Presentasjon Oslo 15. februar 2008 Shippingklubben. Kaare M. Gisvold, styreleder Erik Haugane, adm. dir. Paul Hjelm-Hansen, finansdirektør

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1 Presentasjon Oslo 15. februar 2008 Shippingklubben Kaare M. Gisvold, styreleder Erik Haugane, adm. dir. Paul Hjelm-Hansen, finansdirektør

2 All presentations and their appendices (hereinafter referred to as Investor Presentations ) published on have been prepared by Det norske oljeselskap ASA ( Det norske oljeselskap or the Company ) exclusively for information purposes. The presentations have not been reviewed or registered with any public authority or stock exchange. Recipients of these presentations may not reproduce, redistribute or pass on, in whole or in part, these presentations to any other person. The distribution of these presentations and the offering, subscription, purchase or sale of securities issued by the Company in certain jurisdictions is restricted by law. Persons into whose possession these presentations may come are required by the Company to inform themselves about and to comply with all applicable laws and regulations in force in any jurisdiction in or from which it invests or receives or possesses these presentations and must obtain any consent, approval or permission required under the laws and regulations in force in such jurisdiction, and the Company shall not have any responsibility or liability for these obligations. These presentations do not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction to any person to whom is unlawful to make such an offer or solicitation in such jurisdiction. [IN RELATION TO THE UNITED STATES AND U.S. PERSONS, THESE PRESENTATIONS ARE STRICTLY CONFIDENTIAL AND ARE BEING FURNISHED SOLELY IN RELIANCE UPON APPLICABLE EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. THE SHARES OF THE COMPANY HAVE NOT AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, UNLESS AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT IS AVAILABLE. ACCORDINGLY, ANY OFFER OR SALE OF SHARES IN THE COMPANY WILL ONLY BE OFFERED OR SOLD (I) WITHIN THE UNITED STATES, ONLY TO QUALIFIED INSTITUTIONAL BUYERS ( QIBs ) IN PRIVATE PLACEMENT TRANSACTIONS NOT INVOLVING A PUBLIC OFFERING AND (II) OUTSIDE THE UNITED STATES IN OFFSHORE TRANSACTIONS IN ACCORDANCE WITH REGULATION S. ANY PURCHASER OF SHARES IN THE UNITED STATES, WILL BE REQUIRED TO MAKE CERTAIN REPRESENTATIONS AND ACKNOWLEDGEMENTS, INCLUDING WITHOUT LIMITATION THAT THE PURCHASER IS A QIB. PROSPECTIVE INVESTORS ARE HEREBY NOTIFIED THAT SELLERS OF THE NEW SHARES MAY BE RELYING ON THE EXEMPTIONS FROM THE PROVISIONS OF SECTIONS OF THE U.S. SECURITIES ACT PROVIDED BY RULE 144A. NONE OF THE COMPANY S SHARES HAVE BEEN OR WILL BE QUALIFIED FOR SALE UNDER THE SECURITIES LAWS OF ANY PROVINCE OR TERRITORY OF CANADA. THE COMPANY S SHARES ARE NOT BEING OFFERED AND MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN CANADA OR TO OR FOR THE ACCOUNT OF ANY RESIDENT OF CANADA IN CONTRAVENTION OF THE SECURITIES LAWS OF ANY PROVINCE OR TERRITORY THEREOF. IN RELATION TO THE UNITED KINGDOM, THESE PRESENTATIONS AND THEIR CONTENTS ARE CONFIDENTIAL AND THEIR DISTRIBUTION (WHICH TERM SHALL INCLUDE ANY FORM OF COMMUNICATION) IS RESTRICTED PURSUANT TO SECTION 21 (RESTRICTIONS ON FINANCIAL PROMOTION) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER IN RELATION TO THE UNITED KINGDOM, THESE PRESENTATIONS ARE ONLY DIRECTED AT, AND MAY ONLY BE DISTRIBUTED TO, PERSONS WHO FALL WITHIN THE MEANING OF ARTICLE 19 (INVESTMENT PROFESSIONALS) AND 49 (HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC.) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 OR WHO ARE PERSONS TO WHOM THE PRESENTATIONS MAY OTHERWISE LAWFULLY BE DISTRIBUTED.] The contents of these presentations are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal, business, investment and tax adviser as to legal business, investment and tax advice. There may have been changes in matters which affect the Company subsequent to the date of these presentations. Neither the issue nor delivery of these presentations shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of the Company have not since changed, and the Company does not intend, and does not assume any obligation, to update or correct any information included in these presentations. These presentations include and are based on, among other things, forward-looking information and statements. Such forward-looking information and statements are based on the current expectations, estimates and projections of the Company or assumptions based on information available to the Company. Such forward-looking information and statements reflect current views with respect to future events and are subject to risks, uncertainties and assumptions. The Company cannot give any assurance as to the correctness or such information and statements. An investment in the Company involves risk, and several factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in these presentations, including, among others, risks or uncertainties associated with the Company s business, segments, development, growth management, financing, market acceptance and relations with customers, and, more generally, general economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rates and interest rates and other factors. Should one or more of 2 these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in these documents.

