Crudecorp ASA

Transcription

Crudecorp ASA

PROSPECTUS
Crudecorp ASA Crudecorp ASA
Skagen 27
P.O. Box 896
N-4004 Stavanger
Norway
Tel: +47 91 53 23 93
www.crudecorp.com
Crudecorp ASA
Listing of the Company’s Shares on Oslo Axess
Tel: +47 23 23 80 00
Fax: +47 23 23 80 11
www.swedbank.no
www.kursiv.no
Prospectus dated 13 June 2012
Swedbank First Securities
Filipstad Brygge 1
P.O. Box 1441 Vika
N - 0115 Oslo
Norway
This Prospectus does not constitute an offer to buy, subscribe or sell the securities described herein.
This Prospectus serves as a listing prospectus as required by applicable laws and no securities are
being offered or sold pursuant to this Prospectus.
13 June 2012
Managed by:
C R UDE C OR P A SA – L I ST I NG
ON
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IMPORTANT NOTICE
This prospectus (the “Prospectus”) has been prepared by Crudecorp ASA (“Crudecorp” or the
“Company”) in connection with the Listing for the sole purpose of enabling prospective investors to
consider the purchase of the Shares described herein. The Prospectus has been prepared to comply
with chapter 7 of the Securities Trading Act of the Kingdom of Norway of June 29, 2007 No. 75 (the
“Securities Trading Act”) and the related regulations, including the European Commission
Regulation EC/809/2004. The Prospectus has been reviewed and approved by the Norwegian
Financial Supervisory Authority. The Prospectus has been prepared in English language only. The
Prospectus has not been passported into any other country in the European Economic Area.
The Company is not taking any action to permit a public Listing of the Shares in any jurisdiction
outside of Norway. The Shares have not been and will not be registered under the United States
Securities Act of 1933 (the “US Securities Act”), or any securities laws of any state in the United
States. Accordingly, the Shares may not be Listed or sold within the United States, except in
transactions exempt from registration under the US Securities Act, or in any other jurisdiction in
which it would not be permissible to List the shares. All Listings and sales outside the United States
will be made in reliance on Regulation S under the US Securities Act. This Prospectus may not be
used for the purpose of, and does not constitute, a Listing to sell or issue, or an invitation to buy or
subscribe for, any securities in or into Australia, Canada, Japan, the United States or any other
jurisdiction in which it would not be permissible to do so.
The information contained herein is only updated as of the date hereof and subject to change,
completion or amendment without notice. In accordance with the Securities Trading Act Section 7-15,
any new factor, significant error or inaccuracy that might have an effect on the assessment of the
Listing and emerges between the date of the Prospectus and the Listing will be included in a
supplement to the Prospectus. Neither the publication nor distribution of this Prospectus shall under
any circumstances imply that the information herein is correct as of any date subsequent to the date of
the Prospectus.
All inquiries relating to this Prospectus should be directed to Swedbank First Securities (the
“Manager”). Copies of this Prospectus can be obtained from the Company or the Manager.
The contents of this Prospectus are not to be construed as legal, financial, business or tax advice.
Prospective investors should consult their own legal, business and tax advisors as to legal, business
and tax matters. In making a decision on an investment in the Company, investors must rely on their
own examination of Crudecorp including the merits and risks involved. For a description and
discussion of risk factors relevant to an investment in the Company, see “Risk factors.” Prospective
investors should inform themselves of any legal requirements for, and any tax consequences of, the
purchase, holding, transfer, redemption or other disposal of the Shares in their country. Neither the
Company nor the Manager makes any representation with respect to the legality of any investor’s
purchase of Shares.
Any disputes that might arise regarding this Prospectus or the Listing are subject to Norwegian law
and the exclusive jurisdiction of the Norwegian courts.
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TABLE OF CONTENTS
IMPORTANT NOTICE ............................................................................................................1
1.
2.
Summary.............................................................................................................................6
1.1
About Crudecorp................................................................................................................... 6
1.2
Board, senior management and employees ......................................................................... 8
1.3
Selected consolidated financial information ....................................................................... 9
1.4
Share capital and major shareholders............................................................................... 12
1.5
Related party transactions.................................................................................................. 13
1.6
The Listing ........................................................................................................................... 13
1.7
Reasons for the Listing........................................................................................................ 13
1.8
Advisors................................................................................................................................ 14
1.9
Summary of risk factors ..................................................................................................... 14
1.10
Expenses ............................................................................................................................... 15
1.11
Documents on display ......................................................................................................... 15
Risk factors.......................................................................................................................16
2.1
Risks relating to Crudecorp, the general market and the industry in which the
Company operates........................................................................................................................... 16
3.
2.2
Risk factors relating to Crudecorp’s financing ................................................................ 23
2.3
Risk factors relating to the Company’s Shares ................................................................ 23
Responsibility for the Prospectus ....................................................................................25
3.1
4.
5.
The Listing........................................................................................................................26
4.1
Reasons for the listing ......................................................................................................... 26
4.2
The Shares being admitted to listing ................................................................................. 26
4.3
Admission to trading and dealing arrangements ............................................................. 26
4.4
Additional information ....................................................................................................... 27
4.5
Interest of natural and legal persons involved.................................................................. 27
4.6
Expenses ............................................................................................................................... 27
Presentation of Crudecorp...............................................................................................28
5.1
2
Statement of responsibility ................................................................................................. 25
Overview .............................................................................................................................. 28
6.
7.
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5.2
Incorporation and offices.................................................................................................... 28
5.3
Historical development ....................................................................................................... 28
5.4
Organisation......................................................................................................................... 29
5.5
Vision, goal and strategy..................................................................................................... 30
5.6
Business overview ................................................................................................................ 31
5.7
Operations............................................................................................................................ 34
5.8
Reserves and resources ....................................................................................................... 40
5.9
Sources of information........................................................................................................ 44
5.10
Development plan ................................................................................................................ 44
5.11
The production process....................................................................................................... 46
5.12
Principal markets ................................................................................................................ 47
5.13
Research and development ................................................................................................. 48
5.14
Patents and licenses etc. ...................................................................................................... 48
5.15
Material contracts ............................................................................................................... 48
5.16
Other projects...................................................................................................................... 48
5.17
Regulatory issues ................................................................................................................. 48
Market overview ...............................................................................................................50
6.1
Oil market fundamentals – Supply vs. demand................................................................ 50
6.2
Oil price................................................................................................................................ 51
6.3
North America - Oil market fundamentals....................................................................... 54
Board of Directors, senior management and corporate governance .............................58
7.1
Board of Directors ............................................................................................................... 58
7.2
Management......................................................................................................................... 59
7.3
Board of Directors and senior management ..................................................................... 60
7.4
Remuneration, benefits, pension, etc. ................................................................................ 62
7.5
Shares and stock options held by members of the Board of Directors and senior
management..................................................................................................................................... 63
7.6
Employees ............................................................................................................................ 63
7.7
Corporate governance......................................................................................................... 64
7.8
Related Party Transactions ................................................................................................ 64
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Financial information......................................................................................................65
8.1
Overview and financial statements Crudecorp ................................................................ 65
8.2
Historical financial information......................................................................................... 66
8.3
Comments to the historic financial information............................................................... 70
8.4
Changes in equity ................................................................................................................ 72
8.5
Property, plant and equipment .......................................................................................... 74
8.6
Investments .......................................................................................................................... 74
8.7
Capital resources, capitalisation and indebtedness .......................................................... 76
8.8
Significant changes in financial and trading position ...................................................... 78
8.9
Statutory auditors................................................................................................................ 78
9.
Share capital and shareholder information....................................................................79
9.1
Description of the Shares and share capital...................................................................... 79
9.2
Notifiable shareholdings ..................................................................................................... 80
9.3
Differences in voting rights; shareholder agreements...................................................... 81
9.4
Shareholders with direct or indirect control..................................................................... 81
9.5
Arrangements which may cause change in control .......................................................... 81
9.6
Limitations on the right to own and transfer Shares ....................................................... 81
9.7
Dividend policy and payment of dividends ....................................................................... 81
9.8
General meetings ................................................................................................................. 81
9.9
Voting rights ........................................................................................................................ 82
9.10
Additional issuances and preferential rights .................................................................... 83
9.11
Regulation of dividends....................................................................................................... 83
9.12
Minority rights..................................................................................................................... 84
9.13
Transactions with related parties....................................................................................... 84
9.14
Rights of redemption and repurchase of Shares .............................................................. 84
9.15
Liability of directors and chief executive officer .............................................................. 85
9.16
Distribution of assets on liquidation .................................................................................. 85
9.17
Summary of the Company’s Articles of Association........................................................ 86
9.18
Certain aspects of applicable law....................................................................................... 86
10.
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Legal and arbitration proceedings...............................................................................91
11.
11.1
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Taxation issues .............................................................................................................92
Tax consequences related to the ownership and realisation of shares - Norwegian
Shareholders .................................................................................................................................... 92
11.2
Tax consequences related to the ownership and realisation of shares Foreign
Shareholders .................................................................................................................................... 94
12.
Additional information.................................................................................................97
12.1
Documents on display ......................................................................................................... 97
12.2
Third party statements ....................................................................................................... 97
12.3
Statement regarding expert opinions................................................................................. 97
12.4
Cross reference list .............................................................................................................. 97
13.
Cautionary note regarding forward-looking statements.............................................99
14.
Definitions ..................................................................................................................100
Appendix 1
Articles of Association .....................................................................................1
Appendix 2
CPR – Executive Summary Report .................................................................3
Appendix 3
Crudecorp ASA Quarterly Report Q1 2012 ..................................................17
Appendix 4
Crudecorp ASA Annual Report 2011............................................................24
Appendix 5
Appendix 6
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Summary
The following summary should be read as an introduction to the Prospectus and in conjunction with
it, and is qualified in its entirety by the more detailed information appearing elsewhere in this
Prospectus and in the appendices to this Prospectus. Any decision to invest in Crudecorp should be
based on a consideration of the Prospectus as a whole.
The Prospectus has been prepared in the English language only.
Where a claim relating to the information contained in the Prospectus is brought before a court, the
plaintiff investor might under the applicable legislation have to bear the costs of translating the
Prospectus before the legal proceedings are initiated. Civil liability attaches to those persons who
have tabled the summary including any translation thereof, and applied for its notification, but only if
the summary is misleading, inaccurate or inconsistent when read together with the other parts of this
Prospectus.
For the definitions of terms used throughout this Prospectus, see Section 14, “Definitions”.
1.1
About Crudecorp
Overview
Crudecorp is a public limited company established under the laws of Norway on 29 January 2007,
with registration number 990 904 871.
1.1.1
The Company’s registered business address is Skagen 27, P.O. Box 896, N-4004 Stavanger, Norway.
The Company’s telephone number is +47 91 53 23 93 and its website is www.crudecorp.com.
The address of the Company’s principal place of business in California is 4900 California Avenue,
Tower B-210, Bakersfield, California 93309, USA with telephone number +1 661 377 1875.
1.1.2
H istor y
The table below sets out the most significant events in Crudecorp’s history.
6
Time
Event
H2 – 2005
STL Energy LLC was incorporated in the United States
H1 – 2007
The Company was incorporated in Norway as a private limited liability
company
H1 – 2007
STL Energy LLC and Crudecorp AS merged
H1 – 2008
Rights to several orphaned wells in Texas and oil and gas leases in
Kentucky was acquired
H2 – 2008
Acquired a 75% Working Interest and 58.5% Net Revenue Interest in
Chico Martinez. The oil and gas leases in Kentucky were divested
H2 – 2008
Increased to 90% Working Interest and 74% Net Revenue Interest in
Chico Martinez
H2 – 2010
Acquired a 15.34% Mineral Interest in Chico Martinez
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H2 – 2010
Raised equity of NOK 27 million in a private placement
H1 – 2011
H1 – 2011
The Company was transformed to a public limited company
H2 – 2011
Raised equity of NOK 70.5 million in a private placement
H1 – 2012
Increased to 17.25% Mineral Interest in Chico Martinez
H2 - 2012
Acquired a 90% interest in the southwest quadrant of Section 27, a
property adjacent to the Chico Martinez Field.
Shares and articles of association
As at the date of this Prospectus, the registered share capital of the Company is NOK 1,823,033.58,
divided on 91,151,679 Shares, each with a par value of NOK 0.02.
1.1.3
All Shares are vested with equal shareholder rights in all respects. The Company’s Articles of
Association do not contain any provisions imposing limitations on the ownership or the tradability of
the Shares.
Business Overview
Crudecorp is an international independent oil and gas exploration and production company engaged in
the acquisition, development and operation of oil and natural gas properties in the United States. The
Company aims to develop a business model which can generate significant cash surpluses through
acquisitions of producing assets or assets which are close to producing. The Company’s exploration
activities will primarily be associated with further development of existing assets.
1.1.4
1.1.5
Oper ations
Crudecorp owns a 90% Working Interest in Chico Martinez, located in the San Joaquin valley in
California, United States, and is in the process of developing production from the upper reservoir
(Etchegoin) and exploring the potential for additional reserves from the lower formations in its
properties. The Company has also acquired 17.25% of the Mineral Interests for the lease.
Production in Chico Martinez was reportedly started in 1927. According to the California Department
of Oil and Gas' (DOGGR) records of production, a total of 599,000 bbl of oil have been produced
from the field through 31 October 2011. Therefore, the oil recovery percentage is approximately 1.1%
using the most likely Stock Tank Oil Initially In Place (STOIIP) of 50.5 MMBbl.
The Group initially plans to develop approx. 28% of the 50.5 MMBbl most likely STOIIP in Chico
Martinez through a 3 phased development plan from 2011 through 2014. Following the initial 3 phase
development programme, the Group will decide on a development strategy for the remaining STOIIP.
Crudecorp engaged Gaffney, Cline & Associates (GCA) to prepare a Competent Person’s Report.
GCA also reviewed the production profiles and project economics for the first 3 development phases
planned. Based on this work, GCA estimated gross field 1P reserves of 3.35 MMBbl and 2P reserves
of 4.79 MMBbl, on a 100% basis. These volumes represent incremental increased recovery for the
field in the order of 6.6% and 9.5% respectively.
1.1.6
Net R evenue I nter est
The Oil and Gas lease or Working Interest (of which the Company owns 90%) acquires a right to
7
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explore and produce the oil and gas resources in return for paying a Royalty to the Mineral Rights
owners. The Company’s Working Interest in Chico Martinez (Section 35 and parts of Section 27) are
sub-leases of an original lease, covering Sections 21, 27 and 35.
The Royalty structure is therefore as follows;
- 16.67% to Mineral Interest owners (The company owns 17.25% of the Mineral Interests)
- 5.0% to Original Lease Holder (OLH), less 21.67% of expenses on fuel gas, water and other
consumables to generate steam.
The Net Royalty paid will in other words vary between 13.79% and 18.79%, depending on how much
is spent on fuel and consumables for generating steam.
Based on these various input parameters for gas consumption, GCA estimated the Net Revenue
Interest to the Company to be 77.2%, which is the basis used in this document.
Per mits
1.1.7
The Company holds all permits required for its current operations but will require a number of new
permits in order to carry out future infrastructure enhancements and drilling operations. For more
details on and the Company’s permits, see Section5.7.3.
Legal structure
1.1.8
The legal structure of the Group is illustrated in the following figure (all subsidiaries are whollyowned):
Crudecorp ASA
Norway
CMO Inc
USA
Crudecorp Branch
USA
CMO AS
Norway
For more details on the entities of the Group, see Section 5.4.2.
1.2
Board, senior management and employees
Board of Directors
The Board of Directors of the Company consists of Sigurd Aase, (Chairman), Espen Fjogstad, Stig M.
Herbern, Silje Veen and Sissel K. Hegdal.
1.2.1
Senior management
The senior management consists of Gunnar Hviding (CEO), Anniken Landré Bjerke (CFO), Håvard
Rød (COO), Jan Terje Lea (CFO - CMO, Inc) and Steven Gregory (Operations Manager, US).
1.2.2
1.2.3
E mployees
The Group has nine employees, of which three are located in Norway and six in the United States.
8
1.3
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Selected consolidated financial information
Consolidated Income Statement
Below is the audited income statement for the Company for the accounting year 2011. The financial
information is presented in accordance with IFRS as adopted by EU and is derived from the
Company’s historical financial statements provided in Section 8.2 of this Prospectus.
1.3.1
Limited Review
Q1 2012
IFRS
Group
Unaudited
Q1 2011
IFRS
Group
Audited
2010
2009
IFRS
IFRS
Group
Group
2011
IFRS
Group
2009
NGAAP
Company
US D
Operating revenues
319 937
196 729
732 868
308 780
89 828
(NOK)
3 651 000
Other revenues
Total revenues
17 276
337 213
2 838
199 567
12 261
745 129
4 963
597 158
119 381
209 209
749 901
4 400 901
Production cost
Labour cost
DD&A
339 072
352 185
493 075
159 923
273 208
268 985
670 990
1 537 095
886 885
311 860
802 229
63 856
34 690
747 559
152 292
0
1 499 347
10 300
273 936
1 458 268
366 768
1 068 884
1 331 431
4 426 401
613 276
1 791 221
592 282
1 526 823
2 476 972
3 986 619
Operating profit/loss
-1 121 055
-869 317
-3 681 273
-1 477 478
-1 317 615
414 282
Net financial items
-1 732 953
-630 444
1 900 071
239 273
-203 009
1 668 526
Profit before tax
-2 854 008
-1 499 761
-1 781 202
-1 238 205
-1 520 624
2 082 808
0
0
0
0
0
0
-2 854 008
-1 499 761
-1 781 202
-1 238 205
-1 520 624
2 082 808
Other opex
Total costs
Income taxes
Profit after tax
Figures in 2009 are from the Annual Report 2010 IFRS with comparative figures for 2009.
NGAAP figures provided for 2009 are in NOK.
Consolidated balance sheets - summary
Below is the audited balance sheet for the Company for the accounting year 2011. The financial
information is presented in accordance with IFRS and is derived from the Company’s historical
financial statements provided in Section 8.2 of this Prospectus.
1.3.2
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Limited
Re view
Q 1 2012
IFRS
Group
USD
Fixed assets
Unaudited
Q 1 2011
IFRS
Group
2011
IFRS
Group
Audited
2010
2009
IFRS
IFRS
Group
Group
2009
NGAAP
Company
(NO K)
1 212
7 000
20 483 711
4 127 705
15 559 364
1 618 527
Oilfield production rights
Other non-current assets
7 924 936
1 074 849
7 998 331
253 586
7 464 281
253 586
7 457 204
0
6 989 234
0
46 513 374
8 949 974
Total non-current assets
29 483 496
12 379 622
23 277 231
9 075 731
6 990 445
55 470 348
671 136
385 422
686 424
520 422
104 720
334 568
8 574 763
9 245 899
17 053 369
17 438 791
14 757 306
15 443 730
3 510 943
4 031 365
7 088 420
7 193 141
40 517 723
40 852 291
Total assets
38 729 395
29 818 413
38 720 960 13 107 096 14 183 586 93 322 639
Shareholder’s equity
35 724 304
27 905 199 36 243 986
11 413 586
8 021 765
54 604 127
Long term debt
1 726 942
1 533 792 1 674 642
1 511 324
6 037 340
0
Other non-current liabilities
Non-current liabilities
0
1 726 942
0
0
1 533 792 1 674 642
0
1 511 324
0
6 037 340
0
41 014 570
Short term debt
Other current liabilities
Current liabilities
1 278 149
0
1 278 149
379 421
0
379 421
802 331
0
802 331
182 186
0
182 186
124 481
0
124 481
703 942
0
703 942
38 729 395
29 818 413
38 720 960
3 107 096
Other current assets
Cash and cash equivalents
Total current assets
Total e quity & liabilities
14 183 586 96 322 639
NGAAP figures provided for 2009 are in NOK.
Significant changes and trend information
There have not occurred any significant changes in the financial or trading position of the Company
since the last audited financial information has been published and until the date of this Prospectus.
1.3.3
Capitalization and indebtedness (unaudited)
CAPITALIZATION PER 31 MARCH 2012
1.3.4
(USD)
Total current debt
31 March 2012
1,278,000
Guaranteed
0
Secured
0
Unguaranteed/unsecured
1,278,000
Total Non-current debt ( excluding current portion of
long term debt)
1,727,000
Guaranteed (description of the types of guarantees
0
Secured ( description of the assets secured)
0
Unguaranteed/ unsecured
10
1,727,000
a Share Capital
42,486,000
c Other reserves
0
A. Cash
42,806,000
8,575,000
B. Cash equivalents (detail)
0
C. Trading securities
0
D. Liquidity (A+B+C)
E. Current financial receivables
8,575,000
671,000
F. Current bank debt
0
G. Current portion of non-current debt
0
H. Other current financial debt
0
I. Current financial debt (F+G+H)
0
J. Net current financial indebtedness (I-E-D)
-9,246,000
K. Non-current bank loans
0
L. Bond issues
0
M. Other non-current loans
N. Non-current financial debt (K+L+M)
O. Net financial indebtedness (J+N)
O SL O A X E SS
320,000
b Legal reserves
Total
ON
1,727,000
1,727,000
-7,519,000
In connection with the overdraft facility from Sandnes Sparebank of NOK 10 million, Sandnes
Sparebank has mortgage security in inventory, factoring and operating equipment of NOK 10,000 (ten
thousand) each.
There have been no significant changes in the Company’s capitalization and indebtedness since 31
March 2012.
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1.3.5
Changes in equity
The table below gives a summary of the statement of changes in shareholders equity the past three
accounting years and the most recent interim period.
Share
Capital
Share
Premium
Retained
Earnings
Sum
Equity
Equity 1 January 2009
37 049
3 944 876
-3 584 332
397 593
This year's result
Translation diffrences
7 028
153 726
-1 520 624
31 812
-1 520 624
192 566
4 842
9 187
39 500
1 828 172
7 070 529
-3 637 589
5 261 112
4 842
1 837 359
7 110 029
8 952 230
Transactions with owners
IFRS 2 option cost
Debt conversion
Share issue
Transfer from share premium
Sum transactions with owners
Equity 31 December 2009
This year's result
IFRS 2 option cost
Share Issue
This year's result
48 687
92 764
9 359 714
2 957
1 430 713
1 433 670
2 957
4 720 032
4 722 989
12 569 318
-1 267 723
11 413 586
810 496
-1 781 202
-2 710 810
-1 781 202
-1 912 384
1 267 723
1 267 723
6 899
29 922 407
-1 466 375
28 462 931
-4 492 012
36 243 986
-2 854 008
263 623
-2 854 008
263 623
2 070 701
35 724 302
20 978
20 978
4 699 054
-1 430 713
3 268 341
111 992
-12 070
204 287
6 899
-114 462
29 832 581
-1 466 375
-1 267 723
26 990 919
304 209
40 431 789
1.4
15 998
320 207
8 021 765
-1 238 205
-92 962
-58 737
IFRS 2 option cost
Bonus Issue
Share Issue
Share Issue Cost
Result of Q1 2012
Comprehensive income Q1 2012
Equity per 31.03.2012
-1 430 713
-1 238 205
-32 475
-1 750
114 462
89 824
3 637 589
3 642 431
2 054 703
42 486 492
-7 082 399
Share capital and major shareholders
As of 6 June 2012 the Company had 115 shareholders, of whom 109 (94.8%) were Norwegian and 6
(5.2%) were non-Norwegian, registered in the VPS. The 20 largest shareholders and their
shareholdings as per 6 June 2012 are listed below:
12
No. of Share s
O wne rship
(%)
YMIR ENERGY AS
37 300 792
40,92 %
VICTORY LIFE
11 829 201
12,98 %
SYNESI AS
7 045 999
7,73 %
XFILE AS
4 750 500
5,21 %
VEEN EIENDOM A/S
3 160 006
3,47 %
PEBRIGA AS
2 999 142
3,29 %
CIVES AS
2 951 900
3,24 %
TIME TRADER AS
2 827 708
3,10 %
SANDNES INVESTERING AS
1 999 950
2,19 %
A/S MERITUM
1 401 858
1,54 %
RAGNAR ZELOW LUNDQUIST
1 022 600
1,12 %
MEPS AS
1 000 000
1,10 %
A/S TERMES
981 329
1,08 %
REIDAR BRUMER BRATVOLD
728 000
0,80 %
SIRIUS AS
700 000
0,77 %
SMH MANAGEMENT A/S
605 700
0,66 %
ZELOW INVEST AS
523 200
0,57 %
KAPITA AS
500 000
0,55 %
HÅVARD RØD
422 499
0,46 %
400 000
83 150 384
0,44 %
KLØVNINGEN AS
Total 20 largest Shareholders
Others
Total
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91,22 %
8 001 295
8,78 %
91 151 679
100,00 %
Related party transactions
Crudecorp has entered into a loan agreement whereby certain shareholders have provided a loan to the
Company. See Section 7.8 of this Prospectus.
1.6
The Listing
At the date of the Prospectus none of the Company’s Shares are listed on any regulated market, and no
application for Listing of the Shares on a regulated market has been filed, other than the application
for Listing as described herein.
On 14 May 2012 the Company filed for Listing on Oslo Axess. Listing of the Shares was approved by
the board of directors of Oslo Stock Exchange in its meeting on 13 June 2012. The first day of Listing
is expected to be 15 June 2012. The ticker code will be "CRUDE".
1.7
Reasons for the Listing
Crudecorp is seeking the Listing to (i) facilitate the potential raising of capital for the Company’s
future projects; (ii) increase the Company’s visibility and credibility in both the financial markets and
the industry market; (iii) create a liquid market for the Company’s shares which already has seen a
significant trade and (vi) provide an exit opportunity for the current shareholders.
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1.8
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Advisors
Swedbank First Securities (the “Manager”) has acted as financial advisor in connection with the
Listing. Schjødt has been engaged by the Company as legal advisor in connection with the Listing.
The Company’s statutory auditor is PricewaterhouseCoopers AS.
1.9
Summary of risk factors
A number of risk factors may have a material adverse effect on Crudecorp, as well as on the trading
value of the Shares. Below is a brief summary of the risk factors described in Section 2 (Risk Factors).
Neither this summary nor the risks described in Section 2 (Risk Factors) are exhaustive and other risks
not discussed herein may also affect Crudecorp.
1.9.1
R isks r elating to C r udecor p, the gener al mar ket and the industr y in which the
C ompany oper ates
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
14
Crudecorp’s success is dependent on its ability to appraise, find, acquire, develop and
commercially produce oil and gas reserves that are economically recoverable
Reserves and resources information represents estimates which may be inaccurate or incorrect
Report of reserves and resources
Exploration projects do not necessarily result in a profit on the investment or the recovery of
costs Crudecorp is subject to risks associated with future decommissioning liabilities
Substantial investments will be necessary in the future oil and gas prices may not remain at
their current levels
Changes in the legislative and fiscal framework may affect profitability
Legislative risk related to drilling, steaming and production permits, e.g. drilling moratoriums
or withdrawal of permits related to conditions outside the company’s control
Crudecorp is subject to environmental and HSE risks
Risks of equipment breakdown or process upsets
The oil and gas industry is highly competitive
Risks associated with third party processing and export infrastructure
Unexpected shutdowns may occur
Crudecorp is dependent on attracting and retaining personnel
Production and expected production ramp up is concentrated on one field
Risk related to claims from neighbours, farming community or other third parties
Risk related to availability of supplier’s capacity and availability of manpower, supplies and
equipment
Risks related to geology, including but not limited to risk of higher operating costs, lower
production and underground damage
Risks of leakage of steam to surface and resulting accidents or withdrawal of permits as a
result of faulty well construction, unknown geological phenomena or operator and planning
errors
Risks of theft, sabotage or other wilful damage
Risk of earthquake
Risks associated with labour disputes
Risks associated with legal disputes
Risk of damaged equipment and insurance policies
Potential liability for the acts and omissions of oil field services providers
Risks related to debt arrangements
x
1.9.2
x
x
1.9.3
x
x
x
x
x
1.10
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Risk associated with water supply.
R isk factor s r elating to C r udecor p’ s financing
Financial liquidity risk
Risk associated with exchange rate fluctuations
R isk factor s r elating to the C ompany’ s Shar es
Volatility of share price
Liquidity of the Shares
Dilution
Additional risk for holders of Company’s Shares that are registered in a nominee account
The transfer of Shares is subject to restrictions
Expenses
Cost attributable to the Listing will be borne by the Company. The total costs of the Listing are
expected to amount to approximately NOK 4 100 000, which includes costs related to fees to the
Manager, Oslo Stock Exchange, printing and distribution of this Prospectus, costs to legal advisors,
the Company’s auditor, the due diligence lawyers and auditors as well as fees to the Financial
Supervisory Authority.
1.11
Documents on display
For the life of this Prospectus the following documents (or copies thereof) may be inspected at the
offices of the Company at Skagen 27, 4006 Stavanger, Norway.
x
x
x
x
x
x
x
The memorandum and articles of association
Crudecorp Q1 2012 report
Crudecorp Annual report 2011
CMO, Inc Annual report for 2010 and 2011
Competent Person’s Report on the Oil and Gas Assets of Chico Martinez Field of Crudecorp
as at October 31, 2011, by Gaffney, Cline and Associates
15
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Risk factors
When assessing the Company and its business, investors should carefully consider all the information
contained in this Prospectus and in particular the following risk factors, which may affect some or all
of the Company's activities and the industry in which the Company operates. An investment in the
Company is suitable only for investors who understand the risk factors associated with this type of
investment and who can afford a loss of all or part of their investment. Before deciding whether or not
to invest in the Company, an investor should consider carefully all of the information set forth in this
Prospectus and in particular, the specific risk factors set out below. If any of the following risks
actually materialise, the Company's business, financial position and operating results could be
materially and adversely affected. The order in which risk factors appear is not intended as an
indication of the relative weight or importance thereof.
2.1
Risks relating to Crudecorp, the general market and the industry in which the
Company operates
2.1.1
Crudecorp’s success is dependent on its ability to appraise, find, acquire, develop and
commercially produce oil and gas reserves that are economically recoverable
Crudecorp’s long-term commercial success is dependent on its ability to find, appraise, acquire,
develop and commercially produce oil and gas reserves. Crudecorp must continually locate and
develop or acquire new reserves to replace its existing reserves that are being depleted by production.
Significant expenditure is required to establish the extent of oil and gas reserves through seismic and
other surveys, as well as drilling, and there can be no certainty that oil and gas reserves for
commercial development will be found. There are many reasons why Crudecorp may not be able to
find or acquire oil and gas reserves or develop them for commercially viable production. For example,
Crudecorp may be unable to negotiate commercially reasonable terms for its acquisition, exploration,
development or production activities. Factors such as adverse weather conditions, natural disasters,
equipment or services shortages, procurement delays or difficulties arising from the political,
environmental and other conditions in the areas where the reserves are located or through which
Crudecorp’s products are transported may increase costs and make it uneconomical to develop
potential reserves. Moreover, Crudecorp is dependent on the competence and judgment of third-party
operators in relation to the development of reserves where it is not itself the operator.
2.1.2
Reserves and resources information represents estimates which may be inaccurate or
incorrect
The process of estimating oil and gas reserves and the cash flows that may be derived from them is
very complex. The reserves data and associated cash flow information relating to the Crudecorp set
out in this Prospectus are estimates only. In general, estimates of the quantity and value of
economically recoverable oil and gas reserves, and the possible future net cash flows are based upon a
number of variable factors and assumptions, such as historic production rates, ultimate reserves
recovery, interpretation of geological and geophysical data, timing and amount of capital
expenditures, marketability of oil and gas, royalty rates, continuity of current fiscal policies and
regulatory regimes, future oil and gas prices, operating costs, development and production costs,
export infrastructure access and tariff costs and work over and remedial costs, all of which may vary
materially from actual results. Estimates are also to some degree speculative, and classifications of
reserves are only attempts to define the degree of speculation involved. For these reasons, estimates of
the economically recoverable oil and gas reserves attributable to a particular group of properties, the
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classification of such reserves based on risk of recovery and estimates of expected future net revenues
prepared by different engineers, or by the same engineers at different times may vary. As a result, the
estimates of Crudecorp’s reserves may require substantial upward or downward revisions if
subsequent drilling, testing and production reveal differences. Any downward adjustment could
indicate lower future production and thus adversely and materially affect Crudecorp’s financial
condition, future prospects and market value. Furthermore, a decline in Crudecorp’s reserves may
materially affect its ability to raise or access sufficient capital for its future operations.
2.1.3
Report of reserves and resources
In this Prospectus, as permitted by the Oslo Stock Exchange (Circular 9/2009), the standards applied
by the Petroleum Resources Management System published by the Society of Petroleum Engineers /
World Petroleum Council / American Association of Petroleum Geologists / Society of Petroleum
Evaluation Engineers (SPE/WPC/AAPG/SPEE) in March 2007 (“SPE PRMS”), the Norwegian
Petroleum Directorate categorization system and Canadian National Instrument 51–101, are applied
with respect to estimates of Crudecorp’s reserves and resources (see Section 5.8).
Under SPE PRMS standards proved reserves are those quantities of petroleum, which by analysis of
geoscience and engineering data, can be estimated with reasonable certainty to be commercially
recoverable, from a given date forward, from known reservoirs and under defined economic conditions,
operating methods, and government regulations.
Probable reserves are more difficult to determine than proved reserves and involve a greater risk that
they are not actually recovered. Under the SPE PRMS standards, probable reserves are those unproved
additional reserves that analysis of geological and engineering data suggests are less likely to be
recovered than proved reserves, but more certain to be recovered than possible reserves. It is equally
likely that the actual remaining quantities recovered will be greater than or less than the sum of the
estimated proved plus probable reserve. There is a greater risk that probable reserves will not actually
be recovered as compared to proved reserves.
Under SPE PRMS standards, contingent resources are those deposits that are estimated, on a given
date, to be potentially recoverable from known accumulations by the application of development
projects, but that are not currently considered commercially recoverable due to one or more
contingencies. The resources may not be considered commercially recoverable for a variety of
reasons, including, but not limited to, the high costs involved in recovering the resources, the price of
oil at the time, the availability of resources and other development plans that may be in place. By
contrast, prospective resources are those deposits that are estimated, on a given date, to be potentially
recoverable from undiscovered accumulations. Estimates of contingent and prospective resources are
uncertain and may change materially with time, and there can be no guarantee that Crudecorp will be
able to develop these resources commercially.
2.1.4
Exploration projects do not necessarily result in a profit on the investment or the
recovery of costs
Exploration activities are capital intensive and inherently uncertain in their outcome. Crudecorp’s
future oil and gas exploration projects may involve unprofitable efforts, either from dry wells or from
wells that are productive but do not produce sufficient net revenues to return a profit after
development, operating and other costs. Completion of a well does not guarantee a profit on the
investment or recovery of the costs associated with that well. In addition, drilling hazards or
environmental damage could greatly increase the cost of operations, and various field operating
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conditions may adversely and materially affect the production from successful wells. These conditions
include delays in obtaining governmental approvals or consents, shut-ins of connected wells resulting
from extreme weather conditions, insufficient storage or transportation capacity or adverse geological
conditions. While diligent well supervision and effective maintenance operations can contribute to
maximizing production rates over time, production delays and declines from normal field operating
conditions cannot be eliminated and may adversely and materially affect Crudecorp’s revenues and
cash.
2.1.5
Crudecorp is subject to risks associated with future decommissioning liabilities
Crudecorp has in the past, through its licence interests, assumed certain obligations in respect of the
decommissioning of its fields and related infrastructure and is expected to assume additional
decommissioning liabilities in the future. These liabilities are derived from legislative and regulatory
requirements concerning the decommissioning of wells and production facilities and require
Crudecorp to make provisions for and/or underwrite the liabilities relating to such decommissioning.
It is difficult to accurately forecast the costs that Crudecorp will incur in satisfying its
decommissioning obligations. When its decommissioning liabilities crystallize, Crudecorp will
normally be jointly and severally liable for them with other former or current partners in the field. In
the event that other partners default on their obligations, Crudecorp will remain liable and its
decommissioning liabilities could be magnified significantly through such default. Any significant
increase in the actual or estimated decommissioning costs that Crudecorp incurs may adversely affect
its financial condition.
2.1.6
Substantial investments will be necessary in the future
Crudecorp will be required to make substantial capital expenditures for the acquisition, exploration,
development and production of oil and gas reserves in the future. Such capital expenditures could be
covered by revenues, new and existing equity or by obtaining new debt. If Crudecorp’s revenues
decline, if the Company is unable to attract investors to increase the Company’s equity, or if new debt
arrangements are not accessible (or only on unattractive commercial terms), Crudecorp may
experience a limited ability to undertake or complete future exploration programmes, development
investments and/or acquisitions.
2.1.7
Oil and gas prices may not remain at their current levels
The profitability and cash flow of Crudecorp’s operations will be dependent upon the market price of
oil and gas from time to time. It is impossible to accurately predict future oil and gas price
fluctuations. Accordingly, oil and gas prices may not remain at their current levels. The profitability of
producing from some of Crudecorp’s wells may change as a result of lower prices, which could result
in a material reduction in the volumes of Crudecorp’s reserves if some are no longer economically
viable to develop. This could result in a material decrease in Crudecorp’s net production revenue
causing a reduction in its oil and gas acquisition, development and exploration activities have a
material adverse effect on its and financial condition.
2.1.8
Changes in the legislative and fiscal framework may affect profitability
Changes in the legislative and fiscal framework governing the activities of companies engaged within
the oil and gas sector, such as Crudecorp, may have a material impact on exploration and development
activity or directly affect Crudecorp’s operations. In particular, changes in political regimes will
constitute a material risk factor for Crudecorp’s operations in foreign countries. Further, Crudecorp is
faced with complex tax laws. The amount of taxes Crudecorp pays could increase substantially as a
result of changes in, or new interpretations of, such laws, which could have a material adverse effect
on its liquidity, results of operations and financial condition. In order to conduct its operations in
18
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compliance with applicable laws and regulations, the Crudecorp must obtain licenses and permits
from various governmental authorities. There can be no assurance that Crudecorp will be able to
obtain all necessary licenses and permits. Furthermore, Crudecorp may incur substantial costs in order
to maintain its compliance with existing laws and regulations and significant additional costs if these
laws and regulations are revised, or if new laws affecting Crudecorp’s operations are passed.
2.1.9
Operational or legislative risk related to drilling, steaming and production permits, e.g.
drilling moratoriums or withdrawal of permits related to conditions outside the company’s control
Failure to comply with requirements set out in permits may have consequences for the Company’s
operation. Normally, the breach will be pointed out, then there will be a demand given to the
Company to rectify and comply, issuance of fines and suspension or withdrawal of permits. Sudden
events or events which may constitute an imminent danger of accidents to persons, environment or
equipment may escalate the reaction from government bodies.
Historically, it has been observed that operators are given time to remediate the situation before fines,
suspension of licence or withdrawal of licence has happened in California.
However, changing political or regulatory environments may impact policies with respect to permits.
In 2011 and 2012, the company experienced a long delay in obtaining steaming permits, as a result of
changing regulations and a resulting backlog of applications with DOGGR.
Third party incidents may also affect the Company’s operation. An example is the accident and blow
out in the Gulf of Mexico, which demonstrated that operators can be affected by events happening
elsewhere in the industry, in this event a drilling moratorium. Specifically in the area where Chico
Martinez is located, there are steaming operations being performed by many operators. Accidents
elsewhere may have an impact on rules, regulations and even moratoriums affecting Chico Martinez.
2.1.10
Crudecorp is subject to environmental and HSE risks
All phases of the oil and gas business present environmental risks and hazards, and the oil and gas
business is subject to environmental regulations pursuant to a variety of international conventions, and
municipal laws and regulations. Environmental legislation provides for, among other things,
restrictions and prohibitions on spills, releases or emissions of various substances produced in
association with oil and gas operations. The legislation also requires that wells and facility sites be
operated, maintained, abandoned and reclaimed to the satisfaction of applicable regulatory authorities.
Compliance with environmental legislation may require significant expenditures and a breach may
result in the imposition of fines and penalties, some of which may be material. Environmental
legislation, moreover, is evolving in a manner expected to result in stricter standards and enforcement,
larger fines and liability and potentially increased capital expenditures and operating costs. The
discharge of oil, natural gas or other pollutants into the air, soil or water may give rise to material
liabilities to relevant governments and third parties and may require the Company to incur material
costs to remedy such discharge. No assurance can be given that environmental laws will not result in a
curtailment of production or a material increase in the costs of production, development or exploration
activities or otherwise adversely and materially affect the Company’s financial condition, results of
operations or prospects. Crudecorp’s operations and assets are affected by numerous international and
national laws and regulations concerning HSE matters including, but not limited to, those relating to
the health and safety of employees, discharges of hazardous substances into the environment and the
handling and disposal of waste. The technical requirements of these laws and regulations are
becoming increasingly complex, stringently enforced and expensive to comply with and this trend is
likely to continue. The failure to comply with current HSE laws and regulations has resulted and may
19
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in the future result in regulatory action, the imposition of fines or the payment of compensation to
third parties which each could in turn have a material adverse effect on the Crudecorp’s business,
financial condition and results of operations.
Certain HSE laws that will apply to Crudecorp’s business provide for strict, joint and several liability
without regard to negligence or fault for natural resource damages, health and safety, remediation and
clean-up costs of spills and other releases of hazardous substances, and such laws may impose
material liability for personal injury or property damage as a result of exposure to hazardous
substances. Further, such HSE laws and regulations may expose Crudecorp to liability for the conduct
of others or for acts that complied with all applicable HSE laws when they were performed. In
addition, the enactment of new HSE laws or regulations or stricter enforcement or new interpretations
of existing HSE laws or regulations could have a significant impact on Crudecorp’s operating costs
and require further significant expenditure to modify operations, install pollution control equipment,
perform clean-up operations, curtail or cease certain operations, or pay significant fines or make other
significant payments for pollution, discharges or other breach of HSE requirements. There can be no
assurances that Crudecorp will be able to comply with such HSE laws in the future. The failure to
comply with current HSE laws and regulations has resulted, and may in the future result, in regulatory
action, imposition of significant fines or payment of significant compensation to third parties.
2.1.11
Risks of equipment breakdown or process upsets
Equipment may break down and replacement items may have long lead time. Process upsets may
result in extensive flaring whereby the company exceeds its allocated maximum limit for any time
period, resulting in shut down.
The oil and gas industry is highly competitive
The oil and gas industry is highly competitive in all its phases. There is strong competition for the
discovery and acquisition of properties considered to have commercial production potential. The
Company competes with other exploration and production companies, many of which include major
international oil and gas companies with greater financial resources, staff and facilities than those of
Crudecorp. Due to this competitive environment, Crudecorp may be unable to acquire attractive
suitable properties or prospects on terms that it considers acceptable. As a result, Crudecorp’s
revenues may decline over time, thereby materially adversely affecting its results of operations or
financial condition.
2.1.12
Furthermore, there is strong competition for drilling rigs, and therefore, Crudecorp have entered into,
and may also in the future enter into, lease agreements for drilling rigs with significant financial
commitments for Crudecorp before Crudecorp’s ability to utilize the rig has been finally determined.
2.1.13
Risks associated with third party processing and export infrastructure
Crudecorp’s development projects rely on access to third party owned and operated infrastructure on
reasonable commercial terms. There may be significant competition with other resource owners for
access to such infrastructure, which could result in less favorable commercial terms for Crudecorp.
Project timings may also be impacted by infrastructure tie in access issues. In addition, Crudecorp has
very limited control over how efficiently the processing and export infrastructure may be operated and
poor operating efficiency could result in increased production downtime and/or increased
transportation and processing costs to Crudecorp.
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Unexpected shutdowns may occur
Mechanical problems, accidents, oil leaks or other events at Crudecorp’s producing fields or its
pipelines or other infrastructure may cause an unexpected production shutdown at these fields. Any
unplanned production shutdown of Crudecorp’s facilities could have a material adverse effect on
Crudecorp’s business, financial condition and results of operations.
2.1.14
2.1.15
Risk related to claims from neighbours, farming community or other third parties
related to surface or subsurface claims
The area where Chico Martinez is located does not have extensive agriculture, although the surface
growth is sometimes used for feed to livestock. Unforeseen events can lead to claims that the
Company has destroyed feedstock or livestock. There are no potable water sources or aquifers in the
nearby area. Neighbouring operators can make claims if the Company drills too close to neighbouring
properties.
2.1.16
Risk related to availability of supplier’s capacity and availability of manpower, supplies
and equipment
The oil service market has been quite active in the region, and the Company experience regularly
shortage and long delivery times on services, supplies and equipment.
2.1.17
Risks related to geology, including but not limited to risk of higher operating costs,
lower production and underground damage
The field is located in an area which has been geologically active. Furthermore, the Company is
performing steaming operations which may result in unwanted underground fracking and other
reservoir damage.
Risks of leakage of steam to surface
Leakage of steam to the surface and resulting accidents or withdrawal of permits as a result of faulty
well construction, unknown geological phenomena or operator and planning errors. Accidents in the
area has been observed due to failed cement bonding on wells or steam migrating in shallower
geological zones. Such accidents will damage equipment and is a serious risk to personnel present and
can be catastrophic.
2.1.18
2.1.19
Risks of theft, sabotage or other wilful damage
The field is located far from settlements. It is difficult to survey all parts of the field on a continuous
24 hour basis, and unauthorised personnel may gain access.
2.1.20
Risk of earthquake
The field is located in an area with many active geological fault systems.
2.1.21
Crudecorp is dependent on attracting and retaining personnel
Crudecorp’s success depends, to a large extent, on certain of its key personnel. The loss of the services
of any key personnel could have a material adverse effect on Crudecorp. There can be no assurance
that Crudecorp will be able to continue to attract and retain all personnel necessary for the
development and operation of its business.
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Production and expected production ramp up is concentrated on one field
Crudecorp’s current production, and the expected production ramp up, of oil and gas is concentrated
on one onshore field, Chico Martinez located in the San Joaquin Valley, California US, and its results
of operations and financial condition could be adversely and materially affected in the event adverse
issues arise on that field. Several less successful attempts have been made to develop the field in the
past, and there can be no guarantee that the Company will succeed. See Section 5.7, “Operations”, for
information on the Crudecorp’s production and development activities.
2.1.22
2.1.23
Risks associated with labour disputes
Crudecorp’s contractors or service providers may be limited in their flexibility in dealing with their
staff due to the presence of trade unions among their staff. If there is a material disagreement between
contractors or service providers and their staff belonging to trade unions, Crudecorp’s operations
could suffer an interruption or shutdown that could have a material adverse effect on its business,
results of operations or financial condition.
Risks associated with legal disputes
Crudecorp may from time to time become involved in legal disputes and legal proceedings related to
the Group’s operations or otherwise. Such legal disputes may have a material adverse effect on
Crudecorp’s business, financial condition and results of operations. See Section 10, “Legal and
arbitration proceedings” below for information on current legal disputes. The Company has an
agreement with Belridge Water District and gets allocated water on a year by year basis. The
Company has identified possible alternative sources, but risk interruption of supply, higher associated
costs or higher investment costs.
2.1.24
Risk of damaged equipment and insurance policies
Oil and gas exploration, development and production operations are inherently risky and hazardous.
Risks typically associated with these operations include unexpected formations or pressures,
premature decline of reservoirs and the intrusion of water into producing formations. Losses resulting
from the occurrence of any of these risks could have a material adverse effect on Crudecorp’s results
of operations, liquidity and financial condition. Hazards typically associated with onshore oil and gas
exploration, development and production operations include, but are not limited to, fires, explosions,
blowouts, adverse weather conditions, gas leaks and oil spills, each of which could result in
substantial damage to oil and gas wells, production facilities, other property and the environment or in
personal injury. Oil and gas installations are also known to be likely objects, and targets, of military
operations and terrorism.
2.1.25
Although Crudecorp obtains, and will obtain in the future, insurance prior to drilling in accordance
with industry standards to cover certain of these risks and hazards, insurance is subject to limitations
on liability and, as a result, may not be sufficient to cover all of Crudecorp’s losses. In addition, the
risks or hazards associated with Crudecorp’s operations may not in all circumstances be insurable or,
in certain circumstances, Crudecorp may elect not to obtain insurance to deal with specific events due
to the high premiums associated with such insurance or for other reasons. The occurrence of a
significant event against which Crudecorp is not fully insured, or the insolvency of the insurer of such
event, could have a material adverse effect on Crudecorp’s business, financial condition, results of
operations and prospects.
2.1.26
Potential liability for the acts and omissions of oil field services providers
Crudecorp may be subject to material liability claims due to the inherent hazardous nature of its
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business or for act and omissions of sub-contractors and other service providers.
2.1.27
Risks related to debt arrangements
Crudecorp's current and future debt arrangements may include covenants and undertakings of a
general, financial and technical nature and such debt arrangements may contain cross-default
provisions. Failure by the Company to meet any of the covenants or undertakings could result in all
outstanding amounts under the different debt arrangements becoming immediately due for payment.
