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Skeie Energy Company Presentation

April 2010. Skeie Energy Company Presentation. Skeie Energy – Business Concept. The Business Opportunity. More than 40 c ompanies holding licenses on the NCS Majors are typically focused on production and frontier exploration Start-up companies tend to focus on exploration

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Skeie Energy Company Presentation

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  1. April 2010 Skeie Energy Company Presentation

  2. Skeie Energy – Business Concept The Business Opportunity • More than 40 companies holding licenses on the NCS • Majors are typically focused on production and frontier exploration • Start-up companies tend to focus on exploration • No NCS companies have their main focus on developing “smaller” discoveries Mainly ”start ups” Mainly ”majors” Exploration Development Production

  3. Strategy Value [$/boe] • The strategy is to focus on commercialisation of discoveries • We will realize our strategy by pro-active and independent development studies, as well as contribution of resources to the Licenses First Oil Development Approval (FDP) 6 5 4 Skeie Energy Core Focus 3 Exploration Success (Discovery) 2 1 Exploration Development Construction Production

  4. Experienced founders and a strong team • Bjarne Skeie – Oil & Gas entrepreneur for more than 30 years. He has successfully started several large companies within the oil & gas business. • Kris Jakobsen– More than 20 years of experience from corporate finance within the oil & gas business. Previously CEO of Pareto Securities, now private investor. • Christian Selmer– More than 20 years of E&P experience as Petroleum Engineer, Management Consultant and Manager. Involved in several E&P start ups CEO Chief Reservoir Engineer HSE Manager Chief Technologist HR & Administration Manager Exploration Manager Manager Development Assets Business Development Manager Finance & Accounting Manager Chief Geophysicist Business Consultant Business Analyst Senior Controller Field Development Manager Senior Accountant Exploration Advisor Operations Manager Senior Geoscientist Technical Manager Geoscientist Drilling & Well Engineer

  5. Milestones and near term activities 2007 2008 2009 2010 2011 Activity H2 H1 H2 H1 H2 H1 H2 H1 H2 Company founded CEO hired Company pre qualified Award of PL455 (APA 2007) Farm in to PL301 Acquisition of Noble Energy Norge Secured exploration financing Awarded PL500 & PL509S (APA 2008) Acquired further interest in PL301 Succesful appraisal of Bream Decision of Commercialisation for Bream Decision of Commercialisation for Krabbe Awarded PL556 (APA 2009) Gardrofa well (PL406) Submitt FDPs for Bream, Krabbe and Flyndre

  6. The strategy is working – acquisition of discovered resources • Acquired 6 undeveloped discoveries in 2008 • These discoveries comprise a solid resource base of some 47 million barrels of oil (net to Skeie Energy) • 3 discoveries have been matured and the license Operators are planning to submit FDPs during 2010/11 (Bream, Krabbe and Flyndre) PL 407 (20%) – Bream PL406 (40%) – 18/10 PL 301 (60%) – Krabbe/Mime PL 018C (15%) – Flyndre/Flyndre Chalk License with discoveries

  7. Mime/Krabbe Area Nemo • Mime discovered in 1982. Produced 2,5 mill bbl oil by Norsk Hydro (now Statoil) between 1990 and 1993. Additional appraisal by Talisman in 2007. • Miming “discovered” by Norsk Hydro in 1982. • Krabbe discovered in 1983, appraised by Talisman in 2006. • Lundin took over from Talisman as operator during the summer 2009. • Skeie Energy ownership of PL301 = 60%. • Several available host platforms with tie-back options within 20-40 km (Pierce, Ula and Gyda). Potential synergies with the Nemo discovery also operated by Lundin. • Development of Krabbe and Mime/Miming will make other exploration prospects in the license attractive. • FDP for Krabbe planned Q4 2010. Krabbe Mime Ula Pierce Mimming Gyda Krabbe Host Platform

  8. Bream Area • Yme produced by Statoil in the period 1996-2001. Talisman is currently redeveloping Yme with production start estimated to be during the second half of 2010. • Bream discovered in 1972 by Phillips, Brisling was discovered the year after. Elf then drilled the discovery well 18/10-1 in 1979, followed by an appraisal well on Bream the same year. • Successful appraisal of Bream during the summer of 2009. • Development of Yme and Bream will make other exploration prospects in the area attractive. • Gardrofa exploration well to be drilled in Q3/Q4 2010. • FDP for Bream planned Q4 2010. • Operator PL407 (BG) – Skeie Energy 20%, Operator PL406 (Premier)- Skeie Energy 40%, Operator PL455 (Noreco) – Skeie Energy 30%.

  9. Flyndre Area • Flyndre was discovered in 1973. Two reservoirs were identified “Balmoral ” and “Chalk”. Both structures extend into the UK side. • 5 appraisal wells have been drilled on the UK side during the period 1989-2007. Well 30/14-3z was suspended and will be used as a production well for the development. • Cross border development project. Sub sea tie-back to a UK host, approximately 20 km away. • Expected FDP for the Flyndre to be submitted late 2010/early 2011. • Operator: Mærsk – Skeie Energy ownership = 15%. Balmoral FLYNDRE Chalk

  10. Exploration upside close to existing infrastructure PL556 PL556 awarded in APA 2009 (50% equity to Skeie Energy) • Operato: Lotos • Main prospect = Snowlion • 15-25 km from existing • Drill decision by Q1 2011 PL509S awarded in APA 2008 (30% equity to Skeie Energy) • Operator: Wintershall • Main prospect = Havre • Potential stand alone development • 3 other prospects in the license • Drill decision by Q1 2011 PL500 awarded in APA 2008 (35% equity to Skeie Energy) • Operator: DetNor • Main prospect = Mosterøy • Located in an area with several discoveries ready for development (Luno, Ragnarokk, Hanz, Draupne and West Cable) • Drill decision by Q1 2011 Draugen Mosterøy Ormen Lange PL509s Statfjord Troll Oseberg Frigg PL500 Grane Sleipner Ekofisk

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