3 Sammenslåingen av Pertra og NOIL (DNO sin tidligere norske virksomhet) i november skaper Norges nest største operatørselskap Ved årsskiftet eide Det norske 97,3% av NOIL. De øvrige aksjonærene er nå kjøpt ut av NOIL slik at Det norske eier 100% av NOIL Selskapet var med på to oljefunn i 2007, Ragnarrock (operert av Statoil) og Storskrymten, (operert av Det norske). Lånerammen i DnB NOR for letekostnader ble økt til 1,5 milliarder kroner Selskapet produserte i snitt 1941 fat o.e. per dag fra feltene Varg, Glitne og Enoch TFO 2007 tildelingen bekrefter vår styrke og trygger den fortsatte veksten 3

4 MNOK 4K K 2006 Driftsinntekter 55,6 31,4 Resultat før skatt (116,7) (3,5) Letekostnader 122,8 26,5 Antall lisenser P 50 Reserver 7,9 MBO 7,0 MBO P 50 Reserver og Ressurser 130 MBO 40 MBO Totalt riskede ressurser og reserver 579 MBO 234 MBO 4 * NOIL inkludert fra 13. November 2007

5 MNOK 4K K 2007 Driftsinntekter 55,6 19,4 Resultat før skatt (116,7) (33,8) Letekostnader 122,8 33,1 Investeringer 145,8 67,1 Kontantstrøm 202,0 (176,4) 5

6 Egenkapital MNOK Egenkapitalandel 55% Gjeld MNOK 129 rentebærende gjeld (letefasilitet) Omløpsmidler Betalingsmidler MNOK 590 Skattefordring MNOK 618 (Desember 2008) 6

7 Det norske Stavanger Oslo Trondheim Harstad 5 ansatte 25 ansatte 50 ansatte 11 ansatte per februar 2008

8 Adm. dir. Forretningsutv. Finansdir G&G prosess Viseadmin HMS Leting Reserve- & områdeutvikling Teknologi & utbygging Produksjon & Drift Boring & brønn 8

9 fat ble produsert i 2007 fra tre felt fat er forventet i Yme vil komme i produksjon neste år og forventes å bidra med 4000 fat/dag Det norske selger all olje i spotmarkedet

10 Tildelt 8. februar 2008 Det norske kom klart best ut av denne viktige lisensrunden Det norske fikk 12 nye lisenser med en gjennomsnittlig eierandel på 48% Det norske fikk 7 operatørskap Det er 11 boreforpliktelse i denne runden, hvorav 3 i Det norskes opererte lisenser I tillegg ble Det norske tildelt tilleggsareal til PL 229 og i november tilleggsareal til PL