In addition, security rights granted to the lenders could be enforced. If outstanding debts were declared
due for immediate payment, there would be no assurances that the Company would be able to meet its
obligations, and there are no assurances that the Issuer would be able to obtain alternative financing,
either on a timely basis or at all. Any breach of existing covenants and undertakings with a subsequent
claim for repayment of all debts outstanding would thus have a material adverse effect on Crudecorp's
financial position and is likely to have a material adverse effect on the value of the Shares and the
Company’s operations and results.
2.1.28
Risk associated with water supply
Crudecorp’s current production, and the expected production ramp up, of oil is dependent upon water
supply and its results of operations and financial condition could be adversely and materially affected
in the event that the current agreement for supply of water is cancelled and Crudecorp cannot purchase
operations water from another source.
2.2
2.2.1
Risk factors relating to Crudecorp’s financing
Financial liquidity risk
Crudecorp business requires significant financial liquidity and capital expenditure, and it may, in
certain circumstances, need to obtain further external debt and equity financing at a future date. There
is no assurance that such additional funding, if required, will be available on acceptable terms at the
relevant time and the failure to obtain such financing could have a material adverse effect on the
financial condition of Crudecorp.
Risk associated with exchange rate fluctuations
Crudecorp has operations which involve cash flows in a variety of currencies. Although Crudecorp
may undertake limited hedging activities in an attempt to reduce certain currency fluctuation risks,
these activities provide only limited protection against currency-related losses and currency
fluctuations could have a material effect on the financial conditions of Crudecorp.
2.2.2
2.3
2.3.1
Risk factors relating to the Company’s Shares
Volatility of share price
There is currently no public trading market for the Shares and there can be no assurance that an active
market will emerge or can be sustained. The market price of the Shares could fluctuate significantly
due to a number of factors, some of which are beyond the Company’s control, including, but not
limited to, the following: (i) actual or anticipated variations in operating results and/or production
levels; (ii) fluctuations in oil prices and reserve levels; (iii) changes in financial estimates or
recommendations by stock market analysts regarding the Company or its competitors; (iv)
announcements by the Company or its competitors of significant acquisitions, strategic partnerships,
(v) joint ventures or capital commitments; (vi) sales or purchases of substantial blocks of stock; (vii)
additions or departures of key personnel; (viii) future equity or debt offerings by the Company and its
announcements of these offerings; (ix) result of drilled wells: and (ix) general market and economic
conditions. Moreover, in recent years, the stock market has in general experienced large price
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fluctuations. These broad market fluctuations may adversely and materially affect the Company’s
stock price, regardless of its operating results.
2.3.2
Liquidity of the Shares
The Company cannot assure any investors that a liquid trading market for the Shares will be created or
sustained through the Listing.
2.3.3
Dilution
Shareholders not participating in future offerings may be diluted and pre-emptive rights may not be
available to shareholders, including, but not limited to shareholders resident in jurisdictions with
restrictions having the effect that they will not be granted subscription rights in connection with, or be
able to subscribe for new shares in, such offerings.
2.3.4
Additional risk for holders of Company’s Shares that are registered in a nominee account
Beneficial owners of the Shares that are registered in a nominee account may not be able to exercise
voting rights and other shareholder rights as readily as shareholders whose Shares are registered in
their own names with the VPS prior to the Company’s general meetings. The Company cannot
guarantee that beneficial owners of the Shares will receive the notice for a general meeting in time to
instruct their nominees to either effect a re-registration of their Shares or otherwise vote for their
Shares in the manner desired by such beneficial owners.
2.3.5
The transfer of Shares is subject to restrictions
The Company has not registered the Shares under the U.S. Securities Act or the securities laws of
jurisdictions other than Norway and the Company does not expect to do so in the future. The Shares
may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under
the Securities Act) nor may they be offered or sold in any other jurisdiction in which the registration
of the Shares is required but has not taken place, unless an exemption from the applicable registration
requirement is available or the offer or sale of the Shares occurs in connection with a transaction that
is not subject to these provisions.
24
3.
Responsibility for the Prospectus
3.1
Statement of r esponsibility
ON
O SL O A X E SS
The Board of Directors of Crudecorp accepts responsibility for the information contained in this
Prospectus. The members of the Board of Directors of Crudecorp hereby confirm that, having taken
all reasonable care to ensure that such is the case, the information contained in this Prospectus is, to
the best of their knowledge, in accordance with the facts and contains no omission likely to affect its
import.
Stavanger, 13 June 2012
Sigurd Aase
Chairman
Espen Fjogstad
Board member
Sissel K. Hegdal
Board member
Stig M. Herbern
Board member
Silje Veen
Board member
25
ON
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4.
The Listing
4.1
R easons for the listing
The purpose of listing the Company’s shares on Oslo Axess is to:
x
x
x
x
improve the Company's access to the equity market to allow for the Company’s further
growth;
secure an organised and regulated trade of the Company's shares on a regulated market place;
increase the liquidity of the Company’ shares; and
provide an exit opportunity for the current shareholders.
The listing will also make the Company more visible to its customers, partners and other stakeholders.
4.2
T he Shar es being admitted to listing
The Company has an issued and outstanding share capital of NOK 1,823,033.58 divided into
91,151,679 Shares each with a nominal value of NOK 0.02.
All issued Shares in the Company carry equal shareholder rights in all respects and no shares have
different voting rights. There is only one class of shares issued and all Shares are freely transferable.
All of the Company's Shares are registered in the VPS under ISIN NO 001 036 8475 with DNB ASA
acting as registrar.
A further description of the Company's shares, their rights and other matters related thereto is
provided in Section 9.
4.3
4.3.1
A dmission to tr ading and dealing ar r angements
Listing on Oslo Axess
The Shares were admitted to listing and trading on Oslo Axess in the meeting of the board of directors
of Oslo Stock Exchange on 13 June 2012.
The Shares will trade under the trading symbol "CRUDE".
The Company’s shares have not been previously listed, and the Company has not applied for listing on
any other stock exchanges or regulated markets, nor have the Company’s shares been registered on the
Norwegian OTC list.
Information relating to the Company and the listing of its shares will be published on the Oslo Stock
Exchange information system (www.newsweb.no) and the Company's website (www.crudecorp.com).
All of the Company's shares will be eligible for trading. Shares issued through future share issues will
normally be automatically admitted to trading as soon as the relevant share capital increase has been
duly registered in the Norwegian Register of Business Enterprises and the shares have been registered
in the VPS and, as case may be, when a listing prospectus has been prepared for such new shares.
4.3.2
Lock-up arrangements
No shareholders are subject to lock-up arrangements.
26
4.3.3
ON
O SL O A X E SS
Stabilization and market-marker arrangements
The Company has not entered into any arrangements to provide market stabilization or to provide
trading liquidity or other similar arrangements.
4.4
A dditional infor mation
Swedbank First Securities (Filipstad Brygge 1, 0252 Oslo) has assisted the Company in the
preparation of this Prospectus. The Manager has relied on information provided by the Company and
will not assume any responsibility for the information provided herein. The Manager, its employees
and any affiliate may currently own Shares in the Company.
Advokatfirmaet Schjødt AS has acted as the Company's legal adviser in connection with the Listing
4.5
I nter est of natur al and legal per sons involved
The Manager will receive a fee in connection with the Listing, see section 4.6 below. The Manager or
its affiliates may provide in the future, investment banking services to the Company and its affiliates
in the ordinary course of business, for which they may continue to receive customary fees and
commissions.
4.6
Expenses
Cost attributable to the Listing will be borne by the Company. The total costs of the Listing are
expected to amount to approximately NOK4 100 000, which includes costs related to fees to the
Manager, Oslo Stock Exchange, printing and distribution of this Prospectus, costs to legal advisors,
the Company’s auditor, the due diligence lawyers and auditors as well as fees to the Financial
Supervisory Authority.
27
ON
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5.
Presentation of Crudecorp
5.1
Overview
Crudecorp is an international oil and gas exploration and production company with assets onshore in
the state of California in the United States. The Company’s employees have significant worldwide
industry experience in the disciplines of geology, geophysics, reservoir modelling, petroleum
engineering, operations management, drilling, and completion expertise. Crudecorp targets producing
oil assets with low risk exposure in the United States, a region with politically stable regimes and
attractive fiscal terms.
5.2
Incorporation and offices
Crudecorp is a Norwegian public limited liability company organised under the Companies Act, with
registration number 990 904 871. The Company's registered office is at Skagen 27, N-4004,
Stavanger, Norway, and its phone number is +47 91 53 23 93. The address of the Company’s principal
place of business in California is 4900 California Avenue, Tower B-210, Bakersfield, CA 93309,
United States with telephone number +1 661 377 1875.
The Company is the ultimate parent company of the Group. Its legal and commercial name is
Crudecorp ASA. The Company was incorporated on 29 January 2007 as a private limited liability
company.
5.3
Historical development
Crudecorp was incorporated by two serial entrepreneurs and two experienced subsurface experts. The
Company’s initial focus was on two areas; possible exploration in mature areas on the Norwegian
Continental Shelf and the acquisition of mature/abandoned, land-based petroleum assets where new
technology could be applied to maximize recovery.
In April 2007, Crudecorp AS merged with STL Energy LCC, a US company focusing on the
acquisition and rehabilitation of oil assets that had been abandoned in periods of low oil prices.
Following the merger, Crudecorp focused on the Company’s efforts on building its activities in the
United States through its former, wholly owned, subsidiary Crudecorp, Inc.
During 2007-2008, the Company acquired several petroleum assets in Kentucky and Texas, United
States. After having drilled more than 40 wells in these properties the Company decided that the assets
did not have the required potential for a full development and divested the assets to a local company in
2008.
Crudecorp established CMO, Inc. in 2008. In June 2008 Crudecorp acquired a 75% Working Interest
and the sole operatorship of Chico Martinez. In September 2010 the Company acquired 15.34% of the
Mineral Interest and 2.53% Royalty Interest in Chico Martinez, and in October the same year the
Company increased its Working Interest position to 90% through an acquisition.
The Company was transformed to a public limited liability company in March 2011 and established
another subsidiary, CMO AS, in August 2011. In April 2012, the Company increased its Mineral
Interest in Chico Martinez to 17.25%
The table below sets out the most significant events in Crudecorp’s history.
28
ON
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Time
Event
H2 – 2005
STL Energy LLC was incorporated in the United States
H1 – 2007
The Company was incorporated in Norway as a private limited liability
company
H1 – 2007
STL Energy LLC and Crudecorp AS merged
H1 – 2008
Rights to several orphaned wells in Texas and oil and gas leases in
Kentucky was acquired
H2 – 2008
Acquired a 75% Working Interest and 58.5% Net Revenue Interest in
Chico Martinez. The oil and gas leases in Kentucky were divested
H2 – 2008
Increased to 90% Working Interest and 74% Net Revenue Interest in
Chico Martinez
H2 – 2010
Acquired a 15.34% Mineral Interest Chico Martinez
H2 – 2010
H1 – 2011
H1 – 2011
The Company was transformed to a public limited company
H2 – 2011
Raised equity of NOK 70.5 million in a private placement
H1 – 2012
Increased to 17.25% Mineral Interest in Chico Martinez
H2 - 2012
Acquired a 90% interest in the southwest quadrant of Section 27, a
property adjacent to the Chico Martinez Field.
5.4
Organisation
5.4.1
Legal structure
The following chart depicts the Group's current legal structure:
Crudecorp ASA
Norway
CMO Inc
USA
Crudecorp Branch
USA
CMO AS
Norway
29
5.4.2
ON
O SL O A X E SS
The entities and branches of the Group
5.4.2.1
C M O, I nc.
CMO, Inc is owned 100% by Crudecorp. It was incorporated in November 2008 in the state of Nevada
under legal entity number E0686332008-9 with legal address 2630 Corporate Circle, Henderson NV
89074-7722, United States, and is permitted to do business in California. The company currently
operates under Employer Identification Number 26-3716761 and has 6 employees as of the date of
this Prospectus. CMO, Inc operates the oil and gas assets for the Company in the US. Håvard Rød is
President and Jan Terje Lea is Chief Financial Officer.
5.4.2.2
C M O AS
CMO AS is owned 100% by Crudecorp. It was incorporated in August 2011 as a private limited
liability company under the laws of Norway, with registration number 997 235 266 and registered
address at Skagen 27, 4006 Stavanger, Norway. The intention for incorporating CMO AS was for it to
be the operating entity of the Group, whereas Crudecorp would be the holding company. CMO AS
does not hold any assets or liabilities other than the share capital injected at incorporation (NOK
100,000).
5.4.2.3
C r udecor p B r anch United States
Crudecorp Branch USA, registered in the US under Tax ID Number 98-0568837 was established by
operation of US law due to Crudecorp having mineral rights/real estate rights in the United States. As
such, a branch was for purposes of US law automatically established. The branch is not a separate
legal entity, but is a legal representative of the Company in the United States.
5.5
Vision, goal and strategy
Crudecorp is an international independent oil and gas exploration and production company engaged in
acquisition, development and operation of onshore oil and gas properties in the United States.
Currently, the Company owns a 90% Working Interest in the Chico Martinez oil field in California,
and is in the process of developing the upper reservoir of the field.
The Company’s strategy is to focus on assets near production or producing assets in mature oil basins
in areas with low political risk. Crudecorp is of the opinion that producing assets offers an immediate
positive cash flow, increased borrowing base and tax benefits through early utilization of tax loss carry
forward.
The goal is to significantly increase recovery and to raise production rates of old, abandoned
resources, through the use of the enhanced oil recovery (EOR) techniques. Furthermore, the goal is to
create a company with a strong growth rate and good dividend capacity, which can be a hedge for
investors who wish to diversify their portfolio away from increasing inflation risks and who
fundamentally believe in a strong demand for energy.
The Company's value chain focus is illustrated below.
30
ON
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Development
Crudecorp
Exploration
5.6
Business overview
5.6.1
Assets
Production
The Company’s principal investment is the 90% Working Interest and 17.25% Mineral Interest in
Chico Martinez. At the date of this Prospectus, Chico Martinez is Crudecorp’s sole petroleum
investment.
CHICO MARTINEZ
OIL FIELD
Location of Chico Martinez field. Source: KSE Energy, November 2005
Chico Martinez is located in the San Joaquin basin and has large producing reservoirs in close
vicinity; e.g. South Belridge and Cymric (see figure below). San Joaquin is the most productive basin
in California, accounting for 50% of cumulative oil production and 36% of cumulative natural gas
production in the state. Over 90 active fields are present, the majority of which are located in western
Kern County. Technology is critical to operations in the basin. Although production peaked decades
ago, operators are extending the life of the basin’s mature fields through advanced thermal recovery
techniques. Production is dominated by Chevron, Aera Energy, and Occidental Petroleum.
31
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South Belridge:
Cum. Prod: 2000 mill bbl (2006)
Rem. Reserves: 520 mill bbl
Current Prod.: 60,000 bopd
Cymric:
Cum. Prod: 460 mill bbl
Rem. Reserves: 120 mill bbl
Current Prod.: 22,000 bopd
Chico Martinez and surrounding fields. Source: California Department of Conservation, Division of Oil and Gas.
Chico Martinez has a proven oil accumulation in the Etchegoin sands, with potential exploration
upside in the several deeper layers, such as Diatiomite and Caraneros formations.
Simplified Geological Structure. Source: Crudecorp
History and development of Chico Martinez
Chico Martinez is located in the San Joaquin Valley in California, close to the South Belridge and
Cymric fields, two of the most productive onshore fields in the United States. Production in Chico
Martinez was reportedly started in 1927 with the Max L. Pray #1 well, which is reported to have
produced heavy-grade crude oil (12.8 API gravity) at a rate of 11 bopd from a 21 foot thick section
found at a depth between 830 - 851 feet.
5.6.2
According to the California Department of Oil and Gas (DOGGR) records of production, a total of
550,000 bbl of oil have been produced from the field, which corresponds to 1.1% of the Company’s
32
ON
O SL O A X E SS
most likely estimate of 50.5 MMBbl STOIIP (GCA CPR Section 2.1).
Several attempts have been made to develop the field. At the time of discovery, heavy oil was less
desirable and drilling in the field was sporadic into the late 1960s. Although development activities
were initiated on the property in 1966, attempts to implement an enhanced production program were
not undertaken until October 1981, when an insufficient cycle steam injection effort was made.
Production peaked in 1983 at a rate of 200 bopd, and later declined to negligible volumes in 1986. The
reasons for the decline have not been entirely established, but appear to be related to a breakdown of
the fields steam generator, falling oil prices in the period and the operators’ weak liquidity. An effort
to implement a full steam flood (continuous steam injection) was never made. All together, there have
been 62 wells drilled in the field before the Company started its operation in 2008.
The Company aims to drill a total of 44 production wells and 26 injection wells in phases 1, 2A, 2B
and 3.
Crudecorp acquired a 75% Working Interest and the sole operatorship of Chico Martinez oil in June
2008. The Company has later acquired 17.25% of the Mineral Interest and 2.87% Royalty Interest in
Chico Martinez (September 2010 and April 2012) and increased its Working Interest to 90% (October
2010).
5.6.3
T he r eser voir
The reservoir which is being developed is the Etchegoin sands. Renewed oceanic transgression
occurred in the Pliocene, allowing the deposition of the early Pliocene Etchegoin formation. The
Etchegoin consists of sands and interbedded shales of shallow marine and locally fluvial/deltaic
origin, which are overlain unconformably by late Pliocene mudstones and sands of the San Joaqin
Formation. The Etchegoin sands are silty and predominantly fine-grained, sometimes with medium
coarse sand grains and scattered pebbles. Diatomaceous debris is likely present, and contributes to the
silty appearance of the sediments.
The better quality reservoir sands appear to have porosities in the range of 27% to 35%. Permeabilities
are variable, ranging from a few millidarcies in non-reservoir rock to 100-800 millidarcies in the
average rock with intervals above several thousand millidarcies.
The initial average oil saturation is estimated to be 40% pv. The oil is between 12 to 15 API gravity.
5.6.4
Net R evenue I nter est
The oil and gas lease or Working Interest (of which the Company owns 90%) acquires a right to
explore and produce the oil and gas resources in return for paying a Royalty to the Mineral Rights
owners. The Company’s Working Interest in Chico Martinez (Section 35 and parts of Section 27) is
sub-leases of an original lease, covering Sections 21, 27 and 35.
The Royalty structure is therefore as follows;
- 16.67% to Mineral Interest owners (The Company owns 17.25% of the Mineral Interests)
- 5.0% to Original Lease Holder (OLH), less 21.67% of expenses on fuel gas, water and other
consumables to generate steam.
The Net Royalty paid will in other words vary between 13.79% and 18.79%, depending on how much
is spent on fuel and consumables for generating steam.
33
ON
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Based on these various input parameters for gas consumption, GCA estimated the Net Revenue
Interest to the Company to be 77.2%, which is the basis used in this document.
5.7
Operations
5.7.1
Legal framework
The Oil and Gas Lease for the Company’s US property is assigned by legal representative for the
owners of land and mineral rights to Whittier Trust under the B. Milo Mitchell Family Trust (Whittier)
for Section 27 and 35 in Township 28 South, Range 20 East, MDB&M under what is referred to as the
Mitchell lease and the Bacon lease. Whittier has assigned oil and gas sub-leases for Section 35 and
southeast quarter of Section 27 to the Company. The Oil and Gas Leases are governed by US Federal
and California State Laws.
The two main regulatory bodies overseeing the Company’s operations are:
- the State of California Division of Oil, Gas and Geothermal Resources (DOGGR), primarily
concerned with operational and sub-surface regulations
- the San Joaquin Valley Air Pollution Control District (APCD), primarily concerned with
environmental aspects of the Company’s activities.
The DOGGR Laws and Regulations are available at Department of Conservation website:
http://www.conservation.ca.gov/dog/pubs_stats/Pages/law_regulations.aspx
The permits issued by the APCD are “Clean Air Act” permits. The APCD has been delegated
authority by the EPA to issue “Clean Air Act” permits for stationary sources. This authority is
enforced via EPA’s review and approval of California’s State Implementation Plan (SIP) which
describes how California will meet the statutory requirements of the Clean Air Act. Environmental
regulations are set forth under the San Joaquin Valley Air Pollution Control District Rule 4401,
Steam-enhanced Crude Oil Production Wells. Rule 4401 may be viewed at:
http://www.valleyair.org/rules/currntrules/R4401%20Clean%20Rule.pdf
The Company works closely with an external expert Bakersfield based Envirotech Consultants, Inc.
on regulatory requirements in ensuring compliance.
In general, the regulations put in place are set to make sure that operations can be conducted in a safe
manner, without harming personnel, equipment or causing underground damage and to ensure a
minimal environmental impact to air, water or wildlife. The regulations align with the Company’s
view of safe and responsible operating practices.
5.7.2
Oil & gas leases
The rights to explore for and produce hydrocarbons from Chico Martinez are regulated by the Oil and
Gas Lease assigned 100% to Company by legal representative of the original lease owner. The
original lease was signed in 1965 between the Mineral Rights Interests (MRIs) and the Original Lease
Holder (OLH) being Milo Mitchell, now Whittier Trust and covering the sections 21, 27 and 35,
Township 28 South, Range 20 East, M.DB&M, Kern County, California. In 1980 and 1983, the OLH
made a separate sub-lease for Section 35, now held by Crudecorp. In 2008, the OLH lifted all depth
restrictions on the sub-lease for Section 35. The lease is valid and in force as long as the Company or
its assigned representatives produce hydrocarbons in paying quantities from the property as defined by
original lease, meaning that any production which the Company makes from Section 35 is sufficient to
retain ownership of the Working Interest.
34
ON
O SL O A X E SS
In April 2012 the OLH gave the Company an additional sub-lease for 160 acres in the south west
corner of Section 27. This lease is valid until 31 December 2015, or as long as the Company or its
assigned representatives produce hydrocarbons in paying quantities from this property or Section 35,
meaning that any production which the Company makes from Section 27 or 35 is sufficient to retain
ownership of the Working Interest. The Company sees little potential in the Etchegoin sands of
Section 27, but acquired the property to increase acreage in the event the Company wishes to explore
for hydrocarbons in the deeper formations underneath the current Chico Martinez field. Because of the
small Etchegoin potential and because the agreement was signed in April 2012, the Section 27
property is not included in the CRP from GCA.
Crudecorp Oil and
Gas Interests Areas
Mitchell and Bacon
Section
Type Leases
Gross Area
(Acres)
35
27
Term Leases
Term Leases
640
160
WI (%)
Est. Effective Average
Net Revenue Interest
90
90
77,2
77,2
The total assignment is now for approximately 800 acres with no depth restrictions.
5.7.3
Permits
The Company’s authority to construct (ATC) and environmental permits are granted by APCD.
Drilling steaming permits and water injection permits are granted by DOGGR. These permits are
required to carry out the development plan as described in section 5.10 of this Prospectus.
In addition, the Company requires Right of Way and construction permits for water pipeline and
export oil pipeline if the Company decides to install these.
The following paragraphs describe the current process for such permits. Political, legislative or other
changes may alter the permit process or renewal process in the future, and the descriptions are only
meant to describe the situation today.
5.7.3.1
Per mit pr ocess and r enewal
APCD environmental permits
Permits issued by APCD are automatically renewed every five years, in accordance with current laws
and regulations. The APCD inspects the facilities and records annually to determine compliance with
permitted conditions and all current APCD rules and thus there is normally no action required on the
part of the facility in order for renewal to take place. In rare cases the operator may be required to
perform certain upgrades as a condition of permit renewal. The cost of such an upgrade is difficult to
estimate, but not expected to be cost prohibitive. It can take between three and six months before the
permits are reissued, during which time the facility continues to operate under the outgoing permit.
The purpose of the five year renewal is to update the permits with the latest regulatory conditions and
any other changes that have taken place during the interim period.
APCD Approval to Construct (ATCs)
The ATC application process involves identifying future and potential equipment that is covered by
the APCD rules. The application is then filed and the APCD reviews the current rules in order to
assign operating conditions to each covered piece of equipment and to assign emission levels. As long
as the future equipment can meet the operating requirements set forth by the APCD, then the ATC
35
ON
O SL O A X E SS
will be issued. Once the equipment listed on the ATC is constructed, the APCD will inspect the
equipment and convert the ATC to a Permit to Operate (PTO). The PTO is valid for 5 years and is
automatically renewed.
DOGGR Drilling Permits
DOGGR Drilling Permits are valid for a period of one year. However other DOGGR permits, such as
for waste water well injection and underground steam injection, are typically not time-limited. The
DOGGR furthermore requires that all operators are in good standing with regards to areas such as oil
and water production reporting and idle well management.
DOGGR Steam injection permit
DOGGR Steam injection permits are not time limited.
DOGGR Waste water disposal permits
DOGGR issues permits for surface gravity drainage disposal and injection well disposal. DOGGR
Waste water disposal permits are not time limited.
Normally, it has been possible to obtain permits in a timely manner, provided application work has
been performed properly. However, recent changes in policies have led to a significant back-log in
applications and hence delay in processing times for steaming permits from DOGGR thus ending up
delaying the project execution. The Company has difficulty assessing if the situation will ‘normalise’
to historical processing times or whether permits may become more time-consuming to obtain in the
future.
5.7.3.2
G r anted per mits
The Company diligently maintains records of its permits currently in effect, which set forth, among
other things, the renewal dates for such permits in order for the Company to ensure their timely
renewal. The Company is unaware of any conditions that presently exist that will prevent the renewal
of any such permits.
Failure to comply with requirements set out in permits may have consequences for the Company’s
operation. Normally, the breach will be pointed out and a demand given to the Company to rectify and
comply. Failure to rectify the situation can lead to suspension or withdrawal of permits.
Costs involved in obtaining and renewing licenses are minimal and relate to employee time taken to
administer the process and small fees for issuance of the permit.
APCD environmental permits and approvals to construct
The Company has a number of environmental permits and approvals to construct in the US granted by
the APCD. The table below provides an overview of these permits as of the date of this Prospectus.
The steam generator APCD permit is currently valid only for Section 35, but the permit application
can be updated to allow for use outside Section 35. All other APCD permits listed are valid for CMO
operations in any heavy oil field in the “Western Source” (as defined by the APCD as heavy oil fields
west of Interstate 5 in Kern County), i.e. both Section 35 and 27.
36
CRUDECORP’S
ENVIRONMENTAL
PERMITS
ON
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Allowed Emissions
Description
Notes
Valid to
SSPE1 (lbs/yr)
Permit #
S-3187-1-0
S-3187-3-0
S-3187-4-0
S-3187-12-0
2,000 bbl Crude
Oil Storage Tank
1,000 bbl Crude
Oil Storage Tank
1,000 bbl Crude
Oil Storage Tank
PTO for old process
equipment which will 30/04/2017
VOC: 2,327
be removed.
PTO for old process
VOC: 803
be removed.
PTO for old process
VOC: 1095
be removed.
420 bbl Wash
PTO for old process
Tank (Oil/Water
Separator)
be removed.
VOC: 657
10 Thermally
S-3187-14-0 ATC
Enhanced Oil
Recovery Wells
Issued 17/June/2010
See 5.7.3.1
Issued 13/1/2011
See 5.7.3.1
Issued 13/1/2011
See 5.7.3.1
Issued 13/1/2011
See 5.7.3.1
Issued 13/1/2011
See 5.7.3.1
VOC: 183
w/Vapour Control
2,000 bbl Wash
S-3187-15-0 ATC
Tank with VRU
(Vapour Recovery
Unit)
1,000 bbl Crude
S-3187-16-0 ATC
Oil Storage Tank
with VRU
1,000 bbl Crude
S-3187-17-0 ATC
Oil Storage Tank
with VRU
S-3187-18-0 ATC
250 bbl Drain
Tank
37
ON
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VOC:4,095
S-3187-19-0 ATC
85 mmbtu/hr
Steam Generator
NOx:6,329
Issued 25/8/2011
See 5.7.3.1
CO: 55,100
PM10:5.659
SOx: 1grain
S-3187-20-0 ATC
5,000 bbl Wash
Tank on VRU
Issued 29/11/2011
See 5.7.3.1
VOC:292
Issued 29/11/2011
See 5.7.3.1
VOC: 37
Issued 29/11/2011
See 5.7.3.1
VOC: 37
5,000 bbl Crude
S-3187-21-0 ATC
Oil Storage Tank
on VRU
5,000 bbl Crude
S-3187-22-0 ATC
Oil Storage Tank
on VRU
VOC:2,835
S-3187-24-0 ATC
500 MCF/day
Flare
NOx:3,060
Issued 29/11/2011
See 5.7.3.1
CO: 16,650
PM10:1,170
SOx: 20 grains
50 TEOR Wells
connected to
S-3187-25-0 ATC
CGCS (Casing
Issued 29/11/2011
See 5.7.3.1
VOC: 1,059
Gas Collection
System)
2,000 bbl Drain
S-3187-26-0 ATC
Tank
(Replaces S-3187-
See 5.7.3.1
VOC: 657
5 bopd/TVP 0.5
23)
The ATCs listed above cover Phase 1 and 2A as defined in Section 5.10
The Environmental Permits require the Company to maintain emissions within certain limits as
identified in the below table above.
The Company has permits for all wells drilled by the Company to date, 18 vertical production wells
and 4 horizontal production wells. After the wells are drilled and inspected by DOGGR, the permit is
no longer relevant and there are no renewal requirements.
However, the Company needs to issue a new permit application in the event that it plans to make
changes to the well which has not been covered by the initial permit, i.e. if the well is converted from
a producing well to a steam injection well, or to perforate a new reservoir zone which has not been
permitted already. The Company’s permit applications generally cover all reservoir zones, and the
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extent of new permit applications needed for existing wells is believed to be negligible.
DOGGR Steam injection permit
The Company has a steam injection permit which covers the entire oil field, covered by the lease for
Section 35. The permit is valid for all existing and new wells which are drilled or will be drilled in
Section 35.
As part of the permit from DOGGR, the Company is required to abandon or recomplete certain wells
in the area that may be conduits for the entry of steam into non-permitted zones. The Company will
also be required to file monthly injection reports, and to conduct annual steam injection surveys to
ensure that the steam is being confined to the permitted injection zones.
RWQCB Waste water disposal permit
The Company has been exempted from certain regulations regarding produced waste water and is
thereby permitted to drain produced water into two assigned sumps in the field. As a consequence, the
company is currently not in need of a DOGGR injection well permit. Under existing rules and
legislation, these exemptions are indefinite. However, these sumps and associated exemption will no
longer be required once new infrastructure, such as waste water injection wells, are in place.
Discharge of wastewater to the sumps is permitted by the State Regional Water Quality Control Board
(RWQCB), by waste discharge requirements. The RWQCB occasionally conducts inspections to
ensure that the sumps are covered with netting for the protection of birds and wildlife. An annual
wastewater sampling and analysis is required by the RWQCB and the APCD. The amount of oil
content permitted in the water disposal sumps is regulated by the APCD. The total VOC content
cannot exceed 35 mg/L and this is verified with annual testing.
5.7.3.3
F utur e per mit r equir ements
While the Company believes it has all permits required for its current operations in all material
respects, it will require a number of new permits in order to carry out future infrastructure
enhancements and drilling operations.
APCD Approval to Construct
Future field infrastructure will be subject to permit applications to be submitted to the APCD at a time
closer to field installation. The ATCs listed above in the table in 5.7.3.1 cover Phase 1 and 2A of the
facility expansion as defined in 5.10. Future expansion beyond this will require additional ATCs for
all equipment covered by the APCD rules. The ATC application process involves identifying future
and potential equipment that is covered by the APCD rules.
In order to commence drilling, the Company must apply for drilling permits from DOGGR. The
Company is in the process of applying for DOGGR Drilling Permits for the 26 new production wells,
24 new injection wells and 4 delineation wells which are planned to be drilled later this year.
For drilling operations, drilling permits issued by the DOGGR specify the blow-out equipment that
must be used, the depth and cementing of surface casing to ensure the protection of groundwater
resources, and require posting of a bond to cover the cost of well abandonment by the State if
necessary. The permit also requires notification of various drilling procedures so that DOGGR
inspectors can witness and approve drilling operations to ensure compliance.
DOGGR Waste water injection permits
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A project application is being prepared to permit waste water injection wells. These wells, once
approved, will allow the injection of waste water into a permitted zone. Monthly injection reporting
and annual mechanical integrity tests will be required. The Company has exemption from this permit
but has made this application voluntarily in order to enable it to terminate use of sumps in the future.
Future pipeline permits
A future water pipeline construction currently considered for bringing water into the field will be
subject to permits from State and local County road agencies where the pipeline is located within the
road easements. The pipeline may also be subject to permits from the US Army Corps of Engineers
(ACE) and the California Department of Fish and Game (CDFG) where it crosses ephemeral stream
beds. A biological review of these areas will be conducted and the pipeline will be designed to avoid
impacting biological and water resources. The ACE will be consulted and an exemption from
permitting will be requested, based on information from ACE this process may take one month. An
application for a Streambed Alteration Agreement will be prepared and submitted to the CDFG,
feedback from the CDFG indicates that the process of obtaining an Agreement willtake approximately
two months.
The pipeline also requires Right of Way from property owners where the pipeline crosses.
An oil export pipeline may be put in place in the future. This pipeline is normally installed and
operated by a third party.
The Company is highly dependent upon being awarded applicable California permits in order to
operate.
Environment
The APCD is the main environmental regulatory body overseeing the Company’s operation. The
Company has all required environmental permits necessary to operate. See Chapter 5.7.3.2 for an
overview of all environmental permits held by the Company.
5.7.4
5.8
Reserves and resources
Competent Person’s Report
As part of the due diligence process in relation to the Oslo Axess listing, a Competent Person’s Report
(“CPR”) on reserves and resources for the Etchegoin sands in Section 35 has been prepared by
Gaffney, Cline & Associates (GCA), an independent international energy advisory group, entitled
“Competent Person’s Report on the Oil and Gas Assets of Chico Martinez Field of Crudecorp AS as at
October 31, 2011” and dated 8 June 2012. The report is based on information compiled by several
full-time employees of GCA. For further information relating to these individuals and their
qualifications see section 5.9 sources of information.
5.8.1
Upon making the report, Crudecorp made available to GCA its well logs, side wall core samples,
chemical analysis, production test records, production history (both DOGGR and own records),
investment plans and engineering records on sub-surface and surface, previous engineering studies
and permits
A summary of the CPR is included as Appendix 2 in this Prospectus. The full CPR can be found on
the
Company’s
website,
please
use
the
following
link:http://www.crudecorp.no/getfile.php/Filer/Competent%20Person.pdf. The Company is not aware
of any material events to have taken place, which is believed would alter the independent engineer’s
40
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(GCA’s) assessment of the field and its reserves between the time for data cut off 31 October 2011
and to present date.Reserves and resources
5.8.2
5.8.2.1
Resources
Definitions
In the Society of Petroleum Engineers, World Petroleum Council, American Association of Petroleum
Geologists and Society of Petroleum Evaluation Engineers’ Petroleum Resources Management
System, Definitions and Guidelines of March 2007, Prospective Petroleum Resources are defined as
“Those quantities of petroleum which are estimated, as of a given date, to be potentially recoverable
from undiscovered accumulations”.
Contingent Petroleum Resources are those quantities of petroleum estimated, as of a given date, to be
potentially recoverable from known accumulations, but the applied project(s) are not yet considered
mature enough for commercial development due to one or more contingencies.
The Company has in the following included a description of the resources in Section 35 (the Chico
Martinez Field) and Section 27, using the three different definitions referenced, in order to give an
overview of what resources which may be present in the Company’s properties.
Engineering reports on the Etchegoin formation
Douglas Petroleum Management Co (1988-92)
Walter L.M. Dunbar (1996)
W.D von Gonten & Co (2004-05)
Ralph E. Davis & Associates, Inc (2006)
Knowledge Reservoir (2008)
5.8.2.2
Estimated
Technically
Recoverable
Resources,
STOIIP (MMBbls)
RE (%)
Estimated
Economically
Recoverable
Resources,
STOIIP (MMBbls)
55
55
63.6
55
55
42
42
67
32
42
23.2
23.2
42.3
17.4
23.1
C ontingent r esour ces
Based on GCA’s audit of Crudecorp’s data, there are no Contingent Oil and Gas Resources estimated
to be recovered from its development plan at this initial stage of exploration and development within
Section 35. The Company has no independent data which suggest that such Contingent Resources are
present in Section 27.
5.8.2.3
Pr ospective R esour ces
The company is in the process of interpreting geological and seismic data for its properties in Section
27 and 35. Initial studies indicate that several potentially productive formations such as McDonald
Shale, Temblor, Kreyenhagen and Caraneros may be present. A new 3D study is now being
interpreted, but no conclusions have been reached.
The Company assesses that there are no Prospective Resources to report
5.8.2.4
Other r esour ce descr iptions which ar e not par t of Pr ospectus Standar d
The United States Geological Survey, which is not in accordance with internationally recognized
mineral standards, uses the terms technically and economically recoverable resources when making its
petroleum resource assessments. Technically Recoverable Resources represent that proportion of
assessed in-place petroleum that may be recoverable using current recovery technology, without
41
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regard to cost. Economically Recoverable Resources are technically recoverable petroleum for which
the costs of discovery, development, production, and transport, including a return to capital, can be
recovered at a given market price.
Chico Martinez has a proven oil accumulation in the Etchegoin sands, which for all practical purposes
are believed to be in Section 35. Several independent engineering studies have been made on the
potential in the Etchegoin formation, within the Section 35 property line, in the period from 1988 to
date. Estimated Technically Recoverable Resources in the field vary from 55 to 63.6 MMBbls.
Recovery rates (RE) have been estimated between 32 and 67% (100% basis), giving ‘Economically
Recoverable Resources’ between 23.2 and 42.3 MMBbls.
These resource estimates are based on old engineering reports, and the various engineers have used
different economics, technical judgement and different definitions. A quotation mark is used to
indicate that these estimates may not be valid today, or to indicate that the definition used by the
engineer may deviate from the definition referred to within this Prospectus.
No estimates have been carried out for Section 27, but it is believed that oil accumulations within the
Etchegoin sands are negligible on this property.
Reserves
The CPR estimates volumetric oil in place (STOIIP) in the Etchegoin formation for Section 35 to
range from 27.0 to 65.4 MMBbl, with a most likely STOIIP of 50.5 MMBbl.
5.8.3
The Company initially plans to develop approximately 28% of the most likely STOIIP in Chico
Martinez through a 3-phased development plan from 2011 through 2014. The Company aims to drill
approximately 44 production wells as part of the Pilot Programme described in 5.10.2. Based on this
development plan, GCA reviewed the production profiles and project economics for this project (the
Pilot Project). GCA estimated gross reserves (on a 100% field basis) for the Pilot Project was 1P
reserves of 3.35 MMBbl and 2P reserves of 4.79 MMBbl. These volumes represent incremental
increased recovery for the field in the order of 6.6% and 9.5% respectively.
Based on the Company’s Net Revenue Interest considerations of 77.2%, outlined in Section 5.6.4, the
Company’s Net Entitlement Oil Reserves is 1P reserves of 2.58 MMBbl and 2P reserves of 3.7
MMBbl.
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The field life is dependent on how quickly the field is developed, the field’s production rates, oil and
gas prices and recovery factor. GCA estimated that the current development plan (for 28% of STOIIP)
will produce 4.79 MMBbl of oil in a 10 year period, giving a recovery factor of 29% in this period.
Crudecorp’s aim is to develop the remaining oil resources in the years 2013 – 2016, and at the same
time achieve and demonstrate significantly higher recovery rates, extending the life of each
development phase well beyond 10 years or 2026. Based on today’s industry expectations, a steam
flood project can achieve significant oil recovery, with residual oil saturations as low as 10%
(translating to a recovery factor of in excess of 60 - 70%). If such recovery rates are achieved, the field
life may extend beyond 30 years at today’s oil prices and production rates. However, before making a
definite statement on residual oil saturations and hence recovery rates and field life, the Pilot Project
should produce for some time to allow the Company to gather more data on the factors which
influence the economic lifetime of the field.
5.8.4
5.8.4.1
Exploration
E tchegion r eser voir in Section 35
The central field of the Etchegoin sands are well documented and understood. As a consequence, the
Company has constructed a reservoir model and development plan for this part of the field. The
Company had drilled one delineation well in the North East corner of the field to better understand the
geology and petrophysics in the peripheral parts of the field. The well showed oil-baring sand and
helped to map the geology in the area. This autumn, the company aims to drill an additional four
delineation wells in the Etchgoin to a depth of around 1,200 feet to better define the geology and
petrophysics to allow for a better design of the later development phases. The aim of the delineation
drilling in the Etchegoin sands is to reduce uncertainty of resource estimate and to help formulate
future development strategies of the field.
5.8.4.2
E xplor ation potential
The Company has evaluated its exploration potential in the lower formations underneath the
Etchegoin formation. The evaluations have been based on the local geology, production discoveries in
the valley, old well logs and a 3D seismic survey which was performed in 2010. The Company
believes there is reason to believe that several sands with production potential may be present in the
field’s lower formations. Initial studies indicate that several potentially productive formations such as
McDonald Shale, Temblor, Kreyenhagen and Caraneros may be present. These potentially productive
sands are believed to be located at depths of 4,000 to 12,000 feet. Experience from elsewhere in the
valley indicate that oil from such formation is lighter, typically 24 API gravity and lighter.
The Company has now received the data form a new 3D seismic survey performed in the autumn of
2011 and the Company is in the process of interpreting the new data.
43
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There has not at this time been planned any exploration wells. As a consequence, the Company has
not at this stage initiated any permitting work, engineering and equipment or well design related to
exploration or production from potential reservoirs below 1,200 feet.
5.9
Sources of information
The Competent Person’s Report dated 8 June 2012 and resulting reserve estimations was produced by
GCA. Staff members who participated in the compilation of this report include Brian Rhodes, Rawdon
Seager, Vivian Bust, James Curry, William Lau, Florent Rousset and Elena Poltaraus. All hold
degrees in geoscience, petroleum engineering or a related discipline.
Mr. Rhodes holds a BSc (Hons) Geology, is a member of the Energy Institute, the Petroleum
Exploration Society of Great Britain, the Society of Petroleum Engineers and the European
Association of Geoscientists and Engineers, and has more than 37 years industry experience.
Mr. Seager holds a MSc. (Distinction) in Petroleum Reservoir Engineering, is a member of Society of
Petroleum Engineers (Chairman of SPE Oil and Gas Reserves Committee), the Society of Petroleum
Evaluation Engineers, the Energy Institute, UK, and the American Association of Petroleum
Geologists. Mr. Seager is also a Chartered Petroleum Engineer, UK and a European Engineer,
registered with the European Federation of National Engineering Associations, FEANI.
Miss Bust holds a Bachelors Degree in Civil Engineering, a Masters Degree in Geology and is a
registered Engineer, a certified hydrogeologist and a member of the Society of Petroleum Engineers.
Mr. Curry holds a Bachelors Degree in Geology and a Bachelors Degree in Petroleum Engineering
and has over 36 years of industry experience and is a member of the Society of Petroleum Engineers.
Mr. Lau is a Texas State Registered Geoscientist and holds a Bachelor of Science in Geology and a
Masters in Business Administration; he is a certified member of the American Association of
Petroleum Geologists (AAPG), Society of Petroleum Engineers (SPE), and has over 41 years of
industry experience.
Mr. Rousset has a Masters in Management from the Rouen Business School.
Mrs. Poltaraus holds Masters Degrees in Technology Project Management and Applied Mathematics,
and is also a member of the Society of Petroleum Engineers.
5.10
Development plan
Current activities
Crudecorp has during 2010-11 constructed a reservoir model of the field, based on interpretation of
old and new well data (logs, side cores, production rates) and general and local knowledge of the
geology.
5.10.1
Crudecorp has in 2011 through 1H 2012 performed production testing of old and new wells in the
field using a small rental steam generator with a capacity of 500 bbl of steam/day. The production
testing is related to measurement of cold rates (no steam stimulation) and measurement of hot and
declining rates (following cyclic steam stimulation) to determine the reservoir response to steam and
verify the business model for the field.
44
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O SL O A X E SS
The tests have shown very low production rates during cold production, typically 0.5-2 bopd. After
steam injection, production has increased significantly, but results vary from each well. During 2011,
there has been between 8 and 20 wells producing. The new 18 wells which were drilled came on line
in the autumn of 2011 and some old wells were retired. In 2011, a total of 78 209 Bbls of steam was
injected with a resulting production of 10,112 Bbls of oil or 27.7 bopd (from cold and hot wells),
giving a steam to oil ratio of 7.7 for the field.
In Q1 2012, a total of 24-26 wells have been producing, as old wells have been tied back in. For Q1
2012, a total of 30,896 Bbls of steam has been injected and a total of 4,101 Bbls of oil or 45 bopd
(from hot and cold wells), giving a steam to oil ratio of 7.5 for the field.
Planned development
Crudecorp plans to develop Chico Martinez through at least a 7-phased development plan from 2011
through 2016, whereof 4 phases (also called the Pilot Project) have been sanctioned so far by the
Company’s board. This project has also been the basis for GCA’s review and reserve estimates.
5.10.2
Phases 1, 2A, 2B, 3 and 4
The Company aims to drill a total of 44 production wells and 26 injection wells in the phases 1, 2A,
2B, 3 and 4 (see table below).
Phase 1 is concluded and a total of 18 production wells have been drilled, and installation of flowlines
and tanks is completed.
To recover oil from the Etchegoin formation Crudecorp plans initially to stimulate the reservoir
through Cyclic Steam Circulation, a technique also known as the “Huff and Puff” method. Steam is
first injected into a well to heat the reservoir, thus reducing the oil viscosity. Following this steam
injection, pumping jacks are installed to pump the oil from the well. After production rates have
declined to a predefined level, the “Huff and Puff” cycle is repeated. This development is planned in
Phase 2A and is constructed simultaneously with Phase 1. Phase 1 is operational and phase 2A is
expected to be operational from July 2012.
The Company later intends to establish a permanent steam flood for the reservoir, thus drilling
permanent injection wells for steam and leaving oil producing wells to pump continuously. This
method is used to increase the recovery from the field even further. The first development in this
direction is Phase 2B, which is meant to convert Phase 1 and 2B into a continuous steam flood but
drilling new steam injection. Drilling of 8 injection wells in Phase 2B will commence in mid-June to
July and the initial steam flood is expected to commence in September 2012.
Production in the first quarter 2012 was on average 45 bopd, with an average ‘Huff and Puff’ steam
injection rate of 335 bbl of steam per day. When Phase 2a and later 2B commence, it is anticipated
that production will increase from July 2012 with the start-up of a new steam generator, one with a
capacity of 5,000 bbl of steam per day.
Following the completion of Phase 2B, the Company will continue to drill 26 production wells and 18
injection wells for Phase 3 and 4 will commence in July/August 2012. The Company also intends to
drill 4 delineation wells in 2012 to help determine where the expansion phases 5 through 7 should be
located.
A Phase 3 steam generator with capacity of 5,000 bbl of steam/day is anticipated to be installed in
45
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O SL O A X E SS
June 2013 and a Phase 4 generator is anticipated to be installed towards the end of 2013, dependent on
the requirement for steam.
The project, running up to completion of Phase 4 is sanctioned by the Company’s board, and is also
the scope reviewed by GCA for estimates of recoverable reserves.
When Phase 4 is completed, the Company estimates that 28% of the estimates volumetric oil in place
(STOIIP) has been developed with production wells.
Following the completion of Phase 4, the Company intends to expand the production through
development of additional production expansions. Each phase is envisioned consisting of 20 and 24
production wells.
2011-2012
Description
Wells
Phase 1
Phase 2A
Cold
production
Cyclic Steam of Steam Flood of Steam Flood
Phase 1
Phase 1
Expansion
18 Prod wells
Production
facilities and
tanks
Facilities
Wells (GCA report)
Facilities (GCA report)
Investments (used in
GCA report)
Wells (CC current est)
Facilities (CC current est)
Investments (CC current
estimate)
2012-2013
Phase 2B
8 Inj wells
Production
facilities and
tanks and
steam
facilities
Phase 3
2014-2016
Phase 4
Phase 5
Phase 6
Steam Flood
Expansion
Steam Flood
Expansion
Steam Flood
Expansion
20 - 24 prod
17 Prod wells, 9 Prod wells, wells, 16 inj
wells
12 Inj wells
6 inj wells
20 - 24 prod
wells, 16 inj
wells
20 - 24 prod
wells, 16 inj
wells
Production
facilities
Production
facilities
Production
facilities and
tanks and
steam
facilities
Budget, USD million
4.2
6.9
3.3
19.0
Production
facilities and
steam
facilities
Production
facilities and
steam
facilities
5.9
12.1
7.2
18.0
7.2
7.5
25.6
8.6
5.9
12.1
8.2
4.2
3.3
6.9
5.9
3.5
9.2
10.9 (Est)
13.5 (Est)
18.0
8.2
7.5
12.8
12.7
24.4 (Est)
Scope of GCA's CPR
Phase 7
4.6
4.0
Not fully planned and sanctioned by
Crudecorp Board
The budget estimate when GCA carried out its scope was put at USD 67.4 million. The Company has
made a new revision of this estimate and believes that some of the investments in the GCA report can
be deferred to Phase 5. The Company now believes that the GCA development scope can be achieved
with a total investment of USD 59.2 million, without affecting production rates. The equipment
deferred is mainly related to water treatment facilities, utilities, oil export and surplus flow lines. The
Company has per the date of the Prospectus committed itself to Phase 1 and 2A, completion of
construction of the processing plant.
