orthern Petroleum Nederland B.V.

Transcription

1 orthern Petroleum Nederland B.V. 4th December 2009 First Gas Grolloo 4 December 2009 M. Hoefsloot opens well Northern Petroleum Nederland B.V. Lange Voorhout 86 unit S2b 2514 EJ s Gravenhage T. +31(0) ; F. +31(0) KvK nr ; BTW nr. NL B01

2 NORTHERN PETROLEUM Plc Northern Petroleum Plc Netherlands New Gas Production 8 th December

3 The Netherlands Six Field Development Project Overview 2005 Papekop Production licence application Agreement with NAM Six fields - four gas - two oil Reserves P1 P2 P3 Revenues Production Forecasts Summary of latest and next 3

4 Company Overview Northern, an FTSE AIM UK 50 Index Company, is an oil and gas production, development, exploration and asset trading company focused within petroleum producing areas of low political risk in Europe. The Company strategy is to obtain significant and concentrated licence positions, then add value at reasonable risk utilising new ideas together with new drilling, seismic, completion, field development and computer technologies to establish economic oil and gas production. Northern has a strong balance sheet cash and working capital of 40.2 million at 30 th June Its Proven & Probable reserves increased this year by 35% to 103 million barrels of oil equivalence following the acquisition of ATI Oil Plc. The Company s activities are concentrated in three countries (The Netherlands, Italy and England) with a diversification of risk spread over more than 50 projects and licences in 12 petroleum systems. It has interests in 5 producing fields, both onshore and offshore. 4

5 Northern s Portfolio United Kingdom: 2 producing oil fields 11 onshore exploration licences 2P reserves: Oil (4.48million bbl) ; Netherlands: 5 onshore production licences 1 offshore production licence 3 onshore exploration licences 2 gas fields in production 2P reserves: Oil (10.75 million bbl) ; Gas (200.29bcf) ; Italy: 6 onshore exploration licences 23 offshore exploration licence Guyane: 1.25% interest in Guyane EEL, an offshore exploration licence operated by Tullow Oil Probable reserves: Oil (53.23million bbl) Operator 50 Licences Non Operator 3 Licences 5

6 Executive Management Team Strong management team Over 250 years industry experience Derek Musgrove M.Eng, B.Sc Managing Director 38 years experience Chris Foss B.Sc(Econ), ACA Finance Director 11 years experience Graham Heard B.Sc, CGEOL FGS Exploration and Technical Director 36 years experience Brian Hepp FIChemE., P.Eng., C.Eng., Eur.Ing Director of Group Operations 27 years experience Martin Durham B.Sc.; M.Sc; DIC; FGS Chief Geologist 27 years experience Maurice Eaton M.Eng., C.Eng. Technical Manager - Operations 27 years experience Mario Panebianco Amministratore Unico 39 years experience Miles Biggins B.Sc New Business Development Manager 20 years experience Nico Tielens B. Eng. Operations Manager Northern Petroleum Nederland B.V. 26 years experience 6

7 Netherlands: Overview Producing fields: Waalwijk P12 Grolloo Developments (2100 boepd increasing to >5300 boepd net by 2013) Geesbrug Gas Brakel Gas Wijk en Aalburg Gas Ottoland Oil & Gas Papekop Oil & Gas Other Discoveries: 4 licences - a mixture of Oil & Gas Drenthe III 1 well Utrecht 4 wells Andel III 1 well North Ottoland Willeskop Kerkwijk 7

8 COMPARISON OF PRE / POST FRAC TEST AND OPERATING RATES WELL RATES INITIAL ANNUAL AVERAGED DAILY FLOW RATES PRE FRAC POST FRAC FACILITY CONTRACT INITIAL PLANNED POSSIBLE UPSIDE Grolloo VERY GOOD Geesbrug VERY GOOD W en A PROBABLY NOT Brakel VERY GOOD At 100 bara Tubing Head Pressure All Values in Thousand Normal m3/d At 100 bara Tubing Head Pressure

9 NETHERLANDS PRODUCTION FORECAST : NEW DEVELOPMENTS- 5 YEARS NET ANNUAL AVERAGE PRODUCTION 7,000 OIL EQUIVALENT PRODUCTION (boe/d) 6,000 5,000 4,000 3,000 2,000 TOTAL DEVELOPMENTS GAS DEVELOPMENTS OIL DEVELOPMENTS ACCELERATED GAS DEVELOPMENTS ACCELERATED TOTAL DEVELOPMENTS 1, YEAR

10 North East Netherlands Tiendeveen Prc 10

11 Drenthe Area Gas Developments Wells drilled by NAM Wells hydraulic fractured by NPN Excellent post fracture rates Grolloo; initial rate of 7.4 MMSCFD December 2009 Geesbrug; first production scheduled late December 2009 initially at rate of 7.4 MMSCFD Grolloo and Geesbrug production capacity capable of increase. Evaluation of flow rates after several months production Gas exported to nearby NAM facilities Field Reserves BCF P1 P2 P3 Grolloo Geesbrug

12 South West Netherlands North Ottoland prospect defined with potential for 142 bcf gas in place based on previous gas discovery Haastrecht-2B and possible 485 million barrels in place if Ottoland oil water contact invoked Willeskop gas discovery with mean gas in place of 53 bcf Kerkwijk gas discovery with 22 bcf gas in place Two exploration prospects with combined 173 bcf gas in place 12 12

