. Q 00 3. Q 00 4.Q 00 1. Q 01 2. Q. 01
OIL PRODUCTION 2000-2001
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
MNOK
-
50100
150
200
250300
350
1. Q 00 2. Q 00 3. Q 00 4. Q 00 1. Q 01 2. Q 01
OPERATING REVENUE
BUSINESS PERFORMANCE 2000-2001
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
MNOK
-
50100
150
200
250300
350
1. Q 00 2. Q 00 3. Q 00 4. Q 00 1. Q 01 2. Q 01
OPERATING REVENUE OPERATING PROFIT
BUSINESS PERFORMANCE 2000-2001
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
MNOK
-
50100
150
200
250300
350
1. Q 00 2. Q 00 3. Q 00 4. Q 00 1. Q 01 2. Q 01
OPERATING REVENUE OPERATING PROFIT EBITDA
BUSINESS PERFORMANCE 2000-2001
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
Main Financials 1. H 1. HNOK mill. 2001 2000Average Oil Production (BOPD) 13 011 6 604Operating Revenue 561,5 302,1 Operating Profit 189,2 90,9 Result before tax 161,4 98,5 Result after tax 67,9 67,5 EBITDA 293,1 133,1
1. H 2001
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
0
5000
10000
15000
1996 1997 1998 1999 2000 2001 *
BOPD
* 1 H 2001
OIL PRODUCTION 1996 - 2001
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
0
100
200
300
400
500
600
700
1996 1997 1998 1999 2000 2001 *
Operating Revenue
REVENUE & EBITDA 1996 - 2001
* 1 H 2001
MNOK
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
0
100
200
300
400
500
600
700
1996 1997 1998 1999 2000 2001 *
Operating RevenueEBITDA
REVENUE & EBITDA 1996 - 2001
* 1 H 2001
MNOK
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
0
500
1000
1500
2000
2500
3000
MNOK
140
DEC 1995
BOOK VALUE OF TOTAL ASSETS 1995 - 2001
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
0
500
1000
1500
2000
2500
3000
MNOK
140
2294
JUNE 2001DEC 1995
BOOK VALUE OF TOTAL ASSETS 1995 - 2001
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
• Introduction
• Financial Performance
• Overview of Activities
• Short Term Outlook
PARETO OIL & OFFSHORE SEMINAR 2001
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
UK
Lisence Interest Operator
Heather 100.00% DNO
W. Heather 100.00% DNO
P. 250 100.00% DNO
Claymore 1.00% Talisman
Solan 3.70% Am. Hess
UK
Lisence Interest Operator
Heather 100.00% DNO
W. Heather 100.00% DNO
P. 250 100.00% DNO
Claymore 1.00% Talisman
Solan 3.70% Am. Hess
LICENSEPORTEFOLIO - UK
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
UK LICENSES
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
HEATHER AREA
1
eyds
1 18
5
3
ALLION
206
272625
ND
20
1312
19BEATRICE
1207ShetlandIslands
6 7
CLAYMORE
14
CAPTAIN
ROSSTARTAN
SCOTT
DAUNTLESSDURWARD
BUCHAN
KITTIWAKEFORTIES
BRITANNIA,ALBA
EIDER
HEATHERPELICAN
CORMORANTHUDSON
TERN
DUNLIN/MERLIN
2
8
EMERALDNINIAN/
COLUMBA
BRAE AREASEDGWICK15
21
PIPER
ELGIN,FRANKLIN
ETAPGUILLEMOT
GANNET
16
22
BEINN
LYELL
9
3
BRUCENESSNEVIS
DUNBAR
CURLEW
4
10FRIGG
BERYLGRYPHON
HARDING
EAST BRAE
T BLOCK
MILLERKINGFISHER
LARCHBIRCH
MAUREENARMADA
BRENT
ELLON
BALMORAL,GLAMIS, STIRLING
MURCHISONSTATFJORD
STRATHSPEYALWYN NORTH
30MACHARERSKINE
23
EVEREST
PIERCELOMOND
MONTROSE,ARBROATHNELSON
HUTTON / NW HUTTON
JOANNE/JUDY
02000400060008000
10000
JAN FEB MAR APR MAI JUN
2/52/4 3/1
Heather Alpha
BOPD
Net to DNO
(100 %)
2001
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
2/52/4 3/1
P + P Reserves50 MILL. FAT
Heather Main
North Terrace
South-West Heather
South Terrace
Prospect with60 – 220 mill. bblsResource potential
HEATHER RESOURCES
+
SS “ PETROLIA”
West Heather
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
Heather + West Heather
Development Concept