The estimated total investment of USD 59.2 million relates to phases 1-4 of the development plan:
Phase 1
USD 18 million
Phase 2A
USD 8.2 million
Phase 2B
USD 7.5 million
Phase 3
USD 12.8 million
Phase 4
USD 12.7 million
5.11
T he pr oduction pr ocess
The oil in the Etchegoin sands is located at depths of 600 – 1,200 feet and the oil has high viscocity,
46
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API gravity 12.8-14. For more information on the reservoir see 5.6.3. The high oil viscosity leads to
low natural production flow rates into the production wells. Production wells are normally completed
using a slotted liner but a few wells have perforated casing. The oil is pumped using surface pumps
(‘Pump Jacks/ Nodding Donkies’). In order to increase production rates, heat in the form of steam is
injected to reduce the oil’s viscocity from around 3,000 centipoise to around 30-50 centipoise, thereby
improving the oils ability to flow into the production well.
Steam under pressure (typically 250 – 700 pounds per square inch pressure) can be injected into the
production well to allow the area around the wellbore to be heated. This method is referred to as cyclic
steaming or ‘Huff ‘Puff’. Alternatively, steam injection wells are drilled in a pattern mixed with
production wells and steam injection wells, whereby the entire reservoir is heated and oil flows into
the production well. This method is called steamflooding.
In order to generate steam, the Company trucks water from a nearby water canal about 10 km distance
from the plant. The water is offloaded into a water storage tank and then led to the steam generator.
There are two back-up sources for water, located 10 km and 30 km from the plant. When water needs
increase as a result of plant expansion a water pipeline is planned to be constructed. Gas to generate
steam is taken from an 8” pipeline on Section 35, as well as from the plant’s vapor recovery system.
The steam generator in current use is a rental unit with a capacity of 500 Bbl of steam per day. For
Phase 1, 2A and 2B, the Company has purchased and installed a new steam generator with a capacity
of 5,000 Bbls of steam per day. As more wells are drilled and the facilities are expanded, more steam
generation capacity is added.
Production from the production wells go into a 5,000 Bbls heated separator tank, called ‘Wash Tanks’.
In this tank, the oil’s watercut is reduced to 40% through gravity separation. The oil is then led to one
of two new 5,000 Bbls heated separator tank called the ‘Production Tank’ where the oil’s watercut is
reduced to 3%. When the Production Tank is full and watercut reduced to 3%, the oil is picked up by a
truck. When production is increased, the intention is to have one of the export oil pipeline operators in
the area to extend a pipeline branch to the Chico Martinez oil field and export oil through the pipeline
system. An oil export measurement system will also be installed.
The produced water from the Wash Tank and Production Tanks is moved to a Skim Tank and then a
Clarifier Tank, where the produced water is cleaned for oil residuals. The oil is fed back to the
Production Tanks and the produced water is disposed of in one of two sumps. As production increase,
the Company plans to dispose of produced water through water injection wells or to clean the
produced water for dissolved solids in a water cleaning plant and re-use the water for steam
generation.
Gas from tanks, wells and other equipment is gathered in the vapor recovery system and led to a
separator tank (or knock out drum). Gas is recompressed using a gas compressor and fed back into the
steam generator. In the event that the generator is non-operational, the gas will be sent to a flare stack.
Oil condensate is pumped back to the Production Tank.
5.12
Pr incipal mar kets
The Company operates in an area with a long history of significant oil and gas production and there
are readily available markets accommodating sale of oil production. Plains Marketing is currently the
buyer of the Company’s oil production. There are several refineries and transportation pipelines
47
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O SL O A X E SS
relatively near the field however Company pays $1.77 to Plains for each bbl of oil transported out of
Chico Martinez to Plains facility in trucks Plains currently transports the majority of Chico Martinez
oil in a pipeline to a terminal in greater Los Angeles Area. Shell Oil Company is an alternative buyer
of the Company’s oil. The Company may elect in the future to construct a pipeline for its production
which would tie in with existing nearby pipelines. The price received for sold production volumes is
based on the average monthly price quoted Plains Marketing Price Bulletin, closely tied to the
Midway Sunset price: http://www.paalp.com/fw/main/default.asp?DocID=1363. The Company
receives payment for oil sold on or about the 20th day of the month after oil was sold.
5.13
R esear ch and development
The company has not classified any of its expenses as research and development. When the Company
in 2008 acquired its initial 75% (and later 90% in 2010) working interest in Chico Martinez the oil
deposit was well documented by several independent studies. The initial valuation of the field was
USD 10 million on a 100% basis. The working interest is valid indefinitely as long as the field is
producing.
Following the acquisition of Chico Martinez, the Company has performed its own modeling of the
field geology and petrophysics in 2010 through 2012. The Company has also drilled one delineation
well in 2011. However, these expenses have been treated as operational expenses.
The Company is in the process of interpreting 3D seismic, which may result in exploratory drilling.
5.14
Patents and licenses etc.
The Company is highly dependent upon being awarded a number of environmental permits and
government licenses etc. in order to operate as further set out in section 5.7 of the prospectus. Besides,
contracts for supply of water are of material importance for the Company's business.
Should the Company not be awarded such permits and licenses or commercial contracts, the Company
would have to adjust its business accordingly which could adversely effect the Company's
profitability.
5.15
M ater ial contr acts
Neither the Company nor any of the companies in the Group have entered into any material contracts
outside the ordinary course of business during the last two years.
5.16
Other pr ojects
The interests in Chico Martinez, as described in this Prospectus, are the Company’s only assets. The
Company does not therefore have any other projects in progress or in development as of the date of
the Prospectus.
5.16.1
T r end infor mation
The Company has not experienced any changes or trends that are significant to the Company since the
end of the last financial period, and as of the date of this Prospectus.
5.17
R egulator y issues
Environmental considerations and HSE policy
The Company is subject to the environmental regulations determined under the San Joaquin Valley
5.17.1
48
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Air Pollution Control District Rule 4401, see section 5.7, and has been granted environmental permits
for its operations as described in section 5.7.1 of this Prospectus.
To ensure the safety and health of our employees we are enrolled in a California workers
compensation program which verifies weekly safety meetings, employee payroll records, maintains
accident reports and recommends guidelines to maintain a safe and healthy environment for our
employees. To further ensure the safety of our employees, CMO, Inc holds a safety meeting each
week to introduce new procedures and plans to maintain a safe environment.
Taxation
Upstream operations in California are conducted under concessionary fiscal systems, with the terms
dependent on land ownership. Income from production is subject to royalties. There are no production
taxes in California and Royalty rates vary by lease. A landowner generally owns what is known as a
‘fee interest’ that comprises both the surface and sub-surface (or mineral) rights. Over time, the
ownership of surface rights and sub-surface rights have been divided and sold to different owners,
conducting different exploitation of the land (e.g. farming and oil production). Sub-surface rights have
preference over surface rights, meaning that for example agriculture can not block mineral
exploitation. The landowner can sell any part of the sub-surface land (or minerals) under the terms of a
lease agreement, which usually provides for a cash consideration (or bonus) and a royalty to be paid to
the landowner. The fee royalty is defined by the lease agreement.
5.17.2
Overview – California tax regime:
Federal Income Tax (FIT)
o Federal Income Tax is graduated and increases to 35% which is the marginal rate
State Income Tax (SIT)
o State Income Tax for California is set to 8.84%
o The California SIT is deductable for Federal income tax
Current tax rates
o Simulations on net income before income tax below USD 10 million gives a combined
effective income tax rate of 39.28%
o Simulations on net income before income tax above USD 10 million gives a combined
effective tax rate of 40.28%
State Ad Valorem (Property) Tax
o Oil producing states leave an ad valorem tax on the value of equipment or property used
in the extraction and processing of hydrocarbons.
o In California, ad valorem tax rates vary by county, in Kern County tax is set to be 1.01%
Depreciation and tax (for FCF only)
o Depreciation calculated as 75% of capex first year, the remaining 25% of capex
depreciated over 7 years. Typical Lease and well equipment investments (exploration
equipment, storage facilities, etc.)
5.17.3
-
-
-
-
49
6.
ON
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Market overview
Market data and certain industry forecasts used in this Prospectus have been obtained from internal
surveys, reports and studies, as well as market research, publicly available information and industry
publications. Industry publications generally state that the information they contain has been obtained
from sources believed to be reliable, but that the accuracy and completeness of such information is
not guaranteed and that the projections they contain are based on a number of significant
assumptions. Crudecorp has not independently verified such information and therefore cannot
guarantee its accuracy and completeness. The information in this Prospectus that has been sourced
from third parties has been accurately reproduced and, as far as the Company is aware and able to
ascertain from the information published by that third party, no facts have been omitted that would
render the reproduced information inaccurate or misleading.
In this Prospectus, Crudecorp makes some statements regarding its own competitive and market
position. While the management believes that its internal surveys, estimates and market research are
reliable, the Company has not independently verified this information.
6.1
Oil market fundamentals – Supply vs. demand
Fossil fuels remain the dominant sources of primary energy worldwide, accounting for 77% of the
demand increase in the period 2007 to 2030, according to the IEA’s Reference Scenario. Oil is
expected to remain the single largest fuel in the primary fuel mix, despite a drop in share from the
current rate of 34% to 30% in 2030. Demand for oil (excluding biofuels) is projected to grow by 1%
per year on average over the projection period, from 85 million barrels per day in 2008 to 105 million
barrels per day in 2030. This growth comes in its entirety from non-OECD countries, with demand
from OECD countries expected to fall. The transport sector accounts for 97% of the increase in oil
usage. As conventional oil production in non-OPEC countries is expected to peak around 2010, most
of the increase in output would need to come from OPEC countries which hold the bulk of the
remaining recoverable conventional oil resources.
PRIMARY OIL DEMAND BY REGION (MB/D)
OECD
E. Europe/Eurasia
Asia
Middle East
92,4
90,9
86,6
120
100
94,4
96,9
99,4
80
64,2
60
40
20
0
1980 2010 2015 2020 2025 2030 2035
Source: IEA “World Energy Outlook”, November 2009, Reference Scenario
50
ON
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The IEA expects oil production to rise from 83.1 mb/d in 2008 to 86.6 mb/d in 2015 and 103 mb/d in
2030. Most of the projected increase in output comes from members of OPEC, which hold the bulk of
remaining proven oil reserves and ultimately recoverable resources
PRODUCTION AND SUPPLY BY OPEC / NON-OPEC
120
100
80
OPEC
production
85,7
92,4
99,4
63,8
60
40
20
0
1980
2010
2020
2035
OIL
Source: IEA “World Energy Outlook”, November 2009, Reference Scenario
6.2
Oil price
Oil price development
As of the date of this Prospectus the oil price is around USD 112 per barrel Brent Blend, almost 70%
higher than the average nominal price over the last ten years. The oil price started to increase in 2002
from ~20 USD/barrel and was driven by strong global demand in combination with limited supply due
to lack of real spare capacity.
6.2.1
In 2008, the oil price peaked at ~140 USD/barrel despite the fact that the market seemed well-supplied
with crude and stock levels were high. The emergence of oil as a financial asset class may have caused
non-fundamental factors to trigger the extreme price level and volatility. The recent financial crisis,
which turned into a real economic crisis worldwide, was regarded as one of the main reasons for the
setback in the oil price during the second half of 2008.
Since then the oil price has rebounded sharply on back of “contango trade” whereby oil has been
bought and held in storage and sold at higher forward prices (effectively taking oil supply off the
market) in addition to the very effective cuts in OPEC production. This coupled with a rebound in
economic activity and continued growth in China are believed to be the main reasons for oil prices
moving up to its current level around USD 112 per barrel. The current forward curve suggests a long
term oil price in the range USD 90-100 per barrel.
51
ON
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OIL PRICE DEVELOPMENT SINCE JANUARY 2000
Source: EcoWin database, 7 May 2012
In the beginning of 2011, the oil price was significantly impacted by political unrest in Libya as well
as in other North African and Middle Eastern countries, which led to the highest crude oil prices since
2008. The political situation in Libya increased the oil market uncertainty because much of the
country’s 1.8 mmboepd total liquids production capacity had been shut in and it was unclear how long
this situation would continue, and whether the unrest in the Middle Eastern region could continue to
spread to additional countries. The past year the oil production in Libya has revered much faster than
most experts has anticipated, implying high global oil supply and probably somewhat downside risk to
the oil price.
The oil price is affected by a number of factors, including changes in supply and demand, OPEC
regulations, weather conditions, regulations from domestic and foreign authorities, political and
economic conditions and the price of substitutes.
It should be noted that the oil market is dynamic and that the demand for oil to some extent is
inversely linked to the price. Longer periods of high oil prices can therefore lead to increased use of
alternative energy sources at the cost of oil demand.
OPEC’s role and oil market fundamentals
OPEC is an international organization of twelve countries, which are heavily reliant on oil revenues as
their main source of income. Membership is open to any country which is a substantial net exporter of
oil and shares the ideals of the organization. The current members are Algeria, Angola, Iran, Iraq,
Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.
6.2.2
Twice a year, or more frequently if required, the Oil and Energy Ministers of the OPEC countries
meet to decide on the organization’s output level and consider whether any action to adjust output is
necessary in the light of recent and anticipated oil market developments. During the period in 20052008, with strongly increasing energy prices, it was questioned whether OPEC had control over the
price setting in the oil market.
52
ON
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The spare capacity enables important volumes of additional supplies to be made available in times of
shortage, thereby stabilising the market. As displayed in the figure above, periods with low spare
capacity contribute to sow the seeds of unstable markets and price spikes.
The global spare capacity has grown over the past year and OPEC expects this to increase further in
the next year or two.
Exploration and production spending increased more than 10% per year from 2004 to 2008. This led
to increased capacity utilization in most oil service segments and record price high utilizations levels.
The global spending level declined significantly in 2009, but is set to increase as the global economy
recovers going forward.
GLOBAL SPARE PRODUCTION CAPACITY
110
25 %
100
20 %
90
15 %
80
10 %
70
5%
60
50
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
0%
Spare capacity (% of demand, RHS)
Global capacity
Global demand
Source: IEA, CERA, BP Statistical Review, Swedbank First Securities
Demand factors support high petroleum prices going forward. Over the past 10 years (1998-2008) the
average growth in global oil demand has been ~1.8%, while the average global GDP growth has been
~3.8%, the two showing a strong correlation. Swedbank First Securities expects the global GDP
growth to remain strong in the short term, expecting growth to be above 3.2% in 2012 and 4.2% in
2013.
Global oil demand growth declined during 2000-2002, mainly because of turmoil in the global
economy. Economic recovery combined with increasingly strong demand from Asia drove the
demand growth up to 2.3% and 3.4% in 2003 and 2004, respectively. In the period 2005 to 2007, oil
demand growth was in the range 1.3% to 1.9%. 2008 resulted in a marginal negative growth and the
2009 estimates are approx. -1.5%. For 2012, Swedbank First Securities expects global oil demand to
increase by 0.5%, up to 89.5 mmboe/day.
53
ON
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GROWTH IN GLOBAL OIL DEMAND AND WORLD GDP
6%
World oil demand growth
1976
5%
1977
4%
1978
2004
1986
3%
1996
2003
1999
2%
1%
1979
2001 1998 2002
1992
2010E
1989
1994
1990
1993
0%
1985
2005
2007
1984
2006
2000
2008
1975
-1 %
1997
1987
1995
1991
1988
1983
2009E
-2 %
1982
1981
-3 %
-1,0%
0,0%
1,0%
2,0%
3,0%
4,0%
5,0%
Growth in world GDP
Source: BP Statistical Review of World Energy
6.3
North America - Oil market fundamentals
North America - Oil demand and supply
Oil product demand in North America is expected to fall by 0.2% per year on average between 2009
and 2015, from 23.3 mb/d to 22.9 mb/d. This outlook stems from structural declines in oil usage for
heating and power generation outweighing modest rises in transportation fuel and petrochemical
feedstock demand. The United States continues to dominate oil consumption, accounting for over 80%
of regional demand in 2015. The regional economic outlook envisages real GDP growth returning to
levels seen before the economic crisis, with 2011-2015 annual growth averaging 2.7%, similar to the
2002-2006 average. This would seem to suggest a stronger return to oil demand growth, particularly in
the more economically sensitive transportation sector. Yet gasoline consumption should actually
decline over the forecasted period, owing to improved fuel economy and high oil prices.
6.3.1
54
25,0
23,5
23,3
23,3
23,3
23,2
23,2
14,5
15,2
14,9
15,2
15,9
16,5
2011
2012
2013
2014
2015
2016
ON
O SL O A X E SS
20,0
mb/d
15,0
10,0
5,0
0,0
Own Supply
Imports
Source: BP Statistical Review of World Energy
According to IEA, the North America region as a whole is projected to see a total supply increase by
110kb/d by 2015, with strong growth in Canada offset by hefty decline in the United States and
Mexico. Total US supply is expected to fall by 480kb/d to 6.9 mb/d in 2015
California – Production and reserves
California is a mature operating area that continues to produce large volumes of oil and gas. So far,
approximately 28.7 billion barrels of crude oil has been produced, with remaining 2P reserves of ~5
billion boe (~3.3 billion barrels of oil). Distribution of 2P reserves by type: Heavy Oil (49%), Oil
(25%), Gas (20%), NGLs (4%), Shale Oil (1%) and Condensate (1%).
6.3.2
55
ON
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California contains five large hydrocarbon
producing sedimentary basins, the Sacramento,
San Joaquin, Santa Maria, Ventura, and Los
Angeles basins. Two sub-basins, the Cuyama
and Salinas basins, are also being actively
developed. Most acreage with proven reserves is
held by a small group of operators, primarily
large independents and supermajors. Crudecorp
is of the opinion that the region offers low-risk
opportunities with potential to generate steady
cash flows.
Crudecorp’s main asset, Chico Martinez in is
located in the San Joaquin basin in Bakersfield,
California. According to Wood Mackenzie, the
San Joaquin basin is the most prospective in the
region. The majority of reserves lie in the San
Joaquin basin, where the bulk of oil and gas is
produced.
Source: "The National Atlas of the United States of America.
General Reference", compiled by U.S. Geological Survey 2001
CALIFORNIA – REMAINING 2P RESERVES BY BASIN (AT 01/01/2011)
Source: Wood Mackenzie database
California – Drilling activity
The US Senate and House of Representatives have passed a tax incentive bill to help small oil and gas
producers. This bill provides a tax credit of up to USD 9 per well per day for marginal wells. As a
consequence of attractive terms and high oil price levels during 2006 - 2008, the drilling activity
boosted. The San Joaquin basin is the most extensively developed area in California, and continues to
be the most heavily drilled part of the state. In 2010, 87% of new wells drilled in California were
drilled in the San Joaquin basin.
6.3.3
56
ON
O SL O A X E SS
Source: Wood Mackenzie database
Top 5 most active drillers in California in 2010: Aera Energy: 590 wells / Chevron: 488 wells /
Occidental: 314 wells / Plains E&P: 172 wells / Berry Petroleum: 180 wells.
57
ON
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7.
Board of Directors, senior management and corporate
governance
7.1
Board of Directors
7.1.1
B oar d member s
As of the date of this Prospectus, the Company’s Board of Directors consists of the following
members:
Sigurd Aase – Chairman (59)
Mr. Aase has more than 30 years experience within the oil & gas industry, hereunder as part owner of
Petrotech and fully owned Fluenta. Mr. Aase has established a host of successful businesses and is the
Chairman of Ymir Energy AS, which is Crudecorp’s largest shareholder.
Espen Fjogstad – Board member (48)
Mr. Fjogstad holds a MSC from NTNU and an MBA from INSEAD. Fjogstad has 14 years of
experience as investor and founder of several technology companies. In addition, he has also served as
Deputy Managing Director in Roxar ASA (1995 – 1997), CEO of ODIN Reservoir Software (1994 –
1995), and consultant at McKinsey & Company (1988 – 1994).
Stig M. Herbern – Board member (55)
Mr. Herbern is the Chairman/member of the Board of a large number of companies, including
Ventelo, Broadnet, DTZ Real Capital and Folkia. He has previously served companies such as NRK,
Virtual Garden, InFocus, Djuice AB, DaVinci, Agresso/Unit4, Birdstep, Icesoft, NewMediaScience
and Aspiro as well as many of Telenor and Ventelo’s subsidiaries. He was previously the CEO of
Ventelo AS, Senior Partner in Credo Partners AS, CEO of Telenor Mobil, Telenor Privat and Telenor
Media. Prior to this he was principal of Oslo Handelshøyskole and worked several years in The CocaCola Company. Mr. Herbern holds an MBA from Arizona State University.
Silje Veen – Board member (41)
Ms. Veen is Sivilmarkedsfører from Norges Markedshøyskole. She is founder and owner of Foodstory
(restaurants in Norway focusing on ecological food). She holds a number of board positions both as
Chairman and member of Boards.
Sissel K. Hegdal – Board member (46)
Ms. Hegdal has a law degree from the University of Tromsø. Hegdal has worked as a business lawyer
for 20 years and has for the last 8 years run her own law firm/real estate firm. She is also a leading
politician in the City of Stavanger and has been a member of the City Council for the last 12 years.
Ms. Hegdal is the Chariman/member of the Board of a large number of companies and municipal
enterprises.
The registered business address of the Company serves as c/o address for all members of the Board of
Directors in relation to their directorship in the Company.
None of the members of the Board of Directors are part of the Company's senior management.
Term of office
The following table sets out the length of the various board members’ terms of office and for which
period each board member has served on the Board.
7.1.2
58
ON
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TERM OF OFFICE
Name
Sigurd Aase
Espen Fjogstad
Stig M. Herbern
Silje Veen
Sissel K. Hegdal
7.2
Position
Chairman
Member
Member
Member
Member
Has served since
28 April 2011
17 December 2009
23 March 2012
23 March 2012
23 March 2012
Term expires
23 March 2014
23 March 2014
23 March 2014
23 March 2014
23 March 2014
Management
As of the date of this Prospectus, the senior management of the Company consists of the following
persons:
Gunnar Hviding (48) – Chief Executive Officer
Mr. Hviding holds an MEng in Chemical Engineering from Imperial College and an MBA from
INSEAD. Most recently, he served as CEO of Roxar ASA. Prior to joining Roxar in 2002, Mr.
Hviding served as senior management in Scandinavian industries, such as HansaBorg and Orkla,
where his focus was value chain optimization, acquisitions and integration. Hviding has also
experience from Shell International Petroleum, where he was a process engineer.
Anniken Landré Bjerke (34) – Chief Financial Officer
Ms. Bjerke has more than 10 years experience in assurance and advisory services at Deloitte and has
managed various clients/engagements. Ms. Bjerke is a State Authorised Public Accountant from
Norges Handelshøyskole (NHH).
Håvard Rød (48) – Operations Manager
Mr. Rød has more than 20 years of experience from oil and gas operations, working all over the world
for Halliburton Energy Services. Prior to joining Crudecorp he worked as a Project Manager for
Halliburton on the Statoil Hassi Mouina Exploration Project in Algeria. Before joining Halliburton
Håvard Rød worked for Schlumberger Offshore Services and Aker Drilling.
Jan Terje Lea (42) – Chief Financial Officer and Controller, US
Mr. Lea holds a BA from University of Strathclyde and University of Central Missouri. Prior to
joining Crudecorp in 2007 he had held various international Controller and Finance Manager positions
with National Oilwell Varco and Roxar/Emerson. He was involved in early stage oil and gas services
companies and subsequent transactions involving industrial and private equity buyers while being
based in Houston since 1997.
Steven Gregory (32) – Operations Manager, US
Mr. Gregory has more than 10 years of operational and managerial experience in the area of design,
construction, and operations of wells and facilities in California with companies such as PXP and
Stocker Resources. He also has competency in the operations and management of drilling, completion,
and work-over projects. In the past 3 years Mr. Gregory has run his own oil & gas services
consultancy where the main activity has been operations of the Mount Poso Creek Field.
The registered business address of the Company serves as c/o address for all members of the senior
management in relation to their position in the Company.
59
7.3
ON
O SL O A X E SS
Board of Directors and senior management
7.3.1
Directorship, partnerships and management positions
The members of the Board of Directors and the senior management presently have, and have over the
five years preceding the date of this Prospectus, held the following directorships, partnerships and/or
management positions (apart from the directorships and management positions in the Company). For
directorships the denominations “C” and “BM” states the position as either Chairman of the Board
(“C”) or ordinary Board member (“BM”) in the relevant companies.
DIRECTORSHIPS, PARTNERSHIPS, MANAGEMENT POSITIONS (EXCL. CRUDECORP)
Name
Current directorships/partnerships/management
position
Directorships/partnerships/managem
ent positions previous 5 years
Abc Bioscience AS (C)
Destinasjon Haugesund &
Artic Earth Science Aes AS (C)
Haugalandet AS (BM)
Barnkan AS (BM)
Katalog Holding AS (C)
Board of Directors:
Sigurd Aase
Bifrost og Draupne AS (C)
Dragon Yard AS (C)
Draken Harald Hårfagre AS (C)
Fluenta AS (BM and CEO)
Foretaksutvikling AS (C and CEO)
Fus AS (BM)
Sekstipluss Boliger AS (C and CEO)
Skrattaskjer AS (C)
Stiftelsen SR-Bank Næringsutvikling
Haugalandet (C)
Tb Økonomi AS (C and CEO)
Troms Kråkebolle AS (C and CEO)
Trygge Barnehager AS (C)
Viking Kings AS (C)
Vista Holding AS (BM)
Ymir Energy AS (C)
Ås Utviklingsselskap ANS (C)
Espen Fjogstad
Stig M. Herbern
60
Applied Plasma Physics AS (BM)
Crudecorp ASA (CEO)
Ascenium Holding AS (CEO)
Designspirit AS (BM)
Stavanger Venture AS (BM)
Lekkerbisken Av 2001 AS (C and
Synesi AS (C and CEO)
CEO)
Vision Io AS (BM)
Smartseal AS (BM)
Ålsheia Skisenter AS (BM)
Telio Holding ASA (BM)
Broadnet Holding AS (BM)
Broadnet Holding AS (CEO)
Dragonhead AS (C)
Broadnet Norge AS (C)
Dtz Corporate Finance AS (BM)
Credo Partners AS (BM)
Name
Silje Veen
ON
O SL O A X E SS
Current directorships/partnerships/management
position
Directorships/partnerships/managem
ent positions previous 5 years
Folkia AS (BM)
Credo Invest Nr 1 AS (BM)
Human Element Norway AS (BM)
Katalog Holding AS (C and BM)
Norden Realkapital AS (C)
Kongelig Norsk Seilforening (C)
Nye Dtz Realkapital AS (BM)
Network Norway AS (BM)
Smh Management AS (C)
Norden Corporate Finance AS (C)
Tilbakemeldingen Norge AS (BM)
Norden Forvaltning AS (C)
Ventelo AS (BM)
Norsk Rikskringkasting AS (BM)
Consolida AS (C)
Gena AS (BM)
Food Story Holding AS (C)
Kunstpausen AS (C)
Inwind AS (BM)
Radiance AS (BM)
Safteriet AS (C)
T.D. Veen AS (BM and CEO)
Sissel K. Hegdal
Acta Holding ASA (BM)
Vestnorsk Filmsenter AS (BM)
Al Dente Reklamebyrå AS (C)
Bjørk Advokat og Eiendom AS (C and CEO)
Museum Stavanger AS (C)
Stavangerregionen Havn IKS (C)
Risavika Havn AS (BM)
Rikskonsertene (BM)
Stavanger Symfoniorkester (Deputy C)
Management:
Gunnar Hviding
Cives AS (C and CEO)
Aegir Norge Holding AS (CEO)
Lervig Aktiebryggeri AS (BM)
Borea Opportunity II (member of
Mirmorax AS (C)
Investment Committee)
Time Trader AS (C and CEO)
Rfm Holding AS (C)
Roxar AS (BM and CEO)
Roxar Flow Measurement AS (C and
CEO)
Roxar Holding AS (C)
Roxar Software Solutions AS (C)
Rss Software Holding AS (C)
Smartseal AS (BM)
Anniken Landre Bjerke
-
Håvard Rød
Catco AS (BM)
-
Skybridge Energy AS (BM)
Ålsheia Skisenter AS (BM)
Jan Terje Lea
-
Steven Gregory
Independent Well Service & Supply Inc. (President)
-
61
ON
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Conflicts of interest
The Company has taken reasonable steps to avoid potential conflicts of interests arising from the
members of the Board of Directors’ and senior management’s private interests and other duties.
Besides what is mentioned below, the Company is not aware of any potential conflicts of interests
between any duties to the Company of the members of the Board of Directors or the senior
management and their private interests and/or other duties. The Company is not aware of any family
relationship between the members of the Board of Directors or the senior management.
7.3.2
The chairman of the Board of Directors Aase is indirectly a major shareholder of the Company. There
can be no guarantee that his personal interests in the capacity as major shareholder, or his personal
interest in the capacity as shareholder of Ymir Energy AS, may not in the future deviate from the
interest of the Company and the remaining shareholders.
7.3.3
Other
During the last five years preceding the date of this Prospectus, no member of the Board of Directors
or the senior management has:
x any convictions in relation to indictable offences or convictions in relation to fraudulent
offences; or
x received any official public incrimination and/or sanctions by any statutory or regulatory
authorities (including designated professional bodies) or ever been disqualified by a court from
acting as a member of the administrative, management or supervisory bodies of a company or
from acting in the management or conduct of the affairs of any company, or
In 2009 Crudecorp, Inc. went into receivership. At that time Jan Terje Lea, CFO, CMO, Inc. was
Finance Manager of Crudecorp, Inc. and Håvard Rød, COO was Chairman of Crudecorp, Inc..
Other than the aforementioned, no member of the Board of Directors or the senior management has
been declared bankrupt or been associated with any bankruptcy, receivership or liquidation in his
capacity as a founder, director or senior manager of a company.
7.4
Remuneration, benefits, pension, etc.
Remuneration and benefits
For the financial year ended 31 December 2011, the Management team received a total remuneration,
including benefits, of USD 904,283. The Company’s CEO was paid a total remuneration, including
benefits, of USD 277,656. Total pension paid for the Management team in 2011 was USD 37,027. The
pension paid for the CEO was USD 10,994.
7.4.1
Pension
Crudecorp has a defined contribution pension scheme. Total amount contributed by Crudecorp in
2011 was USD 34,571. CMO, Inc has a 401k plan through ADP Retirement services. This is a “Safe
Harbor Plan” where employees may elect to contribute 4-6% of salary with a dollar for dollar
Company match up to maximum USD 16,000. The total amount accrued by CMO, Inc in 2011 was
USD 16,822.
7.4.2
Termination benefits
The employment contracts with the senior management can be terminated with three months notice. In
the event that the Company terminates the CEO's employment contract, the CEO is entitled to six
months' salary following the date he leaves the Company. Save for the above mentioned none of the
members of the Company's administration, management or supervisory bodies' service contracts with
7.4.3
62
ON
O SL O A X E SS
the issuer or any of its subsidiaries provides for benefits upon termination of employment or service.
7.5
Shares and stock options held by members of the Board of Directors and senior
management
Shares held
Below is an overview of the Shares held by the Board of Directors and the senior management of the
Company.
7.5.1
OWERVIEW OF SHARES HELD AT DATE OF PROSPECTUS
Board of Directors:
Position:
Sigurd Aase*
Chairman
Espen Fjogstad **
Board Member
7,045,999
Stig M. Herbern ***
Board Member
605,700
Silje Veen
Board Member
0
Sissel K. Hegdal
Management:
Board Member
Position:
Gunnar Hviding****
CEO
5,839,608
Anniken Landre Bjerke
CFO
15,000
Håvard Rød
COO
457,499
Jan Terje Lea
CFO, CMO Inc.
0
Steven Gregory
Operations Manager, US
0
Total held by management and board
Shares:
37,300,792
0
Shares:
51,251,098
*) via Ymir Energi AS
**) via Synesi AS
***) via SMH Management AS
****) Includes shares held by spouses, dependent children or companies in which the person has such influence as referred to in the
Norwegian Public Limited Liability Companies Act § 1-3.
7.5.2
Share option program
Crudecorp has not established a share option program for its employees, but some options have been
awarded. Mr. Steven Gregory, Operations Manager US, currently holds 40,000 outstanding options,
each giving the right to subscribe for one share in the Company at a price of NOK 2.00 per share. The
options are exercisable from 1 September 2012 until 30 April 2014. Save from this, no members of the
Company's administrative, management or supervisory bodies or any senior manager has any
outstanding options in the Company.
7.6
Employees
As of the date of this Prospectus, the Group has nine employees in total, of which six are located in
the United States, and three are located in Norway. The table below shows the development in the
average number of employees in Crudecorp for the past three years and up to the date of the
Prospectus:
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E M PL OY E E S
Location
2009
2010
2011
United States
3.25
3.4
6.0
1
1.5
2.4
Norway
The Company retains the services of various outside resources on an “as needed” basis. During the
most recent financial year such hired in services have included Landman Services, Geological
Analysis, Petrophysical Analysis, Drilling Supervision, Steam Engineering. Environmental and
Regulatory Consulting, as well as Engineering, Procurement and Project Management Services
relating to ongoing and future field development. These services are provided by third party vendors
and the Company has no overview of how many man years these resources comprise.
7.7
Corporate governance
The Company complies with the Corporate Governance Code, however, the Company has not
currently established a nomination committee and the audit committee of the Company is comprised
by the entire Board of Directors of the Company. The Board of Directors believes that the current
composition of the audit committee provides adequate and competent expertise and experience.
However, the Board of Directors will consider this matter annually as a part of its ongoing governance
review.
7.8
Related Party Transactions
By the definition of a related party in IAS 24, other than the agreements listed below no material
agreement has been entered into between any Group company and a related party in the period from
2009 to the date of this Prospectus.
Crudecorp has entered into a shareholder loan agreement as described in Section 8.7.3. The
shareholders who have agreed to grant the loan includes member of the Board of Directors Espen
Fjogstad (through Synesi AS) and CEO Gunnar Hviding (through Cives AS). The loan agreement was
approved by the Company's general meeting on 30 May 2012 in accordance with the procedure
described in Section 3-8 of the Companies Act.
Crudecorp also had an agreement for management for hire with Synesi AS (wholly owned by member
of the Board of Directors Espen Fjogstad), whereby Espen Fjogstad was hired as CEO of the
Company. The agreement was terminated in 2010. The remuneration paid to Synesi AS was NOK
540,000 for 2009. No remuneration was paid in 2010.
64
8.
Financial information
8.1
Overview and financial statements Crudecorp
ON
O SL O A X E SS
The following sections present the historical financial information for the Company for the accounting
years ended 31 December 2009, 2010 and 2011 and for the quarters ended 31 March 2011 and 2012.
The consolidated historical financial information for 2011 and 2010 is presented in accordance with
International Financial Reporting Standards (IFRS) as adopted by EU. The Company’s audited annual
accounts for 2009 were prepared in accordance with NGAAP and converted to IFRS in 2010 for
comparative purposes. The financial information for the quarter ended 31 March 2012 and 2011 was
prepared in accordance with IFRS and has been subject to a limited review. PricewaterhouseCoopers
AS has performed an audit of the Company’s annual accounts for the years ended 31 December 2009,
2010 and 2011 in accordance with the laws, regulations and auditing standards and practices generally
accepted in Norway, including standards on auditing adopted by The Norwegian Institute of Public
Accountants. PricewaterhouseCoopers AS has also performed a limited review of the financial
information for the quarter ended 31 March 2012.
The selected consolidated financial data in this Prospectus should be read in conjunction with the
relevant consolidated financial statements and the notes to those statements.
Further details of Crudecorp’s historical financial information can be found in the historical financial
statements attached to the Prospectus.
The Company’s accounting policies are described in detail in Note 2 in the Annual Report for 2011.
The Company received on 11 May 2012 approval from Oslo Stock Exchange to make disclosures and
release financial information, including annual reports, in the English language only. The Company
will report its financials in USD.
65
8.2
ON
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Historical financial information
Consolidated Income Statements
Set out below are the Group’s income statements (IFRS) for first quarter 2012, first quarter 2011 and
for the accounting years 2011, 2010 and 2009.
8.2.1
CONSOLIDATED INCOME STATEMENT
Limited Review
Q1 2012
IFRS
Group
Unaudited
Q1 2011
IFRS
Group
Audited
2010
2009
IFRS
IFRS
Group
Group
2011
IFRS
Group
2009
NGAAP
Company
US D
Operating revenues
319 937
196 729
732 868
308 780
89 828
(NOK)
3 651 000
Other revenues
Total revenues
17 276
337 213
2 838
199 567
12 261
745 129
4 963
597 158
119 381
209 209
749 901
4 400 901
Production cost
Labour cost
DD&A
339 072
352 185
493 075
159 923
273 208
268 985
670 990
1 537 095
886 885
311 860
802 229
63 856
34 690
747 559
152 292
0
1 499 347
10 300
273 936
1 458 268
366 768
1 068 884
1 331 431
4 426 401
613 276
1 791 221
592 282
1 526 823
2 476 972
3 986 619
Operating profit/loss
-1 121 055
-869 317
-3 681 273
-1 477 478
-1 317 615
414 282
Net financial items
-1 732 953
-630 444
1 900 071
239 273
-203 009
1 668 526
Profit before tax
-2 854 008
-1 499 761
-1 781 202
-1 238 205
-1 520 624
2 082 808
0
0
0
0
0
0
-2 854 008
-1 499 761
-1 781 202
-1 238 205
-1 520 624
2 082 808
Other opex
Total costs
Income taxes
Profit after tax
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8.2.2
Consolidated Balance Sheet
Set out below are the Group balance sheets for first quarter 2012, first quarter 2011 and for the
accounting years 2011, 2010 and 2009.
CONSOLIDATED BALANCE SHEETS
Limited
Re view
Q 1 2012
IFRS
Group
USD
Fixed assets
Unaudited
Q 1 2011
IFRS
Group
2011
IFRS
Group
Audited
2010
2009
IFRS
IFRS
Group
Group
2009
NGAAP
Company
(NO K)
1 212
7 000
20 483 711
4 127 705
15 559 364
1 618 527
Oilfield production rights
7 924 936
1 074 849
7 998 331
253 586
7 464 281
253 586
7 457 204
0
6 989 234
0
46 513 374
8 949 974
Total non-current assets
29 483 496
12 379 622
23 277 231
9 075 731
6 990 445
55 470 348
671 136
385 422
686 424
520 422
104 720
334 568
8 574 763
9 245 899
17 053 369
17 438 791
14 757 306
15 443 730
3 510 943
4 031 365
7 088 420
7 193 141
40 517 723
40 852 291
Total assets
38 729 395
29 818 413
38 720 960 13 107 096 14 183 586 93 322 639
35 724 304
27 905 199 36 243 986
11 413 586
8 021 765
54 604 127
Long term debt
1 726 942
1 533 792 1 674 642
1 511 324
6 037 340
0
Other non-current liabilities
Non-current liabilities
0
1 726 942
0
0
1 533 792 1 674 642
0
1 511 324
0
6 037 340
0
41 014 570
Short term debt
Other current liabilities
Current liabilities
1 278 149
0
1 278 149
379 421
0
379 421
802 331
0
802 331
182 186
0
182 186
124 481
0
124 481
703 942
0
703 942
38 729 395
29 818 413
38 720 960
3 107 096
Other current assets
Total current assets
Total e quity & liabilities
14 183 586 96 322 639
Figures for 2009 IFRS are from the Annual Report 2010 IFRS with comparative figures for 2009.
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Consolidated cash flow statements
Set out below are the Group cash flow statements for first quarter 2012, first quarter 2011 and for the
accounting years 2011, 2010 and 2009.
8.2.3
CONSOLIDATED CASH FLOW STATEMENTS
USD
Profit before tax
Adjusted for:
– Depreciation (Note 4)
– Share-based compensation and an increase in
pension liability
- Conversion differences (Translation)
- interest costs
Change in working capital (excluding effects of
acquisitions and exchange differences in
consolidation):
– T rade and other receivables
–Accounts payable and other payables
Cash flow from operations
Purchases of fixed assets
Purchases of intangible assets
Ne t cash used in investment activities
Proceeds from equity issue
Net change in borrowings
Ne t cash used in financing activities
Ne t change in cash and cash equivalents
Cash and cash equivalents at beginning of period
Gain/loss on foreign exchange
Cash and cash equivalents at end of period
Limited Review Unaudited
Q 1 2012
Q 1 2011
IFRS
IFRS
Group
Group
-1 168 320
-925 472
2011
IFRS
Group
-1 781 201
Audited
2010
IFRS
Group
1 238 205
2009
IFRS
Group
-1 520 624
493 075
268 985
886 885
63 856
152 292
0
0
0
0
0
0
6 899
-274 000
0
2 957
68 540
0
4 842
-187 600
0
-148 234
25 000
-798 479
30 379
-22 892
-649 000
-419 588
620 145
-960 860
-415 701
57 705
-1 460 849
70 127
-37 721
-1 518 684
-2 544 559 -14 833 536
0
0
-2 544 559 -14 833 536
0
-1 681 225
-1 681 225
0
0
0
-4 731 883
0
-4 731 883
0 16 600 973
-816 451
0
-816 451 16 600 973
28 456 030
0
28 456 030
4 365 300
-4 500 000
-134 700
6 504 065
869 326
7 373 391
-6 346 813 13 407 414
14 757 305 3 510 943
12 661 634
3 510 943
-3 276 774
7 088 421
5 854 707
1 585 945
-1 415 272
14 757 305
-300 704
3 510 943
-352 232
7 088 421
165 271
8 574 763
135 012
17 053 369
SIGNIFICANT ACCOUNTING ESTIMATES AND ASSUMPTIONS
As part of the growing operation in the Group, the Group has implemented a more comprehensive set
of accounting principles compared to the current established principles, to reflect the development of
the Company and the growing operations. The principles are effective for the annual account for 2012
and are presented in the following paragraph.
8.2.4
The management has used estimates and assumptions that have affected assets, liabilities, income,
expenses and information on potential liabilities. The key sources of estimation uncertainty for the
Company relates to:
Property, Plant and Equipment including Depreciation
Volumes of recoverable oil and gas reserves effects the fair value of property plan and equipment and
is included in the calculation of the unit of production depreciations. The volumes of recoverable oil
and gas reserves are dependent on the characterization of the individual reservoirs. Estimated oil and
gas reserves are based on the economic conditions by year-end and contain uncertainty related to oil
prices, estimation method and future technology development.
68
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Decommissioning and abandonment
The decommissioning and abandonment liability is an estimate for costs related to future
decommissioning and abandonment of oil and gas installations and equipment. The cost estimate
relates to future decommissioning and abandonment and contains significant uncertainty related to
timing, market prices and methods used.
Capitalized exploration expenditures
There is uncertainty related to the oil and gas reserves and the costs related to future development
associated to these reserves as well as the capitalized exploration expenditures that is on the balance
sheet.
INTERESTS IN JOINT VENTURES
Interests in jointly controlled assets are recognized by including the Company’s share of assets,
liabilities, income and expenses on a line-by-line basis.
PROPERTY, PLANT AND EQUIPMENT
Oil and gas properties
Acquired and developed properties used for petroleum production are depreciated using the unit-ofproduction method. The rate of depreciation is equal to the ratio of oil and gas production for the
period to proved and probable reserves for acquired properties, and proved developed reserves for
developed properties. Any change in the reserves affecting unit of production calculations are
reflected prospectively over the revised remaining proved reserves, and revised remaining proved
developed reserves.
Exploration and development cost for oil and gas properties
The Company employs the successful efforts method to account for exploration and development
costs. All exploration costs (including seismic acquisitions, seismic studies, and “own time”), with the
exception of acquisition costs of licenses and drilling costs for exploration wells, are charged to
expense as incurred.
Drilling costs for exploration wells are temporarily capitalized pending the evaluation of potential
existence of oil and gas reserves. If reserves are not found, or if discoveries are assessed not to be
technically and commercially recoverable, the costs are expensed. The costs for acquiring licenses are
capitalized and assessed for impairment at each reporting date.
Capitalized exploration costs are classified as intangible assets and are re-classified to tangible assets
upon start of development. All costs for developing commercial oil and/or gas fields are capitalized as
tangible assets. Pre operating cost is expensed as incurred.
REVENUE RECOGNITION
Revenue related to sales of petroleum products are recorded as revenue in accordance with the
entitlement method. Revenues are recorded based on the share of production to which it is entitled at
the time.
OVER- AND UNDERLIFT
Obligations (current liabilities) are caused by lifting of petroleum in excess of the participating equity
interest in the license partnership, whilst receivables from the other partners (short term receivables)
are caused by lifting of petroleum less than the participating equity interest in the license partnership.
69
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The receivables/payables are values at current market value.
PROVISIONS
Assets retirement obligations
In accordance with the terms of the license concessions for licenses where the Company has an
ownership interest, the state of California may instruct the license holders to partly or completely
remove the facilities at the end of production or when the concession period expires. Upon initial
recognition of a removal liability, the Company calculates and records the net present value related to
future abandonment and decommissioning. This removal liability is viewed to be a part of the total
cost of the relevant property, plant and equipment and depreciated using the unit of production
method.
The change in the time value (net present value) of the liability is charged as a finance cost (accretion)
and increases the future liability related to abandonment and decommissioning. Any change in the best
estimate related to expenditures associated with abandonment and decommissioning liabilities are
accounted for prospectively. The discount rate used when calculating the net present value of the
abandonment and decommissioning liability is calculated based on a risk free interest rate plus a risk
premium.
8.3
Comments to the historic financial information
First quarter 2012 and 2011
Oil sold in Q1 2012 was 4,642 bbls vs. 2,450 bbls in Q1 2011. The Company is in an investment
phase and has been doing production testing. The revenue increased from USD 200’ in Q1 2011 to
USD 337’ in Q1 2012 due to production from additional wells. Production cost, labour cost, DD&A
and other opex increased from USD 1,069’ in Q1 2011 to USD 1,458’ in Q1 2012 as a result of
increased activity and new wells completed for production.
8.3.1
Financial income was USD 26’ in Q1 2011 and 46’ in Q1 2012 and consists of interest income on
bank deposits. Financial costs were USD 657’ in Q1 2011 and USD 1,779’ in Q2 2012. The increase
is mainly due to foreign exchange rate loss. As the functional currency in Crudecorp ASA is NOK and
production rights and loan to subsidiary CMO, Inc. is in USD any change in exchange rate will affect
the Profit & Loss in the Crudecorp ASA’s annual account and this will not be eliminated in the
consolidated accounts.
The balance sheet consisted of total non-current assets of USD 12,380’ in Q1 2011 and USD 29,483’
in Q1 2012. The increased balance is mainly due to investments for oil production (wells, water tanks,
production tanks, pipelines, steam generator etc.) in accordance with the Company’s Development
plan. Increased non-current assets is specified in note 6 of the first quarter 2012 report and included
USD 816’ related to third parties’ share of investment. The third parties’ share of investments is in
accordance with the agreement with the external owners of 10% of production rights of Chico
Martinez. According to the agreement with these owners Crudecorp shall bear the first USD 20
million of the investments in the field. As of 31.12.2011 the total investment according to this
agreement was approximately USD 22 million. As per first quarter 2012 the total investment was
approximately USD 28 million. The owner of the last 10% of Chico Martinez is, according to the
agreement, not committed to pay their share before they receive this amount from the production in
the field. As of 31.03.2012 the third parties’ share of the investments was USD 816’ and this amount
was therefore recorded as long term assets.
70
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The bank balance decreased from USD 17,053’ in Q1 2011 to USD 8,575’ in Q1 2012. The material
decrease is due to investments in fixed assets.
Shareholder’s equity increased from USD 27,905’ in Q1 2011 to USD 35,724’ in Q1 2012. The
increased equity is due to share issue reduced by the net results in the period.
Financial year 2011
Oil sold in 2011 was 10,112 bbls and oil sold in 2010 was 5,800 bbls. Revenue increased from USD
597’ in 2010 to USD 745’ in 2011 due to production from additional wells. Production cost, labour
cost, DD&A and other opex increased from USD 1,791’ in 2010 to USD 4,426’ in 2011. The material
increase in production cost, labour cost, DD&A and other opex was a result of increased activity and
new wells completed for production.
8.3.2
Financial income was USD 752’ in 2010 and USD 1,929’ in 2011. The reason for the increase was
mainly foreign exchange gains. As the functional currency in Crudecorp ASA is NOK and production
rights and loan to subsidiary CMO, Inc. is in USD any change in exchange rate will affect the Profit &
Loss in the Crudecorp ASA’s annual account and this will not be eliminated in the consolidated
accounts. Financial costs were USD 513’ in 2010 and USD 29’ in 2011. The decreased financial cost
is due to exchange rate as explained above.
The balance sheet consisted of total non-current assets of USD 9,076’ in 2010 and USD 23,277’ in
2011. The increase was due to investment for oil production (wells, water tanks, production tanks,
pipelines, steam generator etc.) according to the Company’s Development plan.
