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Overlooked Treasures: New Prospects in Old Basins

Overlooked Treasures: New Prospects in Old Basins. Norsk-Tysk Handelskammer 29 September 2011. About RWE Dea Norge. RWE Dea Norge is an oil and gas exploration and production company, present in Norway since 1973.

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Overlooked Treasures: New Prospects in Old Basins

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  1. Overlooked Treasures:New Prospects in Old Basins Norsk-Tysk Handelskammer 29 September 2011

  2. About RWE Dea Norge • RWE Dea Norge is an oil and gas exploration and production company, present in Norway since 1973. • The company is operator of four licences, PL330, PL420, PL435, and PL582 and partner in 18 licences. • In 2010, discoveries were made in PL420 and PL435; exploration and appraisal continue in both licenses. • As we move to operated developments, the company’s staff will increase by 33% during 2011/2012. • RWE Dea Norge is fully owned by RWE Dea AG, one of the managing companies of the Essen based RWE Group.

  3. 2010 2007 Profit and loss Profit and loss 2006 2005 (all financial figures in million NOK) (all financial figures in million NOK) Operating revenues Operating revenues 2 511 2 240 1 664 2 552 Operating expenses Operating expenses (1 023) - 1 188 (1 635) Operating result Operating result 877 879 641 1365 Net financial expenses Net financial expenses 76 48 - 22 Income before income taxes Income before income taxes 800 928 645 1 343 Tax expenses Tax expenses (509) - 491 - 755 - 1 239 Net income for the year Net income for the year 291 437 - 110 105 Share capital Share capital 10 10 10 10 Production Production 2010 2007 2006 2005 Oil 0.79 mill Sm3 (o.e.) 0.7 mill Sm3 0.84 mill Sm3 1.26 mill Sm3 Gas 0.02 163 mill bill Sm3 Sm3 0.048 bill Sm3 0.05 bill Sm3 Dry gas and LNG NGL 10 000 tons 17 000 tons 21 600 tons Total oil reserves at year end Total oil reserves at year end 7.38mill Sm3 9.5 mill Sm3 10.6 mill Sm3 10.8 mill Sm3 No. of employees No. of employees 63 61 60 62 Key Figures 2009 2 134 (1 751) 383 (450) (67) (50) (117) 10 2009 Crude oil, Cond., LPG, NGL 0.82 mill Sm3 (o.e.) 105 mill Sm3 7.41 mill Sm3 60

  4. RWE Dea Norge stands for • Long-term commitment • Technical expertise • Environmental competence • Financial strength

  5. What makes exploration work ? • Significantfindsareoftenmadeearly in drilling on newgeologicalconcepts. • Success in mature areas relies on significantlocal insight and intensive technicalwork. • Goodideas and technology lead to discoveries.

  6. Proving reserves through exploration • Exploration can target moderate volumefinds in lower risk settings. • Alternatively, high-risk highreward targets canprovide ‘company-changers’. • RWE Dea activelypursuesbothhighimpact and more controlled risk exploration targets ontheNOCS.

  7. First operated discoveries for RWE Dea came with Zidane and Titan in 2010. • Both were new ideas in mature areas. Zidane Titan

  8. PL435 Zidane Discovery • RWE Dea 40% • Edison 20% • Mærsk 20% • Noreco 20% Page 8 Page 8

  9. Titan Discovery

  10. Barents • RWE has 8 more ‘goodideas’ to be drilled in thenext 15 months. • Wewillcontinue to generate drilling ideas, both in licensed & newareas. Nordland Haltenbank Titan, Jordbær Luno

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