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First Quarter 2012
Bo Askvik, President & CEO
Nicolas Adlercreutz, CFO
Stockholm, 25 April 2012
Bo Askvik, President & CEO Nicolas
Adlercreutz, CFO
Stockholm, 25 April 2012
Production trend and update
2
EG: Aseng
• Higher target level of around 60,000 boepd
reached in early March
• Fifth production well on stream - all wells
contributing fully
• Gas re-injection commenced
• 5-6 liftings per quarter
EG: Alen
• Delopment project on plan for production start
2013, adding significant cost synergies
CONGO: Azurite
• Marked decline in one well in February, well
flowing at minimal rate since
• Partial failure in the wells’ completion
• Technical and economic analysis of remedial
options ongoing
• One week shutdown for annual field
maintenance planned for in late May
Average production per country/bopd
0
2 000
4 000
6 000
8 000
10 000
12 000
Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012
Congo: Azurite EG: Aseng Tunisia: Didon & Onshore
3
Production and sales in 2012
Average quaterly production/bopd bopd FY 2011 Q1 2012 MAR. 2012
West Africa 5,300 6,200 5,800
North Africa 3,300 2,500 2,400
Group Total 8,600 8,700 8,200
Average sales price USD/bbl
LIFTINGS IN 2012
• 546,000 bbls from Aseng and Tunisia in Q1
• 520,000 bbls from Azurite on 4 April
APRIL PRODUCTION
• Average production of 8,400 bopd
during 1-23 April period
71 78
72 82
97 109 106 104
120
77 79 78 85
106 117 113 109
119
20
40
60
80
100
120
140
Q12010
Q22010
Q32010
Q42010
Q12011
Q22011
Q32011
Q42011
Q12012
PA Resources
Brent
0
2 000
4 000
6 000
8 000
10 000
12 000
Q12010
Q22010
Q32010
Q42010
Q12011
Q22011
Q32011
Q42011
Q12012
1,613
32
240 - 375
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2011 2012
SE
K m
illi
on
4
Significantly lower capex in 2012
Actual Forecasted
Capex 2011 - 2012
Tunisia: Zarat Elyssa Q4 2012/2013 Appraisal/1
Tunisia: Makthar 2013 Exploration/1
EG: Block H Aleta Q4 2012/2013 Exploration/1
Drilling program/Firm wells 2012-2013
KEY COMMENTS
• 2012 forecast of SEK 240-375 million
• Capex of SEK 32 million in Q1
• Continued low investment activity
in 2012
Denmark 12/06: Way forward PA Resources 64%
Broder Tuck
• 360m+ gas and condensate column proved by wells
• High quality Middle Jurassic reservoir
• Mid to high case assessment of c. 25-50 mmboe
gross of contingent resources including liquids
• 2012 work programme to progress development
planning towards commercialisation
Lille John
• Wells established 35 API oil in Miocene sandstone
at c. 900m – exceptionally light oil for shallow depth
• Obvious seismic anomaly at Miocene
• Recognition of shallow light oil re-focussed work
on developing a Miocene prospect inventory
• Likely to be remaining deeper potential – Chalk
remains and well result upgrades Middle Jurassic
• 2012 work programme to reprocess 3D to determine
prospect inventory and appraisal well location,
drilling project management tendered
5
Licence Group: Operator PA Resources (64%), Danish
North Sea Fund (20%), Spyker Energy (8%), Danoil (8%)
Lille John-1
Broder Tuck - 2
B20008-73
12/06
• Large oil, gas and condensate field located offshore
Tunisia, third largest liquids field found in Tunisia
• Discussions and development planning ongoing,
PA Resources and Sonde Resources aim to
unitise field in 2012
• Work in progress revising the field’s Plan of
Development.
• Total capex and opex of 20-30 USD/developed boe
6
Licence Group: Operator PA Resouces 100%
ETAP has a back-in right of up to 55%
Tunisia: The Zarat field PA Resources 100%
Zarat AshtartJenein NordHasdrubalAdam Fields
Top 10 remaining liquids fields in Tunisia
Zara
t field
Zarat field Zarat field
7
Outlook and focus 2012
• Appraisal and development planning
of Danish discoveries towards
commercialisation
• Progressing the Zarat field and Block I
development projects
• Technical and economic analysis of
remedial options for Azurite well
• Positive cash flow and reduction of debt
Financial highlights
Q1
Earnings and key ratios
9
Q1 2012 Q4 2011 FY 2011
Production (bopd) 8,700 8,400 8,600
Oil price (USD/barrel) 120 104 103
Revenue (SEK million) 650 535 2 154
EBITDA (SEK million) 395 306 1 295
EBITDA margin 60.8% 57.2% 60.1%
Profit before tax (SEK million) * 68 11 158
Profit for the period (SEK million)* -31 -96 -326
Earnings per share (SEK) -0.05 -2.91 -3.27
* Figures for 2011 exclude non-cash, one-off costs of SEK 2,035 million before tax and
SEK 1,758 million after tax.
KEY COMMENTS Q1 vs Q4
• Higher oil price and production
increased revenue
• OPEX increased due to Aseng
included full quarter
• EBITDA margin increased
to 60.8%
• Depreciation somewhat lower
and depreciation per produced
barrel reduced
• Financial net increased mainly
due to lower capitalized
interest from CAPEX
• Tax/EBITDA 25%
Improved cash flow
10
SEK million
Q1
2012
Q4
2011
Q1
2011
Operating cash flow 175 -106 142
of which income taxes
paid
-3 -7 -3
CAPEX -32 -135 -357
Financing activities -13 36 -747
Net cash flow 131 -204 -961
KEY COMMENTS
• Operating cash flow increased to
SEK 175 million
• Cash flow from Aseng included
from Jan 2012
• Minimal capex spending, mainly on
Aseng and Alen development in EG
• Net cash flow of SEK 131 million
• Azurite lifting on 4 April added SEK
400 million cash flow, and reduced
net debt
• PA Resources’ next planned lifting
from Azurite in early 2013
25 April* Q1 2012 Q4 2011 Covenant
Book Equity (SEK million) 2,994 2,994 3,270 >2,000
Book Equity to
Capital Employed 46% 43% 45% >40%
Net debt (SEK million) 3,400 3,803 3,982 N/A
Reduced debt
11
KEY COMMENTS
• Available credit lines Q1 amounted
to approx. SEK1.6 billion of which
approx. 82% utilised
• Azurite lifting on 4 April added
approx. SEK 400 million cash flow
• As per 25 April net debt reduced
by SEK 580 million since year end
amounting to SEK 3.4 billion
• Next bond maturity in October
2013
Interest-bearing debt per March 2012
Covenants and net debt
47%
22%
31% Bonds
Convertible bond
Credit facilities
* Assuming fixed closing rate per 31 March
Thank you! Q1
Q2 Report on 15 August 2012
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