Shareholder’s Equity increased from 11,414’ in 2010 to USD 36,244’ in 2011. The increase was due
to share issue of USD 28,456’ and reduced by the net result of 2011 including translation differences
of a total amount of USD 3,626’.
Financial year 2010
Operating revenue for 2010 amounted to USD 314’ and included oil sale of USD 309’. Oil sold in
2010 was 5,800 bbls and associated production cost was USD 312’. The significant increase in
revenue and production cost compared to 2009 was a result of wells being drilled and completed
during 2010 as well as increased production optimization activities and steam injection Salaries,
depreciation and and other operating expenses combined were close to identical to 2009 levels. Total
costs increased from USD 1,527’ in 2009 to USD 1,791’ in 2010. .
8.3.3
Financial income was USD 427’ in 2009 and USD 752’ in 2010. The mainly reason for the increase in
financial income was due to debt forgivness. The debt forgiveness was a part of the agreement with
the previous owners of the production rights in Chico Martinez when Crudecorp increased the
ownership from 75% to 90% in 2010. As the functional currency in Crudecorp ASA is NOK and
production rights and loan to subsidiary CMO, Inc. is in USD any change in exchange rate will affect
the Profit & Loss in the Crudecorp ASA’s annual account and this will not be eliminated in the
consolidated accounts. Financial costs were USD 630’ in 2009 and USD 513’ in 2010. The decreased
cost was due to reduced interest costrelated to loan.
The balance sheet consisted of fixed assets of USD 1’ in 2009 and USD 9,076’ in 2010. The increase
in fixed assets was due to investment in equipment for oil productionRedused cash balance from USD
7,088’ in 2009 to USD 3,511’ in 2010 was due to increase in fixed assets.
71
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The equity was USD 8,022’ in 2009 and increased to USD 11,414’ in 2010. The increase is due to
share issue of USD 4,720’ in 2010 and redused by net result including translation differences by a
total of USD 1,328’.
Long term debt decreased from USD 6,037’ in 2009 to USD 1,511’ in 2010 as a result of renegotian
of the loan. Long term debt consisted of liabilities related to the acquisition of Chico Martinez. In
2010 Crudecorp increased the ownership in the working interest in Chico Martinez from 75% to 90%
and at the same time renegotiated the payment for the ownership. The loan to the external owners of
Chico Martinez was reduced to USD 2 million. Repayment schedule is in step with production with
installments of $2 per barrel produced in Chico Martinez. The nominal value of the loan is USD 2
million, and the loan is non-interest bearing. Due to the interest of 0% it is calculated an intended
interest at the time for the transaction and corrected towards recorded amount of production rights.
This intended interest is being amortizes over the expected lifetime of the loan.
Financial year 2009
Total revenue for 2009 amounted to USD 209’ and included oil sale of USD 90’ and USD 119’ from
an insurance claim. Production cost was USD 35’, salaries USD 748’, depreciations USD 152’ and
other operating expenses USD 592’. Operating profit was USD -1,318’. Financial income was USD
427’ and financial costs USD 630’. The net result was USD -1,521’.
8.3.4
Financial income was USD 427’ and consisted of debt forgiveness of USD 264’, foreign exchange
gains of USD 124’ and interest income on bank deposits of USD 39’. As the functional currency in
Crudecorp ASA is NOK and production rights and loan to subsidiary CMO, Inc. is in USD any
change in exchange rate will affect the Profit & Loss in the Crudecorp ASA’s annual account and this
will not be eliminated in the consolidated accounts. Financial costs were USD 630’ and consist of
interests cost related to loan of USD 398’ and foreign exchange rate loss related to change in exchange
rate as explained above of USD 233’.
The balance sheet consisted of fixed assets of USD 6,990’ whereof USD 6,989’ was related to
production rights and USD 1’ investments in production equipment. Accounts receivable was USD
105’ and the cash balance 7,088’.
Equity consisted of share capital USD 93’, share premium of USD 9,360’ and retained earnings of
USD -1,431’.
The long term debt of USD 6,037’ consisted of liability related to the purchase of Chico Martinez.
Short term debt of USD 124’ consisted of accounts payable and other short term liabilities.
8.4
Changes in equity
Below is the Company’s consolidated statement of changes in equity for the period 2009- 31 March
2012.
72
Share
Capital
Share
Premium
Retained
Earnings
Sum
Equity
Equity 1 January 2009
37 049
3 944 876
-3 584 332
397 593
This year's result
7 028
153 726
-1 520 624
31 812
-1 520 624
192 566
4 842
9 187
39 500
1 828 172
7 070 529
-3 637 589
5 261 112
4 842
1 837 359
7 110 029
8 952 230
IFRS 2 option cost
Debt conversion
Share issue
This year's result
IFRS 2 option cost
Share Issue
This year's result
48 687
92 764
9 359 714
2 957
1 430 713
1 433 670
2 957
4 720 032
4 722 989
12 569 318
-1 267 723
11 413 586
810 496
-1 781 202
-2 710 810
-1 781 202
-1 912 384
1 267 723
1 267 723
6 899
29 922 407
-1 466 375
28 462 931
-4 492 012
36 243 986
-2 854 008
263 623
-2 854 008
263 623
2 070 701
35 724 302
20 978
20 978
4 699 054
-1 430 713
3 268 341
111 992
-12 070
204 287
6 899
-114 462
29 832 581
-1 466 375
-1 267 723
26 990 919
304 209
40 431 789
15 998
320 207
2 054 703
42 486 492
-7 082 399
O SL O A X E SS
8 021 765
-1 238 205
-92 962
-58 737
IFRS 2 option cost
Bonus Issue
Share Issue
Share Issue Cost
Result of Q1 2012
Equity per 31.03.2012
-1 430 713
-1 238 205
-32 475
-1 750
114 462
89 824
3 637 589
3 642 431
ON
73
8.5
ON
O SL O A X E SS
Property, plant and equipment
The table below sets forth the gross value of the Company’s property, plant and equipment as of 31
March 2012.
(USD)
Unaudited
Drilling and Completion
Tanks and Piping
Steam Generator
Engineering Surface Facilities (incl. Proj.
Mgt and Procurement Support)
Other PP&E
Chico Martinez Oil and Gas Lease
Acquisition
Chico Martinez Mineral Ownership
Acquisition
Total
x
x
x
x
x
x
x
8.6
9,473,000
6,338,000
1,801,000
1,300,000
3,707,000
6,500,000
138,000
29,257,000
Drilling and Completion expenses generally relate to cost of contracting drilling rig and steps
taken to ensure wells are prepared and readied for production.
Tanks and Piping expenses generally relate to tanks for handling and storage of oil production
as well as surface pipelines for moving fluids in the field.
The Company purchased a new Steam Generator in 2011. This equipment will form an
integral of the Company’s effort to inject hot steam into the reservoir.
The Company has used the services of a third party supplier assisting in the areas of
Engineering, Procurement and Project Management.
Other PP&E relate to a number of investments made as part of Company’s field development
efforts.
The Company paid USD 4.5 million cash and assumed USD 2.0 million worth of vendor
finance when it acquired the Chico Martinez Oil and Gas lease in 2010.
CMO. Inc. owns mineral interest in the Chico Martinez field, valued at USD 0.138 million
Investments
Summary of Investments
Investments
Drill & Compl.
2009
2010
2011
2012
2013
SUM
1 620 742
1 997 134
3 617 876
Historical invstments as of 31 March 2012
Pre Phase 1
Phase 1 & 2A
Equipment
Property Drill & Compl.
Equipment
114 700
10 311
125 012
6 617 811
20 170
6 637 981
5 856 783
5 856 783
Investments in progress
Phase 1 & 2A
Phase 2B
Drill & Compl.
Equipment
Drill & Compl.
Equipment
7 167 149
5 852 376
84 377
7 271 683
450 000
13 019 524
84 377
7 271 683
450 000
Future investments
Phase 2B - 4
Drill & Compl. Equipment
14 600 000
-
14 600 000
4 600 000
13 800 000
18 400 000
Historical investments
The company made investments in property, 2 vertical oil wells, 4 horizontal oil wells and 1
delineation well and some process equipment prior to sanctioning the described development plan
detailed in 5.10. The purpose of these investments was to gather data, perform production testing and
try different well concepts prior to formulating a development plan for the field.
8.6.1
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All investments have been financed with equity from the Company’s shareholders. The only exception
is the purchase of property/ production rights for Chico Martinez which was partly financed thru loan
from the previous owners. The loan was originally USD 2,000,000 and the current balance is USD
1,967,235. This loan is being repaid at a rate of USD 2.00 per barrel of oil produced, and has no
maturity.
Investments in progress
The Company has per the date of the Prospectus committed itself to investments, hereunder
completion of construction of the processing plant for Phase 1 and 2A, see 8.6.1. These activities
consist of;
8.6.2
- Main facility hook-up
- Tanks
- Steam piping
- Casing vapor recovery
- Control panels
The company has also committed a cancellation fee for a drilling rig which is planned to commence
drilling for Phases 2B to 4 in the event that the Company can secure additional financing to complete
the construction of these planned expansions.
Committed investments per 31 March 2012 plus committed investments in the period 31 March to 13.
June 2012 total USD 7,806,000 of committed investments at 13 June 2012.
The Company’s bank balance as of 31 March, the overdraft facility established in Sandnes Sparebank
and the loan facility granted by four of the company´s shareholders give the following financing:
Bank balance
Sandnes Sparebank overdraft facility
Shareholder loans
Total
USD 8,574,763
USD 1,666,667 (using USD/NOK = 6)
USD 3,333,333 (using USD/NOK =6)
USD 13,574,763
Future investments
The Company intends to make significant future investments in the field in Phases 2B through 4, ref.
section 5.10 and 8.6.1. The total investment not yet committed for development of Phase 2B through 4
is USD 33.0 million.
8.6.3
Engineering is complete for Phase 2B through Phase 4. The company has several options in how it
pursues the Phase 2B through 4 developments, either through a step by step approach where each
phase is completed prior to the next one. Alternatively, the development can be run as one combined
project.
The decision to how the project will be run and hence the funds which will have to be committed will
depend on, among other factors, the timing of expected cash flow from field and access to equity and
third party capital/bank financing.
Following the completion of Phases 2B to 4, the Company intends to expand the field development
further through development phases 5 through 7. However, the Company has not detailed the plans for
this expansion, nor completed any engineering or detailed cost estimates.
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8.7
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Capital resources, capitalisation and indebtedness
Cash flow
The Company’s consolidated cash flows for the first three months of 2012 and for 2011, 2010 and
2009 is specified in item 8.2.3.
8.7.1
Q1 2012: Cash flow from operating activities was USD -798 479. Purchase of fixed assets was USD
4 731 883. Net change in borrowings USD -816 451 was related to third parties’ share of investments
recorded as decrease of fixed assets and increase long term receivables. Cash in the beginning of
period was USD 14 757 305 and cash balance at end of period was USD 8 574 763.
Q1 2011: Cash flow from operating activities was USD -649 000. Purchase of fixed assets was USD
2 544 559. Proceeds from equity issue was USD 16 600 973. Cash in the beginning of period was
USD 3 510 943 and cash balance at end of period was USD 17 053 369.
2011: Cash flow from operating activities was USD -960 860. Purchase of fixed assets was USD
14 833 536. Proceeds from equity issue was USD 28 456 030. Cash in the beginning of period was
USD 3 510 943 and cash balance at end of period was USD 14 757 305.
2010: Cash flow from operating activities was USD -1 224 189, interest paid was USD 236 660.
Purchase of fixed assets was USD 1 681 225. Proceeds from equity issue was USD 4 365 300 and net
change in borrowings was USD -4 500 000 and was related to repayment of loan. Cash in the
beginning of period was USD 7 088 421 and cash balance at end of period was USD 3 510 943.
2009: Cash flow from operating activities was USD -1 162 434, interest paid was USD 356 250.
Proceeds from equity issue was USD 6 504 065 and net change in borrowings was USD 869 326.
Cash in the beginning of period was USD 1 585 945 and cash balance at end of period was USD 7 088
421.
8.7.2
Capitalisation and indebtedness (unaudited)
The table below gives an overview of the Company’s capitalisation and indebtedness as per 31 March
2012.
CAPITALISATION PER 31 MARCH 2012
31 March 2012
(USD)
Total current debt
1,278,000
Guaranteed
0
Secured
0
Unguaranteed/unsecured
1,278,000
Total Non-current debt ( excluding current portion of
long term debt)
1,727,000
Guaranteed (description of the types of guarantees
0
Secured ( description of the assets secured)
0
Unguaranteed/ unsecured
76
1,727,000
a Share Capital
42,486,000
c Other reserves
0
A. Cash
42,806,000
8,575,000
B. Cash equivalents (detail)
0
C. Trading securities
0
D. Liquidity (A+B+C)
E. Current financial receivables
8,575,000
671,000
F. Current bank debt
0
G. Current portion of non-current debt
0
H. Other current financial debt
0
I. Current financial debt (F+G+H)
0
J. Net current financial indebtedness (I-E-D)
-9,246,000
K. Non-current bank loans
0
L. Bond issues
0
M. Other non-current loans
N. Non-current financial debt (K+L+M)
O. Net financial indebtedness (J+N)
O SL O A X E SS
320,000
b Legal reserves
Total
ON
1,727,000
1,727,000
-7,519,000
In connection to the overdraft facility from Sandnes Sparebank of NOK 10 million, Sandnes
Sparebank has mortgage security in inventory, factoring and operating equipment of NOK 10,000 (ten
thousand) each.
There have been no significant changes in the Company’s capitalization and indebtedness since 31
March 2012.
8.7.3
Information concerning Crudecorp’s capital resources
Promissory note has a nominal interest rate 0% and a repayment schedule that is in step with
production with installments of $2 per barrel produced in Chico Martinez. Nominal value as per 31
March 2012 is USD 1,966’ . The loan is a part of the purchase price of 90% ownership in Chico
Martinez. The lender is the previous owners of the working interest in Chico Martinez; Petrov
Enterprises, Inc. and Sea Industries, Inc.
The Company has in March 2012 established an overdraft facility with Sandnes Sparebank of NOK 10
million. Due date is 31 December 2012. The draft facility has so far been unused. Four of the
Company's shareholders have agreed to grant a loan facility in the aggregate amount of NOK 20
million that the Company is entitled to draw down in one or more tranches until 1 May 2013. The
Company has not made any drawdowns on this loan facility. The four shareholders include member of
the Board of Directors Espen Fjogstad (through Synesi AS) and CEO Gunnar Hviding (through Cives
AS), in addition to Veen Eiendom AS and Pebriga AS. The loan agreement was approved by the
Company's general meeting on 30 May 2012 with an increased borrowing limit of NOK 30 million.
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Liquidity
Cash in bank as per 31.03.2012 was USD 8,575’.
8.7.4
Working Capital Statement
The Company is of the opinion that the working capital of the Group is sufficient for the Group’s
present requirements, that is, for at least the 12 months from the date of this Prospectus.
8.7.5
Foreign currency exposure
Foreign currency risk for the Company is defined as the risk that arises in connection with operations
and investments in foreign currencies. Crudecorp ASA and CMO AS have NOK as functional
currency while CMO Inc has USD as functional currency. The presentation currency for the Group is
USD. The private placements in the Group are performed in Crudecorp ASA in NOK and Crudecorp
ASA is financing the operation in CMO Inc with loan in USD. The foreign currency risks arise when
the cash flow and balance sheet items are denominated in currency other than USD. The Company
strives towards minimizing currency exposure. Essential current cash flow and balance sheet exposure
that cannot be matched against cash flow and balance sheet items shall be minimized on the basis of
financial instruments.
8.7.6
8.8
Significant changes in financial and trading position
There have been no significant changes in the Group’s financial or trading position since 31 March
2012.
8.9
Statutory auditors
The auditor of Crudecorp is PricewaterhouseCoopers AS, registration number 987 009 713, with
registered business address at Dronning Eufemias gate 8, 0191 Oslo, Norway, who has been the
Company's auditor since its inception in 2007. PricewaterhouseCoopers AS is member of Den norske
Revisorforening (the Norwegian Institute of Public Accountants).
PricewaterhouseCoopers AS has conducted the audit in accordance with laws, regulations and
auditing standards and practices generally accepted in Norway, including International Standards on
Auditing.
Auditor contact information:
Name:
Address:
Telephone:
Fax:
Web:
78
PricewaterhouseCoopers AS.
Dronning Eufemias gate 8
Postboks 748 Sentrum
0106 Oslo
Norway
+47 95 26 00 00
+47 23 16 10 00
www.pwc.no
9.
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Share capital and shareholder information
The following is a summary of certain information relating to the Shares and certain shareholder
matters, including summaries of certain provisions of the Company’s Articles of Association and
applicable Norwegian law in effect as of the date of the Prospectus. The summary does not purport to
be complete and is qualified in its entirety by the Company’s Articles of Association and Norwegian
law.
9.1
Description of the Shares and share capital
9.1.1
Shar e capital
The Company’s registered share capital is NOK 1,823,033.58 divided into 91,151,679 shares each
with a nominal value of NOK 0.02. All shares in the Company are of the same class and have the
same right in the Company.
All Shares are authorised, issued and fully paid in compliance with the Companies Act. The Shares
are registered in the VPS under ISIN NO 001 036 8475 with DnB Bank ASA, Stranden 21, N-0250
Oslo, Norway acting as registrar.
9.1.2
T r easur y shar es
Neither the Company, nor any of its subsidiaries, holds any Shares in treasury as of the date of this
Prospectus.
9.1.3
C onver tible loans, war r ants etc
The Company has no convertible loans outstanding, nor has it issued any warrants.
9.1.4
Outstanding options
With the exception of the options outstanding as referred to in Section 7.6.2 no capital of any member
of the group are under option or agreed to be put under option.
9.1.5
B oar d author ization to issue shar es
The Board of Directors is not authorised to increase the Company's share capital, except for 40,000
shares as part of the options referred to in Section 7.6.2 up to 12 October 2013.
9.1.6
C hanges in the shar e capital
Per 1 January 2011, the Company's share capital was NOK 655,870 and per 31 December 2011, the
Company's share capital was NOK 1,823,033.58. Set out below is a table showing the changes in the
Company's issued share capital for the period between 1 January 2009 and the date of this Prospectus.
79
Time
H2 2009
H2 2009
H2 2010
H1 2011
H1 2011
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Type of change
Conversion of debt
Private placement
Private placement
Bond issue
Private placement
Change in
Capital increase New Share Capital
number of
Par value
(NOK)
(NOK)
shares
(NOK)
10 870 000,00
313 650,00
5 435 000,00
0,01
39 999 600,00
535 870,00
22 222 000,00
0,01
655 870,00
27 000 000,00
12 000 000,00
0,01
655 870,00
1 311 740,00
NA
0,02
100 000 000,00
1 561 740,00
12 500 000,00
0,02
Price per
share (NOK)
2,00
1,80
2,25
NA
8,00
H2 2011
Private placement
tranche 1
48 268 746,50
1 710 259,22
7 425 961,00
0,02
6,50
H2 2011
Private placement
tranche 2
21 731 252,00
1 818 915,48
5 432 813,00
0,02
4,00
H2 2011
H2 2011
Private placement
repair
Exercise of options
168 382,50
360 000,00
1 819 433,58
1 823 033,58
25 905,00
180 000,00
0,02
0,02
6,50
2,00
9.2
Notifiable shar eholdings
As of 6 June 2012 the Company had 115 shareholders, of whom 109 (94.8 %) were Norwegian and 6
(5.2 %) were non-Norwegian, registered in the VPS. The 20 largest shareholders and their
shareholdings as per 6 June 2012 are listed below:
No. of Share s
O wne rship
(%)
YMIR ENERGY AS
37 300 792
40,92 %
VICTORY LIFE
11 829 201
12,98 %
SYNESI AS
7 045 999
7,73 %
XFILE AS
4 750 500
5,21 %
VEEN EIENDOM A/S
3 160 006
3,47 %
PEBRIGA AS
2 999 142
3,29 %
CIVES AS
2 951 900
3,24 %
TIME TRADER AS
2 827 708
3,10 %
SANDNES INVESTERING AS
1 999 950
2,19 %
A/S MERITUM
1 401 858
1,54 %
1 022 600
1,12 %
MEPS AS
1 000 000
1,10 %
A/S TERMES
981 329
1,08 %
REIDAR BRUMER BRATVOLD
728 000
0,80 %
SIRIUS AS
700 000
0,77 %
SMH MANAGEMENT A/S
605 700
0,66 %
ZELOW INVEST AS
523 200
0,57 %
KAPITA AS
500 000
0,55 %
HÅVARD RØD
422 499
0,46 %
400 000
83 150 384
0,44 %
KLØVNINGEN AS
Total 20 largest Shareholders
Others
Total
80
91,22 %
8 001 295
8,78 %
91 151 679
100,00 %
ON
O SL O A X E SS
In accordance with the disclosure obligation under the Norwegian Securities Trading Act,
shareholders acquiring ownership to or control over more than 5% of the share capital of a company
listed on Oslo Axess must notify the stock exchange immediately, see section 9.18.5.
Except for Ymir Energi AS (controlled by board member Sigurd Aase), Victory Life, Synesi AS
(controlled by board member Espen Fjogstad) and Xfile AS, the Company is not aware of any other
shareholders or consolidated group of shareholders owning more than 5% of the shares or being in
position to take control of over the Company.
9.3
Differ ences in voting r ights; shar eholder agr eements
None of the Company's major shareholders or other shareholders has different voting rights. All shares
have equal rights, and each share caries the right to one vote in the Company's general meetings.
As far as the Company is aware, there are no shareholders' agreements related to the Shares in the
Company.
9.4
Shar eholder s with dir ect or indir ect contr ol
The Company's largest shareholder as of the date of this Prospectus, Ymir Energy AS, holds
approximately 41% of the Shares, and thereby has negative control over the Company by its votes.
Except for the minority protection provisions set out in the Companies Act, there are no particular
mechanisms in place to ensure the control is not abused.
No shareholders are subject to mandatory bid requirements for the Company's shares.
9.5
A r r angements which may cause change in contr ol
The Company is not aware of any arrangements which may at a later date lead to a change in control.
9.6
Limitations on the right to own and transfer Shares
The Shares are freely transferable. The Company’s Articles of Association do not contain any
provisions imposing limitations on the ownership of the Shares and there are no limitations under
Norwegian law on the rights of non-residents or foreign owners to hold or vote for the Shares.
9.7
Dividend policy and payment of dividends
The Company aim to generate investment returns to the shareholders in the form of capital
appreciation over time, at a level which is at least equal to other investment possibilities with
comparable risk. The Company does not envisage paying dividends in the short, medium or long term.
There are however no restrictions on the payment of dividends in the Company’s Articles of
Association and as such there are no conditions for the payment on dividends which are more
restrictive than those required by the Companies Act.
The Company has not paid any dividends in the past.
9.8
General meetings
The general meeting of shareholders is the highest authority of a Norwegian public limited company.
The Company must arrange for the annual general meeting to be held before the end of June every
year. The annual general meeting shall, inter alia, approve the annual accounts, the Board of
Directors’ report and any dividends payable and consider the Board of Director’s declaration
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concerning determination of salaries and other remuneration to the Chief Executive Officer and other
senior executive officers. An extraordinary general meeting shall be called if the Board of Directors so
resolves or the auditors or shareholders holding in aggregate at least 5% of the Company’s share
capital require it.
The general meeting shall be convened by a written notice to all shareholders with a known address no
later than 21 days prior to a general meeting.
A shareholder is entitled to submit proposals to be discussed in a general meeting provided that such
proposals are submitted in writing to the Board of Directors at least seven days prior to the deadline
for the notice to the general meeting. Such proposal shall be accompanied by a proposed resolution or
the reasons why the matter should be included on the agenda. Further, a shareholder is entitled to table
draft resolutions for items included on the agenda for the general meeting.
All shareholders in the Company are entitled to attend and vote in general meetings, either in person
or by proxy. See Section 9.9 (Voting rights) below with regard to certain restrictions on voting rights
applicable to nominee-registered Shares. The Company will distribute proxy forms to its shareholders
together with the notice of any general meeting.
9.9
Voting rights
Each Share carries one vote in a general meeting.
As a general rule, resolutions shareholders are entitled to make pursuant to Norwegian law or the
Company’s Articles of Association require approval by a simple majority of the votes cast. However,
certain decisions, including resolutions to (i) waive pre-emptive rights in connection with any issue of
shares, convertible bonds, warrants, etc., (ii) approve a merger or demerger, (iii) amend the Articles of
Association, (iv) authorize an increase or decrease in the share capital, (v) authorize issuance of
convertible loans or warrants, (vi) authorize the Board of Directors to purchase treasury shares or (vii)
dissolve the Company, must receive the approval of at least two-thirds of the votes cast and two-thirds
of the share capital represented in a general meeting.
Decisions that would (i) reduce any existing shareholder’s right with respect to dividend payments or
other rights to the assets of the Company or (ii) restrict the transferability of the Shares through
introduction of a consent requirement, a right of first refusal upon transfers or a requirement that
shareholders must have certain qualifications, require a majority vote of at least 90% of the share
capital represented in the general meeting in question as well as the majority required for changes to
the Articles of Association. Certain other decisions involving fundamental changes in the status of
already issued shares, including but not limited to increased obligations of the shareholders, other
transfer restrictions than those mentioned above and introduction of forced redemption, require the
consent of all shareholders affected thereby as well as the majority required for amendments to the
Company’s Articles of Association.
The Company’s Articles of Association do not contain provisions deviating from the Companies Act
in this respect.
In order to be entitled to vote in a general meeting, a shareholder must, as a general rule, be registered
as owner of the Shares in the Company’s shareholder register kept by the VPS. Beneficial owners of
Shares that are registered in the name of a nominee are generally not entitled to vote under Norwegian
law, nor are any persons who are designated in the shareholder register as holding such Shares as
nominees. The Company has applied this principle consistently. It should, however, be noted that
82
ON
O SL O A X E SS
there are different opinions as to the interpretation of Norwegian law with respect to the right to vote
for nominee-registered shares. For example, the Oslo Stock Exchange has in a statement of
21 November 2003 held that in its opinion beneficial owners of Shares that are registered in the name
of a nominee may vote in general meetings if they prove their actual shareholding prior to the general
meeting.
9.10
Additional issuances and preferential rights
If the Company issues any Shares, including bonus Shares (i.e. Shares issued through a transfer from
the Company’s share premium reserve or distributable equity to the share capital), the Company’s
Articles of Association must be amended, which requires support by at least two-thirds of the votes
cast and share capital represented in a general meeting.
Pursuant to the Companies Act, the Company’s shareholders have a preferential right to subscribe for
Shares issued against contribution in cash pro rata basis to their shareholdings in the Company. Said
preferential right may be waived by a resolution in a general meeting passed by two-thirds of the votes
cast and share capital represented. A waiver of the shareholders’ preferential right in respect of bonus
issues requires the approval of all outstanding shares.
The general meeting may, in a resolution supported by at least two-thirds of the votes cast and share
capital represented, authorize the Board of Directors to issue Shares. Such authorization may remain
in force for a maximum of two years, and the nominal value of the shares to be issued may not exceed
50% of the nominal share capital of the Company at the time the authorization is registered. The
Board of Directors may only waive the shareholders’ preferential right to subscribe for Shares issued
against contribution in cash if permitted according to the authority.
Under Norwegian law, bonus Shares may be issued through a transfer from the Company’s
distributable equity or share premium reserve to the share capital. Such bonus issues may be carried
out either through the issue of Shares or through an increase of the nominal value of the shares
outstanding.
In order to issue Shares in the Company to holders who are citizens or residents of the United States
upon the exercise of preferential rights, the Company may be required to file a registration statement
in the United States under United States securities law. If the Company decides not to file a
registration statement, such holders may not be able to exercise their preferential rights. The same
applies to other jurisdictions which, according to the Company’s considerations, have similar
restrictive legislation.
9.11
Regulation of dividends
Dividends may be paid in cash or in some instances in kind. The Companies Act provides several
constraints on the distribution of dividends applicable to the Company:
(i) Dividends are payable only out of distributable reserves. Section 8–1 of the Companies Act
provides that distributable reserves consist of the profit for the prior financial year (as
reflected in the income statement approved by the annual general meeting of shareholders)
and the retained profit from previous years (adjusted for any reclassification of equity), less (i)
uncovered losses, (ii) the book value of research and development, goodwill and net deferred
tax assets (as recorded in the balance sheet as of the end of the prior financial year approved
by the annual general meeting), (iii) the total nominal value of treasury shares which the
Company has acquired for ownership or as security in previous financial years, as well as
credit and security which, pursuant to Sections 8–7 to 8–9 of the Companies Act, fall within
83
ON
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the limits of distributable equity, and (iv) the part of the profit for the prior financial year
which, by law or pursuant to the Company’s Articles of Association, must be allocated to the
undistributable reserve or cannot be distributed as a dividends.
(ii) Dividends can only be distributed to the extent compatible with good and careful business
practice, with due regard to any losses which the Company may have incurred since the
balance sheet date (i.e. the end of the previous financial year) or which the Company may
expect to incur.
(iii) The amount of dividends the Company can distribute is calculated on the basis of the
Company’s annual financial statements, not the Group’s consolidated financial statements.
Distribution of dividends is resolved by the general meeting on the basis of a proposal from the Board
of Directors. The general meeting cannot resolve a larger dividend than proposed or accepted by the
Board of Directors.
The shareholders have, through the entitlement to dividends, a right to share in the Company’s profits.
Shareholders holding in aggregate 5% or more of the Company’s share capital have a right to request
that the courts set a higher dividend than decided by the general meeting. The courts may set a higher
dividend to the extent the resolved dividend is considered to be unreasonably low.
All shareholders that are shareholders at the time the general meeting pass its resolution to distribute
dividends are entitled to such dividends. There is no time limit after which entitlement to dividends
lapses under the Companies Act or the Company’s Articles of Association. Further, there are no
dividend restrictions or specific procedures for non-Norwegian resident shareholders in the
Companies Act or the Company’s Articles of Association.
9.12
Minority rights
Norwegian law contains a number of protections for minority shareholders against oppression by the
majority, including but not limited to those described in this and preceding Sections. Any shareholder
may petition the courts to have a decision of the Company’s Board of Directors or general meeting
declared invalid on the grounds that it unreasonably favours certain shareholders or third parties to the
detriment of other shareholders or the Company itself. In certain grave circumstances, shareholders
may require the courts to dissolve the Company as a result of such decisions.
9.13
Transactions with related parties
Pursuant to the Companies Act, an agreement between the Company and (i) a shareholder of the
Company, (ii) a shareholder’s parent company, (iii) a member of the Board of Directors, (iv) the
President and Chief Executive Officer of the Company, (v) somebody acting pursuant to an agreement
or understanding with some of the aforementioned persons, or (vi) a person or company that is a close
associate (as defined by the Companies Act) of a shareholder or a shareholder’s parent company,
which involves consideration from the Company in excess of one-twentieth of the Company’s share
capital at the time, is not binding for the Company unless the agreement has been approved by the
shareholders in a general meeting. There are certain exemptions from this rule. For example, business
agreements in the normal course of the Company’s business containing pricing and other terms and
conditions which are normal for such agreements and the purchase of securities at a price which is in
accordance with public quotation do not require such approval.
9.14
Rights of redemption and repurchase of Shares
The Company’s share capital may be decreased by redemption of Shares or by reducing the nominal
value of the Shares. Such a decision requires the approval of at least two-thirds of the aggregate
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number of votes cast and share capital represented in the general meeting. The Company has not
issued redeemable shares (i.e. shares in the Company redeemable without the shareholder’s consent).
Redemption of individual Shares, apart from treasury shares held by the Company, requires the
consent of the shareholders affected by such redemption.
The Company may purchase its own Shares if an authorization to the Board of Directors to this effect
has been given by the shareholders in a general meeting with the support of at least two-thirds of the
votes cast and share capital represented. The aggregate nominal value of treasury shares so acquired
and held by the Company may not exceed 10% of the Company’s share capital, and treasury shares
may only be acquired if the Company’s distributable equity, according to the latest adopted balance
sheet, exceeds the consideration to be paid for the treasury shares. The authorization from to the Board
of Directors cannot be given for a period exceeding 18 months.
9.15
Liability of directors and chief executive officer
The members of the Board of Directors and the Company’s CEO (Nw. administrerende
direktør/daglig leder) owe a fiduciary duty to the Company and thereby to its shareholders. Such
fiduciary duty requires that the members of the Board of Directors, the members of the Corporate
Assembly and the Chief Executive Officer act in the Company’s best interests when exercising their
functions and exercise a general duty of loyalty and care towards the Company. Their principal task is
to safeguard the interests of the Company.
Members of the Board of Directors or the Corporate Assembly and the Chief Executive Officer may
each be held liable for any damage they negligently or wilfully cause the Company.
Norwegian law permits the general meeting to exempt any such person from liability, but the
exemption is not binding unless substantially correct and complete information was provided to the
general meeting passing the resolution. If a resolution to grant such exemption from liability or not to
pursue claims against any such person has been passed by a general meeting with a majority below
that required to amend the Company’s Articles of Association, shareholders representing more than
10% of the share capital or, if there are more than 100 shareholders in the Company at the relevant
point in time, more than 10% of the total number of shareholders, may pursue the claim on behalf of
the Company and in the Company’s name. The cost of any such action is not the responsibility of the
Company, but can be recovered from any proceeds the Company receives as a result of the action. If a
resolution to grant an exemption from liability or not to pursue claims has been passed with a majority
equal to or larger than the majority required to amend the Company’s Articles of Association, or if a
settlement has been reached, the minority shareholders cannot pursue the claim in the name of the
Company. A resolution by the general meeting to exempt the directors, members of the Corporate
Assembly or the President and Chief Executive Officer from liability does not protect the directors,
members of the Corporate Assembly or the President and Chief Executive Officer from a claim or a
lawsuit filed by a third party other than a shareholder, for example a creditor.
9.16
Distribution of assets on liquidation
Pursuant to the Companies Act, a company may be liquidated by a resolution of the company’s
shareholders in a general meeting passed by the same vote as required with respect to amendments to
the Articles of Association. The Shares rank equally in the event of a return on capital by the
Company upon liquidation or otherwise.
In the event that a resolution to liquidate the Company has been passed, the Company’s assets shall be
transformed into cash in order to cover the Company’s obligations and for distribution to the
shareholders to the extent not all shareholders have voted for distributions in kind.
85
9.17
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Summary of the Company’s Articles of Association
The following is a summary of certain provisions of the Company’s Articles of Association, some of
which have not been addressed in the preceding Sections. The Company’s Articles of Association are
included in Appendix 1 to this Prospectus.
9.17.1
Object of the Company
According to Section 2 of the Articles of Association the Company’s object is to invest in oil and gas
fields and everything associated thereto, either directly or together with others. Information on the
Company's Board of Directors, management etc. is to be found in Sections 5 in the Articles of
Association.
9.17.2
Board of directors
According to article 5 of the Articles of Association, the Company’s Board of Directors shall consist
of minimum one member and a maximum of six members.
9.17.3
G ener al meetings
The annual general meeting shall consider (i) the Board of Directors’ report and the annual accounts,
including the payment of any dividend, (ii) the statement on salary and other remuneration to senior
executives according to the Companies Act Section 6-16 a, (iii) the Board of Director's guidelines for
executive salaries, (iv) the remuneration for board members, deputies and observers, and approval of
remuneration to the auditor, (v) the Company's statement of corporate governance according to the
Accounting Act Section 3-3 b and (vi) any other matters as by law or by operation of the Articles of
Association are to be dealt with at a General Meeting.
General meetings shall be convened by the Board of Directors in accordance with applicable legal
requirements. The chairman of the Board of Directors opens the general meeting.
Documents concerning matters to be considered at the general meeting must be sent to the
shareholders. This also applies to documents which by law shall be included in or attached to the
notice of the general meeting. A shareholder may nonetheless request that documents concerning
matters to be considered at the general meeting be sent to him or her free of charge. Shareholders or
their representatives wishing to attend and vote at the general meeting must inform the Company of
this within a time limit given in the notice of the General Meeting, which cannot expire earlier than
five days prior to the general meeting. Shareholders who have failed to give such notice within the
time limit can be denied admission.
9.18
C er tain aspects of applicable law
9.18.1
I nfor mation, contr ol and sur veillance
Under Norwegian law, the Oslo Stock Exchange is required to conduct a number of surveillance and
control functions. The Surveillance and Corporate Control unit of the Oslo Stock Exchange monitors
all market activity on a continuous basis. Market surveillance systems are largely automated, promptly
warning department personnel of abnormal market developments.
The Financial Supervisory Authority of Norway reviews and approves prospectuses related to public
offers and/or admissions to trading on a regulated market of shares, bonds and other transferable
securities.
Under Norwegian law, implementing the EU Market Abuse Directive, a company which is listed, or
has applied for listing, on a Norwegian regulated market, must promptly release any inside
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information (i.e. precise information about financial instruments, the issuer thereof or other matters
which are likely to have a significant effect on the price of the relevant financial instruments or related
financial instruments, and which are not publicly available or commonly known in the market). A
company may, however, delay the release of such information in order not to prejudice its legitimate
interests, provided that it is able to ensure the confidentiality of the information and that the delayed
release would not be likely to mislead the public. The Oslo Stock Exchange may levy fines on
companies violating these requirements.
9.18.2
T he V PS and tr ansfer of Shar es
The VPS is the Norwegian paperless centralized securities register. It is a computerized bookkeeping
system in which the ownership of, and all transactions relating to, Norwegian listed shares must be
recorded. The Company’s shareholder register is operated through the VPS. The VPS and the Oslo
Stock Exchange are both wholly owned by Oslo Børs VPS Holding ASA.
All transactions relating to securities registered in the VPS are made through computerized book
entries. No physical share certificates are, or may be, issued. The VPS confirms each entry by sending
a transcript to the registered shareholder irrespective of any beneficial ownership. To give effect to
such entries, the individual shareholder must establish a share account with a Norwegian account
agent. Norwegian banks, Norges Bank (i.e. Norway’s central bank), authorized securities brokers in
Norway and Norwegian branches of credit institutions established within the EEA are allowed to act
as account agents.
The entry of a transaction in the VPS is prima facie evidence in determining the legal rights of parties
as against the issuing company or any third party claiming an interest in the given security. A
transferee or assignee of shares may not exercise the rights of a shareholder with respect to such
shares unless such transferee or assignee has registered such shareholding or has reported and shown
evidence of such share acquisition, and the acquisition is not prevented by law, the relevant
company’s articles of association or otherwise.
The VPS is liable for any loss suffered as a result of faulty registration or an amendment to, or
deletion of, rights in respect of registered securities unless the error is caused by matters outside the
VPS’ control which the VPS could not reasonably be expected to avoid or overcome the consequences
of. Damages payable by the VPS may, however, be reduced in the event of contributory negligence by
the aggrieved party.
The VPS must provide information to the Financial Supervisory Authority on an ongoing basis, as
well as any information that the Financial Supervisory Authority requests. Further, Norwegian tax
authorities may require certain information from the VPS regarding any individual’s holdings of
securities, including information about dividends and interest payments.
9.18.3
Shar eholder r egister
Under Norwegian law, shares are registered in the name of the owner of the shares. As a general rule,
there are no arrangements for nominee registration. However, shares may be registered in the VPS by
a fund manager (bank or other nominee) approved by the Norwegian Ministry of Finance, as the
nominee of foreign shareholders. Nominee registration for Norwegian shareholders is not permitted.
An approved and registered nominee has a duty to provide information on demand about beneficial
shareholders to the company and to the Norwegian authorities. In case of registration by nominees, the
registration in the VPS must show that the registered owner is a nominee. A registered nominee has
the right to receive dividends and other distributions but cannot vote in general meetings on behalf of
the beneficial owners, see Section 9.9 (Voting rights) above.
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F or eign investment in Nor wegian shar es
Foreign investors may trade shares listed on the Oslo Stock Exchange through any broker that is a
member of the Oslo Stock Exchange, whether Norwegian or foreign.
9.18.5
Disclosur e obligations
If a person’s, entity’s or consolidated group’s proportion of shares and/or rights to shares in a
company listed on a regulated market with Norway as its home state (e.g. the Company) reaches,
exceeds or falls below the respective thresholds of 5%, 10%, 15%, 20%, 25%, 1/3, 50%, 2/3 or 90%
of the share capital or the voting rights of the company, the person, entity or group in question has an
obligation under the Norwegian Securities Trading Act to immediately notify Oslo Stock Exchange.
The same applies if the disclosure thresholds are passed due to other circumstances, such as a change
in the company’s share capital.
9.18.6
I nsider tr ading
According to Norwegian law, subscription for, purchase, sale or exchange of financial instruments that
are listed, or subject to the application for listing, on a Norwegian regulated market, or incitement to
such dispositions, must not be undertaken by anyone who has inside information, see Section 9.18.1
(Information, Control and Surveillance) above. The same applies to the entry into, purchase, sale or
exchange of options or futures/forward contracts or equivalent rights whose value is connected to such
financial instruments or incitement to such dispositions.
9.18.7
M andator y offer r equir ement
The Norwegian Securities Trading Act requires any person, entity or consolidated group who becomes
the owner of shares representing more than 1/3 of the voting rights of a Norwegian company listed on
a Norwegian regulated market to make an unconditional general offer for the purchase of the
remaining shares in such company. Such offer must be made within four weeks of the time the
threshold has been exceeded. A mandatory offer obligation may also be triggered where a party
acquires the right to become the owner of shares which together with the party’s own shareholding
represent more than 1/3 of the voting rights in the company and the Oslo Stock Exchange decides that
this must be regarded as an effective acquisition of the shares in question.
The mandatory offer obligation ceases to apply if the person, entity or consolidated group sells the
portion of the shares that exceeds the relevant threshold within four weeks of the date on which the
mandatory offer obligation was triggered.
When a mandatory offer obligation is triggered, the person subject to the obligation shall immediately
notify the Oslo Stock Exchange and the company accordingly. The notification shall state whether an
offer will be made to acquire the remaining shares in the company or whether a sale will take place.
As a main rule, a notification to the effect that an offer will be made cannot be retracted. The offer and
the offer document required are subject to approval by the Oslo Stock Exchange before the offer is
submitted to the shareholders or made public.
The offer price per share must be at least as high as the highest price paid or agreed by the offeror for
the shares in the six-month period prior to the date the threshold was exceeded. However, if it is clear
that the market price was higher when the mandatory offer obligation was triggered, the offer price
shall be at least as high as the market price. If the acquirer acquires or agrees to acquire additional
shares at a higher price prior to the expiration of the mandatory offer period, the acquirer is obliged to
restate its offer at such higher price. A mandatory offer must be in cash or contain a cash alternative at
least equivalent to any other consideration offered.
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In case of failure to make a mandatory offer or to sell the portion of the shares that exceeds the
relevant threshold within four weeks, the Oslo Stock Exchange may force the acquirer to sell the
shares exceeding the threshold by public auction. Moreover, a shareholder who fails to make an offer
may not, as long as the mandatory offer obligation remains in force, exercise rights in the company,
such as voting in a general meeting of shareholders, without the consent of a majority of the remaining
shareholders. The shareholder may, however, exercise the right to dividend and his/her/its pre-emption
rights in the event of a share capital increase. If the shareholder neglects his/her/its duties to make a
mandatory offer, the Oslo Stock Exchange may impose a cumulative daily fine which runs until the
circumstance has been rectified.
A shareholder or consolidated group who has passed the relevant threshold for a mandatory offer
obligation without triggering such an obligation, and who consequently has not previously made an
offer for the remaining shares in the company in accordance with the mandatory offer rules is, as a
main rule, obliged to make a mandatory offer in the event of a subsequent acquisition of shares in the
company (subsequent offer obligation).
A shareholder who represents more than 1/3 of the votes in a Norwegian company listed on a
Norwegian regulated market is obliged to make an offer to purchase the remaining shares of the
company (repeated offer obligation) where the shareholder through acquisition becomes the owner of
shares representing 40% or more of the votes in the company. The same applies correspondingly
where the shareholder through acquisition becomes the owner of shares representing 50% or more of
the votes in the company. The mandatory offer obligation ceases to apply if the shareholder sells the
portion of the shares which exceeds the relevant threshold within four weeks of the date on which the
mandatory offer obligation was triggered.
Pursuant to the Norwegian Securities Trading Act and the Norwegian Securities Regulation of 29 June
2007 No. 876, the above mentioned rules also apply in part or in whole to acquisitions of shares in
certain non-Norwegian companies whose shares are listed on a Norwegian regulated market.
9.18.8
C ompulsor y acquisition
Pursuant to Sections 4-24 cf. 4-25 of the Companies Act and chapter 4 of the Norwegian Securities
Trading Act, a shareholder who, directly or through subsidiaries, acquires shares representing more
than 90% of the total number of issued shares in a Norwegian public limited company, as well as more
than 90% of the total voting rights, has a right (and each remaining minority shareholder of the
company has a right to require such majority shareholder) to effect a compulsory acquisition for cash
of the shares not already owned by such majority shareholder. Through such compulsory acquisition
the majority shareholder becomes the owner of the remaining shares with immediate effect.
If a shareholder acquires shares representing more than 90% of the total number of issued shares, as
well as more than 90% of the total voting rights, through a voluntary offer in accordance with the
Norwegian Securities Trading Act, a compulsory acquisition can, subject to the following conditions,
be carried out without such shareholder being obliged to make a mandatory offer: (i) the compulsory
acquisition is commenced no later than four weeks after the acquisition of shares through the
voluntary offer, (ii) the price offered per share is equal to or higher than what the offer price would
have been in a mandatory offer, and (iii) the settlement is guaranteed by a financial institution
authorized to provide such guarantees in Norway.
A majority shareholder who effects a compulsory acquisition is required to offer the minority
shareholders a specific price per share, the determination of which is at the discretion of the majority
shareholder. However, where the offeror, after making a mandatory or voluntary offer, has acquired
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more than 90% of the voting shares of the offeree company and a corresponding proportion of the
votes that can be cast in the general meeting, and the offeror pursuant to Section 4–25 of the
Companies Act completes a compulsory acquisition of the remaining shares within three months after
the expiry of the offer period, it follows from the Norwegian Securities Trading Act that the
redemption price shall be determined on the basis of the offer price, absent specific reasons indicating
another price.
Should any minority shareholder not accept the offered price, such minority shareholder may, within a
specified deadline of not less than two months, request that the price be set by a Norwegian court. The
cost of such court procedure will, as a general rule, be the responsibility of the majority shareholder,
and the relevant court will have full discretion in determining the consideration to be paid to the
minority shareholder as a result of the compulsory acquisition.
Absent a request for a Norwegian court to set the price or any other objection to the price being
offered, the minority shareholders would be deemed to have accepted the offered price after the expiry
of the specified deadline.
9.18.9
F or eign exchange contr ols
There are currently no foreign exchange control restrictions in Norway, other than in certain extreme
macroeconomic conditions, that would potentially restrict the payment of dividends to a shareholder
outside Norway, and there are currently no restrictions that would affect the right of shareholders of a
Norwegian company who are not residents in Norway to dispose of their shares and receive the
proceeds from a disposal outside Norway. There is no maximum transferable amount either to or from
Norway, although transferring banks are required to submit reports on foreign currency exchange
transactions into and out of Norway into a central data register maintained by the Norwegian customs
and excise authorities. The Norwegian police, tax authorities, customs and excise authorities, the
National Insurance Administration and the Financial Supervisory Authority have electronic access to
the data in this register.
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Legal and arbitration proceedings
The Group is not involved in any governmental, legal or arbitration proceedings (including any such
proceedings which are pending or threatened of which the Company is aware) which may have
significant effects on the Issuer's and/or Group's financial position or profitability, nor has the
Company been involved in any such proceedings during the previous 12 months.
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11.
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Taxation issues
This discussion is based on current law and practice that may be subject to amendments. Such
amendments could be effective on a retroactive basis. The discussion is intended to serve as a general
guideline, and does not provide a complete description of all relevant issues (e.g., for investors for
whom special laws, rules or regulations may be applicable). Investors are advised to contact their
professional tax advisors for advice concerning individual tax consequences.
11.1
Tax consequences related to the ownership and realisation of shares - Norwegian
Shareholders
This Section summarises certain Norwegian tax rules relevant to shareholders that are residents of
Norway for Norwegian tax purposes (“Norwegian Shareholders”).
11.1.1 Taxation of repayments of paid-in capital
Repayments of paid-in capital for tax purposes that are equally distributed on all shares are not
considered taxable income in Norway. Paid-in capital for tax purposes is determined on a share-byshare basis, and may differ between the shares. Repayments of paid-in capital on a share exceeding the
paid-in capital for tax purposes on the same share should be taxed as dividend, see Section 11.1.2
“Taxation of dividends” below.
Repayments of paid-in capital for tax purposes on a share will reduce Norwegian Shareholders’ cost
price on the same share.
