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Annual Report 2017 Content Annual report 2017 Content Point Resources Pro-forma key figures 4 in brief A platform for further growth established 6 Our history 8 Five core strategic activities 10 A diversified portfolio focused on four proven core areas 12 Material remaining potential in the Balder and Ringhorne area 14 Reserves and resources 27 Executive Management 28 From the Board of Directors 32 Board room Corporate governance 34 Board of Directors’ report 2017 36 Responsibility statement 42 Financial Consolidated Financial Statements 44 Statements Alternative Performance Measures 93 Financial Statements Point Resources AS (Parent Company) 94 Auditor's report 129 In the section Point Resources in brief, pro-forma numbers are used mainly to illustrate the operational and financial effect of the acquisition of ExxonMobil’s operated NCS portfolio in 2017 by use of the economic date of the transaction, 1 January 2017, rather than the date for closing of the transaction, 1 November 2017. It is in the Board of Director’s opinion that use of pro-forma numbers for 2017 is a representative way of showing Point Resources’ underlying performance for 2017. The Consolidated Financial Statements prepared according to IFRS are based on the completion date 1 November 2017, and numbers for 2017 in this section may therefore differ from the Consolidated Financial Statements. All production, reserve and resource data in this annual report are net to Point Resources AS. Point Resources AS has an ambition to become a leading, independent E&P company on the Norwegian Continental Shelf (NCS) Daily net production Our presence +800% 46 492 approx. boepd 52 licences 12 operated 6 428 boepd Oslo Stavanger HQ 2016 2017 4 Point Resources AS In brief Pro-forma key figures Petroleum revenues EBITDAX NIBD/EBITDAX USD million USD million 812 552 0.8 USD 94 million in 2016 USD 61 million in 2016 Leverage covenant < 3.5x Full year 2017 net production boepd Full year 2017 net production per field 46 492 Balder Ringhorne Ringhorne East Brage Snorre Bøyla 6 42 216 21 Reserves and resources mmboe 2P and 2C reserves and resources per field end of 2017 Reserves (2P) 3 Resources (2C) Balder Ringhorne Fenja Brasse 15 Ringhorne East Garantiana Bauge Brage Snorre Other 216 21 Point Resources discloses alternative performance measures (APM) as part of its financial statements prepared in accordance with IFRS. These performance measures are used in the Company’s internal reporting as well as by analysts, investors and other interested parties. The disclosures of these APM’s are meant to provide insight into the operation and future prospect of the Company. An overview over APM can be found in chapter on Alternative Performance Measures. Point Resources AS In brief 5 Condensed pro-forma consolidated statement of income 1 JANUARY - 31 DECEMBER (USD MILL) 2017 2016 Petroleum revenues 812.2 94.0 NIBD/EBITDAX Production cost -206.6 -33.7 G&A, other income and expenses and results from hedging activities -53.5 -4.7 EBITDAX 552.1 61.1 Exploration expenses -56.5 -120.8 DD&A -274.3 -66.7 0.8 Operating profit / (loss) - EBIT 221.2 -126.4 Leverage covenant < 3.5x Condensed consolidated statements of financial position 31 DECEMBER (USD MILL) 2017 2016 Goodwill, other intangible assets and deferred tax asset 600.6 14.9 Exploration and evaluation assets 196.9 234.2 Oil and gas properties 1 450.7 222.9 Other property, plant and equipment and non-current assets 171.3 0.6 Trade, other receivables, inventories and current financial assets 310.6 121.3 Cash and short term deposits 123.1 76.7 Total assets 2 853.2 670.5 Total equity 254.5 221.6 Interest-bearing loans and borrowings 783.4 98.1 Deferred tax liabilities 237.3 127.8 Non-current abandonment provision 965.2 91.9 Loans from related companies 248.0 - Other non-current liabilities 103.6 12.0 Current abandonment provision 97.7 - Accounts payable, accrued liabilities and other current liabilities 141.9 119.0 Taxes payable 21.6 - Total equity and liabilities 2 853.2 670.5 Condensed pro-forma consolidated statements of cash flows 1 JANUARY - 31 DECEMBER (USD MILL) 2017 2016 Cash flows from operating activities 575.7 71.5 Cash flows to investing activities -1 113.3 -11.3 Cash flows from financing activities 583.9 -41.1 Increase / (decrease ) in cash 46.4 19.0 Cash and cash equivalents - beginning of period 76.7 57.7 Cash and cash equivalents - end of period 123.0 76.7 6 Point Resources AS In brief A platform for further growth established On 1 November 2017, Point Resources AS took over as operator of the assets acquired from ExxonMobil, and I had privilege to take on the position as CEO, heading what constitutes the start of the next generation of operating companies on the Norwegian Continental Shelf (NCS). The first step on this road is to develop Point Resources into a leading, independent exploration and production (E&P) company, and the Company’s achievements during 2017 prove that we are well under way to establishing a robust platform for further expansion. Point Resources ambition is to achieve a production level of more in these areas during 2017, thereby consolidating our position than 150 000 boepd by the mid-2020s. Our game plan to achieve this for the future. ambitious objective, is underpinned by five core strategic activities; to increase recoverable reserves from our producing assets and grow During the year, Point Resources participated in several Plans for production through new major developments, as well as selective Development and Operations – such as the Bauge field, the Fenja exploration, portfolio optimisations and further M&A activities. field and the Snorre Expansion Project – which were all submitted to the Norwegian Ministry of Petroleum and Energy. We also A vital component to realising our ambitious production targets, completed successful exploration activities, resulting in the Frosk is a competent organisation, with a shared set of values and discovery in early 2018, and have put solid efforts into maturing unwavering focus. Our current organisation is the result of the commercial discoveries such as Garantiana and Brasse. All in successful combination of Point Resources’ entrepreneurial spirit all, Point Resources has gained experience and created value by and ExxonMobil’s industry leading organisation from more than focusing on fast track, low cost, subsea developments that fully 50 years of NCS operations. Our goal is to integrate and optimise utilise existing infrastructure. these two complimentary cultures and continue to develop Point Resources into an organisation that is renowned and respected for In addition, we are making major investments in our operated industry leadership. Balder and Ringhorne fields in the North Sea. More than half a cen- tury after ExxonMobil was awarded the very first production licence In our approach to triple our production level by the mid of the next (PL 001) here in 1965, resulting in the first Norwegian oil discovery decade, we need to be in the forefront in key areas. Health, safety, two years later, it is quite remarkable that we still find further security and the environment (HSSE) is not only a priority, but also potential in the area. Point Resources has sanctioned a new 6-well a core value in all our operations and at every level of the organ- infill drilling campaign at Ringhorne, with drilling starting 1Q 2019. isation. I was pleased to see the two merged Point Resources A major future drilling program at Balder is also being matured, organisations add to the Company’s strength in this area in 2017, supported by a new seismic survey, to be acquired in 2018. A new and we will continue to improve these efforts. exploration campaign, to be executed in the Balder and Ringhorne area in 2019, has also been approved. These activities, along with Looking back at 2017, it was a year of major events and suc- facility life extension programmes, will significantly increase oil cesses, of which the transfer of operatorships and ownerships recovery at our operated assets. from ExxonMobil to Point Resources was a key element. This transaction added growth and positioned Point Resources as a Furthermore, Point Resources invested significantly in the key player, ready to partake in shaping the NCS E&P business Awards for Predefined Areas (APA), and was awarded a total of going forward. A few months into 2018, backed by highly reputed ten licences in early 2018, whereof two licences as operator. We owners, with a track record for building leading E&P companies, see this as recognition of the competence and hard work of our and a strong organisation, we succeeded in raising and securing a organisation. USD 250 million bond, by targeting leading international investors. I take this as proof of faith in our ability to develop Point Resources 2017 was an eventful year, which started Point Resources on the into a leading next generation E&P operator on the NCS. journey to becoming an active player in shaping the further devel- opment of the NCS. As CEO, I see an exciting potential for growth That said, I also know from experience that what creates value – both organically and through strategic M&A initiatives. We have in a successful E&P company is safe, high quality, day-by-day in place two vital components to carry this out, in the form of a operations, and the ability to realise value in the existing portfolio. reputable and financially solid key owner, and an organisation set I am proud to say that we accomplished several of our ambitions up with skilled, experienced professionals. Point Resources AS In brief 7 The CEO of Point Resources AS, Morten Mauritzen, at the Ringhorne field after the transfer of operatorships from ExxonMobil to Point Resources 1 November 2017.
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