HEATHER & WEST HEATHER
50 Mill. BOE
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
NORWAY
License Interest Operator
Jotun 3.25% Exxon/Mobil
Glitne 10.00% Statoil
PL 203 15.00% N. Hydro
Tyr 10.00% Amerada Hess
PL 148 30.00% Amerada Hess
LICENSE PORTEFOLIO - NORWAY
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
NORWAY
JOTUN FIELD - 3.25 %
(EXXON/MOBIL OPERATOR)
GLITNE FIELD - 10,00 %
(STATOIL OPERATOR)
PL 203 - 15.00 %
(NORSK HYDRO OPERATOR)
PL 006C - 10.00 %
(BP OPERATOR)
PL 148 - 30.00 %
(AMERADA HESS OPERATOR)
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
JOTUN
20
60
40
0700 01 02 03 04 05 06 År
INITIAL RESERVERS: 190/33 MMBBL/BSCF
1508 09 10 11 12 13 14
80
100
120
140
160
180
Prod
uksj
on(k
bd)
990
10090
807060
50
40
3020
10
0
Van
ninn
hold
%
Olje Væske Vanninnhold
2000 PRODUCTION- 122.000 BOPD
FIRST OIL NOVEMBER 1999
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
JOTUN
0
2000
4000
JAN FEB MAR APR MAI JUN
BOPD
Net to DNO
(3.25 %)
Jotun PartnersExxon/Mobil (OP) : 45.00 %DNO : 3.25 %Enterprise : 45.00 %Conoco : 3.75 %SDØE : 3.00 %
2001
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
Reserves: 25 mill. BOE
Net to DNO 2,5 mill. BOE (10 %)
07.2001 01.2002 01.2003 01.2004
Sm3/dag
7000
6000
5000
4000
3000
2000
1000
0
Production Forecast
GLITNE
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
Statoil Operator 58.9%
DNO 10.0 %
Total/Elf/Fina 21.8%
Pelican 9.3%
GLITNE
First Oil 29 August 2001
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
Status:
Field Development Plan for gas late 2001
Development of oil resources now more likely
PL 203
Resources (Net to DNO):
Gas: 7 mill. BOE
Oil: 3 mill. BOE
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
TYR PROSPECT (PL 006 C)
Resource Potential:
(Net to DNO): 12 mill. BOE
Expected start of drilling:
November 2001
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
YEMEN
License Interest Operator
Tasour 41.00% DNO
Sharyoof 24.45% Dove Energy
LICENSE PORTEFOLIO - YEMEN
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
YEMEN
280.000 bopd production
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
YEMEN
Tasour Initial Reserves: 8 Mill. BOE (DNO 3.1 Mill. BOE)
Sharyoof Initial Reserves: 25 Mill. BOE (DNO 6.1 Mill. BOE)
SharyoofSharyoof
TasourTasour
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
YEMEN
0200040006000
JAN FEB MAR APR MAI JUN
BOPD
Net to DNO
2001
Tasour
Fast Track Development - 9 months - MUSD 15
First Oil November 2000
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
• Introduction
• Financial Performance
• Overview of Activities
• Short Term Outlook
PARETO OIL & OFFSHORE SEMINAR 2001
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
• First Oil on Glitne
MAIN ACTIVITIES 2 H 2001
• Drilling on West Heather
• Drilling in the Tasour Area
• PDO on PL 203
• First Oil on Sharyoof
• Drilling the ”Tyr” Prospect
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
67
-2,3
10
74,7
-10
10
30
50
70
90
110
AS OF JANUARY 2001PRODUCED 1 H 2001PL 203AS OF JUNE 2001
DNO RESERVES (P+P)
AS OF JUNE 2001MILL BOE
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
74,7
120
12
0
50
100
150
200
250
TYRWEST HEATHER (P50)AS OF JUNE 2001
DNO RESOURCE POTENTIAL
MILL BOE
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
• Niche Oil Company
DNO ASA
• Substantial expansion during past 5 years
• Solid basis for further growth
PRESENTATION
PARETO OIL & OFFSHORE
SEMINAR
5. SEPTEMBER 2001
DNO ASA
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