11.1.2 Taxation of dividends
11.1.2.1
Nor wegian Per sonal Shar eholder s
Dividends received by shareholders who are individuals tax-resident in Norway (“Norwegian
Personal Shareholders”) from a limited liability company tax-resident in Norway are subject to tax in
Norway as general income at a flat rate of 28%.
Norwegian Personal Shareholders may be entitled to deduct a calculated allowance when calculating
their taxable dividend income. The allowance is calculated on a share-by-share basis, and the
allowance for each share is equal to the cost price of the share, multiplied by a risk-free interest rate.
The allowance is calculated for each calendar year, and is allocated solely to Norwegian Personal
Shareholders holding shares at the expiration of the relevant calendar year. Norwegian Personal
Shareholders who transfer shares will thus not be entitled to deduct any calculated allowance related
to the year of transfer. Any part of the calculated allowance one year exceeding the dividend
distributed on the share can be forwarded and deducted when calculating taxable dividend income on
the same share a later year. Furthermore, unused allowance can be added to the cost price of the share
and included in the basis for calculating the allowance on the same share the following years.
11.1.2.2
Nor wegian C or por ate Shar eholder s
Dividends received by shareholders that are limited liability companies or similar entities tax-resident
in Norway (“Norwegian Corporate Shareholders”) from a limited liability company tax-resident in
Norway are comprised by the participation exemption method.
Three percent of the net annual income comprised by the participation exemption method is to be
entered as general income and taxed at the flat rate of 28%. Losses on shares may reduce the net
annual income comprised by the participation exemption method to zero, but cannot be forwarded nor
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reduce taxable income from other sources. The three percent should not be entered as general income
if the dividend is received by a Norwegian Corporate Shareholder which is a group company and the
parent company owns 90%or more of the affiliated company and have 90% or more of the votes that
can be submitted on the general meeting.
Nor wegian Shar eholder s holding shar es thr ough par tner ships
11.1.2.3
Partnerships are as a general rule transparent for Norwegian tax purposes. Taxation occurs at partner
level, and each partner is taxed on a current basis for its proportional share of the net income
generated by the partnership at a rate of 28%, regardless of whether such income is distributed to the
partners or not.
For partnerships, dividends received on shares from a limited liability company tax-resident in Norway
are comprised by the participation exemption method. 3% of the net annual income comprised by the
participation exemption method is to be entered as general income and taxed at the flat rate of 28%, cf.
the description of tax issues related to Norwegian Corporate Shareholders above.
For partners who are Norwegian Personal Shareholders, dividends received from the partnership are
taxable. Such distributions will be taxed as general income at a rate of 28%. The Norwegian Personal
Shareholders will be entitled to deduct a calculated allowance when calculating their taxable income
from the partnership. For partners who are Norwegian Corporate Shareholders, tree present of
dividends received from the partnership are taxable as general income at a rate of 28%.
11.1.3 Taxation of capital gains on realisation of shares
11.1.3.1
Nor wegian Per sonal Shar eholder s
Sale, redemption or other disposal of shares is considered a realisation for Norwegian tax purposes. A
capital gain or loss generated by a Norwegian personal shareholder through a disposal of shares is
taxable or tax deductible in Norway. Such capital gain or loss is included in or deducted from the basis
for computation of general income in the year of realisation. General income is taxable at a rate of
28%. Gain is subject to tax and loss is tax deductible irrespective of the duration of the ownership and
the number of shares disposed of.
The capital gain is calculated as the consideration received less the cost price of the share, including
costs incurred in relation to the acquisition or realisation of the share. From this capital gain,
Norwegian Personal Shareholders may be entitled to deduct a calculated allowance when calculating
their taxable income, provided that the allowance has not already been used to reduce taxable dividend
income, cf. above. The allowance for each share will be equal to the cost price of the share multiplied
by a determined risk-free interest rate. The allowance is calculated per each calendar year, and is
allocated solely to Norwegian Personal Shareholders holding shares at the expiration of the relevant
calendar year. Norwegian Personal Shareholders who transfer shares will thus not be entitled to deduct
any calculated allowance related to the year of transfer. The unused allowance may only be deducted
in order to reduce a taxable gain on the same share, and may not be deducted in order to increase or
produce a deductible loss. Further, unused allowance may not be set off against gains from realisation
of other shares.
If the shareholder owns shares acquired at different points in time, the shares that were acquired first
will be regarded as the first to be disposed of, on a first-in first-out basis.
Special rules apply for Norwegian Personal Shareholders who cease to be tax-resident in Norway.
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11.1.3.2
Nor wegian C or por ate Shar eholder s
For Norwegian Corporate Shareholders a capital gain or loss on realisation of shares in a limited
liability company tax-resident in Norway are comprised by the participation exemption method.
If the shareholder owns shares acquired at different points in time, the shares that were acquired first
will be regarded as the first to be disposed of, on a first-in first-out basis.
Special rules apply for Norwegian Corporate Shareholders that cease to be tax-resident in Norway.
11.1.3.3
Nor wegian Shar eholder s holding shar es thr ough par tner ships
Partnerships are as a general rule transparent for Norwegian tax purposes. Taxation occurs at partner
level, and each partner is taxed on a current basis for its proportional share of the net income
generated by the partnership at a rate of 28%, regardless of whether such income is distributed to the
partners or not.
For partnerships, realisation of shares in a limited liability company tax-resident in Norway is
comprised by the participation exemption method. If the shares are acquired at different points in time,
the shares that were acquired first will be regarded as the first to be disposed of, on a first-in first-out
basis.
For partners who are Norwegian Personal Shareholders, further taxation occurs when the capital gains
received are distributed from the partnership to such partners. Such distributions will be taxed as
general income at a rate of 28%. The Norwegian Personal Shareholders will be entitled to deduct a
calculated allowance when calculating their taxable income from the partnership. For partners who are
Norwegian Corporate Shareholders, 3% of the capital gains received will be taxed as general income
at a rate of 28%.
Net wealth tax
For Norwegian Personal Shareholders, shares will form part of their basis for calculation of
Norwegian net wealth tax. Listed shares are valued at 100% of their quoted value as of 1 January in
the assessment year (the year following the income year). The current marginal net wealth tax rate is
1.1%.
11.1.4
Norwegian Corporate Shareholders are exempt from Norwegian net wealth tax.
11.2
Tax consequences related to the ownership and realisation of shares Foreign
Shareholders
This Section summarises certain Norwegian tax rules relevant to shareholders that are not resident in
Norway for Norwegian tax purposes (“Foreign Shareholders”). The potential tax liabilities for
foreign shareholders in the jurisdiction where they are resident for tax purposes or other jurisdictions
will depend on tax rules applicable in the relevant jurisdiction.
11.2.1 Taxation of repayments of paid-in capital
Repayments of paid-in capital for tax purposes are not considered as dividends in Norway. Paid-in
capital for tax purposes is determined on a share-by-share basis, and may differ between the shares.
Repayment of paid-in capital on a share exceeding the paid-in capital for tax purposes on the same
share should be taxed as dividends, see Section 11.2.2 “Taxation of dividends” below.
Repayments of paid-in capital for tax purposes on a share to Foreign Shareholders should not be
subject to withholding tax in Norway.
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11.2.2 Taxation of dividends
Dividends paid by Norwegian limited liability companies and similar entities to Foreign Shareholders,
both corporate and individuals, are as a general rule subject to withholding tax in Norway at the
regular rate of 25%, unless otherwise provided for in an applicable income tax treaty or the recipient is
covered by the specific regulations for corporate shareholders tax-resident within the European
Economic Area (EEA). The withholding obligation lies with the company distributing the dividends.
Foreign Shareholders who are individuals (“Foreign Personal Shareholders”) tax-resident within the
EEA for tax purposes are subject to Norwegian withholding tax on dividends received from
Norwegian companies at the regular rate or at a reduced rate according to an applicable tax treaty.
However, if withholding tax at the regular rate is deducted, such shareholders may apply individually
to the tax authorities for a refund of an amount corresponding to the calculated tax-free allowance on
each individual share (see above). Foreign Personal Shareholders tax-resident within the EEA may
carry forward any unused allowance, if the allowance exceeds the dividends.
Foreign Shareholders that are corporate entities tax-resident within the EEA for tax purposes are
exempt from Norwegian withholding tax on dividends distributed from Norwegian limited liability
companies, provided that the Foreign Shareholder in fact is genuinely established within the EEA and
manages a genuine business within the EEA.
In accordance with the present administrative system in Norway, the Norwegian distributing company
will normally deduct withholding tax at the regular rate or reduced rate according to an applicable tax
treaty, based on the information registered with the VPS with regard to the tax- residence of the
Foreign Shareholder. Dividends paid to Foreign Shareholders in respect of nominee- registered shares
will be subject to withholding tax at the general rate of 25% unless the nominee, by agreeing to
provide certain information regarding beneficial owners, has obtained approval for a reduced rate from
the Central Office for Foreign Tax Affairs (Nw. Sentralskattekontoret for utenlandssaker).
Foreign Shareholders that are exempt from withholding tax and Foreign Shareholders who have
suffered a higher withholding tax than set out by an applicable tax treaty can apply for a refund of any
excess withholding tax deducted.
If a Foreign Shareholder is engaged in business activities in Norway, and the shares are effectively
connected with such business activities, dividends distributed to such shareholder will generally be
subject to the same taxation as that of Norwegian Shareholders, as described above.
Foreign Shareholders should consult their own advisers regarding the availability of treaty benefits in
respect of dividend payments, including the ability to effectively claim refunds of withholding tax.
11.2.3 Taxation of capital gains on realisation of shares
As a general rule, capital gains generated by Foreign Shareholders are not taxable in Norway.
If a Foreign Shareholder is engaged in business activities in Norway, and the shares are effectively
connected with such business activities, capital gains realised by such shareholder will generally be
subject to the same taxation as that of Norwegian Shareholders, cf the description of tax issues related
to Norwegian Shareholders above.
11.2.4 Net wealth tax
Foreign Shareholders are not subject to net wealth tax in Norway on shares unless the shareholder is
an individual who is engaged in business activities in Norway, and the shares are effectively
connected with such business activities.
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I nher itance tax
When shares are transferred either through inheritance or as a gift, such transfer may give rise to
inheritance tax in Norway if the decedent, at the time of death, or the donor, at the time of the gift, is a
resident or citizen of Norway, or if the shares are effectively connected with a business carried out
through a permanent establishment in Norway. However, in the case of inheritance, if the decedent
was a citizen but not a resident of Norway, Norwegian inheritance tax will not be levied if inheritance
tax or a similar tax is levied by the decedent’s country of residence.
11.2.6
V AT and tr ansfer taxes
Norway does not impose VAT, stamp duty or similar taxes on the transfer of shares.
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12.
Additional information
12.1
Documents on display
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For the life of this Prospectus the following documents (or copies thereof) may be inspected at the
offices of the Company at Skagen 27, 4006 Stavanger, Norway.
x
x
x
x
x
x
x
12.2
The memorandum and articles of association
Crudecorp Q1 2012 report
CMO, Inc Annual report for 2010 and 2011
Competent Person’s Report on the Oil and Gas Assets of Chico Martinez Field of Crudecorp
as at October 31, 2011, by Gaffney, Cline and Associates
Third party statements
The information in this Prospectus that has been sourced from third parties has been accurately
reproduced and as far as the Company is aware and able to ascertain from information published by
that third party, no facts have been omitted which would render the reproduced information inaccurate
or misleading.
12.3
Statement r egar ding exper t opinions
Crudecorp’s resources and reserves as set out in Section 5.8 have, at the request of the Company, been
verified by the following competent persons:
Gaffney, Cline and Associates, Inc.
1300 Post Oak Blvd.
Suite 1000
Houston
TX77056
USA
Telephone: +1 713 850 9955
The executive summary of the competent person’s report is included in Appendix 2.
The above parties have consented to their executive reports being included in the Prospectus. None of
the above have any interests in the Company.
12.4
Cross reference list
Name of document
Competent Person’s Report:
“Competent Person’s Report
on the Oil and Gas Assets of
Chico Martinez Field of
Crudecorp AS as of October
Available from:
http://www.crudecorp.no/getfile.php/Filer/Competent%20Person.pdf
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31, 2011” dated 8 June 2012
State of California Oil, Gas
and Geothermal Laws and
Regulations
San Joaquin Valley Air
Pollution Control District Rule
4401, Steam-enhanced Crude
Oil Production Wells
98
http://www.conservation.ca.gov/dog/pubs_stats/Pages/law_regulatio
ns.aspx
http://www.valleyair.org/rules/currntrules/R4401%20Clean%20Rule
.pdf
13.
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Cautionary note regarding forward-looking statements
This Prospectus contains “forward looking statements” relating to the Company’s business and the
sectors in which it operates. Forward looking statements include all statements that are not historical
facts, and can be identified by words such as “believes,” “anticipates,” “projects,” “intends,”
“expects,” or the negatives of these terms or similar expressions. These statements appear in a number
of places in this Document, principally in “Risk Factors”, “Presentation of Crudecorp ASA” and
“Market Overview” and include statements regarding the management’s intent, belief or current
expectations with respect to, among other things:
Any forward looking statements contained in this Document should not be relied upon as predictions
of future events. There can be no assurance that the expectations expressed in these forward looking
statements will prove to be correct. Actual results could differ materially from expectations expressed
in the forward looking statements if one or more of the underlying assumptions or expectations proves
to be inaccurate or is unrealized. Some important factors that could cause actual results to differ
materially from those in the forward looking statements are, in certain instances, included with such
forward looking statements or in the Section entitled “Risk Factors.”
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Definitions
When used in this Prospectus, the following terms shall have the meanings set out below, unless the
context otherwise requires. Words importing the plural shall be construed to include the singular and
vice versa.
APCD
Air Pollution Control District
Appendix
A text added to the end of a book or an article, containing information that is important to, but
is not the main idea of, the main text.
API gravity
American Petroleum Institute gravity, is a measure of how heavy or light a petroleum liquid is
compared to water.
Articles of Association
The articles of association of Crudecorp, last amended 27 October 2011
ATC
Approval to construct
Bbl
Barrels
Board of Directors
The board of directors of Crudecorp
Bopd
Barrels of oil per day
Chico Martinez
The Chico Martinez oil field located in the San Joaquin Valley in California, United States
CO
Carbon monoxide
Corporate Governance
The Norwegian corporate governance regime, as detailed in the Norwegian Code of Practice
Code
for Corporate Governance published on 21 October 2010, and as amended 20 October 2011,
by NUES
Company or Crudecorp
Crudecorp ASA, registration number 990 904 871
Companies Act
The Norwegian Public Limited Companies Act of 13 June 1997 No. 45 (Norwegian:
“allmennaksjeloven”)
CPR
Competent Person’s Report on the Oil and Gas Assets of Chico Martinez Field of
Crudecorp AS as at October 31, 2011
Delineation well
Well drilled to gather data to determine or better define the extent of the oil field
DOGGR
Division of Oil, Gas and Geothermal resources
EOR
Enhanced Oil Recovery
100
ON
EU
European Union
Financial Supervisory
The Financial Supervisory Authority of Norway (Norwegian: “Finanstilsynet”).
O SL O A X E SS
Authority
GCA
Gaffney, Cline & Associates
Group
Crudecorp ASA and its subsidiaries
HSE
Health, safety and environment
IEA
International Energy Agency
IFRS
International Financial Reporting Standards, issued by the International Financial Reporting
Interpretations Committee (IFRIC)
Injection well
Well used for injecting steam into the reservoir or waste water in underlying sand formations
Issuer
Crudecorp ASA
Listing
The Listing of the Company’s Shares on Oslo Axess.
MMBbl
Millions of barrels
Manager
Swedbank First Securities, a branch of Swedbank AB
Mineral Interest
Ownership of the right to exploit, mine or produce all minerals lying beneath the surface of a
property
MDB&M
Mount Diablo Base & Meridian
MRI
Mineral Rights Interest
Net Entitlement Interest
A share of production after all burdens have been deducted from the Working Interest.
A share of production after all burdens have been deducted from the Working Interest.
NGAAP
Norwegian Generally Accepted Accounting Principles
Nox
Nitrogen oxide
NSC
Norwegian Continental Shelf
NUES
The Norwegian Corporate Governance Board
101
ON
O SL O A X E SS
OECD
Organisation for Economic Co-operation and Development
OLH
Original lease holder
Oil recovery percentage
Percentage of oil extracted of the quantity originally contained in the field
Oslo Axess
A regulated and licensed market under the auspices of the Oslo Stock Exchange
Oslo Stock Exchange
Oslo Børs ASA
NOK
Norwegian kroner, , the lawful currency of Norway
Pilot Project
Phases 1, 2A, 2B, 3 and 4 of the development plan for Chico Martinez
PM10
Particulate Matter with diameter of 10 micrometres or less
PP&E
Property, Plant and Equipment
Production well
Term used for a well which is predominantly used for producing oil. The production well can
in also be used for time limited steam injection in an operation called cyclic steam injection.
Prospectus
This Prospectus, dated 13 June 2012
Pv
Pore volume
Right of way
The right to pass over property owned by another party
Royalty Interest
Ownership of a percentage of production or production revenues, produced from leased
acreage
Securities Trading Act
The Norwegian Securities Act of 29 June 2007 no. 75 (in Norwegian:
“verdipapirhandelloven”)
Schjødt
Advokatfirmaet Schjødt AS
Shares
Shares in the Company, each with a par value of NOK 0.02.
SOx
Sulphur oxide
STOIIP
Stock Tank Oil Initially In Place. Stock Tank refers to the storage tank for oil after production.
Oil Initially In Place is oil in place before the start of the production.
Swedbank First Securities, acting as Manager.
United States
United States of America
102
ON
O SL O A X E SS
USD
US dollars, the lawful currency of the United States
VAT
Value added tax. A tax on the estimated market value added to a product or material at each
stage of its manufacture or distribution, ultimately passed on to the consumer
VOC
The total Volatile Organic Compound
VPS
Verdipapirsentralen
VPS Registrar
DnB Nor Bank ASA, Verdipapirservice, Stranden 21, 0021 Oslo, Norway.
Working Interest
An interest in an oil and gas lease that gives the owner of the interest the right to drill and
produce oil and gas on the leased acreage.
1P
Proved reserves
2P
Proved plus Probable Reserves
3P
Proved plus Probable plus Possible Reserves
103
ON
O SL O A X E SS
Appendix 1 Articles of Association
UNOFFICIAL OFFICE TRANSLATION – IN CASE OF
ANY DISCREPANCY THE NORWEGIAN
VERSION SHALL PREVAIL:
VEDTEKTER
ARTICLES OF ASSOCIATION
FOR
FOR
CRUDECORP ASA
CRUDECORP ASA
(ajourført per 27. oktober 2011)
(updated as per 27 October 2011)
§ 1 Firma
§ 1 Company name
Selskapets navn er Crudecorp ASA. Selskapet er
et allmennaksjeselskap.
The name of the company is Crudecorp ASA.
The company is a public limited liability
company.
§ 2 Forretningskontor
§ 2 Registered office
Selskapets forretningskontor er i Stavanger
kommune.
The registered office of the Company is in the
municipality of Stavanger.
§ 3 Virksomhet
§ 3 Scope of business
Selskapets formål er å investere i olje- og
gassfelt og det som står i tilknytning til dette,
enten direkte eller sammen med andre.
The company's purpose is to invest in oil and
gas fields and everything associated thereto,
either directly or together with others.
§ 4 Aksjekapital
§ 4 Share capital
Selskapets aksjekapital er kr 1 823 033,58 fordelt
på 91 151 679 aksjer hver pålydende kr 0,02.
Selskapets aksjer skal være registrert i VPS.
7KH FRPSDQ\ҋV VKDUH FDSLWDO LV 12.
1,823,033.58, divided into 91,151,679 shares,
HDFK ZLWK D SDU YDOXH RI 12. 7KH
FRPSDQ\ҋVVKDUHVVKDOOEHUHJLVWHUHGLQ936
§ 5 Ledelse
§ 5 Management
Selskapets
styre
består
av
1
til
6
styremedlemmer etter generalforsamlingens
nærmere beslutning.
The board shall consist of 1 to 6 directors,
according to the resolution by the general
meeting.
Selskapets firma tegnes av styrets leder og
daglig leder hver for seg. Styret kan meddele
prokura. Selskapet skal ha en daglig leder.
The authorised signatory of the company is
the chairman alone and the managing director
alone, The board of directors may grant power
of procuration. The company shall have a
managing director.
§ 6 Generalforsamling
§ 6 The general meeting
Den ordinære generalforsamling skal behandle:
1.
Godkjennelse
av
årsregnskapet
The Annual General Meeting shall consider:
og
A1
1.
Approval of the annual report and
2.
3.
4.
5.
6.
årsberetning, herunder utdeling av
utbytte.
Styrets erklæring om fastsettelse av
lønn og annen godtgjørelse til ledende
ansatte etter allmennaksjeloven § 6-16
a.
Styrets
retningslinjer
for
lederlønnsfastsettelsen.
Fastsettelse av godtgjørelse til styret,
varamedlemmer og observatører, samt
godkjennelse av godtgjørelse til revisor.
Selskapets
redegjørelse
for
foretaksstyring etter regnskapsloven §
3-3 b.
Andre saker som etter loven eller
vedtektene
hører
under
generalforsamlingen.
§ 7 Aksjeeierregistrering
Selskapets
aksjer
skal
verdipapirsentralen (VPS).
§8
registreres
2.
3.
4.
5.
6.
ON
accounts, including the payment of
dividends.
The statement on salary and other
remuneration to senior executives
according to the Public Limited
Companies Act section 6-16 a.
The Board's guidelines for executive
salaries.
Determination of remuneration for
board members, deputies and
observers,
and
approval
of
remuneration to the auditor.
The
company's
statement
of
corporate governance according to
the Accounting Act section 3-3 b.
Other matters which by law or the
Articles are to be addressed by the
general meeting.
§ 7 Register of shareholders
The company's shares shall be registered in
the Central Securities Depository (VPS).
i
Forholdet til allmennaksjeloven
§ 8 The relationship with the Public
Limited Companies Act
Reference is made to the at all time prevailing
Public Limited Companies Act
For øvrig henvises til den til enhver tid gjeldende
allmennaksjelovgivning.
A2
O SL O A X E SS
Crudecorp
Prepared for
www.gaffney-cline.com
APRIL, 2012
CRUDECORP ASA
A3
E260001
Area of Crudecorp Production and Development Operations, USA .......................
Crudecorp Chico Martinez Field Area Leases (With Top Etchegoin Structure
Map) ......................................................................................................................
Outline of Crudecorp Pilot Steam Recovery Production and Development
Projects .................................................................................................................
Distribution of Wells Reported to have Produced Oil in 2011 .................................
Crudecorp Chico Martinez – Pilot Development Plan.............................................
29
I.
II.
Glossary
SPE PRMS, March 2007
Appendices
0.4
0.5
0.3
0.1
0.2
6
7
8
5
2
Summary of Crudecorp’s Lease and Contract Interests Chico Martinez Field
as at October 31, 2011 ..........................................................................................
5
Summary of Crudecorp’s Plan of Development 2011-2014 Chico Martinez Field ..
9
Chico Martinez Field Summary of Gross Field Oil Reserves (MMBbl) as at
October 31, 2011 ...................................................................................................
9
Chico Martinez Field Summary of Crudecorp Net Entitlement Oil Reserves
(MMBbl) as at October 31, 2011 ............................................................................ 10
Chico Martinez Field Post-tax Net Present Values (Discounted @10%)
Crudecorp’s Net Revenue Interest as at October 31, 2011 .................................... 11
Figures
0.5
0.4
0.2
0.3
0.1
Tables
BASIS OF OPINION ............................................................................................................ 12
QUALIFICATIONS ............................................................................................................... 11
SUMMARY ............................................................................................................................ 4
ON
EXECUTIVE SUMMARY REPORT
COMPETENT PERSON’S REPORT
ON THE OIL AND GAS ASSETS OF CHICO MARTINEZ FIELD
OF CRUDECORP AS
AS AT OCTOBER 31, 2011
Page No.
INTRODUCTION ................................................................................................................... 1
O SL O A X E SS
Appendix 2 CPR – Executive Summary Report
A4
8th June, 2012
GCA understands that Crudecorp intends list on the Oslo Axcess Market. This CPR is
intended to assist in that listing by providing an independent opinion on the company and its
assets. This report serves to document the work that GCA has completed with regard to the
STOIIP volumes, planned field development and likely production volumes arising from this
development.
The Chico Martinez field discovered oil in the Pliocene Etchegoin sands in 1927, and has
produced in excess of 599 MBbl of crude from an estimated 158 wells historically drilled in
the field, or approximately 1% of the stock-tank Oil Initially in Place (STOIIP).
In accordance with the Instruction Letter of Crudecorp ASA (“Crudecorp”), dated June 24,
2011, Gaffney Cline and Associates (“GCA”) was engaged to review the petroleum interests
owned by Crudecorp with the intent of preparing a Competent Person’s Report (CPR) as of
October 31, 2011. These assets include operations with producing wells, recent drilling and
potential future development opportunities comprising a 90% working interest in leases
comprising 640 acres, which contain the majority portion of the Chico Martinez field in the
prolific San Joaquin Basin, California, USA (Figure 0.1).
EXECUTIVE SUMMARY REPORT
COMPETENT PERSON’S REPORT ON THE OIL AND GAS ASSETS
OF CRUDECORP AS
AS OF OCTOBER 31, 2011
INTRODUCTION
Dear Sirs:
Haakon VII´s gate 7
P.O. Box 147, Sentrum
4001 Stavanger
Board of Directors
Crudecorp ASA
P.O. Box 380
Maskinveien 24
N-4067 Stavanger
Norway
JJC/BCR/EE0260001
1300 Post Oak Blvd., Suite 1000
Houston, TX 77056
Telephone: +1 713 850 9955
www.gaffney-cline.com
Gaffney, Cline & Associates, Inc.
FIGURE 0.1
1
ON
2
Crudecorp utilizes the services of Payzone Inc., a professional technical consultancy service specializing in geology
and petrophysics in the California San Joaquin area. Payzone’s work is represented here on behalf of Crudecorp.
GCA’s review and audit involved assessing certain of the pertinent facts, interpretations and
assumptions made by Crudecorp or others in preparing estimates of reserves or resources.
GCA carried out procedures necessary to enable it to render an opinion on the
appropriateness of the methodologies employed, adequacy and quality of the data relied
upon, the depth and thoroughness of the reserves and resources estimation process, the
classification of reserves and resources appropriate to the relevant definitions used and the
reasonableness of the estimated reserves and resources. However, it must be pointed out
that the data set is not complete as Crudecorp’s work on and evaluation of its areas of
interest is in large part at its initial phases and is ongoing. Consequently there are some
potentially significant uncertainties over the hydrocarbon volumes reported herein. GCA has
pointed out these data issues at the appropriate places in this report.
Based on the above information and Crudecorp’s pilot development programme, GCA
estimated the recoverable volumes of oil and the amounts of steam required to produce
those volumes. In the course of this work, GCA made assumptions about and adjustments
to Crudecorp’s pilot development plan as was felt prudent considering the reservoir quality
and planned development.
In carrying out this review, GCA has relied on the information received from Crudecorp and
from public sources. Crudecorp has made available to GCA a data set of technical
information including geological, geophysical, petrophysical and engineering data and
reports, together with financial data and other information pertaining to the fiscal and
contractual terms applicable to its leases. GCA has also had meetings and discussions with
Crudecorp technical and managerial personnel1.
AREA OF CRUDECORP PRODUCTION AND DEVELOPMENT OPERATIONS, USA
JJC/bgh/ EE0260001/gcah.43.12
Crudecorp AS
O SL O A X E SS
GCA is an energy consultancy specialising in independent petroleum advice on resource
evaluation and economic analysis. In the preparation of this report, GCA has maintained,
and continues to maintain, a strict consultant-client relationship with Crudecorp. The
management and employees of GCA have been, and continue to be, independent of
Crudecorp in the services they provide to the company including the provision of the opinion
expressed in this review. Furthermore, the management and employees of GCA have no
interest in any assets or share capital of Crudecorp or in the promotion of the company.
GCA confirms that, to the best of its knowledge, there has been no material change of
circumstances than stated herein.
Reserves are those quantities of petroleum that are anticipated to be commercially
recoverable by application of development projects to known accumulations from a given
date forward under defined conditions. Therefore, reserves must satisfy four criteria: they
must be discovered, recoverable, commercial and remaining (as of the evaluation date)
based on the development project(s) applied. Reserves are further categorized in
accordance with the level of certainty associated with the estimates and may be
sub-classified based on project maturity and/or characterized by development and production
status. All categories of Reserve volumes quoted herein have been determined within the
context of an economic limit test assessment (pre-tax and exclusive of accumulated
depreciation amounts) prior to any Net Present Value analysis.
A5
3
The reported hydrocarbon volumes are estimates, based on professional judgment and are
subject to future revisions, upward or downward, as a result of future operations or as additional
information becomes available. This assessment has been conducted within the context of
GCA’s understanding of the effects of petroleum legislation, taxation, and other regulations that
currently apply to these properties and GCA’s best professional judgement, subject to the
generally recognised uncertainties associated with the interpretation of geoscience and
engineering data.
Prospective Resources are those quantities of petroleum that are estimated, as of a given date, to
be potentially recoverable from undiscovered accumulations by application of future development
projects. Prospective Resources have both an associated chance of discovery and a chance of
development. Prospective Resources are further categorized as Low, Best and High estimates in
accordance with the level of certainty associated with recoverable estimates assuming their
discovery and development and may be sub-classified based on project maturity.
Contingent Resources are those quantities of petroleum estimated, as of a given date, to be
potentially recoverable from known accumulations, but the applied project(s) are not yet
considered mature enough for commercial development due to one or more contingencies.
Contingent Resources may include, for example, projects for which there are currently no evident
viable markets, or where commercial recovery is dependent on technology under development, or
where evaluation of the accumulation is insufficient to clearly assess commerciality. Contingent
Resources are further categorized as 1C, 2C and 3C in accordance with the level of certainty
associated with the estimates and may be sub-classified based on project maturity and/or
characterized by their economic status.
Proved, Proved plus Probable and Proved plus Probable plus Possible Reserves net to
Crudecorp are quoted as Net Entitlement Reserves reflecting the terms of the applicable
Licences. Contingent Resources are presented at a gross field level and a net working
interest level.
4
Crudecorp’s interests in the Chico Martinez field cover 640 areas of leasehold blocks,
comprised of the adjacent Mitchel and Bacon leases (Table 0.1 and Figure 0.2). These
leases account for the entirety of Section 35 of Township 28S, Range 20E, and represent the
majority of the Chico Martinez field. Crudecorp has a 90% Working Interest (WI) with a
16.67% royalty burden in these leases. However, Crudecorp also owns a 15.34% interest of
the mineral owners’ rights that results in an effective royalty burden of 14.11% by Crudecorp
to the mineral owners. Additionally, by virtue of various sub-lease and other agreements,
there is a variable over-riding royalty that is based on the “Steam-Oil-Ratio” (SOR) achieved
in the planned steam injection projects for the enhanced recovery from the Chico Martinez
field. GCA estimated that an effective 0.1% is applicable at this time.
Crudecorp is engaged in the acquisition, development and operation of oil and natural gas
fields, and has recently acquired majority interests in the Chico Martinez field. Crudecorp’s
activities in the Chico Martinez field are in the early stages of operation and may have not, at
this time, realized the full potential of this asset.
Crudecorp A.S. (Crudecorp) is an international independent exploration and production
company based in Stavanger, Norway, with offices in Houston, Texas and Bakersfield,
California, USA. Crudecorp’s staff and principals have significant industry expertise in the oil
and gas industry and their goal is to significantly increase recovery and raise production
rates of old, abandoned resources, through the use of enhanced oil recovery (EOR)
techniques.
SUMMARY
ON
This report has been prepared for Crudecorp under the scope of work and terms and conditions
agreed in the GCA proposal for services and should not be used for purposes other than those for
which it is intended.
It should be clearly understood that the NPV of future revenue potential of a petroleum property,
such as those discussed in this report, does not represent a GCA opinion as to the market value
of that property, nor any interest in it. In assessing a likely market value, it may be necessary to
take into account a number of additional factors including: Reserves risk (i.e. that Reserves may
not be realized within the anticipated timeframe for their exploitation); perceptions of economic
and sovereign risk: potential upside, other benefits, encumbrances or charges that may pertain to
a particular interest and the competitive state of the market at the time. GCA has explicitly not
taken such factors into account in deriving the NPVs presented herein.
Industry standard abbreviations are contained in the attached Glossary (Appendix I), some or
all of which may have been used in this report.
In the preparation of this report, GCA used the definitions for reserves and resources
contained within the Petroleum Resources Management System published by the Society of
Petroleum Engineers/World Petroleum Council/American Association of Petroleum
Geologists/Society of Petroleum Evaluation Engineers (SPE/WPC/AAPG/SPEE) in
March, 2007 (“SPE PRMS”) attached in Appendix II.
Crudecorp AS
Crudecorp AS
O SL O A X E SS
TABLE 0.1
Term
Leases
Total (Mitchel and Bacon)
Leases
2
No.
Leases
640
Gross
Area
(Acres)
90
Ave WI
(%)
5
77.2
Est. Effective Ave.
(%)
CRUDECORP CHICO MARTINEZ FIELD AREA LEASES
(WITH TOP ETCHEGOIN STRUCTURE MAP)
FIGURE 0.2
Notes:
1.
Crudecorp is the operator of all its leases
2.
Term Leases Include some Held by Production (HBP) Leases
3.
Average effective Royalty Obligation estimated to be 14.11%
4.
Average effective Over-riding royalty estimated to be 0.1%
Type
Lease
Crudecorp Oil and Gas
Interests Areas
SUMMARY OF CRUDECORP’S LEASE AND CONTRACT INTERESTS CHICO
MARTINEZ FIELD
Crudecorp AS
0
330
Feet
660
990
A6
ON
6
1320
Producer (49)
Injector (26)
OUTLINE OF CRUDECORP PILOT STEAM RECOVERY PRODUCTION AND
DEVELOPMENT PROJECTS
FIGURE 0.3
Twenty three wells produced oil in 2011; 11 of these wells produced 860 barrels of oil in
October, 2011 (28 bopd), as reported by the California Division of Oil, Gas and Geothermal
Resources (DOGGR). Crudecorp plans to develop the field using enhanced steam recovery
technology and has provided the locations of 70 wells that will be part of an initial pilot
programme covering two non-contiguous areas, designed to prove the efficacy of a larger
scale steamflood in Chico Martinez. Crudecorp is actively drilling and completing producers
and injectors in preparation for the pilot waterflood programme. The company advised that
at year end 2011, it had drilled all 17 wells planned for the year; 10 of these wells had been
completed and connected, and the field produced 1,542 barrels of oil under cold production
in December, 2011. A schematic of these pilot steam recovery projects is shown below
(Figure 0.3). Figure 0.4 shows the distribution within the pilot pattern of the 23 wells that
produced oil in 2011 (through October), according to DOGGR records.
Crudecorp AS
O SL O A X E SS
FIGURE 0.4
A7
Feet
660
990
1320
7
Crudecorp has adopted a multi-phase approach to develop its area of interest in the Chico
Martinez field that programmes and schedules the drilling of a total of some 70 producing
and injection wells in 26 regular 5-spot steam injection – production patterns. These initial
wells will serve as a pilot development, which will provide key operating experience and
guide the expansion of the steamflood development for the rest of the Chico Martinez field
(Figure 0.5).
330
2011
2012
2012
2013
2014
FIGURE 0.5
18 producers
Facilities
Facilities, add 8 injectors
Add 29 wells
Add15 Wells
Cold production
Cyclic steam
Continuous steam
Continuous steam
Continuous steam
CRUDECORP CHICO MARTINEZ – PILOT DEVELOPMENT PLAN
Phase I
Phase 2a
Phase 2b
Phase 3
Phase 4
8
As mentioned above, Crudecorp has established a phased approach to the pilot
development scheme. Table 0.2 below summarizes this Crudecorp development plan,
presenting a compilation of the number of wells and brief description of the planned facilities
and budget estimate for each of the phases.
Based on the pilot development plan as outlined by Crudecorp for the period through 2014,
an estimated budget of some US$67 million has been approved by Crudecorp’s
management. This current work is aimed at appraising, confirming and exploiting these
hydrocarbon resources. This initial pilot development plan will be an important period for the
establishment of Crudecorp’s future operations.
Assuming a successful pilot development plan, Crudecorp plans to implement an expansion
to the development plan to encompass the entire field area.
The current pilot development plan was initiated in 2011 and Crudecorp has entered into a
40-well drilling contract with Golden State Drilling, Inc. At the end of 2011, all 17 of the
planned vertical producing wells had been drilled and 10 of them had produced a total of
1,542 barrels under cold production.
x
x
x
x
x
The current pilot development plan is organized into five stages as follows:
Crudecorp AS
ON
0
Producers in 2011
DISTRIBUTION OF WELLS REPORTED TO HAVE PRODUCED OIL IN 2011
Crudecorp AS
O SL O A X E SS
TABLE 0.2
18.0
Budget Total
2B
7.2
7.2
7.5
3.3
4.2
Production
Production
facilities and
facilities and
tanks, and
tanks, and
steam
steam
facilities
facilities
Budget US$ million
8 Inj. wells
Steam Flood
Conversion,
Pilot Pattern
25.9
19.0
8.6
4.0
4.6
9 Prod
wells, 6 Inj.
wells
Production
facilities and
tanks, and
steam
facilities
17 Prod
wells, 12 Inj.
wells
Production
facilities and
tanks, and
steam
facilities
6.9
Phase 3
Expansion
4
2014
Phase 2
Expansion
3
2013
67.4
45.7
21.7
-
-
-
-
Total
A8
1.
Note:
3.35
Total
4.79
4.79
Proved plus
Probable
(2P)
5.22
5.22
Proved plus
Probable plus
Possible
(3P)
Field
77.2
77.2
Estimated
Crudecorp Net
Entitlement
Interest (%)
2.58
2.58
Proved
(1P)
3.70
3.70
Proved plus
Probable
(2P)
4.03
4.03
Proved plus
Probable plus
Possible
(3P)
10
Table 0.5 summarizes the post-tax Net Present Values (NPVs) estimated to be derived from
Crudecorp’s net revenue interests in the Chico Martinez field license area, associated with
the Proved, the Proved plus Probable, and the Proved plus Probable plus Possible
Reserves, as at October 31, 2011.
Reference Net Present Values (NPVs) have been attributed to the Proved, Proved plus
Probable and Proved plus Probable plus Possible Reserves. The reference Post-Tax NPVs
for these cases are summarized in Table 0.5. GCA employed its own Brent Crude oil price
scenario for the fourth quarter of 2011 in preparing these NPVs (refer to Section 4 for further
details). Gas sales prices were based on the Henry Hub reference price. The capital costs
associated with the development were adopted after Crudecorp’s budget estimates. GCA
NPVs are based upon the gross estimated volumes attributable to Crudecorp’s NRI. GCA
considers these assumptions to be reasonable for the purpose of examining a range of
monetary values that could be attributable to these Crudecorp interests. All the quoted NPVs
are those exclusively attributable to Crudecorp’s net entitlement interests in the assets.
Crudecorp also has plans for deeper zone exploration prospects that it believes to be present
in its property. However, at this time, exploration opportunities believed to be present in the
Crudecorp leased area are conceptual and no quantification of their potential has been
made.
Based on GCA’s audit of Crudecorp’s data, there are no Contingent Oil and Gas Resources
estimated to be recovered from its development plan at this initial stage of exploration and
development. Further there are no Prospective Resources to report.
Net Reserves are the estimated volumes attributable to Crudecorp’s NRI%.
Total
Chico Martinez Field
(Mitchel and Bacon
Leases)
Note:
1.
TABLE 0.4
CHICO MARTINEZ FIELD SUMMARY OF CRUDECORP NET ENTITLEMENT OIL
RESERVES (MMBBL)
Crudecorp AS
ON
9
Gross Reserves are the estimated volumes attributable to 100% of the field.
3.35
Proved
(1P)
Chico Martinez Field
(Mitchel and Bacon Leases)
Field
CHICO MARTINEZ FIELD SUMMARY OF GROSS FIELD OIL RESERVES (MMBBL)
TABLE 0.3
Based on GCA’s audit of Crudecorp’s data and analysis, the oil Reserves estimated to be
recovered from its pilot development plan at this initial stage of exploration and development
are as follows (Tables 0.3 and 0.4).
As indicated earlier, Crudecorp’s work is considered to be in the initial stages of its
exploration and development programme, and is essentially a work-in-progress.
5.9
12.1
Production
facilities and
tanks
Facilities
Wells
18 Prod wells
Wells
Facilities
Cyclic Steam,
Pilot Pattern
Description
-
2A
1
Cold
production
Pilot Pattern
2012
PHASE
2011
SUMMARY OF CRUDECORP’S PLAN OF DEVELOPMENT 2011 – 2014
CHICO MARTINEZ FIELD
Crudecorp AS
O SL O A X E SS
TABLE 0.5
9.4
9.4
Mitchel Lease Chico
Martinez Field (Mitchel
and Bacon Leases)
Total
43.2
43.2
Proved plus Probable
(2P)
(US$ MM)
52.6
52.6
Proved plus Probable
plus Possible (3P)
(US$ MM)
A9
11
Mr. Seager holds a MSc. (Distinction) in Petroleum Reservoir Engineering, is a member of
Society of Petroleum Engineers (Chairman of SPE Oil and Gas Reserves Committee), the
Society of Petroleum Evaluation Engineers, the Energy Institute, UK, and the American
Association of Petroleum Geologists. Mr Seager is also a Chartered Petroleum Engineer,
UK and a European Engineer, registered with FEANI.
Mr. Rhodes holds a BSc (Hons) Geology, is a member of the Energy Institute, the Petroleum
Exploration Society of Great Britain, the Society of Petroleum Engineers and the European
Association of Geoscientists and Engineers, and has more than 37 years industry
experience.
Staff members who participated in the compilation of this report include Brian Rhodes,
Rawdon Seager,
Vivian Bust,
James Curry,
William Lau,
Florent Rousset
and
Elena Poltaraus. All hold degrees in geoscience, petroleum engineering or a related
discipline.
The report is based on information compiled by professional staff members who are full time
employees of GCA.
GCA is an independent international energy advisory group of 50 years’ standing, whose
expertise includes petroleum reservoir evaluation and economic analysis.
QUALIFICATIONS
12
Brian Rhodes
Global Director – Corporate Advisory Services
Yours sincerely,
GAFFNEY, CLINE & ASSOCIATES
It should be understood that any determination of Reserve volumes and corresponding NPVs,
particularly involving petroleum developments, or any assessment of Contingent or Prospective
Resources, may be subject to significant variations over short periods of time as new information
becomes available and perceptions change. GCA does not guarantee the correctness or
accuracy of any interpretation made by it and does not warrant that the opinions contained herein
will be any form of guarantee of the outcome.
GCA is not in a position to attest to property title or rights, conditions of these rights including
environmental and abandonment obligations, and any necessary licences and consents including
planning permission, financial interest relationships or encumbrances thereon for any part of the
appraised properties.
This assessment has been conducted within the context of GCA’s understanding of the effects of
petroleum legislation, taxation, and other regulations that currently apply to these properties and
GCA’s best professional judgement, subject to the generally recognised uncertainties associated
with the interpretation of geoscience and engineering data.
BASIS OF OPINION
Miss Bust holds a Bachelors Degree in Civil Engineering, a Masters Degree in Geology and
is a registered Engineer, a certified hydrogeologist and a member of the Society of
Petroleum Engineers. Mr. Curry holds a Bachelors Degree in Geology and a Bachelors
Degree in Petroleum Engineering and has over 36 years of industry experience and is a
member of the Society of Petroleum Engineers. Mr. Lau is a Texas State Registered
Geoscientist and holds a Bachelor of Science in Geology and a Masters in Business
Administration; he is a Certified member of the American Association of Petroleum
Geologists (AAPG), Society of Petroleum Engineers (SPE), and has over 41 years of
industry experience. Mr. Rousset has a Masters in Management from the Rouen Business
School. Mrs. Poltaraus holds Masters Degrees in Technology Project Management and
Applied Mathematics, and is also a member of the Society of Petroleum Engineers.
Crudecorp AS
ON
It should be clearly noted that the Net Present Values of future revenue potential of a
petroleum property, such as those discussed in this report, do not represent a GCA opinion
as to the market value of that property, nor any interest in it. In assessing a likely market
value, it would be necessary to take into account a number of additional factors including:
reserves risk (i.e. that Proved, Probable and/or Possible Reserves may not be realized within
the anticipated time by Crudecorp for their exploitation); perceptions of economic and
sovereign risk; potential upside, such as in this case exploitation of reserves beyond the
Proved, Probable and Possible levels; other benefits, encumbrances or charges that may
pertain to a particular interest; and the competitive state of the market at the time. GCA has
explicitly not taken such factors into account in deriving the reference NPVs presented
herein.
Total Proved (1P)
(US$ MM)
Field(s)
CHICO MARTINEZ FIELD POST-TAX NET PRESENT VALUES (DISCOUNTED @10%)
CRUDECORP’S NET REVENUE INTEREST
Crudecorp AS
O SL O A X E SS
Crudecorp AS
Glossary
APPENDIX I
ABEX
ACQ
o
API
AAPG
AVO
A$
B
Bbl
/Bbl
BBbl
BHA
BHC
Bscf or Bcf
Bscfd or Bcfd
Bm3
bcpd
BHP
blpd
bpd
boe
boepd
BOP
bopd
bwpd
BS&W
BTU
bwpd
CBM
CO2
CAPEX
CCGT
cm
CMM
CNG
Cp
CSG
CT
DCQ
Deg C
Deg F
DHI
DST
DWT
E&A
E&P
EBIT
EBITDA
EI
EIA
EMV
EOR
EUR
FDP
FEED
FPSO
FSO
ft
Fx
Abandonment Expenditure
Annual Contract Quantity
Degrees API (American Petroleum Institute)
American Association of Petroleum Geologists
Amplitude versus Offset
Australian Dollars
Billion (109)
Barrels
per barrel
Billion Barrels
Bottom Hole Assembly
Bottom Hole Compensated
Billion standard cubic feet
Billion standard cubic feet per day
Billion cubic metres
Barrels of condensate per day
Bottom Hole Pressure
Barrels of liquid per day
Barrels per day
Barrels of oil equivalent @ xxx mcf/Bbl
Barrels of oil equivalent per day @ xxx mcf/Bbl
Blow Out Preventer
Barrels oil per day
Barrels of water per day
Bottom sediment and water
British Thermal Units
Barrels water per day
Coal Bed Methane
Carbon Dioxide
Capital Expenditure
Combined Cycle Gas Turbine
centimetres
Coal Mine Methane
Compressed Natural Gas
Centipoise (a measure of viscosity)
Coal Seam Gas
Corporation Tax
Daily Contract Quantity
Degrees Celsius
Degrees Fahrenheit
Direct Hydrocarbon Indicator
Drill Stem Test
Dead-weight ton
Exploration & Appraisal
Exploration and Production
Earnings before Interest and Tax
Earnings before interest, tax, depreciation and amortisation
Entitlement Interest
Environmental Impact Assessment
Expected Monetary Value
Enhanced Oil Recovery
Estimated Ultimate Recovery
Field Development Plan
Front End Engineering and Design
Floating Production, Storage and Offloading
Floating Storage and Offloading
Foot/feet
Foreign Exchange Rate
GLOSSARY
List of Standard Oil Industry Terms and Abbreviations.
Crudecorp AS
A 10
ON
O SL O A X E SS
Megawatt hour
Million years ago
Natural Gas Liquids
Nitrogen
Net Present Value
Oil Based Mud
Operating Committee Meeting
Oil down to
Operating Expenditure
Oil Water Contact
Per annum
Pascals (metric measurement of pressure)
Plugged and Abandoned
Proved Developed Producing
Productivity Index
Petajoules (1015 Joules)
Post Stack Depth Migration
Pounds per square inch
Pounds per square inch absolute
Pounds per square inch gauge
Proved Undeveloped
Pressure volume temperature
10% Probability
50% Probability
90% Probability
Recovery factor
Repeat Formation Tester
Rotary Table
Resistivity of water
Special core analysis
Standard Cubic Feet
Standard Cubic Feet per day
Standard cubic foot per ton
Straight line (for depreciation)
Oil Saturation
Society of Petroleum Engineers
Society of Petroleum Evaluation Engineers
Subsea
Stock tank barrel
Stock tank oil initially in place
Water Saturation
Tonnes
Total Depth
Tonnes equivalent
Tubing Head Pressure
Terajoules (1012 Joules)
Trillion standard cubic feet
Technical Committee Meeting
Total Organic Carbon
Take or Pay
Tonnes per day
True Vertical Depth
True Vertical Depth Subsea
United States Geological Survey
United States Dollar
Vertical Seismic Profiling
Water Cut
Working Interest
World Petroleum Council
West Texas Intermediate
Weight percent
First half (6 months) of 2005 (example of date)
Second quarter (3 months) of 2006 (example of date)
MWh
mya
NGL
N2
NPV
OBM
OCM
ODT
OPEX
OWC
p.a.
