Noreco is an oil- and gas. company in the

Transcription

1 Noreco is an oil- and gas company in the

2 The information included herein contains certain forward-looking statements that address activities, events or developments that Norwegian Energy Company ASA expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by Norwegian Energy Company ASA, which are beyond its control and are subject to certain additional risks and uncertainties. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements

3 Develop Noreco into a leading independent oil and gas company in the North Sea What we said last year: Consolidate Noreco and Altinex and capture synergies Integration process of the two companies ongoing Commence drilling campaign 3Q 2007 extensive drilling over the next 18 months Bring five discoveries on stream by 2010 Listing of Noreco at the Oslo Stock Exchange targeted in Q Noreco share currently trading at Norwegian OTC list Portfolio rationalization and optimization Dispose non-core assets, including oil services Pursue further growth Organic growth through license rounds awards in the North Sea Asset acquisitions Company acquisitions and mergers

4 Noreco has established a strong North Sea position in 3 years Noreco is a fast growing, independent oil and gas company focusing on the North Sea Balanced asset portfolio 7 fields in production boed in Aug discoveries 5 under development 54 exploration licenses Extensive exploration and appraisal program 30+ wells by end oil and gas professionals in Stavanger (main office), Oslo and Copenhagen

5 Our Portfolio and Plans Prospect / Discovery Huntington Nemo Oselvar Galtvort Yoda South Tor Pod Ipswich Tallisker / Knockandoo Gita South East Tor Hyme (SE Tor flank) Siri West Huntington Fulmar Gygrid Eiganes Grossbeak Frusalen Frigg East Gamma Kinks Lene West/Lucy Sara Fjellrev Blizzard PL440S Gratcatcher Briggen Squash Lupin Jette Revheim Hertzog Tasta Ghimbi PL411 Korvetten Varden Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

6 Strategy Become a leading independent oil and gas company in the North Sea Noreco s vision is to build a leading independent oil and gas company in the North Sea Grow through license rounds and acquisitions Progress Resources from Prospect to Production Optimize Production Focus exploration in offshore NW Europe Explore in areas where we have competence or compliment our current portfolio Acquisitions must be material, or in area where we want to increase presence Extensive drilling program Progress discoveries to deliver value growth Focus on material discoveries Maximize value creation from production assets Accelerate ability to reinvest in exploration and developments

7 Significant production base in the North Sea boed Production relative Oslo Børs peers monthly production and realized oil price boed Production Realized oil price $/boe Noreco Detnor Revus PA Resources Source: July/2Q 2008 production based on company stock exchange releases 0 Jan Feb Mar Apr May June July Aug 0

8 Growth progressing to plan Field PDO Production Nini East Q1 08 Q4 09 Huntington H2 08 Q4 09 / Q1 10 Phase I Oselvar Q Nemo H Huntington Rau Q Oselvar Rau Nemo Nini East

9 Successful exploration program continues 8 of the 9 first wells have been successful Recently completed wells Galtvort - gas discoveries Yoda dry, full carry of well secured Ipswich oil discovery South Tor Pod oil discovery Ongoing wells Tallisker/Knockandoo Upcoming wells 5 wells in wells in wells in 2010 Yoda Ipswich South Tor Pod Talisker / Knockanodoo PL348 Galtvort

10 Gita is the next well to be spudded Licenses 9/95 & 9/06 Denmark, Noreco 12% Exploration prospect targeting two plays Moderate chance of success (30%) P50 estimate of 493 mmboe gross, with a with a p90-p10 range of mmboe Drilling to start early October 9/06 Gita Upper Jurrasic Play Middle Jurrasic Play Amalie Discovery

11 Newsflow 2H 2008 Development plan for Huntington phase I Forward plans Galtvort Results from Brage Tallisker / Knockandoo and Gita exploration Huntington appraisal deeper horizons Results from South East Tor wells 2009 Ongoing License awards in 3 rounds (UK 25th, Norway APA08 and 20th) Development plan Oselvar, Nemo and Rau Results of 10+ exploration and appraisal wells First oil Nini East Development spending on Huntington phase I Monthly production updates Portfolio management Optimization debt portfolio M&A

12 Forward plans Develop Noreco into a leading independent oil and gas company in the North Sea Continue building the company and adding value Underlying field performance remains strong Exploration program continues and high impact wells planned over the next 2 years Bring discoveries on stream in 2010 Portfolio rationalization and optimization Exploration licenses Discoveries Pursue further growth Organic growth through license rounds awards in Norway and UK Asset acquisitions Company acquisitions and mergers

13 Summary Noreco has established a strong position in the North Sea in less than 3 years Record 2008 results Outlook: On track to continue delivery of value growth

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