11 prod. lisens tilleggsareal til eksisterende lisenser er ikke tatt med 11

12 prod. lisens Tildelte lisensandeler til de norske oljeselskapene i TFO (Tilleggsareal for eldre lisenser er ikke medtatt) 12

13 Operatørskap 2008 Letebrønner 2007 kilde:

14 Prospekt Lisens Operatør Anttatt utvinnbare volum i millioner fat o.e. Forventet borestart Det norskes andel Draupne PL 001B Det norske 50 MBO Februar 35 % Struten PL 383 Det norske 120 MBO November 100 % Eitri/Phi PL 27B Det norske/ Exxon 50 MBO August 25 % Fongen PL 380 Det norske 45 MBO Desember 100 % Goliat N PL 229 ENI 200 MBO November 15 % Trow PL 369 Talisman 140 MBO Juli 20 % Freke PL 29B Exxon 90 MBO August 20% Grevling PL 038 Talisman 50 MBO Juni 5 % Lilleulv PL038 Talisman 11 MBO August 5% 14

15 15

16 pr. februar 2008 M I L L I O N E R 450 F A T 16

17 R E S E R V E R P R O D U K S J O N

18 Historisk utvikling Forventet vekst

19 3 produserende felt som gir ~2,000 fat om dagen Varg (5%), Glitne (10%) and Enoch (2%) 8 funn og 3 felt under utvikling Yme (10%), Frøy (50%), and Goliat (15%) Ventet produksjon av nærmere 30,000 fat om dagen i 2012 Store reserver og ressurser 130 millioner fat o.e. er påvist Funn siste halvår Ragnarrock (30%) påvist millioner fat Storskrymten (45% og operatør) påvist millioner fat Arbeidet med funn og boring fortsetter 13 letebrønner som operatør og 7 brønner der vi er partner vil bli boret i 2008 og Målet er ytterligere 150 millioner fat olje som påviste ressurser. Neste brønn er Draupne som starter i februar De første TFO 2007 lisenser bores i 2009

20 Det norske har eierinteresser i 4 lisenser i Frøyområdet Det norske opererer 3 lisenser i Frøyområdet Produksjonsenheten på Frøy har potensiale for å produsere flere ganger det utvinnbare volum på Frøyfeltet Området kan inneholde millioner fat utvinnbar olje

21 Partnere: Eni 65%, Operatør StatoilHydro 20% Det norske 15% Konseptvalg i februar PUD ved slutten av 2008 Ny letebrønn i 4. kvartal 08 (Goliat nord) Utbyggingsløsning vil bli valgt ut fra: Teknisk fleksibilitet og robusthet Miljøpåvirkning Økonomi Lokal verdiskapning FPSO Subsea System For this case also SEMO (Concrete Floater with Storage) is being evaluated Semi FSU Subsea System

22 Blokk: 16/1 Lisenseiere: Det norske (O, 35 %), StatoilHydro (50 %), PA Resources (15%) (PA bekoster Det norskes borekostnader) Vanndyp: 111 m Oppstart: Februar 2008, Rigg: Bredford Dolphin Funn i lisensen: West Cable (2900m, M. Jurassic Hugin FM): Mboe Prospektvolum : Draupne (2225 m, M. Jurassic - Heimdal, Hugin/Sleipned FM): Mboe Date: Resp: BAB

23 Frusalen 6 GSm 3 Trolltind 4 GSm 3 Haltenbanken 23 Ny seismikk i tilbakelevert område

24 Det norske er skodd for vekst Det norske har det største lete- og utbyggingsmiljøet i Norge, etter StatoilHydro Vi har ambisjoner om å doble antall ansatte fra dagens vel 90 innen 2 år Det vil skje både i Harstad, Trondheim, Stavanger og Oslo Deltakelse i 20 letebrønner i En dobling av påviste ressurser innen to år Tredobling av produksjonen i 2009 Ytterligere en tredobling av produksjonen i 2012 Kapasitet for feltutbygginger og drift Et supplement til StatoilHydro på norsk sokkel Letestrategi, letekapasitet, utbyggingsløsninger Konkurranse for leverandørindustrien Akademia, forskning og rekruttering 24