Pa
P&A
PDP
PI
PJ
PSDM
psi
psia
psig
PUD
PVT
P10
P50
P90
Rf
RFT
RT
Rw
SCAL
cf or scf
cfd or scfd
scf/ton
SL
so
SPE
SPEE
ss
stb
STOIIP
sw
T
TD
Te
THP
TJ
Tscf or Tcf
TCM
TOC
TOP
Tpd
TVD
TVDss
USGS
US$
VSP
WC
WI
WPC
WTI
wt%
1H05
2Q06
g
g/cc
gal
gal/d
G&A
GBP
GDT
GIIP
GJ
GOR
GTL
GWC
HDT
HSE
HSFO
HUT
H2S
IOR
IPP
IRR
J
k
KB
KJ
kl
km
km2
kPa
KW
KWh
LKG
LKH
LKO
LNG
LoF
LPG
LTI
LWD
m
M
m3
Mcf or Mscf
MCM
MMcf or MMscf
m3d
mD
MD
MDT
Mean
Median
MFT
mg/l
MJ
Mm3
Mm3d
MM
MMBbl
MMBTU
Mode
Mscfd
MMscfd
MW
MWD
gram
grams per cubic centimetre
gallon
gallons per day
General and Administrative costs
Pounds Sterling
Gas Down to
Gas initially in place
Gigajoules (one billion Joules)
Gas Oil Ratio
Gas to Liquids
Gas water contact
Hydrocarbons Down to
Health, Safety and Environment
High Sulphur Fuel Oil
Hydrocarbons up to
Hydrogen Sulphide
Improved Oil Recovery
Independent Power Producer
Internal Rate of Return
Joule (Metric measurement of energy) I kilojoule = 0.9478 BTU)
Permeability
Kelly Bushing
Kilojoules (one Thousand Joules)
Kilolitres
Kilometres
Square kilometres
Thousands of Pascals (measurement of pressure)
Kilowatt
Kilowatt hour
Lowest Known Gas
Lowest Known Hydrocarbons
Lowest Known Oil
Liquefied Natural Gas
Life of Field
Liquefied Petroleum Gas
Lost Time Injury
Logging while drilling
Metres
Thousand
Cubic metres
Thousand standard cubic feet
Management Committee Meeting
Million standard cubic feet
Cubic metres per day
Measure of Permeability in millidarcies
Measured Depth
Modular Dynamic Tester
Arithmetic average of a set of numbers
Middle value in a set of values
Multi Formation Tester
milligrams per litre
Megajoules (One Million Joules)
Thousand Cubic metres
Thousand Cubic metres per day
Million
Millions of barrels
Millions of British Thermal Units
Value that exists most frequently in a set of values = most likely
Thousand standard cubic feet per day
Million standard cubic feet per day
Megawatt
Measuring While Drilling
Crudecorp AS
Crudecorp AS
ON
O SL O A X E SS
A 11
2D
3D
4D
1P
2P
3P
%
Two dimensional
Three dimensional
Four dimensional
Proved Reserves
Proved plus Probable Reserves
Proved plus Probable plus Possible Reserves
Percentage
Crudecorp AS
Crudecorp AS
SPE PRMS, March 2007
APPENDIX II
A 12
ON
O SL O A X E SS
March 2007
A 13
2
These Definitions and Guidelines are extracted from the Society of Petroleum Engineers / World Petroleum Council / American
Association of Petroleum Geologists / Society of Petroleum Evaluation Engineers (SPE/WPC/AAPG/SPEE) Petroleum Resources
Management System document (“SPE PRMS”), approved in March 2007.
The full text of the SPE PRMS Definitions and Guidelines can be viewed at:
www.spe.org/specma/binary/files/6859916Petroleum_Resources_Management_System_2007.pdf
It is understood that these definitions and guidelines allow flexibility for users and agencies to tailor application for
their particular needs; however, any modifications to the guidance contained herein should be clearly identified.
The definitions and guidelines contained in this document must not be construed as modifying the interpretation
or application of any existing regulatory reporting requirements.
These definitions and guidelines are designed to provide a common reference for the international petroleum
industry, including national reporting and regulatory disclosure agencies, and to support petroleum project and
portfolio management requirements. They are intended to improve clarity in global communications regarding
petroleum resources. It is expected that SPE PRMS will be supplemented with industry education programs and
application guides addressing their implementation in a wide spectrum of technical and/or commercial settings.
The SPE PRMS document consolidates, builds on, and replaces guidance previously contained in the 1997
Petroleum Reserves Definitions, the 2000 Petroleum Resources Classification and Definitions publications, and
the 2001 “Guidelines for the Evaluation of Petroleum Reserves and Resources”; the latter document remains a
valuable source of more detailed background information.,
These definitions and the related classification system are now in common use internationally within the
petroleum industry. They provide a measure of comparability and reduce the subjective nature of resources
estimation. However, the technologies employed in petroleum exploration, development, production and
processing continue to evolve and improve. The SPE Oil and Gas Reserves Committee works closely with other
organizations to maintain the definitions and issues periodic revisions to keep current with evolving technologies
and changing commercial opportunities.
International efforts to standardize the definition of petroleum resources and how they are estimated began in the
1930s. Early guidance focused on Proved Reserves. Building on work initiated by the Society of Petroleum
Evaluation Engineers (SPEE), SPE published definitions for all Reserves categories in 1987. In the same year,
the World Petroleum Council (WPC, then known as the World Petroleum Congress), working independently,
published Reserves definitions that were strikingly similar. In 1997, the two organizations jointly released a single
set of definitions for Reserves that could be used worldwide. In 2000, the American Association of Petroleum
Geologists (AAPG), SPE and WPC jointly developed a classification system for all petroleum resources. This was
followed by additional supporting documents: supplemental application evaluation guidelines (2001) and a
glossary of terms utilized in Resources definitions (2005). SPE also published standards for estimating and
auditing reserves information (revised 2007).
In order to move to this level of project maturity, and hence have reserves associated with it, the development
project must be commercially viable at the time of reporting, based on the reporting entity’s assumptions of future
prices, costs, etc. (“forecast case”) and the specific circumstances of the project. Evidence of a firm intention to
proceed with development within a reasonable time frame will be sufficient to demonstrate commerciality. There
should be a development plan in sufficient detail to support the assessment of commerciality and a reasonable
expectation that any regulatory approvals or sales contracts required prior to project implementation will be
forthcoming. Other than such approvals/contracts, there should be no known contingencies that could preclude
the development from proceeding within a reasonable timeframe (see Reserves class). The project “decision
gate” is the decision by the reporting entity and its partners, if any, that the project has reached a level of technical
and commercial maturity sufficient to justify proceeding with development at that point in time.
Implementation of the development project is justified on the basis of reasonable forecast commercial conditions
at the time of reporting, and there are reasonable expectations that all necessary approvals/contracts will be
obtained.
Justified for Development
At this point, it must be certain that the development project is going ahead. The project must not be subject to
any contingencies such as outstanding regulatory approvals or sale contracts. Forecast capital expenditures
should be included in the reporting entity’s current or following year’s approved budget. The project “decision gate”
is the decision to start investing capital in the construction of production facilities and/or drilling development wells.
A discovered accumulation where project activities are ongoing to justify commercial development in the
foreseeable future.
Approved for Development
The key criterion is that the project is receiving income from sales, rather than the approved development project
necessarily being complete. This is the point at which the project “chance of commerciality” can be said to be
100%. The project “decision gate” is the decision to initiate commercial production from the project.
The development project is currently producing and selling petroleum to market.
On Production
Reserves must satisfy four criteria: they must be discovered, recoverable, commercial, and remaining based on the
development project(s) applied. Reserves are further subdivided in accordance with the level of certainty associated
with the estimates and may be sub-classified based on project maturity and/or characterized by their development and
production status. To be included in the Reserves class, a project must be sufficiently defined to establish its
commercial viability. There must be a reasonable expectation that all required internal and external approvals will be
forthcoming, and there is evidence of firm intention to proceed with development within a reasonable time frame. A
reasonable time frame for the initiation of development depends on the specific circumstances and varies according to
the scope of the project. While 5 years is recommended as a benchmark, a longer time frame could be applied where,
for example, development of economic projects are deferred at the option of the producer for, among other things,
market-related reasons, or to meet contractual or strategic objectives. In all cases, the justification for classification as
Reserves should be clearly documented. To be included in the Reserves class, there must be a high confidence in the
commercial producibility of the reservoir as supported by actual production or formation tests. In certain cases,
Reserves may be assigned on the basis of well logs and/or core analysis that indicate that the subject reservoir is
hydrocarbon-bearing and is analogous to reservoirs in the same area that are producing or have demonstrated the
ability to produce on formation tests.
ON
Petroleum resources are the estimated quantities of hydrocarbons naturally occurring on or within the Earth’s
crust. Resource assessments estimate total quantities in known and yet-to-be-discovered accumulations;
resources evaluations are focused on those quantities that can potentially be recovered and marketed by
commercial projects. A petroleum resources management system provides a consistent approach to estimating
petroleum quantities, evaluating development projects, and presenting results within a comprehensive
classification framework.
Preamble
2
Definitions and Guidelines ( )
Reserves are those quantities of petroleum anticipated to be commercially recoverable by application of
development projects to known accumulations from a given date forward under defined conditions.
RESERVES
Society of Petroleum Engineers, World Petroleum Council, American Association of Petroleum
Geologists and Society of Petroleum Evaluation Engineers
Petroleum Resources Management System
Crudecorp AS
Crudecorp AS
O SL O A X E SS
(2)
A 14
Undeveloped Reserves are quantities expected to be recovered through future investments:
from new wells on undrilled acreage in known accumulations,
from deepening existing wells to a different (but known) reservoir,
(1)
(2)
(See above for separate criteria for Probable Reserves and Possible Reserves.)
Behind-pipe Reserves are expected to be recovered from zones in existing wells which will
require additional completion work or future re-completion prior to start of production. In all
cases, production can be initiated or restored with relatively low expenditure compared to
the cost of drilling a new well.
Undeveloped Reserves
wells not capable of production for mechanical reasons.
(3)
Probable and Possible Reserves
wells which were shut-in for market conditions or pipeline connections, or
(2)
The total quantities ultimately recovered from the project have a low probability to exceed the sum of Proved
plus Probable plus Possible (3P), which is equivalent to the high estimate scenario. When probabilistic
methods are used, there should be at least a 10% probability that the actual quantities recovered will equal or
exceed the 3P estimate. Possible Reserves may be assigned to areas of a reservoir adjacent to Probable
where data control and interpretations of available data are progressively less certain. Frequently, this may be
in areas where geoscience and engineering data are unable to clearly define the area and vertical reservoir
limits of commercial production from the reservoir by a defined project. Possible estimates also include
incremental quantities associated with project recovery efficiencies beyond that assumed for Probable.
completion intervals which are open at the time of the estimate but which have not
yet started producing,
(1)
Possible Reserves are those additional reserves which analysis of geoscience and engineering data indicate
are less likely to be recoverable than Probable Reserves
Shut-in Reserves are expected to be recovered from:
Developed Non-Producing Reserves include shut-in and behind-pipe Reserves
Developed Non-Producing Reserves
Improved recovery reserves are considered producing only after the improved recovery
project is in operation.
Developed Producing Reserves are expected to be recovered from completion intervals
that are open and producing at the time of the estimate.
Developed Producing Reserves
Reserves are considered developed only after the necessary equipment has been installed, or when
the costs to do so are relatively minor compared to the cost of a well. Where required facilities
become unavailable, it may be necessary to reclassify Developed Reserves as Undeveloped.
Developed Reserves may be further sub-classified as Producing or Non-Producing.
Developed Reserves are expected quantities to be recovered from existing wells and facilities.
Developed Reserves
The 2P and 3P estimates may be based on reasonable alternative technical and commercial interpretations
within the reservoir and/or subject project that are clearly documented, including comparisons to results in
successful similar projects. In conventional accumulations, Probable and/or Possible Reserves may be
assigned where geoscience and engineering data identify directly adjacent portions of a reservoir within the
same accumulation that may be separated from Proved areas by minor faulting or other geological
discontinuities and have not been penetrated by a wellbore but are interpreted to be in communication with the
known (Proved) reservoir. Probable or Possible Reserves may be assigned to areas that are structurally higher
than the Proved area. Possible (and in some cases, Probable) Reserves may be assigned to areas that are
structurally lower than the adjacent Proved or 2P area. Caution should be exercised in assigning Reserves to
adjacent reservoirs isolated by major, potentially sealing, faults until this reservoir is penetrated and evaluated
as commercially productive. Justification for assigning Reserves in such cases should be clearly documented.
Reserves should not be assigned to areas that are clearly separated from a known accumulation by nonproductive reservoir (i.e., absence of reservoir, structurally low reservoir, or negative test results); such areas
may contain Prospective Resources. In conventional accumulations, where drilling has defined a highest
known oil (HKO) elevation and there exists the potential for an associated gas cap, Proved oil Reserves should
only be assigned in the structurally higher portions of the reservoir if there is reasonable certainty that such
portions are initially above bubble point pressure based on documented engineering analyses. Reservoir
portions that do not meet this certainty may be assigned as Probable and Possible oil and/or gas based on
reservoir fluid properties and pressure gradient interpretations.
Crudecorp AS
Possible Reserves
It is equally likely that actual remaining quantities recovered will be greater than or less than the sum of the
estimated Proved plus Probable Reserves (2P). In this context, when probabilistic methods are used, there
should be at least a 50% probability that the actual quantities recovered will equal or exceed the 2P estimate.
Probable Reserves may be assigned to areas of a reservoir adjacent to Proved where data control or
interpretations of available data are less certain. The interpreted reservoir continuity may not meet the
reasonable certainty criteria. Probable estimates also include incremental recoveries associated with project
recovery efficiencies beyond that assumed for Proved.
Probable Reserves are those additional Reserves which analysis of geoscience and engineering data indicate
are less likely to be recovered than Proved Reserves but more certain to be recovered than Possible
Reserves.
Probable Reserves
In the absence of data on fluid contacts, Proved quantities in a reservoir are limited by the lowest known
hydrocarbon (LKH) as seen in a well penetration unless otherwise indicated by definitive geoscience,
engineering, or performance data. Such definitive information may include pressure gradient analysis and
seismic indicators. Seismic data alone may not be sufficient to define fluid contacts for Proved reserves (see
“2001 Supplemental Guidelines,” Chapter 8). Reserves in undeveloped locations may be classified as Proved
provided that the locations are in undrilled areas of the reservoir that can be judged with reasonable certainty to
be commercially productive. Interpretations of available geoscience and engineering data indicate with
reasonable certainty that the objective formation is laterally continuous with drilled Proved locations. For
Proved Reserves, the recovery efficiency applied to these reservoirs should be defined based on a range of
possibilities supported by analogs and sound engineering judgment considering the characteristics of the
Proved area and the applied development program.
the area delineated by drilling and defined by fluid contacts, if any, and
adjacent undrilled portions of the reservoir that can reasonably be judged as continuous with it and
commercially productive on the basis of available geoscience and engineering data.
(1)
If deterministic methods are used, the term reasonable certainty is intended to express a high degree of
confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a
90% probability that the quantities actually recovered will equal or exceed the estimate. The area of the
reservoir considered as Proved includes:
Proved Reserves are those quantities of petroleum, which by analysis of geoscience and engineering data,
can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from
known reservoirs and under defined economic conditions, operating methods, and government regulations.
Proved Reserves
Crudecorp AS
ON
O SL O A X E SS
install production or transportation facilities for primary or improved recovery
projects.
A 15
A discovered accumulation for which there are no current plans to develop or to acquire additional data at the
time due to limited production potential.
Development Not Viable
The project is seen to have potential for eventual commercial development, but further appraisal/evaluation
activities are on hold pending the removal of significant contingencies external to the project, or substantial
further appraisal/evaluation activities are required to clarify the potential for eventual commercial development.
Development may be subject to a significant time delay. Note that a change in circumstances, such that there
is no longer a reasonable expectation that a critical contingency can be removed in the foreseeable future, for
example, could lead to a reclassification of the project to “Not Viable” status. The project “decision gate” is the
decision to either proceed with additional evaluation designed to clarify the potential for eventual commercial
development or to temporarily suspend or delay further activities pending resolution of external contingencies.
A discovered accumulation where project activities are on hold and/or where justification as a commercial
development may be subject to significant delay.
Development Unclarified or on Hold
The project is seen to have reasonable potential for eventual commercial development, to the extent that
further data acquisition (e.g. drilling, seismic data) and/or evaluations are currently ongoing with a view to
confirming that the project is commercially viable and providing the basis for selection of an appropriate
development plan. The critical contingencies have been identified and are reasonably expected to be resolved
within a reasonable time frame. Note that disappointing appraisal/evaluation results could lead to a reclassification of the project to “On Hold” or “Not Viable” status. The project “decision gate” is the decision to
undertake further data acquisition and/or studies designed to move the project to a level of technical and
commercial maturity at which a decision can be made to proceed with development and production.
A discovered accumulation where project activities are ongoing to justify commercial development in the
foreseeable future.
Development Pending
Contingent Resources may include, for example, projects for which there are currently no viable markets, or
where commercial recovery is dependent on technology under development, or where evaluation of the
accumulation is insufficient to clearly assess commerciality. Contingent Resources are further categorized in
accordance with the level of certainty associated with the estimates and may be sub-classified based on project
maturity and/or characterized by their economic status.
Project activities are focused on acquiring additional data and/or undertaking further evaluation designed to
define specific leads or prospects for more detailed analysis of their chance of discovery and, assuming
discovery, the range of potential recovery under hypothetical development scenarios.
A project associated with a prospective trend of potential prospects, but which requires more data acquisition
and/or evaluation in order to define specific leads or prospects.
Play
Project activities are focused on acquiring additional data and/or undertaking further evaluation designed to
confirm whether or not the lead can be matured into a prospect. Such evaluation includes the assessment of
the chance of discovery and, assuming discovery, the range of potential recovery under feasible development
scenarios.
A project associated with a potential accumulation that is currently poorly defined and requires more data
acquisition and/or evaluation in order to be classified as a prospect.
Lead
Project activities are focused on assessing the chance of discovery and, assuming discovery, the range of
potential recoverable quantities under a commercial development program.
A project associated with a potential accumulation that is sufficiently well defined to represent a viable drilling
target.
Prospect
Potential accumulations are evaluated according to their chance of discovery and, assuming a discovery, the estimated
quantities that would be recoverable under defined development projects. It is recognized that the development
programs will be of significantly less detail and depend more heavily on analog developments in the earlier phases of
exploration.
Those quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from
undiscovered accumulations.
PROSPECTIVE RESOURCES
The project is not seen to have potential for eventual commercial development at the time of reporting, but the
theoretically recoverable quantities are recorded so that the potential opportunity will be recognized in the
event of a major change in technology or commercial conditions. The project “decision gate” is the decision
not to undertake any further data acquisition or studies on the project for the foreseeable future.
Crudecorp AS
ON
Those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known
accumulations by application of development projects, but which are not currently considered to be
commercially recoverable due to one or more contingencies.
CONTINGENT RESOURCES
recomplete an existing well or
(b)
where a relatively large expenditure (e.g. when compared to the cost of drilling a new well)
is required to
(4)
(a)
from infill wells that will increase recovery, or
(3)
Crudecorp AS
O SL O A X E SS
Crudecorp AS
PROJECT MATURITY
RESOURCES CLASSIFICATION
A 16
ON
O SL O A X E SS
Condensed Consolidated Income Statement
A 17
-2 590 385
-2 558 990
-1 499 761
Q1 12
-0,03
-0,03
Diluted earnings per share
91 152
-2 854 008
Earnings per share
Weighted average number of ordinary shares outstanding (in thousands)
Profit attributable to equity shareholders
Q1 11
-0,02
-0,02
73 920
-1 499 761
2011
-0,02
-0,02
84 511
-1 781 202
2011
-3 432 785
-1 781 202
-3 432 785
-1 651 583
-1 651 583
-1 781 202
2011
-1 781 202
-
-1 781 202
1 900 071
-3 681 273
-1 690 561
-886 885
-1 537 095
-311 860
12 261
732 868
Earnings per. share is calculated by dividing net profit attributable to equity shareholders of the weighted average number of ordinary
shares outstanding during the period
The shareholders of the parent
Total comprehensive income allocated
The shareholders of the parent
Net profit allocated
-2 854 008
-2 558 990
-2 590 385
Total comprehensive income
-1 059 229
263 623
-1 059 229
-1 499 761
Q1 11
263 623
-2 854 008
Q1 12
-
-1 499 761
Other comprehensive income, net after tax
Note
-2 854 008
-
-1 499 761
-630 444
-869 317
Translation differences
Comprehensive income items
Net profit
Unaudited figures in USD
Consolidated Statement of Comprehensive Income
Net profit/(loss)
Taxes
-2 854 008
-1 732 953
-366 768
-268 985
-273 208
-159 923
2 838
196 729
Q1 11
Consolidated Balance Sheet
4
Note 1 to 8 forms an integral part of the group accounts.
Total equity and liabilities
Total liabilites
Taxes payable
Trade and other payables
Short Term Debt
Provisions for liabilities
Loan
Long Term Debt
DEBT
Total shareholders' equity
5
4
Retained Earnings
Share premium
Note
Share capital
EQUITY
Total assets
Client Receivables and other receivables
Current Assets
6
3
2
Note
Production Rights in oil field
Crudecorp ASA
Fixed Assets
Fixed Assets
ASSETS
17 438 791
38 729 395
3 005 091
1 278 149
0
1 278 149
1 726 942
0
1 726 942
35 724 304
-7 082 395
42 486 492
320 207
Q1 12
29 818 413
1 913 213
379 421
0
379 421
1 533 792
0
1 533 792
27 905 199
-3 826 713
31 448 655
283 257
Q1 11
29 818 413
9 245 899
38 729 395
17 053 369
385 422
12 379 622
253 586
7 998 331
4 127 705
Q1 11
8 574 763
671 136
29 483 496
1 074 849
7 924 936
20 483 711
Q1 12
38 720 960
2 476 973
802 331
0
802 331
1 674 642
1 674 642
36 243 986
-4 492 012
40 431 789
304 209
2011
38 720 960
15 443 730
14 757 306
686 424
23 277 231
253 586
7 464 281
15 559 364
2011
ON
Profit before tax
-1 121 055
Net financial items
7
Operating profit
-273 936
-493 075
Depreciation
Other operating expenses
-352 185
Salaries
17 276
319 937
Q1 12
-339 072
2
Note
Crudecorp ASA
Production costs
Other operating income
Revenues
O SL O A X E SS
Appendix 3 Crudecorp ASA Quarterly Report Q1 2012
13 407 414
3 510 943
135 012
17 053 369
-6 346 813
14 757 305
164 271
8 574 763
Net change in cash, cash equivalents and bank overdrafts
Cash, cash equivalents and bank overdrafts as of 1 January
Cash, cash equivalents and bank overdrafts at end of period
Exchange rate gain-/loss on cash, cash equivalents and bank overdrafts
16 600 973
-816 451
Net cash from financing activities
16 600 973
-2 544 559
-
-2 544 559
-649 000
-816 451
-4 731 883
-
-4 731 883
-798 479
-
-
-649 000
Q1 11
Loans to third parties
Issue of ordinary shares
Cash flow from financing activities
Net cash flow from investing activities
Purchase of intangible assets *
Purchase of tangible fixed assets
Cash flow from investing activities
Net cash from operating activites
-
-798 479
Q1 12
-
Note
Taxes paid
Crudecorp ASA
Interest paid
Cash flow from operations
Cash flow from operating activities
Consolidated cash flow
14 757 305
-1 415 272
3 510 943
12 661 634
28 456 030
28 456 030
-14 833 536
-14 833 536
-960 860
-960 860
2011
Result of Q1 2012
-
Equity of 31.03.2012
Translation differences equity
Result of Q1 2012
320 207
15 998
42 486 492
2 054 703
-1 871 986
40 431 789
-25 242
304 209
-1 267 723
-308 260
12 424 204
6 899
31 448 655
2 743 537
Equity 31.12.2011
46 194
283 257
-
-1 158 115
17 408 377
-114 462
12 569 318
Share Premium
The result of 2011 except Q1 2011
Comprehensive income 2011
Share Issue Cost
Share Issue
IFRS 2 option cost
Equity of 31.03.2011
13 173
43 630
Share Issue Cost
114 462
111 992
Share Capital
Share Issue
Note
Crudecorp ASA
Bonus Issue
Changes in Group Equity
263 623
-7 082 399
-2 854 008
35 724 302
2 070 701
263 623
36 243 986
-1 897 228
-2 854 008
-4 492 014
-281 441
-1 651 583
-281 441
-
-308 260
12 470 400
6 899
27 905 199
2 756 710
-1 059 229
-1 499 761
-1 158 115
17 452 007
-
11 413 587
Sum Equity
-1 651 583
1 267 723
-3 826 713
-1 059 229
-1 499 761
-1 267 723
Retained Earnings
A 18
ON
O SL O A X E SS
4 127 705
15 559 364
-950 741
16 510 105
15 559 364
-886 885
-
14 827 722
-
1 618 527
2011
Reserves and production (not audited)
Estimated total 1P reserves as of 12.31.11 is 3.35 million boe. Total production in 2011 was
10,112 boe.
20 483 711
-331 683
-1 439 242
Carrying value as of end of period
4 459 387
21 922 952
4 127 705
Accumulated depreciation
20 483 711
-268 985
-
-
-493 075
1 618 527
2 778 163
5 417 422
Q1 2011
15 559 364
Q1 2012
Acquisition Cost
As of end of period
Period's depreciation
Retirement
Additions
Conversion differences (Translation)
Carrying value as of beginning of period
2 Fixed Assets
ON
The accounting policies adopted in the preparation of the interim financial statements are
consistent with those followed in the preparation of the Annual Financial Statements for the year
ended 31 December 2011.
The Group prepares its consolidated financial statements in accordance with International Financial
Reporting Standards (IFRS) and these financial statements have been prepared in accordance with
the International Accounting Standard for Interim Financial Reporting (IAS 34). As the interim
financial statements do not include the full information and disclosures as required in the annual
financial statements, it should be read in connection with the Annual Financial Statements for 2011.
Crudecorp ASA is a public limited liability company, incorporated and domiciled in Norway.
Crudecorp ASA (the “Company”) and its subsidiaries (together with the Company the “Group”) is an
international oil company. The Group owns 90 % of the working interest in the oilfield Chico
Martinez in California.
Note 1 – General accounting principles
O SL O A X E SS
A 19
Cumulative depreciation and amortization
7 924 936
-
7 924 936
As of end of period
Acquisition Cost
7 998 331
7 998 331
-
7 998 331
46 950
7 924 936
494 177
52 300
7 457 204
408 355
Q1 2011
7 464 281
Q1 2012
Additions interest
Carrying Value as of beginning of period
3 Oil field production rights
7 464 281
13 173
15 998
1 823 034
320 207
91 152
Total as of 31 March 2012
304 209
627
90
45 477
283 257
-25 243
1 823 034
3 600
518
257 175
1 561 740
91 152
180
26
12 859
78 087
43 630
114 462
111 992
Share capital
(USD)
Total as of 31 December 2011
Transferred to uncovered losses
IFRS 2 option cost
Capital increase in connection with the exercise of opt
Share issue cost
Share issue November 2011
Share issue October 2011
Total as of 31 March 2011
250 000
12 500
Share issue February 2011
7 464 281
655 870
As of 31 December 2010
655 870
Share capital
(NOK)
Bonus issue
65 587
Number of
shares
(1,000s)
187 800
4 Share capital and share premium
-180 723
7 457 204
7 464 281
2011
42 486 492
2 054 703
40 431 789
-713 871
-1 267 723
6 899
62 037
-1 466 375
29 219
12 332 948
31 448 655
1 585 423
17 408 377
-114 462
12 569 318
Share premium
(USD)
42 806 699
2 070 701
40 735 998
-739 114
-1 267 723
6 899
62 663
-1 466 375
29 309
12 378 426
31 731 913
1 598 596
17 452 007
-
12 681 310
Total (USD)
A 20
ON
O SL O A X E SS
1 533 792
-
-
1 726 942
-
-
1 533 792
1 533 792
1 726 942
Q1 11
1 726 942
Q1 12
1 995 100
1 995 100
1 966 933
1 966 933
2011
1 975 518
1 975 518
The Company has in March 2012 established a overdraft facility with Sandnes Sparebank of NOK 10,000,000. Due
date is 31 December 2012. The draft facility has so far been unused.
The carrying value of the Group's loan is in USD.
Promissory note and other loans
Nominal value
Q1 12
Q1 11
1 674 642
1 674 642
1 674 642
2011
-
1 074 849
816 451
258 398
Q1 12
253 586
253 586
Q1 11
253 586
253 586
2011
According to the Purchase Agreement related to 90 % of Working interest in the Chico Martinez oil field Sea Industries,
Inc. and Petrov Enterprises, Inc, which owns 5 % each of the working interest in Chico Martinez, shall not be required to
bear any of the first 20 Million USD in costs and expenses incurred in the development of the leases.
Third parties' share of investment is reflecting the amount due in the period.
Third parties' share of investment
Warranty Bond related to production rights
6 Other non-current assets
ON
Promissory note has a nominal interest rate 0% and a repayment schedule that is in step
with production with installments of $2 per barrel produced in the Chico Martinez field
Total loans
Promissory notes and other loans
Short-term debt
Promissory notes and other loans
Long-term debt
5 Loans
O SL O A X E SS
A 21
-1 732 953
-630 444
1 900 071
Due to the fact that the parent company has NOK as functional currency, any intercompany receivables with USD
entities generate foreign exchange gains and losses. These are in general offset by translation differences presented
within Other Comprehensive Income.
Net financial expenses
1 928 686
45 688
Financial Income
26 235
273 662
26 235
45 688
28 615
Interest income on short-term bank deposits
656 679
210
28 405
2011
1 655 024
1 778 641
Financial expenses
654 545
2 134
Q1 11
Foreign exchange gain
1 745 528
33 113
Q1 12
Foreign exchange losses
Entry cost overdraft facility and miscellaneous financial expenses
Interest expense
7 Financial income and expenses
8 Events after balance date
There have been no subsequent events that affect the accounts.
The Company did sign a Term Sheet in April 2011 Credit Suisse for a possible external financing of approximately 25
million USD. The Company are working with Credit Suisse towards an agreement of this external financing.
The Company are in the process of listing on Oslo Axess.
A 22
ON
O SL O A X E SS
ON
O SL O A X E SS
A 23
2
C RU D E C O R P A N N UA L R E P O RT 2 0 1 1
A 24
3:
5:
6:
7:
8:
10:
13:
14:
16:
26:
28:
34:
Highlights 2011
Key Figures
About Crudecorp
About Chico Martinez
The Crudecorp Board of Directors
Director´s Report
7YVÄ[3VZZ
Balance Sheet as of 31. December
Notes to the Account
Independent Auditor´s Report
0-9:*VUZVSPKH[LKÄUHUJPHSZ[H[LTLU[Z
Notes to Consolidated Accounts
Contents
3
November
Received report from Gaffney
Cline & Associates which
JVUÄYTLZ*Y\KLJVYW»ZLZ[PTH[LZ
of STOIIP
October
Capital increase of NOK 70 million
August
Commenced construction
of surface production facilities
July
Commenced drilling of
17 vertical production wells
May
Commenced engineering of
surface production facilities
February
Highlights 2011
ON
O SL O A X E SS
Appendix 4 Crudecorp ASA Annual Report 2011
2,375
14,517
31,031
43,409
2,139
5L[WYVÄ[SVZZ
Current Assets
Fixed Assets
Equity
Debt
Cash Flow from Financing
Cash Flow from Operations
NGAAP
-1,088
EBITDA
Cash Flow from Investments
607
2011
2,510
514
-149
597
2010
2,732
13,863
14,084
Crudecorp ASA
Revenue
(Amounts in USD 1,000)
309
2010
IFRS
28,456
-961
-14,834
2,477
36,244
23,024
15,697
-1,781
-2,794
745
2011
-135
-1,461
-1,681
1,694
11,414
9,076
4,031
-1,238
-1,414
309
2010
Crudecorp Group
A 25
5
The Cash Flow from Investments
of USD 14.8 m is related to the
cost of 18 new production wells
<:+THUKZ\YMHJLWYVJLZZ
equipment here under steam
NLULYH[VY<:+TÅV^SPULZ
HUK[HURZTLUNPULLYPUN
procurement and project cost
<:+THUKOLHKLYZ
HUKW\TWZ<:+T
6,162
-3,022
1,700
1,439
-1,753
-1,270
USGAAP
23,896
-7,175
15,439
761
-4,156
-1,706
733
2011
CMO, Inc.
ON
4
O SL O A X E SS
6
Crudecorp was formed in
2007 and has focused on
mainland US basins. In 2008
the company bought production rights to the Chico
4HY[PULaÄLSKPU*HSPMVYUPH
;OLJVTWHU`»ZZ[YH[LN`PZ[V
focus on near production or
producing assets in mature
oil basins with low political
risk. The aim is to create a
company with strong growth
rate and good dividend
capacity.
About Crudecorp
Crudecorp has continued to
expand its presence in the
Chico Martinez area. In 2010,
the company increased its
share of production rights
MYVT[V ;OLJVTpany has also been working
to secure production rights
for land in proximity to the
ÄLSKWHY[PJ\SHYS`^P[O[OLHPT
to explore deeper formations
with potential for oil
discoveries.
The company’s strategy is to focus on near
production or producing assets in mature oil
basins with low political risk.
A 26
Several attempts to develop
[OLÄLSKOH]LILLUTHKL
most notably in 1981, when an
inadequate cycle steam injection effort was made.
The production peak occurred
PU HM[LYÔPJO[OLÄLSK
declined, coinciding with technical failures and a sharp drop
in oil price.
According to the California
Department of Oil and Gas
+6.YLJVYKZVMWYVK\J[PVU
a total of 599,000 barrels of oil
have been produced from the
ÄLSKVYHWWYV_PTH[LS`VM
resources originally in place.
;OL*OPJV4HY[PULaÄLSK^HZ
KPZJV]LYLKPU ;OLÄLSK
has a proven oil accumulation
in the Etchegoin sands, but is
believed to have less favorable
production metrics than the
ULHYI`VPSÄLSKZÔPJOOH]LVPS
accumulations in the shallower
Temblor sands.
;OL*OPJV4HY[PULaÄLSKPZ
located in the San Joaquin
Valley in California. The nearest
VPSÄLSKZHYL[OL^LSSRUVÛ
South Belridge and Cymric
ÄLSKZ[^VVM[OLTVZ[WYVK\J[P]LÄLSKZVUZOVYL<:
In May 2011, the company
hired a process engineering
ÄYT[VKL]LSVWHWSHUMVYH
surface development of the
*OPJV4HY[PULaÄLSK*VUstruction commenced in September 2011 and Phase 1 of
this development is expected
[VILJVTWSL[LPUÄYZ[OHSMVM
2012. Currently, the plan comprises 3 expansion phases,
which addresses 14.3 MMBbls
VYVMILZ[LZ[PTH[LVM
In late 2010, the company also
received 3D seismic over the
area and a new 3D seismic
survey was undertaken in the
autumn of 2011. Crudecorp
will interpret these new data
to determine the prospect of
potential oil accumulations in
the deeper formations of the
Chico Martinez property.
Crudecorp has since 2009
performed detailed reservoir
modeling analysis and performed a series of production
tests. This work concluded
[OH[HKL]LSVWTLU[VM[OLÄLSK
was economically feasible. By
the end of 2011, the company
has drilled 19 new vertical
wells and 4 horizontal wells.
The Chico Martinez field
is being developed.
ON
7
GCA also reviewed the
WYVK\J[PVUWYVÄSLZHUKWYVQLJ[
LJVUVTPJZMVY[OLÄYZ[KL]LSopment phases planned.
Based on this work, GCA
LZ[PTH[LKNYVZZÄLSK7
reserves of 3.35 MMBbl and
2P reserves of 4.79 MMBbl
and 3P reserves of 5.22 MMBbl.
These volumes represent
incremental increased recovery
MVY[OLÄLSKPU[OLVYKLYVM
HUKYLZWLJ[P]LS`
based on most likely STOIIP
estimate.
The company also hired the
YLZLY]LH\KP[VYÄYT.HMMUL`
*SPULHUK(ZZVJPH[LZ.*([V
WYLWHYLH*VTWL[LU[7LYZVU»Z
Report for the Etchegoin reservoir of the Chico Martinez Field.
.*(JVUÄYTLK*Y\KLJVYW»Z
assessment of STOIIP with
estimates ranging from 27.0
44)ISVPSH[/PNOJVUÄKLUJL
50.5 MMBbl oil as best
estimate and 65.4 MMBbl oil
HZ3V^JVUÄKLUJL
STOIIP, with a total investment
budget of USD 67 million.
O SL O A X E SS
A 27
8
2LSS`;`SLYOHZH4:JKLNYLLPU([TVZWOLYPJ:JPLUJL HUK7O+PU7L[YVSL\T,UNPULLYPUN ;`SLYOHZ^VYRLKMVY`LHYZPU:[H[VPS ^P[OPU[OLHYLHZVM9LZLY]VPY,UNPULLYPUN7YVK\J[PVU
Engineering, Research & Development, and managing subsurface cross-disciplinary teams. In 2000 Tyler
TV]LK[V3HUKTHYR.YHWOPJZÔLYLZOL^VYRLKPU:HSLZHUK:HSLZ4HUHNLTLU[MVSSV^LKI`H`LHY
WLYPVKHZ[OL.LULYHS4HUHNLYMVY3HUKTHYR.YHWOPJZMVY:JHUKPUH]PHTLTILYVM[OL/HSSPI\Y[VU
Management team for Scandinavia and member of the Board of Directors for Halliburton AS. In 2010
Tyler moved to DONG E&P Norge and is currently Asset Manager for Joint Ventures for DONG in Norway.
Kelly Tyler – member of the board
Hege Forus has an MSa degree in political communication from the University of Bergen. She started her
career working as communications advisor in several companies before joining Roxar in 2004. In Roxar
she has held a number of roles covering communications and investor relations. She is currently Director
of Strategic Planning and Marketing Communications and a member of the Roxar executive
management team.
Hege Forus – member of the board
9LZLUOVSKZHU4)(:-:<:HU-YHUJPZJV /LOHZWYL]PV\ZS`^VYRLKH[[OL:HU-YHUJPZJV:[VJR
,_JOHUNLKLYP]H[P]LZÅVVYHUKHZHZ[VJRIYVRLYMVY(SMYLK)LYN5VYNL(:
Aril Resen has been a serial entrepreneur and angel investor in several technology companies over the
last 10 years. In 2003 he co-founded Telio, now listed on the Oslo Stock Exchange, where he has been
VU[OLIVHYKVMKPYLJ[VYZZPUJL[OLPUJLW[PVUPUHUKHSZVZLY]LKHZ[OLJVTWHU`»Z*-6\U[PS
Aril Resen – member of the board
Since 1997, he has worked as investor investor/entrepeneur, working with a range of technology
companies, some of which he co-founded.
Espen Fjogstad has a MSc degree in Engineering Physics from Norwegian Institute of Technology in 1988.
He started his career as a McKinsey Fellow, completing a McKinsey sponsored MBA at INSEAD in 1990.
After receiving his MBA at INSEAD he stayed with McKinsey for four years, working with a range of strategy
and operational improvement projects for a number of clients.
In 1994, he became CEO of ODIN Reservoir Software, a company established by IBM and Norwegian
*VTW\[PUN*LU[YL5**[VJVTTLYJPHSPaLYLZLHYJOPUZ[VJOHZ[PJYLZLY]VPYTVKLSPUNKL]LSVWLKH[5**
6+05^HZIV\NO[I`9V_HY(:(^^^YV_HYJVTPU ÔLYL-QVNZ[HKZ[H`LKVUHZ+LW\[`
Managing Director until 1997.
Espen Fjogstad – member of the board
Mr. Aase has 25 years experience with the oil & gas industry, hereunder as part owner of Petrotech and
fully owned Fluenta. Mr. Aase has established a host of successful businesses and is the Chairman
VM@TPY,ULYN`ÔPJOPZ*Y\KJVYW»ZSHYNLZ[ZOHYLOVSKLY
9
ON
Sigurd Aase – Chairman
The Crudecorp Board of directors.
O SL O A X E SS
A 28
Konsernet har i 2011 drevet
produksjonstesting og utbygging
av første produksjonsfase.
Selskapet har fra produksjonstestene produsert 10,112 fat olje
og injisert 78,209 fat med steam,
noe som gir et forholdstall mellom
steam injeksjon og oljeproduksjon
:69Wr+L[[LMVYOVSKL[
er godt innenfor de planlagte
økonomiske rammene for feltet.
Selskapet har investert USD
14,800,000 i 2011 og USD
13,100,000 gjenstår for 2012 før
fase 1 er utbygd for produksjon
med syklisk steam metode. Ny
investerings- og tidsramme ble
laget i august 2011, med bakgrunn i det engineering arbeidet
Selskapet har valgt å rapportere
konsoliderte tall i henhold til
International Financial Reporting
:[HUKHYK0-9:MYHVNTLK
regnskapsåret 2010.
Rettvisende oversikt over
utvikling og resultat
for å øke produksjonen av olje.
Selskapet har i 2011 foretatt
ytterligere produksjonstester av
feltet for bedre å kunne evaluere
og utvikle forretningsplanen
for utbygging og drift av feltet.
Selskapet har boret 17 nye
vertikale brønner i 2011.
Selskapets aktivitet innebærer
VWLYHZQVULSSÄUHUZPLSSVN
markedsmessig risiko. Den
operasjonelle risikoen er knyttet
til investeringer og drift av oljefelt. Selskapet har etablert budsjetterings- og godkjenningsprosedyrer og har et system for
etterkalkulering av prosjekter.
Risiko i forhold til brønnproduktivitet er forsøkt redusert ved
produksjonstesting som har
foregått over de siste 24
TrULKLUL3PRL]LSLYVSQLYLZLY
voaret komplekst med mange
forskjellige produserende soner
og inhomogenitet i hver sone
og det vil derfor fremdeles være
risiko knyttet til produksjonsrater
og inntjening.
Risiko
Konsernets konsoliderte inntekter
beløp seg til USD 732,838 og
EBITDA ble USD -2,794,388.
Konsernets netto resultat ble
USD -1,781,202.
Konsernet solgte i 2011 totalt
10,112 fat med olje. Gjennomsnittsprisen per fat var USD
72.5 per fat.
som ble utført fra april 2011.
Investerings- og tidsramme har
siden denne tid vært på plan.
Gunnar Hviding
CEO/Daglig leder
Hege Forus
Styremedlem
Konsernet har utslipp til det ytre
miljø. I hovedsak dreier dette
seg om utslipp av CO2 og NOx
Selskapet har en klar holdning
til like muligheter for alle ansatte,
uavhengig av bakgrunn. Selskapet har god fokus på helse, miljø
og sikkerhet. I 2012 har det vært
0 skader på selskapets ansatte
og 0 skader hos underleverandører som arbeider for selskapet.
Arbeidsmiljøet i konsernet er
godt. Konsernet hadde per
31.12.2011 totalt 10 ansatte,
O]VYH]LYR]PUULY:[`YL[
består av 3 menn og 2 kvinner.
Selskapet oppfyller kravet til
R]PUULYLWYLZLU[HZQVU
Helse, miljø og sikkerhet
Den markedsmessige risikoen
er knyttet til olje- og gasspris
samt valutasvingninger.
Selskapet har vurdert ulike
sikringsinstrumenter men har
hittil ikke funnet det hensiktsmessig å sikre olje- eller gasspris eller valutarisikoen.
+LUÄUHUZPLSSLYPZPRVLUHUZLLZ
i øyeblikket som liten, ettersom
selskapet ikke har rentebærende
gjeld. Når utbyggingsfase 1 er
MLYKPNZ[PS[LY[HURLUrÄUHUZPLYL
fase 2 og de påfølgende utbyggingsfasene med mest mulig
3dje parts kapital. Det er derfor
rMVY]LU[LH[KLUÄUHUZPLSSL
risikoen i selskapet vil øke.
Selskapet ser likevel for seg en
god kontantstrøm fra driften og
det forventes at egenkapitalen
i selskapet vil være forsvarlig.
Selskapet oppfatter motpartsrisikoen ved oppgjør for olje
som ubetydelig.
Espen Fjogstad
Styremedlem
Kelly Tyler
Styremedlem
Styret i Crudecorp ASA
Stavanger 6. mars 2012
Selskapet har besluttet å bygge
ut fase 1, med syklisk steaminjeksjon, av totalt 6 planlagte
produksjonsfaser for det øvre
reservoaret, Etchegoin formasjonen. Den videre plan er å
konvertere fase 1 til en ‘steam
ÅVVK»TLKRVU[PU\LYSPNZ[LHT
injeksjon. Dernest er planen
å fortsette feltutbyggingen med
de ytterligere produksjonsekspansjonene slik at feltet
er ferdig utbygget i 2014.
:LSZRHWL[LYPKHNÄUHUZPLY[
med kun egenkapital, noe
selskapet vurderer som en
K`YÄUHUZPLYPUNZMVYTUrY
selskapet nå forventer
Fremtidsutikter
Styret mener at det er riktig å
legge forutsetningen for fortsatt
drift av selskapet til grunn ved
avleggingen av årsregnskapet.
Fortsatt drift
Selskapet har i 2011 foretatt
ÅLYLWYVK\RZQVUZ[LZ[LYTLK
steam injeksjon for å bestemme
de petrofysiske egenskapene
til Etchegoin formasjonen på
Chico Martinez. Selskapet
har også tatt kjerneprøver fra
sideveggene i borede brønner
og tatt en kjerneprøve med full
diameter. Selskapet har også en
rett til å motta prosesserte data
fra en 3D seismisk studie som
ble foretatt høsten 2011.
Forskning og utvikling
ved brenning av naturgass for
oppvarming av oljereservoaret.
Selskapet har også utslipp av
produsert vann til en innsynkningsfelle, der produsert vann blir
deponert for innsynkning i grunnen. Selskapet har alle nødvendige tillatelser for utslipp.
Aril Resen
Styremedlem
11
Sigurd Steen Aase
Styremedlem
Oljeindustrien i California er
fragmentert med mange mindre
aktører og aktører på størrelse
med Crudecorp. Selskapet
ønsker å delta aktivt dersom
interessante konsolideringsmuligheter skulle oppstå.
Selskapet anser at man vil få
bedre frem verdien i selskapet
når den planlagte produksjonen
økes i 2012, og tror selskapet
da kan fremstå som en attraktiv
industriell partner.
Selskapet vil foreslå en omdanning fra ASA til AS ettersom
man ikke ser det formålstjenelig
med børsnotering de neste
årene.
Selskapet har i tillegg et mulig
potensial for funn i de dypere
formasjonene på feltet.
Selskapet forventer å kunne
tolke nye seismiske data for feltet
i 2012 for bedre å kunne fastslå
om dette potensialet skal
forsøkes avdekket gjennom
leteboring.
å etablere en positiv kontantstrøm fra driften. I den forbindelse arbeider selskapet
med å skaffe seg oversikt over
markedet for lånekapital for å
kunne fastlegge den fremtidige
kapitalstrukturen for selskapet.
Selskapet har en mindre og kortsiktig kassekreditt tilgjengelig
og de økonomiske prognosene
viser at prosjektet for fase 1 med
syklisk steam injeksjon er fullt ut
ÄUHUZPLY[ZHT[H[ZLSZRHWL[]PS
ha en positiv kontantstrøm fra
driften kort tid etter oppstart av
fase 1.
ON
10
I februar 2011 foretok selskapet
en emisjon på NOK 100 mill, der
formålet med emisjonen var å
starte utbygging av feltet. Engineering ble påbegynt i mai 2011
og nye kostnadsanslag kom
ut av denne prosessen. Økte
kostnader som følge av større
prosesskapasitet, miljøkrav og
generelt høy aktivitet i leverandørmarkedet gjorde at selskapet
[YLUN[L`[[LYSPNLYLÄUHUZPLYPUN
Det ble derfor gjennomført en
ytterligere emisjon på Nok 70 mill
i september 2011. Formålet
med denne emisjonen var å
ferdigstille første fase av felt
utbyggingen for syklisk steam
injeksjon og sikre lønnsom drift
av feltet.
Chico Martinez feltet er et tungolje felt der det injiseres steam
Crudecorp ASA har som formål
å drive med leting og produksjon
av olje og gass. Selskapet er
lokalisert i Stavanger og opererer
Chico Martinez feltet i Kern
County, California gjennom sitt
datterselskap CMO Inc. Selskapet driver den overordnede
planleggingen for feltutbyggingen
fra Stavanger, og benytter innleide
konsulenter og egne ansatte til
detaljplanlegging, utbygging og
drift av feltet.
Virksomhetens art
Styrets beretning 2011.
