Bo Askvik, President & CEO Nicolas                                Adlercreutz, CFO                        Stockholm, 25 Ap...
Production trend and update                                                                           EG: Aseng           ...
Production and sales in 2012               Average quaterly production/bopd                   bopd            FY 2011     ...
Significantly lower capex in 2012                          Capex 2011 - 2012                    KEY COMMENTS              ...
Denmark 12/06: Way forward    PA Resources 64%    Broder Tuck    •   360m+ gas and condensate column proved by wells    • ...
Tunisia: The Zarat field    PA Resources 100%                                                                             ...
Outlook and focus 2012    •   Appraisal and development planning        of Danish discoveries towards        commercialisa...
Financial highlights                       Q1
Earnings and key ratios                                               Q1 2012          Q4 2011          FY 2011           ...
Improved cash flow                          Q1      Q4      Q1     KEY COMMENTS SEK million             2012    2011    20...
Reduced debt     Interest-bearing debt per March 2012                                           KEY COMMENTS              ...
Thank you!Q2 Report on 15 August 2012                              Q1
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PA Resources Q1 2012 Presentation 25 April 2012

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PA Resources Q1 2012 Presentation 25 April 2012

  1. 1. Bo Askvik, President & CEO Nicolas Adlercreutz, CFO Stockholm, 25 April 2012First Quarter 2012 Bo Askvik, President & CEO Nicolas Adlercreutz, CFO Stockholm, 25 April 2012
  2. 2. Production trend and update EG: Aseng Average production per country/bopd • Higher target level of around 60,000 boepd reached in early March 12 000 Congo: Azurite EG: Aseng Tunisia: Didon & Onshore • Fifth production well on stream - all wells contributing fully 10 000 • Gas re-injection commenced 8 000 • 5-6 liftings per quarter 6 000 EG: Alen • Delopment project on plan for production start 4 000 2013, adding significant cost synergies 2 000 CONGO: Azurite • Marked decline in one well in February, well 0 flowing at minimal rate since Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 • 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 May2
  3. 3. Production and sales in 2012 Average quaterly production/bopd bopd FY 2011 Q1 2012 MAR. 2012 12 000 West Africa 5,300 6,200 5,800 10 000 8 000 North Africa 3,300 2,500 2,400 6 000 Group Total 8,600 8,700 8,200 4 000 2 000 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2010 2010 2010 2010 2011 2011 2011 2011 2012 LIFTINGS IN 2012 • 546,000 bbls from Aseng and Tunisia in Q1 Average sales price USD/bbl 140 • 520,000 bbls from Azurite on 4 April PA Resources 119 Brent 117 113 109 120 106 120 APRIL PRODUCTION 100 85 109 106 104 80 77 79 78 97 • Average production of 8,400 bopd 60 78 72 82 during 1-23 April period 71 40 20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2010 2010 2010 2010 2011 2011 2011 2011 20123
  4. 4. Significantly lower capex in 2012 Capex 2011 - 2012 KEY COMMENTS 1 800 Actual Forecasted • 2012 forecast of SEK 240-375 million 1 600 1,613 1 400 • Capex of SEK 32 million in Q1 1 200 SEK million 1 000 • Continued low investment activity 800 in 2012 600 400 200 240 - 375 0 32 2011 2012 Drilling program/Firm wells 2012-2013 Tunisia: Zarat Elyssa Q4 2012/2013 Appraisal/1 Tunisia: Makthar 2013 Exploration/1 EG: Block H Aleta Q4 2012/2013 Exploration/14
  5. 5. 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 12/06 Broder Tuck - 2 • 2012 work programme to progress development planning towards commercialisation Lille John-1 Lille John • Wells established 35 API oil in Miocene sandstone at c. 900m – exceptionally light oil for shallow depth B20008-73 • Obvious seismic anomaly at Miocene • Recognition of shallow light oil re-focussed work on developing a Miocene prospect inventory Licence Group: Operator PA Resources (64%), Danish North Sea Fund (20%), Spyker Energy (8%), Danoil (8%) • 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 tendered5
  6. 6. Tunisia: The Zarat field PA Resources 100% Zarat field Zarat field • 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 Top 10 remaining liquids fields in Tunisia Zarat field Licence Group: Operator PA Resouces 100% ETAP has a back-in right of up to 55% Zarat Ashtartenein Nord J Hasdrubal Adam Fields6
  7. 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 debt7
  8. 8. Financial highlights Q1
  9. 9. Earnings and key ratios Q1 2012 Q4 2011 FY 2011 KEY COMMENTS Q1 vs Q4Production (bopd) 8,700 8,400 8,600 • Higher oil price and productionOil price (USD/barrel) 120 104 103 increased revenue • OPEX increased due to Aseng included full quarterRevenue (SEK million) 650 535 2 154 • EBITDA margin increasedEBITDA (SEK million) 395 306 1 295 to 60.8%EBITDA margin 60.8% 57.2% 60.1% • Depreciation somewhat lower and depreciation per producedProfit before tax (SEK million) * 68 11 158 barrel reducedProfit for the period (SEK million)* -31 -96 -326 • Financial net increased mainly due to lower capitalizedEarnings per share (SEK) -0.05 -2.91 -3.27 interest from CAPEX • Tax/EBITDA 25%* Figures for 2011 exclude non-cash, one-off costs of SEK 2,035 million before tax and SEK 1,758 million after tax. 9
  10. 10. Improved cash flow Q1 Q4 Q1 KEY COMMENTS SEK million 2012 2011 2011 • Operating cash flow increased to Operating cash flow 175 -106 142 SEK 175 million of which income taxes -3 -7 -3 • Cash flow from Aseng included paid from Jan 2012 • Minimal capex spending, mainly on CAPEX -32 -135 -357 Aseng and Alen development in EG Financing activities -13 36 -747 • Net cash flow of SEK 131 million Net cash flow 131 -204 -961 • Azurite lifting on 4 April added SEK 400 million cash flow, and reduced net debt • PA Resources’ next planned lifting from Azurite in early 201310
  11. 11. Reduced debt Interest-bearing debt per March 2012 KEY COMMENTS • Available credit lines Q1 amounted Bonds to approx. SEK1.6 billion of which 31% approx. 82% utilised Convertible bond 47% Credit facilities • Azurite lifting on 4 April added approx. SEK 400 million cash flow • As per 25 April net debt reduced 22% by SEK 580 million since year end amounting to SEK 3.4 billion • Next bond maturity in October Covenants and net debt 2013 25 April* Q1 2012 Q4 2011 CovenantBook Equity (SEK million) 2,994 2,994 3,270 >2,000Book Equity to 46% 43% 45% >40%Capital EmployedNet debt (SEK million) 3,400 3,803 3,982 N/A* Assuming fixed closing rate per 31 March11
  12. 12. Thank you!Q2 Report on 15 August 2012 Q1

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