25 A N T A L L O P E R A T Ø R S K A P 25

26 3. mars: Lansering av Det norskes logo og grafiske profil Primo mars: Medio mars: Ultimo mars: Mai: Plan for utbygging og drift (PUD) for Frøyfeltet De første leverandørkontraktene for Frøyfeltet Resultatene av letebrønnen på Draupne Boring av nye produksjonsbrønner i Vargfeltet Juni: Boring av letebrønn på Lilleulv, ved Varg (PL 38) Godkjenning av PUD for Frøy Juni: Boring av Frekeprospektet (Esso) 26

27 Vedlegg

28 28 Totalt antall aksjer: ; totalt antall aksjonærer 2188

29 Det norske oljeselskap - Consolidated Income Statement 4th quarter IFRS IFRS IFRS IFRS (All figures in NOK 1000) Petroleum revenues Other operating revenues TOTAL OPERATING REVENUES Exploration expenses Change in inventories Production costs Payroll and payroll-related expenses Depreciation and amortsation expenses Other operating costs TOTAL OPERATING EXPENSES OPERATING PROFIT/(LOSS) Interest income Other financial income Interest expenses Other financial expenses NET FINANCIAL ITEMS INCOME /(LOSS) BEFORE TAXES Taxes (+)/tax income (-) on ordinary income/(loss) NET INCOME /(LOSS) Minority's share of net income (loss) Majority's share of net income (loss) Weighted average no. of shares outstanding Weighted average no. of shares fully diluted Earnings/(loss) after taxes per share (adjusted for split) (0,90) 0,01 (2,01) (1,64) Earnings/(loss) after taxes per share (adjusted for split) fully diluted (0,90) 0,01 (2,01) (1,64) * The Financial Statements have been prepares in accordance with IFRS

30 Consolidated Balance Sheet IFRS IFRS Intangible assets Goodwill Capitalized exploration expenditures Other intangible assets Tangible fixed assets Property, plant, and equipment TOTAL Current assets FIXED ASSETS Inventories Inventories Receivables Trade receivables Other receivables Calculated tax receivables Cash and cash equivalents Cash and cash equivalents TOTAL CURRENT ASSETS TOTAL ASSETS Paid-in capital Share capital Share premium Minority interests TOTAL EQUITY Provisions Pension obligations Deferred taxes Abandonment provision Deferred revenues TOTAL PROVISIONS Current liabilities Short-term loan Trade creditors Taxes withheld and public duties payable Other current liabilities TOTAL CURRENT LIABILITIES TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES

31 Consolidated Cash Flow statement Cash flow from operating activities Income/(loss) before taxes Tax refund Depreciation and amortisation expenses Changes in plugging and abandonment liabilities Discount shares to employees Changes in inventories, accounts payable and receivable Changes in net current capital and in other current balance sheet items NET CASH FLOW FROM OPERATING ACTIVITIES Cash flow from investment activities Purchase of property, plant and equipment Purchase of ingangible assets NET CASH FLOW FROM INVESTMENT ACTIVITIES Cash flow from financing activities Paid-in share capital/capital increase Expenditure related to acquisition of companies Payment of loan Short-term loan Bank overdraft NET CASH FLOW FROM FINANCING ACTIVITIES Net change in cash and cash equivalents Cash and cash equivalents at start of period Cash and cash equivalents in acquired company at time of acquisition CASH AND CASH EQUIVALENTS AT END OF PERIOD Specification of cash and cash equivalents at end of period Bank deposits, etc Restricted bank deposits Other financial investments Total cash and cash equivalents at end of period