O SL O A X E SS
A 29
13 200 998
13 200 998
Årets resultat
Årsoverskudd
13 200 998
13 200 998
Avsatt til annen egenkapital
Sum overføringer
Overføringer
13 200 998
Resultat før skattekostnad
4 497 611
19 433 179
10
9LZ\S[H[H]ÄUHUZWVZ[LY
(UULUÄUHUZRVZ[UHK
13 925 878
0
(UULUÄUHUZPUU[LR[
Annen rentekostnad
5
10
Annen renteinntekt
10 004 912
-6 232 181
Driftsresultat
-PUHUZPUU[LR[LYVNÄUHUZRVZ[UHKLY
9 633 431
4 614 145
Sum driftskostnader
9
Annen driftskostnad
19 157
5 000 129
1
Avskrivning på driftsmidler og immaterielle eiendeler
3¥UUZRVZ[UHKLYTT
68 750
3 332 500
2011
3 401 250
8, 9
12
Note
Sum driftsinntekter
Annen driftsinntekt
Salgsinntekter
Driftsinntekter og driftskostnader
(Tall i NOK)
Crudecorp ASA
Resultatregnskap
13
3 108 991
3 108 991
3 108 991
3 108 991
3 108 991
4 015 640
1 682 349
1 420 038
4 309 862
2 808 165
-906 649
4 516 649
1 796 676
7 000
2 712 973
3 610 000
30 000
3 581 000
2010
ON
12
O SL O A X E SS
A 30
6
272 889 907
86 928 679
86 852 201
97 212 163
14 728 206
14 609 830
118 376
88 376
30 000
82 483 958
35 949 703
35 949 078
625
0
0
46 513 374
46 513 374
Aril Resen
Styremedlem
Kelly Tyler
Styremedlem
Hege Forus
Styremedlem
Sigurd Steen Aase
Styrets leder
:\TLNLURHWP[HSVNNQLSK
:\TNQLSK
Sum kortsiktig gjeld
Annen kortsiktig gjeld
Skyldig offentlige avgifter
Betalbar skatt
Gjeld til kredittinstitusjoner
2VY[ZPR[PNNQLSK
:\THUULUSHUNZPR[PNNQLSK
Øvrig langsiktig gjeld
.QLSK
:\TLNLURHWP[HS
:\TVWW[QLU[LNLURHWP[HS
Annen egenkapital
6WW[QLU[LNLURHWP[HS
:\TPUUZR\[[LNLURHWP[HS
Overkursfond
Aksjekapital
7
11
2
3
Note
Gunnar Hviding
CEO
Espen Fjogstad
Styremedlem
272 889 907
12 868 540
1 029 853
428 284
592 474
0
9 095
11 838 687
11 838 687
260 021 367
16 309 989
16 309 989
243 711 378
241 888 344
1 823 034
2011
15
97 212 163
12 513 273
800 473
342 078
278 051
0
180 344
11 712 800
11 712 800
84 698 890
3 108 991
3 108 991
81 589 899
80 934 029
655 870
2010
ON
14
Sum eiendeler
:\TVTS¥WZTPKSLY
Bankinnskudd, kontanter o.l.
Investeringer
76 478
66 478
Andre fordringer
Sum fordringer
10 000
Kundefordringer
Fordringer
5
185 961 228
Sum anleggsmidler
6TS¥WZTPKSLY
139 412 607
139 311 982
100 625
14 367
14 367
46 534 254
46 534 254
:\TÄUHUZPLSSLHUSLNNZTPKSLY
4
5
Investeringer i datterselskap
1
3rU[PSMVYL[HRPZHTTLRVUZLYU
Finansielle anleggsmidler
Sum varige driftsmidler
Driftsløsøre, inventar
Varige driftsmidler
Sum immaterielle eiendeler
1
0UUZR\[[LNLURHWP[HS
Anleggsmidler
Immaterielle eiendeler
Rettigheter o.l.
,NLURHWP[HSVNNQLSK
Eiendeler
(Tall i NOK)
2010
(Tall i NOK)
2011
Crudecorp ASA
Crudecorp ASA
Note
Balanse
Balanse
O SL O A X E SS
A 31
Anleggsmidler vurderes til
anskaffelseskost, men nedskrives
til virkelig verdi ved verdifall som
ikke forventes å være
Omløpsmidler vurderes til laveste
av anskaffelseskost og virkelig
verdi. Kortsiktig gjeld balanseføres til nominelt beløp på
opptakstidspunktet.
Omløpsmidler og kortsiktig gjeld
omfatter poster som forfaller til
betaling innen ett år etter
anskaffelsestidspunktet, samt
poster som knytter seg til
varekretsløpet. Øvrige poster er
RSHZZPÄZLY[ZVTHUSLNNTPKKLS
langsiktig gjeld.
Hovedregel for vurdering
og klassifisering av eiendeler
og gjeld
Betingede tap som er sannsynlige
VNR]HU[PÄZLYIHYLRVZ[UHKZM¥YLZ
løpende.
Utarbeidelsen av regnskapsinformasjon krever at selskapets
ledelse benytter estimater og
forutsetninger som påvirker
verdien av eiendeler, gjeld
og noteopplysninger. Slike estimater og forutsetninger kan ha
vesentlig betydning for rapporterte
inntekter og kostnader for en
bestemt periode. De faktiske
beløpene kan avvike fra
estimatene.
Bruk av estimater
Inntektsføring ved salg av varer
skjer på leveringstidspunktet.
Tjenester inntektsføres i takt
med utførelsen.
Inntektsføring
Årsregnskapet er satt opp
i samsvar med regnskapslovens
bestemmelser og god regnskapsskikk. Alle tall er oppgitt i hele
RYVULY562TLKTPUKYLHUUL[
er oppgitt.
Regnskapsprinsipper
Utsatt skatt / utsatt skattefordel
beregnes på grunnlag av
midlertidige forskjeller mellom
regnskapsmessige og skattemessige balanseverdier, og
underskudd til fremføring ved
Skatter
Kontanter og bankinnskudd,
omløpsmidler og kortsiktig gjeld
i fremmed valuta omregnes til
kurser på balansedagen.
Realiserte og urealiserte kursgevinster og -tap på eiendeler
og gjeld i annen valuta enn
NOK resultatføres.
Valuta
Kontanter og bankinnskudd
omfatter kontanter, bankinnskudd og andre betalingsmidler med opprinnelig
forfallsdato på tre måneder
eller mindre fra anskaffelse.
Investeringer i datterselskaper
er vurdert etter kostmetoden.
Aksjer i datterselskap
Fordringer er oppført i balansen
til pålydende etter fradrag for
avsetning til forventet tap.
Avsetning til tap gjøres på grunnlag av individuelle vurderinger
av de enkelte fordringene.
Fordringer
Varige driftsmidler balanseføres
og avskrives over driftsmidlets
forventede levetid. Direkte
vedlikehold av driftsmidler
kostnadsføres løpende under
driftskostnader, mens påkostninger eller forbedringer tillegges
driftsmidlets kostpris og
avskrives i takt med driftsmidlet.
Varige driftsmidler
MVYIPNrLUKL3HUNZPR[PNNQLSK
balanseføres til nominelt beløp
på etableringstidspunktet.
17
Selskapet har valgt å utarbeide
konsernregnskap i henhold
til IFRS.
Konsernregnskap
utgangen av regnskapsåret.
Skattereduserende midlertidige
forskjeller og underskudd til
fremføring utlignes mot skatteøkende midlertidige forskjeller
som reverseres i samme tidsrom. Skattekostnad består av
IL[HSIHYZRH[[ZRH[[WrrYL[Z
ZRH[[LWSPR[PNLPUU[LR[VN
endring i netto utsatt skatt.
ON
16
Noter til
regnskapet
for 2011
O SL O A X E SS
14 367
¶
46 534 254
A 32
250 000
257 175
Kapitalforhøyelse, februar
Kapitalforhøyelse, oktober
46 548 621
50 357
19 157
260 021 367
13 200 998
-8 406 905
528 382
70 000 000
100 000 000
-
84 698 890
Sum
Antall
Eier av Ymir Energy AS
11 328 326
Styremedlem
CEO
Espen Fjogstad
Gunnar Hviding
100 000
CMO AS
100 163
-
35 949 080
-
-
2010
163
19
3HUNZPR[PNMVYKYPUNTV[*460UJOHYISP[[YLU[LILSHZ[L[-VYLYKL[ISP[[PUU[LR[ZM¥Y[YLU[LYWr;562
2.568 og for 2011 TNOK 8.779. Selskapet har ikke gjeld som forfaller senere enn 5 år etter balansedato.
-
139 311 982
-
Kortsiktig gjeld til selskap i samme konsern
3HUNZPR[PNNQLSK[PSZLSZRHWPZHTTLRVUZLYU
6 014 608
7 126 859
4 780 500
36 650 792
(U[HSSHRZQLY
100 %
82 %
Eier-/
stemmeandel
-4.156.497 USD
3HUNZPR[PNLMVYKYPUNLY[PSZLSZRHWPZHTTLRVUZLYU
Bokført
1 823 034
Resultat siste år
100 %
2011
,NLURHWP[HS
siste år 100 %
-7.175.199 USD
Kortsiktige fordringer til selskap i samme konsern
Note 5 Fordringer og gjeld
625
Bokført verdi
WY
CMO Inc
:LSZRHWL[OHYLPLYHUKLSLY
PM¥SNLUKLZLSZRHWLY!
Eierandel/
stemmeandel
Eierandel i Cives AS og Time Trader AS
Eier av Synesi AS
Note 4 Konsern, tilknyttet selskap mv.
Styremedlem
Aril Resen
Sigurd Steen Aase
,PLYH]?ÄSL(:
91 151 679
Sum
Styrets leder
16 094 638
Andre
Navn
75 057 041
1 401 858
A/S Meritum
Sum 10 største
1 999 950
2 794 142
Pebriga AS
Sandnes Investering A
2 927 708
2 960 006
Time Trader AS
Veen Eiendom AS
3 086 900
4 780 500
?ÄSL(:
Cives As
7 126 859
Synesi AS
Tittel
36 650 792
:\THRZQLY
0,02
Pålydende
=PJ[VY`3PML7LUZPVU3[K
91 151 679
Ymir Energy AS
Aksjer
(RZQLRHWP[HS
Note 3 Antall aksjer, aksjeeiere m.m.
ON
18
241 888 344
16 309 989
1 823 034
,NLURHWP[HSWY
3 108 991
Annen
LNLURHWP[HS
0
31 200
46 598 978
0
33 524
Opptjent egenkapital
13 200 998
-8 406 905
524 264
69 742 825
99 750 000
-655 870
80 934 029
Overkurs
fond
Årets resultat
Emisjonskostnader
4 118
655 870
Fondsemisjon ifm omdanning til ASA
Kapitalforhøyelse, november
655 870
(RZQL
RHWP[HS
Innskutt egenkapital
,NLURHWP[HSWY
Note 2 Egenkapital
Totalt
46 565 454
Rettigheter i feltet vil bli avskrevet basert på UOP rate for produksjon fra feltet når det er utviklet
og produksjon i stor grad er startet.
Avskrivningssatser
)HSHUZLM¥Y[]LYKPWY
50 357
0
Akkumulerte avskrivninger 31.12.
0
19 157
0
Akkumulerte avskrivninger på solgte anleggsmidler
31 200
64 724
0
33 524
31 200
Driftsløsøre
og lignende
Årets avskrivninger
0
46 534 254
0
Anskaffelseskost 31.12.
0
Avgang
46 534 254
9L[[PNOL[LY
og lignende
Tilgang
;`WLHUSLNNTPKKLS
Note 1 Anleggsmidler
O SL O A X E SS
2011
2010
Sum skattekostnad
2011
-
Endring utsatt skatt/fordel
Benyttet underskudd til fremføring
A 33
-
IL[HSIHYZRH[[rYL[ZYLZ\S[H[
Betalbar skatt i balansen
-
-7 671 006
-6 326 753
-
-27 396 450
-27 396 450
-
-
-22 595 545
-22 586 445
-9 100
-
2010
-
-1 344 253
9 100
-
9 100
Endring
0
-3 984
-866 535
870 517
-
-
-
-3 103 863
3 103 863
9 100
-14 228
3 108 991
-
-
20
Grunnet usikkerhet i utviklingsfasen har selskapet valgt å ikke balanseføre utsatt skattefordel. Selskapet
blir for deler av sin aktivitet lignet sammen med sin amerikanske branch i USA. Eventuell skatt på dette
grunnlaget vil kunne gå til fradrag i eventuell utlignet norsk skatt.
Utsatt skatt/utsatt skattefordel i balansen
Skatteeffekt av emisjonskostnader
Utsatt skatt/utsatt skattefordel
Sum
Effekt av emisjonskostnader
Underskudd til fremføring
Netto midlertidige forskjeller
Regnskapsmessige avsetninger
Driftsmidler
<[ZH[[ZRH[[RU`[[LYZLN[PS!
-9 100
-2 352 026
Permanente forskjeller
0
-1 344 253
Ikke balanseført utsatt skattefordel
Beregnet skattekostnad
3 696 277
ZRH[[H]YLZ\S[H[M¥YZRH[[
-VYRSHYPUN[PSO]VYMVYrYL[ZZRH[[LRVZ[UHKPRRL\[NQ¥Y
H]YLZ\S[H[M¥YZRH[[!
-
Sum skattepliktig inntekt
,MMLR[H]LTPZQVUZRVZ[UHKLYWLYTHU[LU[MVYZRQLSS
4 810 005
-4 810 005
:\TZRH[[LWSPR[PNPUU[LR[rYL[ZYLZ\S[H[
9 100
-8 400 093
Endring i midlertidige forskjeller
13 200 988
)LYLNUPUNH]rYL[ZZRH[[LNY\UUSHN!
-
Betalbar skatt årets resultat
2,5
5 000 129
2010
2
2 712 973
71 340
155 080
324 699
2 161 854
40 000
40 000
40 000
40 000
Espen Fjogstad, styremedlem
Aril Resen, styremedlem
Hege Forus, styremedlem
Kelly Tyler, styremedlem
179 850
587 510
:\TNVK[Q¥YLSZL[PSYL]PZVY
56 952
ZRH[[LYrKNP]UPUNPURS[LRUPZRIPZ[HUKTLKSPNUPUNZWHWPYLY
- annnen bistand fra nærstående til revisor
67 943
282 764
2011
30 609
81 621
7LUZQVUZ
utgifter
- andre attestasjonstjenester
SV]WrSHN[YL]PZQVUPURS\KLY[IPZ[HUKTLKrYZYLNUZRHW
2VZ[UHKZM¥Y[NVK[NQ¥YLSZL[PSYL]PZVYMVYKLSLYZLNZSPR!
9L]PZVYILS¥WLULLYLRZT]H
53 300
546 874
1 522 461
Lønn
Sigurd Steen Aase, styrets leder
(UUPRLU3HUKYL)QLYRL*-6
HUZH[[TUKP
Gunnar Hviding, CEO
@[LSZLY[PSSLKLUKLWLYZVULY!
Note 9 Ytelser/godtgjørelser til ledende personer, styret og revisor
21
62 000
-
9 000
-
53 000
2010
7 084
20 807
Annen
NVK[NQ¥YLSZL
(YILPKZNP]LYIL[HSLY[PSPUUZR\KKZVYKUPUNLU! H]S¥UUTLSSVTVN.H]S¥UUTLSSVTVN.
Arbeidstaker betaler ikke til innskuddsordningen.
Selskapet er pliktig til å ha tjenestepensjonsordning etter lov om obligatorisk tjenestepensjon, og har
pensjonsordning som tilfredsstiller kravene i denne loven. Alle selskapets 3 ansatte er inkludert
i ordningen. Foretakets innskuddsordning er organisert i henhold til lov om innskuddspensjon.
Det er pr 31.12.11 40 000 opsjoner utestående. Hver opsjon gir rett til å erverve en aksje for kr 2 pr aksje.
Utestående opsjoner kan utøves fra 1. september 2012 til 30. april 2014.
Gjennomsnittlig antall årsverk selskapet har sysselsatt:
Gjennomsnittlig antall årsverk:
Sum
450 662
Pensjonskostnader
Andre lønnsrelaterte ytelser
607 701
163 265
Arbeidsgiveravgift
3 778 501
2011
ON
gYL[ZZRH[[LRVZ[UHKMVYKLSLYZLNWr!
Note 7 Skatt
Lønnskostnader
Selskapet har bundne skattetrekksmidler pr 31.12.11 på kr 361.285.
Selskapet har bundne midler på depositumkonto på kr 125.000.
3¥UU
Note 8 Lønnskostnader
Note 6 Bundne midler
O SL O A X E SS
22
23
A 34
ON
O SL O A X E SS
2011
307 156
4 497 611
25 355
4 472 256
23 930 790
-
1 682 349
22 755
1 659 594
4 309 862
3 513 840
A 35
24
Sum
Norge
USA
7LYNLVNYHÄZRTHYRLK!
Sum
Fremleie kontorlokaler
Allokering av lønnskostnader til datterselskap
Per virksomhetsområde:
Note 12 Salgsinntekt
3 401 250
68 750
3 610 000
30 000
3 580 000
2010
2011
3 332 500
3 610 000
30 000
3 580 000
2010
3 401 250
68 750
3 332 500
2011
Betingede forpliktelser:
Selskapet har pr 31.12.11 ingen betingede forpliktelser som ikke er bokført i regnskapet.
Pr 31.12.11 er resterende gjeld knyttet til kjøp av lisens USD 1.975.518.
Dette utgjør pr 31.12.11 kr 11.838.687.
Selskapet reforhandlet gjelden knyttet til kjøp av lisens i løpet av 2010. Ved inngang av året 2010 var
ekstern gjeld USD 7,5 mill. Gjelden ble i avtale ved kjøp av ytterligere andel av lisensen reforhandlet.
)L[HSPUNZZ[Y\R[\YISLLUKYL[(]LRZPZ[LYLUKLNQLSK<:+TPSSL[[LYH]KYHNWr<:+TPSSWr[PKZ
W\UR[L[ISL<:+TPSSIL[HS[]LKZPNULYPUNH]SPZLUZRQ¥WMYH[PS 9LZ[LYLUKLNQLSKWr<:+
2,6 mill ble behandlet følgende: USD 2 mill er pr 31.12.10 balanseført til 11.712.800 og er gjeld som er
rentefri og skal betales tilbake i takt med produksjon med 2 USD pr solgte fat. Gjenværende gjeld på
USD 0,6 mill ble ettergitt og er inntektsført i sin helhet.
Note 11 Gjeld
:\THUULUÄUHUZRVZ[UHK
(UULUÄUHUZRVZ[UHK
Disagio
:\THUULUÄUHUZPUU[LR[
(UULUÄUHUZPUU[LR[
-
2010
796 022
25
ON
Ettergivelse renter + lån
8 778 881
1 226 031
Renteinntekter bank
13 618 722
Renteinntekter fra foretak i samme konsern
Resultatførte valutagevinster
Note 10 Valuta og andre finansposter
O SL O A X E SS
26
27
A 36
ON
O SL O A X E SS
2011
A 37
Resultat pr aksje fremkommer av note 20
Aksjonærene i morselskapet
Årets totalresultat tilordnes
-3 432 785
-1 781 202
-3 432 785
Årets totalresultat
29
-1 331 167
-1 238 205
-1 331 167
-92 962
-92 962
2010
-1 238 205
-
-1 238 205
239 273
-513 190
752 463
-1 477 478
-613 276
-63 856
-802 229
-1 238 205
-1 844 429
4 963
-311 860
2011
gYL[Z\[]PKLKLYLZ\S[H[WVZ[LYL[[LYZRH[[
Årsresultatet tilordnes
2010
308 780
-1 781 202
-1 651 583
Note
-1 781 202
Omregningsdifferanser
<[]PKL[YLZ\S[H[WVZ[LY
Årsresultat
1. januar – 31. desember
Crudecorp ASA
Utvidet resultatregnskap (comprehensive income)
Årsresultat
-
-1 781 202
Skattekostnad
1 900 071
5L[[VÄUHUZRVZ[UHKLY
18
17
Finanskostnader
-28 615
1 928 687
17
Finansinntekter
-1 331 431
-886 885
-1 537 095
-670 990
12 261
732 868
-3 681 273
19
4
16
15
Note
Driftsresultat
Andre driftskostnader
Avskrivninger
3¥UUZRVZ[UHKLY
Produksjonskostnader
Annen driftsinntekt
Salgsinntekter
(hele USD)
1. januar – 31. desember
Crudecorp ASA
Resultatregnskap
ON
28
Konsernregnskap
IFRS
O SL O A X E SS
Produksjonsrettigheter i oljefelt
A 38
38 720 960
2 476 973
802 331
0
802 331
1 674 642
0
13 107 097
1 693 510
182 186
0
182 186
1 511 324
0
1 511 324
Hege Forus
Styremedlem
Sigurd Steen Aase
Styrets leder
,NLURHWP[HSKLZLTILY
40 431 789
26 990 919
-1 267 723
-1 466 375
29 832 581
-114 462
Kelly Tyler
Styremedlem
Aril Resen
Styremedlem
6 899
810 496
-
12 569 318
304 209
204 287
89 824
114 462
-12 070
-
111 992
Gunnar Hviding
CEO
Espen Fjogstad
Styremedlem
-4 492 012
1 267 723
1 267 723
-2 710 810
-1 781 202
-1 267 723
1 433 670
1 430 713
2 957
-32 475
-1 238 205
-1 430 713
6WW[QLU[,2
Sum EK
31
36 243 986
28 462 931
-
-1 466 375
29 922 407
-
6 899
-1 912 384
-1 781 202
11 413 586
4 722 989
-
4 720 032
2 957
-92 962
-1 238 205
8 021 765
ON
30
Note 1 til 24 er en integrert del av konsernregnskapet.
Regnskapet ble vedtatt av styret 6. mars 2012.
Regnskapet skal underskrives av styret og daglig leder/CEO.
:\TNQLSK
:\TRVY[ZPR[PNNQLSK
Betalbar skatt
3L]LYHUK¥YNQLSKVNHUULURVY[ZPR[PNNQLSK
2VY[ZPR[PNNQLSK
13
12
Avsetninger for forpliktelser
:\TSHUNZPR[PNNQLSK
12
3rU
1 674 642
Emisjonskostnader
Emisjon
:\T[YHUZHRZQVULYTLKLPLYUL
11 413 587
Fondsemisjon
IFRS 2 opsjonskostnad
;YHUZHRZQVULYTLKLPLYUL
3HUNZPR[PNNQLSK
36 243 986
:\TLNLURHWP[HS
-1 267 723
12 569 318
Overført fra overkurs
-4 492 012
111 992
Årets resultat
,NLURHWP[HSKLZLTILY
3 268 341
4 699 054
-58 737
-1 430 713
20 978
Overkurs
9 359 714
20 978
-1 750
92 764
(RZQLRHWP[HS
Overfør fra overkurs
Emisjon
Årets resultat
GJELD
40 431 789
304 209
Overkurs
Aksjekapital
9
KLZ
Note KLZ
EGENKAPITAL
,NLURHWP[HS[PSVYKUL[
TVYZLSZRHWL[ZHRZQVU¤YLY
13 107 096
38 720 960
4 031 365
3 510 943
520 422
9 075 731
Sum eiendeler
14 757 306
1 618 527
7 457 204
15 697 315
8
Kontanter og kontantekvivalenter
940 010
23 023 645
7 464 281
15 559 364
:\TVTS¥WZTPKSLY
7
Kundefordringer og andre fordringer
6TS¥WZTPKSLY
Sum anleggsmidler
4
5
Varige driftsmidler
Anleggsmidler
,NLURHWP[HSQHU\HY
(hele USD)
(hele USD)
Note KLZ KLZ
Crudecorp ASA
Crudecorp ASA
EIENDELER
Endringer i konsernets egenkapital
Konsolidert balanse
O SL O A X E SS
A 39
15
-
Kontanter, kontantekvivalenter og
ILU`[[LKL[YLRRYL[[PNOL[LYWYKLZLTLY
32
* tilgang immaterielle eiendeler er non-cash og knytter seg
til amortiserte ikke betalte renter på rentefritt lån.
-1 415 272
14 757 305
Valutagevinst-/tap på kontanter,
kontantekvivalenter og benyttede trekkrettigheter
3 510 943
-300 704
7 088 421
-3 276 774
3 510 943
12 661 634
Netto endring i kontanter, kontantekvivalenter
VNILU`[[LKL[YLRRYL[[PNOL[LY
Kontanter, kontantekvivalenter og benyttede
trekkrettigheter pr. 1. januar
-134 700
-4 500 000
28 456 030
-
Nedbetaling av lån
4 365 300
-1 681 225
-1 681 225
-
-1 460 849
-
-236 660
-1 224 189
2010
5L[[VRVU[HU[Z[Y¥TMYHÄUHUZPLYPUNZHR[P]P[L[LY
-
28 456 030
-14 833 536
-
-14 833 536
Opptak av lån
Utstedelse av ordinære aksjer
2VU[HU[Z[Y¥TMYHÄUHUZPLYPUNZHR[P]P[L[LY
Netto kontantstrøm fra investeringsaktiviteter
Kjøp av immaterielle eiendeler *
Kjøp av varige driftsmidler
Kontantstrøm fra investeringsaktiviteter
-960 860
-
Betalte skatter
Netto kontantstrøm fra driftsaktiviteter
-
-960 860
2011
Betalte renter
22
Note
33
ON
Kontantstrøm fra drift
Kontantstrøm fra driftsaktiviteter
(hele USD)
1. jan – 31. des
Crudecorp ASA
Konsolidert kontantstrøm
O SL O A X E SS
34
Noter til
konsernregnskapet
A 40
- Diverse standarder er foreslått
implementert og er satt til
implementeringsdato 1. januar
- Diverse standarder endret
i 2011 runden av årlige
forbedringer. Endringene
inkluderer en rekke mindre
endringer i følgende standarder og fortolkninger som
kan være relevante for selskapet: IFRS 1, IFRS 3, IFRS
7, IAS 1, IAS 27, IAS 32 og
IFRIC 13 og IFRIC 19.
-0(: ¹,TWSV`LL)LULÄ[Z¹
ble endret i juni 2011.
Endringen medfører at alle
estimatavvik føres i utvidet
resultat. Har ingen effekt
for selskapets regnskap da
estimatavvik har vært ført
i utvidet resultat siden
implementering av IFRS.
- IFRS 7 Finansielle instrumenter
¶VWWS`ZUPUNLY3L[[LSZLY
i kravene til noteopplysninger
om kredittrisiko.
- IAS 24 Nærstående parter.
Vært betydelige endringer
VNRSHYNQ¥YPUNLYPKLÄUPZQVU
av selskapets nærstående.
Endringen har medført en
mer omfattende note for
opplysninger om nærstående.
Nye og endrede standarder
tatt i bruk av konsernet
2.1.1 Endringer i regnskapsprinsipper og opplysninger
selskapets regnskapsprinsipper
at ledelsen må utøveskjønn.
Områder med stor grad av
skjønnsmessige vurderinger,
høy kompleksitet, eller områder
hvor forutsetninger og estimater
er vesentlige for regnskapet,
er beskrevet i note 3.
Årsregnskapet er avlagt
i henhold til IFRS standarder
og fortolkninger obligatoriske
for årsregnskap som avlegges
pr 31.12.2011. Årsregnskapet
er avlagt under forutsetning om
fortsatt drift.
35
Dersom summen av vederlaget,
balanseført beløp av ikkekontrollerende eiere og virkelig
verdi på oppkjøpstidspunktet av
Virksomhetssammenslutningen
regnskapsføres etter oppkjøpsmetoden. Vederlaget som er
ytt måles til virkelig verdi av
overførte eiendeler, pådratte
forpliktelser og utstedte
egenkapitalinstrumenter.
Inkludert i vederlaget er også
virkelig verdi av alle eiendeler
eller forpliktelser som følge
av avtale om betinget oppgjør.
Utgifter knyttet til virksomhetssammenslutningen kostnadsføres når de påløper.
0KLU[PÄZLYIHYLLPLUKLSLYVN
gjeld regnskapsføres til virkelig
verdi på oppkjøpstidspunktet.
Ikke-kontrollerende eierinteresser i det oppkjøpte foretaket
måles fra gang til gang enten
til virkelig verdi, eller til sin
andel av det overtatte
foretakets nettoeiendeler.
Datterselskaper
Datterselskaper er selskaper
PURS\ZP]LZLSZRHWLYMVY
Z¤YZRPS[LMVYTrS:7,KLY
konsernet har makt til å
\[MVYTLLUOL[LUZÄUHUZPLSSL
og operasjonelle retningslinjer
RVU[YVSSUVYTHS[NQLUUVTLPL
av mer enn halvparten av
stemmeberettiget kapital.
Ved fastsettelse av om det
foreligger kontroll tas også
virkningen av potensielle
stemmeretter som kan utøves
eller konverteres på balansedagen med i vurderingen.
Datterselskaper konsolideres.
2.2 Konsolideringsprinsipper
2013. Selskapet har ikke
implementert noen av disse
og er fortsatt i prosess for å
evaluere effekter. Dette gjelder
følgende standarder: IFRS 9,
IFRS 10, IFRS 11 IFRS 12 og
IFRS 13 samt endringer
i en rekke standarder som IAS1,
IAS 19, IAs 27 og IAS 28.
ON
Videre krever anvendelse av
Konsernregnskapet til
Crudecorp ASA er utarbeidet
i samsvar med internasjonale
YLNUZRHWZZ[HUKHYKLY0-9:
og fortolkninger fra IFRS
MVY[VSRUPUNZRVTP[t0-90*
som fastsatt av EU. For det
avlagte konsernregnskapet
er det ingen forskjeller mellom
IFRS som fastsatt av EU og
IASB. Konsernregnskap etter
IFRS er utarbeidet for første
gang i 2010 med tilhørende
sammenligningstall for 2009.
Konsernet var under norsk
regnskapslov regnet som lite
og har før 2010 ikke utarbeidet
noe konsernregnskap.
Konsernregnskapet er basert
WrL[TVKPÄZLY[OPZ[VYPZR
kostprinsipp.
Utarbeidelse av regnskaper
i samsvar med IFRS krever
bruk av estimater.
2.1 Rammeverk for
regnskapsavleggelsen
Nedenfor beskrives de viktigste
regnskapsprinsippene som er
benyttet ved utarbeidelsen av
konsernregnskapet. Disse
prinsippene er benyttet på
samme måte i alle perioder
som er presentert.
Sammendrag av de viktigste
regnskapsprinsippene
Note 2
Selskapet er et aksjeselskap
registrert og hjemmehørende
i Norge med hovedkontor
i Skagen 27, 4004 Stavanger.
*Y\KLJVYW(:(ZLSZRHWL[TLK
KH[[LYZLSZRHWLYZHTSL[RVUZLYUL[
er engasjert i utvikling, utvinning
og salg av olje- og gassproduksjon, med primært fokus på
landbaserte resurser i USA.
Selskapet har eierinteresser
i Chico Martinez feltet i California
og opererer feltet gjennom
datterselskapet CMO, Inc.
Note 1
Generell informasjon
O SL O A X E SS
A 41
36
(b) Transaksjoner
og balanseposter
Transaksjoner i fremmed valuta
omregnes til den funksjonelle
valutaen til transaksjonskurs.
Realisert valutagevinst eller -tap
ved oppgjør og omregning av
pengeposter i fremmed valuta
til kursen på balansedagen
(a) Funksjonell valuta
og presentasjonsvaluta
Regnskapet til de enkelte
enheter i konsernet måles
i den valuta som benyttes der
enheten i hovedsak opererer
M\URZQVULSS]HS\[H2VUZLYUregnskapet presenteres
PHTLYPRHUZRLKVSSHY<:+
som både er den funksjonelle
valutaen til datterselskapene
og presentasjonsvalutaen til
konsernet. Morselskapet har
NOK som funksjonell valuta.
2.4 Omregning
av fremmed valuta
Driftssegmenter rapporteres på
samme måte som ved intern
rapportering til selskapets
øverste beslutningstaker.
Selskapets øverste beslutningstaker, som er ansvarlig for
allokering av ressurser til og
vurdering av inntjening
PKYPM[ZZLNTLU[LULLYKLÄULY[
som konsernledelsen.
2.3 Segmentrapportering
Etterfølgende utgifter legges
til driftsmidlenes balanseførte
verdi eller balanseføres
separat, når det er sannsynlig
at fremtidige økonomiske
Andre varige driftsmidler
regnskapsføres til anskaffelseskost, med fradrag for
avskrivninger. Anskaffelseskost
inkluderer kostnader direkte
knyttet til anskaffelsen av
driftsmidlet.
2.5 Varige driftsmidler
Goodwill og merverdier ved
oppkjøp av en utenlandsk
enhet behandles som eiendeler
og forpliktelser i den oppkjøpte
enheten og omregnes til
balansedagens kurs.
H)HSHUZLULYYLNUL[VT[PS
balansedagens kurs.
I9LZ\S[H[YLNUZRHWL[LYYLNUL[
om til gjennomsnittskurs
KLYZVTNQLUUVTZUP[[PRRL
totalt sett gir et rimelig estimat
på bruk av transaksjonskurs,
IY\RLZ[YHUZHRZQVUZR\YZLU
J6TYLNUPUNZKPMMLYHUZLYM¥YLZ
mot utvidet resultat og
ZWLZPÄZLYLZZLWHYH[PLNLU
kapitalen som egen post.
(c) Konsernselskaper
Resultatregnskap og balanse
MVYRVUZLYUZLSZRHWLYPUNLU
TLKO`WLYPUÅHZQVUTLK
funksjonell valuta forskjellig fra
presentasjonsvalutaen regnes
om på følgende måte:
Valutagevinster og -tap knyttet
til lån og kontanter presenteres
UL[[VZVTÄUHUZPUU[LR[LY
LSSLYÄUHUZRVZ[UHKLY(SSLHUKYL
valutagevinster og -tap presen[LYLZWrSPUQLUMVYHUKYL[HW
gevinster.
resultatføres. Dersom valutaposisjonen anses som kontantstrømsikring eller sikring av
nettoinvestering i utenlandsk
virksomhet føres gevinst og
tap som del av utvidet resultat.
-
Produksjonsrettigheter
Produksjonsrettigheter regnskapsføres til anskaffelseskost.
Produksjonsrettigheter som er
anskaffet i en virksomhetssammenslutning blir balanseført
til virkelig verdi på oppkjøpstidspunktet. Produksjonsrettigheter avskrives over forventet
\[U`[[IHYSL]L[PK[PSrY
som vil være sammenfallende
med avskrivingen på produksjonsanlegget på feltet.
9LU[LRVZ[UHKLYWrÄUHUZPLYPUN
for utvikling av produksjonsrettigheter aktiveres løpende.
2.6 Immaterielle
eiendeler
Driftsmidlenes utnyttbare levetid,
samt restverdi, vurderes på
hver balansedag og endres
hvis nødvendig.
Når balanseført verdi på et
driftsmiddel er høyere enn
estimert gjenvinnbart beløp,
skrives verdien ned til
NQLU]PUUIHY[ILS¥WUV[L
Gevinst og tap ved avgang
YLZ\S[H[M¥YLZ\UKLY(UKYL[HW
gevinster, og utgjør forskjellen
mellom salgspris og balanseført beløp.
Tomter avskrives ikke. Andre
driftsmidler avskrives etter den
lineære metode, slik at anleggsmidlenes anskaffelseskost,
eller verdiregulerte verdi,
avskrives til restverdi over
forventet utnyttbar levetid,
som er:
Bygninger
25 – 40 år
Maskiner
5 – 10 år
Kjøretøy
5 – 10 år
Inventar og utstyr 3 – 10 år
fordeler tilknyttet utgiften vil
[PSÅ`[LRVUZLYUL[VN\[NPM[LU
kan måles pålitelig. Balanseført
beløp knyttet til utskiftede
deler resultatføres. Øvrige
reparasjons- og vedlikeholdskostnader føres over resultatet
i den perioden utgiftene pådras.
2.9.1 Klassifisering
2
VUZLYUL[RSHZZPÄZLYLYÄUHUZP
elle eiendeler i følgende kategorier: Til virkelig verdi over
resultatet, utlån og fordringer
VNÄUHUZPLSSLLPLUKLSLY[PSNQLUNL
SPNMVYZHSN2SHZZPÄZLYPUNLU
avhenger av hensikten med
eiendelen.
2.9 Finansielle
eiendeler
(
USLNNZTPKSLYLSSLYH]OLUKingsNY\WWLYISPYRSHZZPÄZLY[ZVT
holdt for salg når balanseført
beløp i hovedsak vil bli
realisert ved en salgstransaksjon og et salg er vurdert som
svært sannsynlig. Måling skjer
til det laveste av balanseført
verdi og virkelig verdi
fratrukket salgsutgifter.
2.8 Anleggsmidler (eller
avhendingsgrupper)
holdt for salg
Immaterielle eiendeler med
ubestemt utnyttbar levetid og
goodwill avskrives ikke, men
testes årlig for verdifall. Varige
driftsmidler og immaterielle
eiendeler som avskrives
vurderes for verdifall når det
foreligger indikatorer på at
fremtidig inntjening ikke kan
forsvare eiendelens balanseførte beløp. Forskjellen mellom
balanseført verdi og gjenvinnbart beløp resultatføres som
nedskrivning. Gjenvinnbart
beløp er det høyeste av
virkelig verdi fratrukket salgsutgifter og bruksverdi. Ved
vurdering av verdifall grupperes
anleggsmidlene på det laveste
nivået der det er mulig å skille
ut uavhengige inngående
RVU[HU[Z[Y¥TTLYRVU[HU[
NLULYLYLUKLLUOL[LY=LK
hver rapporteringsdato vurderes
mulighetene for reversering av
tidligere nedskrivninger på
PRRLÄUHUZPLSSLLPLUKLSLY
\UU[H[[NVVK^PSS
2.7 Verdifall på
ikke-finansielle eiendeler
2.9.2 Regnskapsføring
og måling
Vanlige kjøp og salg av investeringer regnskapsføres på avtaletidspunktet, som er den dagen
konsernet forplikter seg til å
kjøpe eller selge eiendelen. Alle
ÄUHUZPLSSLLPLUKLSLYZVTPRRL
regnskapsføres til virkelig verdi
(c) Finansielle eiendeler
tilgjengelig for salg
Finansielle eiendeler tilgjengelig
MVYZHSNLYPRRLKLYP]H[LÄUHUZ
ielle eiendeler som man velger
å plassere i denne kategorien
eller som ikke tilhører noen
HUULURH[LNVYP+LRSHZZPÄZLYLZ
som anleggsmidler så sant ikke
investeringen forfaller eller
ledelsen ikke har til hensikt
å selge investeringen innen
12 måneder fra balansedagen.
(b) Utlån og fordringer
Utlån og fordringer er ikkeKLYP]H[LÄUHUZPLSSLLPLUKLSLY
med faste eller bestembare
betalinger som ikke omsettes
i et aktivt marked. De klassiÄZLYLZZVTVTS¥WZTPKSLY
med mindre de forfaller mer
enn 12 måneder etter balansedagen. Utlån og fordringer vises
som kundefordringer og andre
fordringer, samt kontanter og
kontantekvivalenter i balansen.
(a) Finansielle eiendeler til
virkelig verdi over resultatet
Finansielle eiendeler til virkelig
]LYKPV]LYYLZ\S[H[L[LYÄUHUZ
ielle eiendeler holdt for handelsMVYTrS,UÄUHUZPLSSLPLUKLS
RSHZZPÄZLYLZPKLUULRH[LNVYPLU
dersom den primært er
anskaffet med henblikk på
å gi fortjeneste fra kortsiktige
prissvingninger. Derivater
RSHZZPÄZLYLZZVTOVSK[MVY
handelsformål, med mindre
de er en del av en sikring.
Eiendeler i denne kategorien
RSHZZPÄZLYLZZVTVTS¥WZTPKSLY
3LKLSZLURSHZZPÄZLYLYÄUHUZ
ielle eiendeler ved anskaffelse.
37
over resultatet, balanseføres
første gang til virkelig verdi
med tillegg av transaksjonsutgifter. Finansielle eiendeler
som føres til virkelig verdi over
resultatet regnskapsføres ved
anskaffelsen til virkelig verdi
og transaksjonsutgiftene resultatføres. Investeringer fjernes
fra balansen når rettighetene
til å motta kontantstrømmer
fra investeringen opphører eller
når disse rettighetene er blitt
overført og konsernet i hovedsak har overført all risiko og
hele gevinstpotensialet ved
eierskapet. Finansielle eiendeler tilgjengelig for salg og
ÄUHUZPLSSLLPLUKLSLY[PS]PYRLSPN
verdi over resultatet måles til
virkelig verdi etter førstegangs
balanseføring. Utlån og fordringer måles i senere perioder
til amortisert kost ved bruk av
effektiv rentemetoden.
Gevinst eller tap fra endringer
i virkelig verdi av eiendeler
RSHZZPÄZLY[ZVT¹ÄUHUZPLSSL
eiendeler til virkelig verdi over
resultatet”, inkludert renteinntekt og utbytte, medtas
i resultatregnskapet under
¹(UKYL[HWNL]PUZ[LY¹PKLU
perioden de oppstår. Utbytte
MYHÄUHUZPLSSLLPLUKLSLY[PS
er inkludert i andre inntekter
på egen linje når konsernet
har juridisk krav på utbytte.
5rY]LYKPWHWPYLYRSHZZPÄZLY[
som tilgjengelig for salg selges
LSSLYULKZRYP]LZVTRSHZZPÄ
seres samlet verdiregulering
som er ført i utvidet resultat
over resultatet som ‘Gevinst
eller tap fra investeringer
P]LYKPWHWPYLY»
Effektiv rente på rentebærende instrumenter
tilgjengelig for salg resultatføres under andre inntekter
i driftsresultatet. Utbytte på
aksjer tilgjengelig for salg føres
over resultatet under andre
inntekter i driftsresultatet når
konsernets rett til utbyttet er
fastslått.
ON
Konserninterne transaksjoner,
mellomværender og urealisert
fortjeneste og tap mellom
konsernselskaper elimineres.
Regnskapene til datterselskapene omarbeides når dette er
nødvendig for å oppnå samsvar
med konsernets regnskapsprinsipper.
tidligere eierinteresser overstiger
]PYRLSPN]LYKPH]PKLU[PÄZLYIHYL
nettoeiendeler i det oppkjøpte
selskapet, balanseføres differansen som goodwill, jf. note
2.6. Er summen lavere enn
sel-skapets nettoeiendeler, resultatføres differansen umiddelbart.
O SL O A X E SS
A 42
(b) Eiendeler klassifisert
som tilgjengelig for salg
Konsernet vurderer hver
IHSHUZLKHNVTKL[ÄUULZ
objektive indikasjoner på at en
ÄUHUZPLSSLPLUKLSLSSLYNY\WWL
H]ÄUHUZPLSSLLPLUKLSLYOHYMHS[
i verdi. For gjeldsinstrumenter
benytter konsernet kriteriene
som referert til over i avsnitt
H-VYLNLURHWP[HSPUZ[Y\TLU[LY
RSHZZPÄZLY[ZVT[PSNQLUNLSPNMVY
salg, vil en vesentlig eller en
langvarig reduksjon i virkelig
verdi av instrumentet under
anskaffelseskost også være
Konsernet vurderer først om
KL[ÄUULZLUVIQLR[P]
indikasjon på nedskrivning.
Størrelsen på tapet måles til
differansen mellom eiendelens
balanseførte verdi og nåverdien
av de estimerte fremtidige
RVU[HU[Z[Y¥TTLYLRZRS\ZP]L
fremtidige kredittap som ikke
OHYWrS¥W[KPZRVU[LY[TLKKLU
ÄUHUZPLSSLLPLUKLSLUZVWW
rinnelige effektive rente. Eiendelens balanseførte verdi
reduseres og tapsbeløpet
innregnes i det konsoliderte
resultatregnskapet. Dersom
et lån eller en investering som
holdes til forfall har variabel
rente, er diskonteringsrenten
for måling av verdifall den
løpende effektive renten fastsatt
i henhold til låneavtalen. Som
en praktisk tilnærming, kan
konsernet også måle verdifall
på grunnlag av instrumentets
virkelige verdi ved bruk av en
observerbar markedspris.
Dersom verdifall senere reduseres, og reduksjonen objektivt
kan knyttes til en hendelse som
inntreffer etter at verdifallet ble
PUUYLNUL[MVYLRZLTWLSLU
forbedring av debitors kreditt]LYKPNOL[ZRHSKL[[PKSPNLYL
tapet reverseres i det konsoliderte resultatregnskapet.
ÄUHUZPLSSLLPLUKLSLUMVYZ]PUULY
WrNY\UUH]ÄUHUZPLSSL
vanskeligheter.
Varer vurderes til det laveste av
anskaffelseskost og netto
realisasjonsverdi. Anskaffelseskost tilordnes ved bruk av
FIFO-metoden. For ferdig
tilvirkede varer og varer under
tilvirkning består anskaffelseskost av utgifter til produktutforming, materialforbruk,
direkte lønnskostnader, andre
direkte kostnader og indirekte
WYVK\RZQVUZRVZ[UHKLYIHZLY[
WrUVYTHSRHWHZP[L[
2.13 Varer
Derivater balanseføres til virkelig
verdi på det tidspunkt derivatkontrakten inngås, og deretter
løpende til virkelig verdi. Regnskapsføringen av tilhørende
gevinster og tap avhenger av
hvorvidt derivatet er utpekt
som et sikringsinstrument og
eventuelt type sikring.
2.12 Derivater og sikring
en indikasjon på at eiendelen
er utsatt for verdifall. Dersom
det foreligger slike indikasjoner,
og verdireduksjoner tidligere
har vært ført mot utvidet
resultat, skal det kumulative
tapet som er innregnet i utvidet
YLZ\S[H[VTRSHZZPÄZLYLZ[PSKL[
konsoliderte resultatregnskapet.
Beløpet måles som differansen
mellom anskaffelseskost og
dagens virkelige verdi, med
fradrag for tap ved verdifall
som tidligere er resultatført.
Tap ved verdifall innregnet
i det konsoliderte resultatregnskapet for en investering i et
egenkapitalinstrument skal ikke
reverseres over det konsoliderte
resultatregnskapet. Dersom
den virkelige verdien av et
NQLSKZPUZ[Y\TLU[RSHZZPÄZLY[
som tilgjengelig for salg i en
etterfølgende periode øker, og
økningen objektivt kan knyttes
til en hendelse som skjedde
etter at tapet ved verdifall var
innregnet i resultatregnskapet,
skal tapet ved verdifall
reverseres i det konsoliderte
resultatregnskapet.
6
YKPU¤YLHRZQLYRSHZZPÄZLYLZ
som egenkapital.
Utgifter som knyttes direkte
til utstedelse av nye aksjer
eller opsjoner med fradrag
2.16 Aksjekapital
og overkurs
Kontanter og kontantekvivalenter består av kontanter,
bankinnskudd, andre kortsiktige, lett omsettelige
investeringer med maksimum
tre måneders opprinnelig
løpetid og trekk på kassekreditt.
I balansen er kassekreditt
inkludert i lån under kortsiktig
gjeld.
2.15 Kontanter
og kontantekvivalenter
Kundefordringer måles til
virkelig verdi ved første gangs
balanseføring. Ved etterfølgende måling vurderes kundefordringer som er anleggsmidler til amortisert kost ved
bruk av effektiv rente, fratrukket
avsetning for inntruffet tap.
Kundefordringer som er
RSHZZPÄZLY[ZVTVTS¥WZTPKSLY
vurderes til pålydende,
fratrukket avsetning for tap.
Kundefordringer oppstår ved
omsetning av varer eller
tjenester som er innenfor den
ordinære driftssyklusen.
Dersom oppgjør forventes
PUULUL[[rYLSSLYTPUKYLLSSLY
i den ordinære driftssyklusen
KLYZVTSLUNLYRSHZZPÄZLYLZ
fordringene som omløpsmidler.
Dersom dette ikke er tilfelle,
RSHZZPÄZLYLZMVYKYPUNLULZVT
anleggsmidler.
2.14 Kundefordringer
3rULRVZ[UHKLYTLKYLNULZPRRL
Netto realisasjonsverdi er
estimert salgspris fratrukket
variable kostnader for ferdigstillelse og salg. Anskaffelseskost for varer inkluderer
gevinster eller tap på kontantstrømsikring ved råvarekjøp
VTRSHZZPÄZLY[MYHLNLURHWP[HSLU
2.18 Lån
3rUYLNUZRHWZM¥YLZ[PS]PYRLSPN
verdi når utbetaling av lånet
ÄUULYZ[LKTLKMYHKYHNMVY
transaksjonskostnader. I etterfølgende perioder regnskapsføres lån til amortisert kost
beregnet ved bruk av effektiv
rente. Forskjellen mellom det
utbetalte lånebeløpet
MYH[Y\RRL[[YHUZHRZQVUZRVZ[UHKLYVNPUUS¥ZUPUNZ]LYKPLU
3L]LYHUK¥YNQLSKTrSLZ[PS]PYRLSPN
verdi ved første gangs balanseføring. Ved etterfølgende måling
vurderes leverandørgjeld til
amortisert kost ved bruk av
effektiv rente dersom denne er
RSHZZPÄZLY[ZVTSHUNZPR[PNRVY[siktig leverandørgjeld måles til
pålydende.