13 Andel III Licence Gas Developments (Brakel and Wijk en Aalburg) Permitting ongoing Gas sales pipeline construction underway First gas processing facility (Brakel) ready to ship for installation January 2010 All critical equipment and services procured First Production 1 st Qtr

14 Ottoland Sidetrack drilled Well fracced 2009 Planning and procurement of equipment is well under way Long term test Q Design permanent production facilities for first oil will be confirmed post testing 14

15 Papekop Oil Development Permitting ongoing Preliminary engineering for facilities and loading area completed Drilling programme subject to review of results of hydraulic fracture programme at Ottoland and zoning exemption Q subject to permits 15

16 2010 Revenues Gas price 20* cents per nm³ 2010 Four new fields gross daily production 800,000 Nm³pd 2010** Grolloo 200,000 m³/day 2010 Revenues (initial) 20 million 45% to Northern Geesbrug 200,000 m³/day starting end 2009 Brakel Wilk en Aalburg Q1/Q Waalwijk and P12 existing production 2010 forecast at 6.9 mmscfd gross * Gas price source/assumptions **Independent assessment by RPS Energy 16

17 Licences Italy Netherlands Licence Status Interest Operator Onshore Exploration Oosterwolde Licence Utrecht Licence Papekop Licence Drenthe III (Geesbrug) Licence Drenthe IV (Grolloo) Licence Andel III (Brakel, Ottoland & Wijk en Aalburg) Waalwijk Licence Engelen Licence Gas Oil/Gas Oil/Gas Gas Gas Oil/Gas Oil/Gas Gas Offshore Production P12 Licence Gas 17

18 Geesbrug Pipeline Laying 18

19 NETHERLANDS PRODUCTION FORECAST : NEW DEVELOPMENTS-5 YEARS NET ANNUAL AVERAGE PRODUCTION 7,000 OIL EQUIVALENT PRODUCTION (boe/d) 6,000 5,000 4,000 3,000 2,000 TOTAL DEVELOPMENTS GAS DEVELOPMENTS OIL DEVELOPMENTS ACCELERATED GAS DEVELOPMENTS ACCELERATED TOTAL DEVELOPMENTS 1, YEAR 19

20 Northern is Delivering Production at increased levels as a result of fraccing Further development of existing discoveries Re-investment in existing high potential portfolio Adding value by deals 20

21 Solid Partners The Netherlands Dyas EBN Nederlandse Aardolie Maatschappij (NAM) Wintershall Noordzee Star Energy (subsidiary of Petronas International) Italy Shell Italia E&P Guyane Tullow Oil Shell France Total 21

22 What our Partners say... I am delighted with Northern s first successful development in the Netherlands. It shows there is still sufficient gas potential in the Netherlands and it is another step towards our goal of producing 30 bcm from small fields by Chairman of the Executive Board of EBN, Jan Dirk Bokhoven Dyas congratulates Northern Petroleum with this important milestone of reaching first gas on the Grolloo field. This is an important step into unlocking reserves from similar small gas pockets in the Netherlands that were previously considered not to be economically attractive. Peter Veenhof, Managing Director Dyas 22

23 Summary of Next Activities Netherlands Two oil fields and four gas fields in development onshore The Netherlands, (45.5 million boe net P2 reserves) Plans for development of more Netherland s discoveries 2010 onwards Italy Shell Italia partnership extended. Early 2010 large 3D seismic survey planned over joint licences with Shell Italia Two oil fields to be developed offshore Italy Progressing southern Adriatic core area New licences UK Two wells with Planning Consent in place. To be drilled 2010 Small existing oil production continues Guyanne 1.25% net Share Tullow Oil plc 3,000 sq km 3D Seismic

24 Italy: Overview Portfolio in excess of 15,000 km², equivalent to over 70 North Sea blocks 29 Permits and preliminary awards: - 6 onshore and 23 offshore exploration permits P2 Reserves of 53.2 million bbl Good fiscal terms corporation tax 34% and low royalty Core areas Thrust Belt - Shell Italia farmed into six licences west of Sicily. Large 3D seismic survey commencing early 2010, with option to drill and test first well to earn their interests. Two further areas under discussion. Southern Adriatic Numerous oil and gas prospects. Third party report evaluates a mean 2.29 billion barrels of oil in place in just two of seven licences. Sicily Channel Planning to drill two high impact oil prospects. Crotone Basin Gas discoveries and significant additional prospectivity close to existing infrastructure. 24

25 UK: Overview 10% interest in Horndean oil field and 5% interest in Avington oil field, both operated by Star Energy 3 wells planned, two appraisals Markwells Wood & Hedge End and one exploration Havant P2 Reserves: 4.48 mmbbl Proven: 1.55 mmbbl Probable: 2.93 mmbbl 25

26 Guyane: : Overview Northern has 1.25% beneficial interest Tullow Oil operated with 39.5% interest Tullow Farm out to Shell of 33% and Total France 25% Large 3D seismic survey currently being acquired over eastern slope leads analogeous to offshore Ghana fields Also a billion barrel potential in giant Matamata prospect further supported by basin modelling 26

27 Northern is Delivering Production at increased levels as a result of fraccing Further development of existing discoveries Re-investment in existing high potential portfolio Adding value by deals 27

28 Northern Petroleum Plc Martin House 5 Martin Lane London EC4R 0DP