3L]LYHUK¥YNQLSKLYMVYWSPR[LSZLY
til å betale for varer eller tjenester
som er levert fra leverandørene
til utvikling av produksjonsfelt
og den ordinære driften.
3L]LYHUK¥YNQLSKLYRSHZZPÄZLY[
som kortsiktig dersom den
forfaller innen ett år eller
RVY[LYLLSSLYPKLUVYKPU¤YL
KYPM[ZZ`RS\ZLUKLYZVTSLUNLY
RSHZZPÄZLYLZKL[ZVTSHUNZPR[PN
2.17 Leverandørgjeld
av skatt, føres som reduksjon
av mottatt vederlag i egenkapitalen.
Dersom et konsernselskap
kjøper aksjer i morselskapet,
føres vederlaget for slike egne
aksjer, inkludert eventuelle
transaksjonskostnader
- fratrukket skatt, til reduksjon
PLNLURHWP[HSLU[PSVYKUL[
inntil aksjene blir annullert,
eller solgt igjen. Dersom egne
aksjer senere blir solgt føres
vederlaget, fratrukket direkte
marginale transaksjonskostnader og tilknyttede skattevirkninger som økning av egenkapital tilordnet morselskapets
aksjonærer.
39
2.19 Sammensatte
finansielle instrumenter
:HTTLUZH[[LÄUHUZPLSSL
instrumenter utstedt av
konsernet omfatter konvertible
lån som innehaveren kan
konvertere til aksjekapital, der
antall aksjer som skal utstedes
ikke varierer med endringer
i virkelig verdi av aksjene.
Gjeldsdelen i det sammenZH[[LÄUHUZPLSSLPUZ[Y\TLU[L[
innregnes til virkelig verdi lik
tilsvarende gjeld som ikke har en
tilknyttet konverteringsopsjon.
Egenkapitaldelen innregnes
første gang som differansen
mellom virkelig verdi av det
sammensatte instrumentet
som helhet og virkelig verdi av
gjeldsdelen. Direkte transaksjonsutgifter blir fordelt på
gjelds- og egenkapitaldelen
av instrumentet i forhold til
fordelingen ved førstegangsinnregning.
Ved etterfølgende måling,
måles gjeldsdelen av et
sammensatt instrument til
amortisert kost ved å benytte
effektiv rente. Egenkapitaldelen
av det sammensatte instrumentet måles ikke på nytt etter
førstegangsinnregning.
3rULYRSHZZPÄZLY[ZVTRVY[
siktige med mindre konsernet
har en ubetinget rett til å utsette
oppgjør minst 12 måneder
etter balansedagen.
resultatføres over lånets løpetid
som del av effektiv rente.
Kostnader knyttet til etablering
av trekkrettigheter balanseføres som immateriell eiendel
i påvente av låneopptak
dersom det er sannsynlig at
lån blir trukket opp. Kostnadene
føres senere til fradrag på lånet
ved opptrekk. Dersom det ikke
anses sannsynlig at hele eller
deler av trekkrettigheten blir
trukket opp balanseføres
honoraret som forskuddbetalte
likviditetstjenester og kostnadsføres over perioden rettigheten
gjelder for.
ON
38
Kriteriene som konsernet
benytter for å avgjøre om det
er objektivt belegg for et tap
ved verdifall inkluderer:
-=LZLU[SPNLÄUHUZPLSSL]HUZRLSPN
heter hos utsteder eller debitor
- Kontraktsbrudd, for eksempel
mislighold av kontrakt eller
manglende betaling av forfalte
renter eller forfalt hovedstol
- Konsernet gir, av økonomiske
eller juridiske grunner knyttet
[PSSrU[HRLYZÄUHUZPLSSL
vanskeligheter, låntaker en
innrømmelse som långiver
ellers ikke ville ha vurdert
- Det blir sannsynlig at låntaker
vil gå konkurs eller gjennomgå
LUÄUHUZPLSSYLZ[Y\R[\YLYPUN
- Et aktivt marked for den
(a) Eiendeler balanseført
til amortisert kost
Konsernet ser ved hver balanseKH[VL[[LYVTKL[ÄUULZ
objektive indikasjoner på at en
ÄUHUZPLSSLPLUKLSLSSLYLUNY\WWL
H]ÄUHUZPLSSLLPLUKLSLYOHYMHS[
i verdi. Tap ved verdifall av en
ÄUHUZPLSSLPLUKLSLSSLYLUNY\WWL
H]ÄUHUZPLSSLLPLUKLSLYPUU
regnes bare dersom det er
objektive indikasjoner på
verdifall som et resultat av én
LSSLYÅLYLOLUKLSZLYZVTOHY
inntruffet etter førstegangsinnYLNUPUNLU¹[HWZOLUKLSZL¹
VNKLUUL[HWZOLUKLSZLULSSLY
OLUKLSZLULWr]PYRLYMYLT[PKPNL
estimerte kontantstrømmer
på en måte som kan måles
pålitelig.
2.11 Verdifall
på finansielle eiendeler
Finansielle eiendeler og forpliktelser skal motregnes og
presenteres netto i balansen
når det er en motregningsrett
som kan håndheves og en har
til hensikt å gjøre opp netto
eller realisere eiendelen og
gjøre opp forpliktelsen
samtidig.
2.10 Motregning av
finansielle eiendeler
og forpliktelser
O SL O A X E SS
A 43
Konsernet har aksjebaserte
avlønningsplaner hvor
selskapene mottar tjenester
fra de ansatte som motytelse
2.22 Aksjebasert avlønning
2.21 Pensjon,
bonusordninger og andre
kompensasjonsordninger
overfor ansatte
Konsernet har innskuddsplaner
der de betaler innskudd til
offentlig eller privat administrerte forsikringsplaner for
pensjon på obligatorisk,
avtalemessig eller frivillig
basis. Konsernet har ingen
ytterligere betalingsforpliktelser etter at innskuddene er
blitt betalt. Innskuddene
regnskapsføres som lønnskostnad i takt med at de
forfaller. Forskuddsbetalte innskudd føres som en eiendel
i den grad innskuddet kan
refunderes eller redusere
fremtidige innbetalinger.
synlig at fremtidig skattepliktig
inntekt vil foreligge der de
skattereduserende midlertidige
forskjellene kan utnyttes.
Utsatt skatt beregnes på
midlertidige forskjeller fra
investeringer i datterselskaper
og tilknyttede selskaper,
bortsett fra når konsernet har
kontroll over tidspunktet for
reversering av de midlertidige
forskjellene, og det er sannsynlig at de ikke vil bli reversert
i overskuelig fremtid.
Utsatt skattefordel og utsatt
skatt skal motregnes dersom
det er en juridisk håndhevbar
rett til å motregne eiendeler
ved betalbar skatt mot
forpliktelser ved betalbar skatt,
og utsatt skattefordel og utsatt
skatt gjelder inntektsskatt som
ilegges av samme skattemyndighet for enten samme
skattepliktige foretak eller
forskjellige skattepliktige foretak
som har til hensikt å gjøre opp
forpliktelser og eiendeler ved
betalbar skatt netto.
Konsernet regnskapsfører
avsetninger for miljømessige
tilbakeføringer, restrukturering
2.23 Avsetninger
for egenkapitalinstrumenter
VWZQVULYPRVUZLYUL[=PYRLSPN
verdi av de tjenester som
enhetene har mottatt fra de
ansatte som motytelse for de
tildelte opsjonene regnskapsføres som en kostnad. Det
totale beløp som skal kostnadsføres over opptjeningsperioden
baseres på virkelig verdi av de
tildelte opsjonene:
- inkludert enhver betingelse
knyttet til markedsutviklingen
- fratrukket virkningen av eventuelle innvinningsbetingelser
som ikke er knyttet til markeds\[]PRSPUNLUMVYLRZLTWLSTrS
for lønnsomhet, salgsvekst
eller det å forbli en ansatt over
LU]PZZ[PK
- fratrukket virkningen av
eventuelle betingelser som
ikke er innvinningsbetingelser
MVYLRZLTWLSRYH]VTH[
HUZH[[LZRHSZWHYL
Innvinningsbetingelser som
ikke er knyttet til markedsutviklingen påvirker hvor mange
opsjoner som forventes å bli
utøvd. Det totale beløpet
kostnadsføres over hele
PUU]PUUPUNZWLYPVKLUZVTLY
WLYPVKLUMVYUrYHSSLZWLZPÄRRL
innvinningsbetingelsene må
VWWM`SSLZ
Når opsjonene utøves, utsteder
selskapet nye aksjer. Mottatt
vederlag ved opsjonsutøvelse
fratrukket direkte henførbare
transaksjonskostnader krediteres
HRZQLRHWP[HSLUUVTPULSS]LYKP
og overkurs når opsjonene
utøves.
Selskapets tildelinger av
opsjoner til ansatte i datterselskaper behandles som
kapitalinnskudd. Virkelig verdi
av tjenestene selskapet mottar
fra de ansatte, regnskapsføres
over opptjeningsperioden som
en økning i både investeringen
og egenkapitalen.
Inntekter ved salg av varer og
tjenester vurderes til virkelig
verdi av vederlaget, netto etter
fradrag for merverdiavgift,
returer, rabatter og avslag.
Konserninternt salg elimineres.
Salg resultatføres når inntekten
kan måles pålitelig, det er sannsynlig at de økonomiske fordelene knyttet til transaksjonen
]PS[PSÅ`[LRVUZLYUL[VNZWLZPLSSL
kriterier knyttet til de ulike
formene for salg som er nevnt
under er oppfylt. Konsernet
baserer estimatene for inntektsføring på historikk, vurdering av
type kunde og transaksjon samt
2.24 Inntektsføring
Avsetninger måles til nåverdien
av forventede utbetalinger for å
innfri forpliktelsen. Det benyttes
en diskonteringssats før skatt
ZVTYLÅLR[LYLYUr]¤YLUKL
markedssituasjon og risiko
ZWLZPÄRRMVYMVYWSPR[LSZLU
Økningen i forpliktelsen som
følge av endret tidsverdi føres
ZVTÄUHUZRVZ[UHK
og rettslige krav når det
eksisterer en juridisk eller
selvpålagt forpliktelse som
følge av tidligere hendelser,
det er sannsynlighetsovervekt
for at forpliktelsen vil komme
til oppgjør ved en overføring
av økonomiske ressurser, og
forpliktelsens størrelse kan
estimeres med tilstrekkelig
grad av pålitelighet. Avsetning
for restruktureringskostnader
omfatter termineringsgebyr på
leiekontrakter og sluttvederlag
til ansatte. Det avsettes ikke
for fremtidige driftstap.
I tilfeller hvor det foreligger
ÅLYLMVYWSPR[LSZLYH]ZHTTL
natur, fastsettes sannsynligheten for at forpliktelsene vil
komme til oppgjør ved å
vurdere forpliktelser av denne
typen under ett. Det gjøres
derfor en avsetning selv om
sannsynligheten for oppgjør
knyttet til det enkelte forholdet
kan være lav.
Konsernet blir, gjennom sine
aktiviteter, eksponert mot ulike
[`WLYÄUHUZPLSSYPZPRV!
THYRLKZYPZPRVPURS\KLY[]HS\[H
3.1 Finansielle risikofaktorer
Note 3
Finansiell risikostyring
Utbyttebetalinger til morselskapets aksjonærer
RSHZZPÄZLYLZZVTNQLSKMYHVN
med det tidspunkt utbyttet er
fastsatt av generalforsamlingen.
2.26 Utbytte
3LPLH][HSLYKLYLUPRRL\]LZLU[
lig del av risiko og avkastning
knyttet til eierskap fortsatt
SPNNLYOVZ\[SLPLYRSHZZPÄZLYLZ
som operasjonelle leieavtaler.
3LPLIL[HSPUN]LKVWLYHZQVULSSL
H][HSLYTLKMYHKYHNMVYL]LU[
uelle økonomiske insentiver fra
\[SLPLYRVZ[UHKZM¥YLZSPUL¤Y[
over leieperioden.
2.25 Leieavtaler
(d) Inntekt fra utbytte
Utbytteinntekter resultatføres
når rett til å motta betaling
oppstår.
(c) Royaltyinntekter
Royaltyinntekter resultatføres
når de opptjenes, i samsvar
med reelt innhold i den underliggende avtalen.
(b) Renteinntekter
Renteinntekter resultatføres
i henhold til effektiv rente.
(a) Salg av varer – olje
Konsernet produserer og selger
produsert olje til lokal kjøper
og salg resultatføres når en
enhet innenfor konsernet har
levert olje til kjøper. Salgbar
olje hentes på feltet av kjøper
og betaling gjennomføres
i andre halvdel av påfølgende
måned.
eventuelle spesielle forhold
knyttet til den enkelte transaksjonen.
41
Dersom NOK i forhold til USD
]HYZ[LYRLYLZ]HRLYLWLY
31. desember 2011 og alle
andre variabler var konstante
ville dette føre til et høyere/
lavere resultat etter skatt på
-USD 215.869/+USD 263.840
!<:+<:+
,UKYPUNLUZR`SKLZ
hovedsakelig valutatap/
gevinst i forbindelse med
omregning av kundefordringer,
3LKLSZLUOHY\[HYILPKL[
retningslinjer som pålegger
konsernselskapene å styre
valutarisiko knyttet til
selskapenes funksjonelle
valutaer. Valutarisikoen
oppstår når fremtidige
handelstransaksjoner eller
balanseførte eiendeler eller
forpliktelser er nominert i en
valuta som ikke er enhetens
funksjonelle valuta.
(a) Markedsrisiko
i. Valutarisiko
Konsernet opererer internasjonalt og er eksponert for
]HS\[HYPZPRVPÅLYL]HS\[HLY
Denne risikoen er særlig
relevant i forhold til USD og
NOK. Valutarisiko oppstår fra
fremtidige handelstransaksjoner, balanseførte eiendeler
og forpliktelser og nettoinvesteringer i utenlandsk
virksomhet.
Risikostyringen for konsernet
ivaretas av administrerende
direktør i overensstemmelse
med retningslinjer godkjent
av styret.
YPZPRVÅ`[LUKLYLU[LYPZPRV
VNWYPZYPZPRVRYLKP[[YPZPRVVN
likviditetsrisiko. Konsernets
overordnede risikostyringsplan fokuserer på å minimalisere de potensielle negative
effektene som uforutsigbare
endringer i kapitalmarkedene
kan få på konsernets
ÄUHUZPLSSLYLZ\S[H[LY
ON
40
Skattekostnaden består av
betalbar skatt og utsatt skatt.
Skatt blir resultatført, bortsett
fra når den relaterer seg til
poster som er ført mot utvidet
resultat eller direkte mot
egenkapitalen. Hvis det er
tilfellet, blir skatten også ført
mot utvidet resultat eller
direkte mot egenkapitalen.
Betalbar skatt for perioden
beregnes i samsvar med de
skattemessige lover og regler
som er vedtatt, eller i hovedsak
vedtatt av skattemyndighetene
på balansedagen. Det er lovverket i de land der konsernets
datterselskaper eller tilknyttede
selskap opererer og genererer
skattepliktig inntekt som er
gjeldende for beregningen av
ZRH[[LWSPR[PNPUU[LR[3LKLSZLU
vurderer de standpunkt man
har hevdet i selvangivelsene
der gjeldende skattelover er
gjenstand for fortolkning.
Basert på ledelsens vurdering,
foretas avsetninger til forventede skattebetalinger der
dette anses nødvendig.
Det er ved bruk av gjeldsmetoden beregnet utsatt skatt
på alle midlertidige forskjeller
mellom skattemessige og
konsoliderte regnskapsmessige
verdier på eiendeler og gjeld.
Dersom utsatt skatt oppstår
ved første gangs balanseføring
av en gjeld eller eiendel i en
transaksjon, som ikke er en
virksomhetssammenslutning,
og som på transaksjonstidspunktet verken påvirker
regnskaps- eller skattemessig
resultat, blir den ikke balanseført. Utsatt skatt fastsettes ved
bruk av skattesatser og skattelover som er vedtatt eller i det
alt vesentlige er vedtatt på
balansedagen, og som antas
å skulle benyttes når den
utsatte skattefordelen realiseres
eller når den utsatte skatten
gjøres opp.
Utsatt skattefordel balanseføres i den grad det er sann-
2.20 Betalbar og utsatt skatt
O SL O A X E SS
A 44
Konsernets mål vedrørende
kapitalforvaltning er å trygge
fortsatt drift for konsernet for
å sikre avkastning for eierne
3.2 Kapitalforvaltning
Sammenligningstallene er frivillig blitt omarbeidet for
endringene i IFRS 7 knyttet
til presentasjon av likviditetsrisiko.
;HILSSLUULKLUMVYZWLZPÄZLYLY
RVUZLYUL[ZÄUHUZPLSSLMVY
pliktelser som ikke er derivater,
RSHZZPÄZLY[POLUOVSK[PSMVYMHSSZ
Z[Y\R[\YLU2SHZZPÄZLYPUNLY
gjennomført i henhold til
forfallstidspunktet i kontrakten.
Beløpene i tabellen er
udiskonterte kontraktsmessige
kontantstrømmer.
(c) Likviditetsrisiko
Kontantstrømprognoser
blir satt opp i de ulike driftsenhetene i konsernet, og
aggregeres av konsernets
ÄUHUZH]KLSPUN-PUHUZ
avdelingen overvåker
rullerende prognoser over
konsernets likviditetskrav
for å forsikre at konsernet
har tilstrekkelig kontantekvivalenter til å møte
driftsrelaterte forpliktelser,
samtidig som det
opprettholdes en tilstrekRLSPNÅLRZPIPSP[L[PMVYTH]
ubenyttete forpliktede
lånefasiliteter til alle tider
slik at konsernet ikke
bryter rammer eller
ZWLZPÄZLY[LIL[PUNLSZLY
O]PZHR[\LS[WrUVLUH]
konsernets lån.
Ingen kredittgrenser ble
overskredet i løpet av perioden og ledelsen forventer
ikke tap knyttet til mislighold
på utestående til kunder.
regelmessig.
Salg til sluttbruker skjer
mot oppgjør, 20-50 dager
etter leveringsdato.
og andre interessenter og
å opprettholde en optimal
kapitalstruktur for å redusere
kapitalkostnadene.
12
182
3rULRZRS\ZP]MVYWSPR[LSZL]LK
ÄUHUZPLSSLSLPLH][HSLY
3L]LYHUK¥YNQLSKVNHUULUNQLSK
KLZLTILY
802
8
3L]LYHUK¥YNQLSKVNHUULUNQLSK
< 3 mnd
3rULRZRS\ZP]MVYWSPR[LSZL]LK
130
150
3 mnd–1 år
2010
+39.000/
-39.000
2011
+111.900/
-111.900
0UU]PYRUPUNWrYLZ\S[H[L[[LY
skatt
KLZLTILYOLSL»
6SQLWYPZ
Indeks
1 858
1 818
1–2 år
2–5 år
n/a
2011
43
Over 5 år
n/a
2010
0UU]PYRUPUNWrHUULUPRRL
YLZ\S[H[M¥Y[LNLURHWP[HSP
NOK
ON
42
(b) Kredittrisiko
Kredittrisiko behandles på
konsernnivå. Kredittrisiko
oppstår i transaksjoner
med derivater, innskudd
PIHURLYVNÄUHUZPUZ[P[\
sjoner i tillegg til transaksjoner med grossist- og
sluttkunder herunder
utestående fordringer og
faste avtaler. Konsernet har
rutiner for bruk av kredittgrenser og overholdelse av
rutinene gjennomgås
iii. Kontantstrøm og virkelig
verdi renterisiko
Ettersom konsernet ikke
har noen betydelige
rente-bærende eiendeler,
er konsernets resultat og
kontantstrøm fra driften
i hovedsak uavhengig av
endringer i markedsrenten.
Konsernets renterisiko er
knyttet til langsiktige lån.
3rUTLKÅ`[LUKLYLU[L
medfører en renterisiko for
konsernets kontantstrøm
som delvis reduseres av
den motsatte effekten fra
kontantekvivalenter som
TV[[HYÅ`[LUKLYLU[L
I tabellen under er det vist
hvilken innvirkning en økning/
nedgang oljepris vil ha på
konsernets resultat etter skatt
og på egenkapitalen. Analysen
er basert på en forutsetning om
LU¥RUPUNULKNHUNWr
og hvor alle andre variabler
er konstante.
ii. Prisrisiko
Konsernet er utsatt for risiko
knyttet til råvarepriser som
gass. For å redusere risiko
knyttet til råvarepriser har
konsernet som policy å bruke
passende sikrings strategi.
verdi over resultatet, gjeldspapirer tilgjengelig for salg
og valuta gevinster/tap i forbindelse med omregning av
lån i USD.
O SL O A X E SS
-
Akkumulerte avskrivninger
-
A 45
15 556 966
-946 167
16 503 133
15 556 966
2 397
-4 574
6 972
2 397
-3 416
-
5 814
-
-
-
-
-
-
-1 158
-
-
-54
1 212
-
1 212
Driftsløsøre
15 559 364
-950 741
16 510 105
15 559 364
-886 885
44
-
14 827 722
-
1 618 527
1 618 527
-62 698
1 681 225
1 618 527
-63 856
-
1 681 225
-54
1 212
-
1 212
Sum
9LZLY]LYVNWYVK\RZQVUPRRLYL]PKLY[
Estimerte total 1P reserver pr 31.12.11 er 3,35 millioner boe. Total produksjon i 2011 var 10.112 boe.
)HSHUZLM¥Y[]LYKP
Anskaffelseskost
7YKLZLTILY
)HSHUZLM¥Y[]LYKP
-883 469
-
Avgang
14 821 908
-
1 618 527
1 618 527
-62 698
1 681 225
1 618 527
Tilgang
Balanseført verdi 01.01.11
9LNUZRHWZrYL[
)HSHUZLM¥Y[]LYKP
Anskaffelseskost inkl omregning
7YKLZLTILY
)HSHUZLM¥Y[]LYKP
-62 698
Avgang
1 681 225
-
Tilgang
-
9LNUZRHWZrYL[
-
Investeringer
for
WYVK\RZQVU
)HSHUZLM¥Y[]LYKP
Akkumulerte avskrivninger og nedskrivninger
Anskaffelseskost
Pr. 31. desember 2011
)HSHUZLM¥Y[]LYKP
Tilgang rente
9LNUZRHWZrYL[
)HSHUZLM¥Y[]LYKP
Anskaffelseskost
)HSHUZLM¥Y[]LYKP
Tilgang rente
Tilgang
9LNUZRHWZrYL[
Anskaffelseskost
7YQHU\HY
Note 5 Produksjonsrettigheter i oljefelt
45
7 464 281
7 464 281
7 464 281
187 800
-180 723
7 457 204
7 457 204
-
7 457 204
7 457 204
-
573 984
-
-106 014
6 989 234
-
6 989 234
9L[[PNOL[LY
PVSQLMLS[
ON
Anskaffelseskost
7YQHU\HY
Note 4 Varige driftsmidler
O SL O A X E SS
-
Sum
A 46
-
-
Sum
1 674 642
1 674 642
1 511 324
Sum
4 031 365
3 510 943
-
520 422
-
-
Sum
Sum
1 693 510
47
1 693 510
182 186
3L]LYHUK¥YNQLSKVN
annen gjeld eksklusive
lovpålagte forpliktelser
182 186
1 511 324
Andre
ÄUHUZPLSSL
MVYWSPR[LSZLY
-
;PSNQLUNLSPN
for salg
-
-
Derivater
benyttet for
sikringsformål
-VYWSPR[LSZLY
til virkelig
verdi over
resultatet
-
-
-
Derivater
benyttet for
sikringsformål
Derivater
4 031 365
3 510 943
520 422
Eiendeler
til virkelig
verdi over
resultatet
Finansielle leieavtaler
3rULRZRS\ZP]L
-VYWSPR[LSZLY
Sum
(UKYLÄUHUZPLSSLLPLUdeler til virkelig verdi
over resultatet
Kundefordringer og
andre fordringer eksklusive
forskuddsbetalinger
Derivater
Finansielle eiendeler
Eiendeler
7YKLZLTILY
2010
Utlån og
fordringer
ON
46
-
3L]LYHUK¥YNQLSKVNHUULUNQLSKLRsklusive lovpålagte forpliktelser
-
1 674 642
Sum
1 674 642
Andre
ÄUHUZPLSSL
MVYWSPR[LSZLY
Derivater
3rULRZRS\ZP]LÄUHUZPLSSLSLPLH][HSLY
-VYWSPR[LSZLY
Derivater
benyttet for
sikringsformål
15 697 315
-VYWSPR[LSZLY
til virkelig
verdi over
resultatet
14 757 306
Sum
-
940 010
Finansielle eiendeler til
eksklusive
forskuddsbetalinger
-
Derivater
-
;PSNQLUNLSPN
for salg
-
-
Derivater
benyttet for
sikringsformål
Finansielle eiendeler tilgjengelig for
salg
Eiendeler
7YKLZLTILY
Eiendeler
til virkelig
verdi over
resultatet
-¥SNLUKLWYPUZPWWLYMVYL[[LYM¥SNLUKLTrSPUNH]ÄUHUZPLSSLPUZ[Y\TLU[LY
OHYISP[[HU]LUK[MVYÄUHUZPLSSLPUZ[Y\TLU[LYPIHSHUZLU!
Note 6 Finansielle instrumenter etter kategori
O SL O A X E SS
14 757 306
Sum
3 510 943
3 510 943
A 47
48
-.Y\WWL¶U`LR\UKLYU¤YZ[rLUKLWHY[LYTPUKYLLUUTrULKLY
-.Y\WWL¶LRZPZ[LYLUKLR\UKLYU¤YZ[rLUKLWHY[LYTLYLUUTrULKLYZVTOPZ[VYPZRPRRL
har brutt kredittbetingelser.
-.Y\WWL¶LRZPZ[LYLUKLR\UKLYU¤YZ[rLUKLWHY[LYTLYLUUTrULKLYZVTOPZ[VYPZROHYOH[[L[[
LSSLYÅLYLIY\KKWrRYLKP[[IL[PUNLSZLY(SSL[PSNVKLOH]LUKLYOHYISP[[IL[HS[M\SS[\[L[[LYIY\KKLUL 14 757 306
BBB+
)HURPUZR\KKYH[PUNTV[WHY[
67 417
:\TR\UKLMVYKYPUNLYZVTPRRLOHY
]¤Y[NQLUZ[HUKMVYULKZRYP]PUN
84 337
67 417
-
-
2010
Kunde gruppe 3
84 337
Kunde gruppe 2
2011
2011
940 010
927 242
12 768
2011
67 955
2011
940 010
2010
520 422
504 627
15 795
2010
67 417
2010
520 422
14 757 306
Bundne midler er knyttet til skattetrekksmidler og utgjør USD 60.288.
2011
14 757 306
Note 8 Kontanter og kontantekvivalenter
-
520 422
-
250 000
203 005
67 417
-
67 417
49
3 510 943
3 510 943
2010
Maksimal eksponering for kredittrisiko på rapporteringstidspunktet er virkelig verdi av hver klasse av
kundefordringer angitt ovenfor. Konsernet har ingen pant som sikkerhet.
Andre valutaer
USD
Euro
NOK
Virkelig verdi av konsernets kundefordringer og andre fordringer
WY]HS\[H!
Kundefordringer
=PYRLSPN]LYKPH]R\UKLMVYKYPUNLY!
Kortsiktige fordringer
-
940 010
Sum kundefordringer
og andre fordringer
Herav langsiktige fordringer
21 000
250 000
Garantibond knyttet til produksjonsrettigheter
Depositum leie lokaler
584 672
84 337
-
84 337
Forskuddsbetalinger
Kundefordringer netto
Nedskrivning for sannsynlige tap på kundefordringer
Kundefordringer
Note 7 Kundefordringer og andre fordringer
ON
Kunde gruppe 1
Motparter uten ekstern kredittvurdering
2YLKP[[YPZPRVPÄUHUZPLSSLPUZ[Y\TLU[LYZVTPRRLLYMVYMHS[LSSLYZVTPRRLOHY]¤Y[NQLUZ[HUKMVY
ULKZRYP]UPUNRHU]\YKLYLZ]LKIY\RH]LRZ[LYULRYLKP[[]\YKLYPUNLYO]PZ[PSNQLUNLSPNLSSLYOPZ[VYPZR
informasjon om brudd på kredittbetingelser.
O SL O A X E SS
Antall
1 999 950
Sandnes Investering AS
A 48
810 496
40
40
2
2
2010
2
2
Gjennomsnittlig
utøvelseskurs
i NOK pr. aksje
260
260
50
Eierandel i Cives AS
og Time Trader AS.
Eier av Synesi AS
,PLYH]?ÄSL(:
51
6 014 608
7 126 859
4 780 500
36 650 792
(U[HSSHRZQLY
100 %
Stemme- /
eierandel
304 209
Bokført USD
ON
Det er pr 31.12.11 40 000 opsjoner utestående. Hver opsjon gir rett til å erverve en aksje for kr 2 pr aksje.
Utestående opsjoner kan utøves fra 1. september 2012 til 30. april 2014.
Den virkelige verdien på de tildelte opsjonene i perioden beregnet med Black-Scholes opsjonsprisingsTVKLSS]HY562WLYVWZQVU+L]PR[PNZ[LPUUKH[HLYHRZQLR\YZLUWr[PSKLSPUNZKH[VLUWr562!
562\[¥]LSZLZR\YZLUL]PZ[V]LYZ[HUKHYKH]]PRWrMVY]LU[L[HRZQLH]RHZ[UPUNWr!
MVY]LU[L[S¥WL[PKWrrYrYSPNYPZPRVMYPYLU[LWr!2VZ[UHKZM¥Y[PYLNUZRHWL[LY<:+
!<:+ Sum
Opsjoner
[\ZLU
2011
Gjennomsnittlig
utøvelseskurs
i NOK pr. aksje
Opsjoner
[\ZLU
CEO/Daglig
leder
Gunnar Hviding
Bevegelser i antall utestående askjeopsjoner og veide gjennomsnittlig utøvelseskurser:
Styremedlem
Espen Fjogstad
Aksjeopsjoner tildeles ledelsen og utvalgte ansatte. Utøveleseskursen på opsjonene er lik markedspris
tildelingsdatoen. Opptjeningen av opsjonene er betinget av at medarbeiderne arbeider i bedriften
tre år etter tildelingen. Opsjonene kan utøves tidligst to år etter tildelingssdatoen. Opsjonene har
en kontraktsmessig uendelig løpetid. Konsernet har ingen juridiske eller underforståtte forpliktelser
til å kjøpe tilbake eller gjøre opp opsjonene kontant.
Styrets leder
Styremedlem
Tittel
91 151 679
Sum
Sigurd Steen Aase
16 094 638
Andre
Navn
75 057 041
Sum 10 største
Aril Resen
40 735 998
798 426
-1 267 723
6 899
62 663
Note 10 Aksjeopsjoner
40 431 789
-12 070
304 209
1 823 034
;V[HS[WYKLZLTber 2011
91 152
Omregningsdifferanse
6 899
62 037
-1 267 723
627
Overført til udekket tap
3 600
-1 466 375
29 309
1 401 858
2 794 142
Pebriga AS
180
-1 466 375
29 219
12 378 426
A/S Meritum
2 927 708
Time Trader AS
Emisjonskostnader
Kapitalforhøyelse ifm
utøvelse opsjoner
2 960 006
Veen Eiendom AS
90
12 332 948
17 452 007
3 086 900
518
45 477
17 408 377
Cives AS
26
257 175
43 630
Emisjon November
2011
11 328 326
4 780 500
36 650 792
:\THRZQLY
0,02
Pålydende
NOK
Ymir Energy AS
91 151 679
?ÄSL(:
12 859
Emisjon oktober 2011
-
12 681 310
-60 487
-1 430 713
4 720 032
(RZQLRHWP[HS
Aksjer 31.12.2011
7 126 859
-114 462
12 569 318
Sum
<:+
9 452 478
Note 11 Aksjekapital
Synesi AS
250 000
12 500
Emisjon februar 2011
114 462
111 992
655 870
655 870
65 587
Fondsemisjon
-58 737
4 699 054
-1 430 713
20 978
Overkurs
<:+
9 359 714
-1 750
120 000
92 764
12 000
Emisjon
535 870
53 587
Pr. 1. januar 2010
(U[HSSHRZQLY (RZQLRHWP[HS (RZQLRHWP[HS
P[\ZLU
562
<:+
Note 9 Aksjekapital og overkurs
O SL O A X E SS
1 639 675
1 639 675
1 442 914
PEBRIGA AS
Veen Eiendom AS
Vidan AS
A 49
-
1 674 642
1 511 324
1 511 324
1 674 642
2010
1 674 642
52
Sum
1 674 642
-
1 674 642
USD
Andre valutaer
-
2011
1 975 518
1 975 518
2011
2010
1 511 324
-
1 511 324
-
2010
2 000 000
2 000 000
Virkelig verdi
NOK
Balanseført verdi av konsernets lån pr. valuta:
Gjeldsbrev og andre lån
2011
Balanseført verdi
Balanseført verdi og virkelig verdi av langsiktige lån:
1 511 324
-
-
(a) Gjeldsbrev
.QLSKZIYL]PVNOHYWrS`KLUKLYLU[LVNLUH]KYHNZWYVÄSZVTLYPOLUOVSK
til produksjon med USD 2 i avdrag pr. produserte fat på produksjonsfeltet Chico Martinez.
Sum lån
Kortsiktige lån
Fremleie lokaler
Konsulenthonorar
Note 15 Andre inntekter
53
4 963
12 261
4 963
2010
0
0
0
12 261
-
2011
2VUZLYUL[OHYP\[]PRSPUNZMHZLU\UUSH[[IHSHUZLM¥YPUNH]\[ZH[[ZRH[[LMVYKLSWr<:+!
<:+RU`[[L[[PSZRH[[LTLZZPNMYLTM¥YIHY[\UKLYZR\KKWr<:+ !<:+
0
Balanseført verdi 31. desember
1 511 324
-
1 311 283
2010
2010
0
1 674 642
58 411
182 186
2011
Valutaomregning
1 511 324
43 070
1 311 283
1 674 642
2010
80 705
2 812 565
-
2 812 565
2011
802 331
65 767
96 513
0
2010
Netto utsatt skatt, ikke balanseført
Utsatt skatt:
Ikke balanseført skattefordel
Utsatt skattefordel:
2VY[ZPR[PNVNSHUNZPR[PNZWLZPÄRHZQVUH]\[ZH[[ZRH[[LMVYKLS
og utsatt skatt:
Note 14 Utsatt skatt
Sum
Påløpte kostnader
Offentlige avgifter
Gjeld til nærstående parter
2011
640 051
Balanseført verdi 1. januar
2011
100 %
3L]LYHUK¥YNQLSK
Note 13 Leverandørgjeld og annen kortsiktig gjeld
Langsiktige lån
Note 12 Lån
65 587 000
2 492 306
Time Trader AS
Sum
2 951 415
Cives As
17 183 794
3 017 002
SPC Invest AS
48 403 206
4 787 851
?ÄSL(:
Andre
6 689 874
Sum 10 største
7 804 853
15 937 641
111 992
Stemme-/
eierandel
0,01
Bokført USD
:\THRZQLY
Pålydende
NOK
Synesi AS
65 587 000
Antall
ON
Ymir Energy AS
Aksjer 31.12.2010
(RZQLRHWP[HS
O SL O A X E SS
A 50
7 133
Kelly Tyler, styremedlem
28 615
-
1 900 071
239 273
752 463
39 535
623 668
89 260
513 190
278 290
234 900
2010
-
1 263
858 560
Annet
98 082
30 025
9 508
11 343
47 206
2011
-0,02
Utvannet resultat pr aksje
Det er ikke vedtatt utbytte for 2011 eller 2010.
Note 21 Utbytte pr. aksje
-0,02
55
-0,02
-0,02
55 587
-1 238 205
84 511
-1 781 202
2010
-1 238 205
2011
11 874
-
1 538
-
10 335
2010
613 276
287 895
107 381
186 000
32 000
2010
0
0
0
0
0
2010
-1 781 202
Resultat pr aksje
=LPKNQLUUVTZUP[[H]HU[HSS\[LZ[rLUKLVYKPU¤YLHRZQLYP[\ZLU
Årsresultat tilordnet selskapets aksjonærer
Resultat pr. aksje er beregnet ved å dele årsresultat tilordnet selskapets aksjonærer
på et veid gjennomsnitt av antall utestående ordinære aksjer gjennom året.
Note 20 Resultat pr. aksje
- annnen bistand fra nærstående til revisor
- lovpålagt revisjon
Kostnadsført godtgjørelse til revisor fordeler seg slik :
1 690 561
191 412
Sum andre driftskostnader
542 587
Reisekostnader
98 003
2011
0
Eksterne konsulenter
Husleie
Note 19 Andre driftskostnader
Skattekostnad
0
0
<[ZH[[ZRH[[UV[L!,UKYPUNTPKSLY[PKPNLMVYZRQLSSLY
Sum utsatt skatt
0
0
2011
Sum betalbar skatt
Betalbar skatt
Note 18 Skattekostnad
ON
54
1 928 687
273 662
Finansinntekter
Renteinntekter på kortsiktig bankinnskudd
Ettergivelse av gjeld inkl påløpte renter
1 655 024
28 405
210
2011
-
-
5 459
3 711
Annet
14 556
7LUZQVU
802 229
15 800
5 128
2 957
121 441
5
Finanskostnader
Agio
2010
656 903
8
1 537 095
Disagio
Rentekostnader
Note 17 Finansinntekter og -kostnader
7 133
7 133
Hege Forus, styremedlem
7 133
Espen Fjogstad, styremedlem
Aril Resen, styremedlem
9 505
97 527
271 509
Sigurd Steen Aase, styrets leder
(UUPRLU3HUKYL)QLYRL*-6HUZH[[TUKP
Gunnar Hviding, CEO
Antall årsverk sysselsatt i regnskapsåret
Sum
60 021
Andre lønnskostander
6 899
242 425
29 116
Lønn
2011
1 198 634
Pensjonskostnader – innskuddsbaserte pensjonsordninger
Aksjeopsjoner til styremedlemmer og ansatte
Arbeidsgiveravgift
3¥UU
O SL O A X E SS
620 145
-960 860
Kontantstrøm fra driften
A 51
56
Det har ikke inntruffet hendelser etter balansedagen som påvirker det avlagte regnskapet.
Det er i februar 2012 mottatt tilbud på midlertidig kreditt på 10 MNOK hos Sandnes Sparebank.
Note 24 Hendelser etter balansedato
138 112
100 565
69 056
69 056
2010
-1 224 189
57 705
-415 701
236 660
68 540
2 957
63 856
-
58 824
Forfall senere enn 5 år
Forfall mellom 1 og 5 år
2011
41 742
Forfall innen 1 år
Fremtidig minimumsleie knyttet til uoppsigelige leieavtaler:
2010
-1 238 205
2VUZLYUL[SLPLY[VRVU[VYLYWr\VWWZPNLSPNLVWLYHZQVULSSLSLPLH][HSLY3LPLH][HSLULOHYOLUOVSKZ]PZ
5 måneder og 3 års løpetid per 31.12.2011, og forventes å være fornybare til markedsleie ved
avtalenes utløp.
(b) Operasjonelle leieavtaler - forpliktelser hvor et selskap i konsernet er leietaker
Selskapet har ikke-balanseførte kontraktsforpliktelser knyttet til investering i tanker,
brønner og pumper mv på USD 3 166 581.
Ikke-balanseførte kontraktsforpliktelser:
(a) Investeringsforpliktelser
Note 23 Andre forpliktelser
-419 588
3L]LYHUK¥YNQLSKVNHUULURVY[ZPR[PNNQLSK
-
-274 000
6 899
886 885
- Kundefordringer og andre fordringer
,UKYPUNPHYILPKZRHWP[HSLRZRS\ZP]LLMMLR[LUH]VWWRQ¥WVN
VTYLNUPUNZKPMMLYHUZLY]LKRVUZVSPKLYPUN!
- rentekostnader
- omregningsdifferanser
- Aksjebasert avlønning og økning i pensjonsforpliktelse
2011
-1 781 202
57
ON
(]ZRYP]UPUNLYUV[L
Justert for:
Note 22 Kontantstrøm fra driften
O SL O A X E SS
58
Crudecorp AS
P.O. Box 896
Skagen 27
N-4004 Stavanger
59
A 52
ON
O SL O A X E SS
A 53
3:
5:
6:
7:
8:
10:
13:
14:
18:
26:
28:
34:
Highlights 2010
2L`ÄN\YLZ
(IV\[*Y\KLJVYW
(IV\[*OPJV4HY[PULa
;OL*Y\KLJVYW)VHYKVMKPYLJ[VYZ
:[`YL[ZILYL[UPUN
9LZ\S[H[YLNUZRHW
)HSHUZL
5V[LY[PSYLNUZRHWL[MVY
9L]PZVYZILYL[UPUN
IFRS
5V[LY[PSRVUZLYUYLNUZRHWL[
Contents
ON
Annual report
2010
O SL O A X E SS
A 54
3
4
ON
November
October
Crudecorp increase its working
Interest from 75 % to 90 %
PU[OL*OPJV4HY[PULaÄLSK
September
Crudecorp acquired 14.74 %
of the mineral interests
in Chico Martinez
July
Crudecorp formally assumed
operatorship of Chico Martinez
June
First horizontal well drilled
by Crudecorp in the
*OPJV4HY[PULaÄLSK
January
First vertical well drilled
by Crudecorp in the
*OPJV4HY[PULaÄLSK
Highlights 2010
Crudecorp is an international
and independent E&P company
engaged in acquisition,
development and operation
of oil and natural gas fields.
The company currently operates
the Chico Martinez field
in California.
O SL O A X E SS
Cash Flow from Financing
A 55
IFRS
115
90
5
7,707
-
-1,823
-1,823
6,162
8,022
6,990
7,193
-1,521
-1,165
2009
activities is close to zero as
the equity raised in November
was substantially applied to
the repayment of debt related
to the acquisition of the Chico
4HY[PULaÄLSKHZ^LSSHZ
increasing the company’s net
^VYRPUNPU[LYLZ[PU[OLÄLSK
USGAAP
;OLJHZOÅV^MYVTPU]LZ[TLU[
activities substantially relates
to USD 1.57 m invested in
three new wells and various
infrastructure projects in the
ÄLSKHUKMYVT<:+T
spent on Chico Martinez land
and mineral acquisitions. The
UL[JHZOÅV^MYVTÄUHUJPUN
NGAAP
1,694
-1,681
1,390
11,414
9,076
4,031
6,162
-1,269
1
120
-1,238
-1,414
-1,681
7,222
-3,022
1,700
1,439
-1,266
-1,148
309
2010
Crudecorp Group
-1,589
2,732
Debt
9,452
9,602
7,072
-1,753
-1,270
90
2009
Cash Flow from Operations
13,863
Equity
64
332
309
2010
CMO, Inc.
2,510
14,084
514
5L[WYVÄ[SVZZ
Fixed Assets
-149
EBITDA
701
2009
6
Crudecorp was formed
in 2007. The company
has focused on mainland
US and several business
models have been tested in
Kentucky, Texas, Louisiana
and California. In 2008
the company decided to
concentrate on California and
[OL*OPJV4HY[PULaÄLSKHZ
the most promising prospect.
About Crudecorp
The company’s strategy is to
focus on near production or
producing assets in mature
oil basins with low political
risk. The aim is to create a
company with strong growth
rate and good dividend
capacity, which can be
a hedge for investors who
wish to diversify their portfolio
H^H`MYVTPUJYLHZPUNPUÅH[PVU
risks and who fundamentally
believe in a strong demand
for energy.
The company’s strategy is
to focus on near production
or producing assets in
mature oil basins
with low political risk.
ON
Current Assets
597
2010
Crudecorp AS
Revenue
(Amounts in USD 1,000)
O SL O A X E SS
A 56
Several attempts to develop
[OLÄLSKOH]LILLUTHKL
most notably in 1981, when
an inadequate cycle steam
injection effort was made.
According to the California
Department of Oil and Gas
+6.YLJVYKZVMWYVK\J[PVU
a total of 550,000 barrels of
oil have been produced from
[OLÄLSK*Y\KLJVYWLZ[PTH[L
this to be approximate 2 %
of the recoverable reserves.
Production in the Chico
4HY[PULaÄLSKOHZYLWVY[LKS`
Z[HY[LKPU ;OLÄLSKOHZ
a proven oil accumulation in
the Etchegoin sands, but is
believed to have less
favourable production metrics
[OHUULPNOIV\YPUNÄLSKZ^P[O
oil accumulations in the
shallower Temblor sands.
;
OL*OPJV4HY[PULaÄLSKPZ
located in the San Joaquin
Valley in California. The
ULHYLZ[ULPNOIV\YPUNÄLSKZ
are the well known South
)LSYPKNLHUK*`TYPJÄLSKZ
two of the most productive
ÄLSKZVUZOVYL<:
In late 2010, the company
also received 3D seismic
over an area covering the
lease, and these data has
been utilised to the extent
possible. The new wells
drilled have been stimulated
with steam to test the petrophysical characteristics of
the reservoir.
Crudecorp has since
2009 made an electronic
conversion of old well logs
and constructed a geological
TVKLSVM[OLÄLSKIHZLKVU
these well logs, mud logs,
core samples and general
understanding of the local
geology. The company has
also drilled two vertical wells
and one horizontal wells and
incorporated this data into
the model.
The production peak occurred
PU HM[LYÔPJO[OLÄLSK
declined. Circumstances
related to the decline is not
entirely established, but
seems to be related to break
down of the steam generator
and falling oil price. By 1986,
the production was negligible.
7
The plan is to develop the
ÄLSK^P[O[OL\ZLVMIV[O
vertical and horizontal wells.
;OLÄLSKPZPU[LUKLK[VIL
developed in six phases,
[OLÄYZ[VMÔPJO^PSSIL
undertaken in 2011.
Based on the work performed,
the company has concluded
that it is possible to establish
HWYVÄ[HISLWYVK\J[PVUVU
Chico Martinez.
The company has during
2010 performed production
testing of the new wells.
The reservoir’s production
response has been tested
for both vertical wells and
horizontal wells and the
production rates have been
measured both before and
after steam stimulation.
Based on the work performed,
the company has concluded
that it is possible to establish
a profitable production
on Chico Martinez.
8
4Y(HZLOHZ`LHYZL_WLYPLUJL^P[O[OLVPSNHZPUK\Z[Y`
hereunder as part owner of Petrotech and fully owned Fluenta.
Mr. Aase has established a host of successful businesses and is the
Chairman of Ymir Energy, which is Crudecorp’s largest shareholder.
Sigurd Aase – member of the board
Mr Resen holds an MBA from San Francisco State University and
a BS from University of Oregon. Mr Resen has previously worked
H[[OL:HU-YHUJPZJV:[VJR,_JOHUNLKLYP]H[P]LZÅVVYHUKHZH
stockbroker for Alfred Berg Norge AS. Mr Resen has been a serial
entrepreneur and an angel investor in several companies over the
last 15 years.
Aril Resen – member of the board
Mr. Fjogstad holds a MSC from NTNU and an MBA from INSEAD.
Fjogstad has 14 years of experience as investor and founder of
several technology companies. In addition, he has also served as
+LW\[`4HUHNPUN+PYLJ[VYPU9V_HY(:( ¶ *,6VM6+05
9LZLY]VPY:VM[^HYL ¶ HUKJVUZ\S[HU[H[4J2PUZL`
*VTWHU` ¶ Espen Fjogstad – member of the board
Mr. Hviding holds an MEng in Chemical Engineering from Imperial
College and an MBA from INSEAD. Most recently, he served as
CEO of Roxar ASA and now serves on the Roxar Board. Prior to
joining Roxar in 2002, Mr. Hviding served as senior management in
Scandinavian industries, like HansaBorg and Orkla, where his focus
was value chain optimization, acquisitions and integration. Hviding
has also experience from Shell International Petroleum, where he
was a process engineer.
Gunnar Hviding – CEO and Executive Chairman
The Crudecorp Board of directors
ON
O SL O A X E SS
A 57
10
Chico Martinez feltet er et
tungoljefelt der det injiseres
steam for å øke produksjon av
olje. Selskapet har boret to nye
vertikale og en horisontal brønn
i 2010. Det er innhentet data
fra brønnene og sammenstilt
med data fra gamle brønner
er det etablert en reservoar
modell. Selskapet har videre
foretatt produksjonstesting
I oktober 2010 foretok selskapet
en emisjon på NOK 27 millioner,
der formålet med emisjon var å
tilbakebetale gjeld til selger av
feltet. I denne transaksjonen økte
selskapet også sin eierandel fra
75 til 90 % i utvinningstillatelsen
for Chico Martinez feltet.
Crudecorp AS har som formål å
drive med leting og produksjon
av olje og gass. Selskapet er
lokalisert i Stavanger og opererer
Chico Martinez feltet i Kern
County, California. Selskapet
driver den overordnede planleggingen for feltutbyggingen
fra Stavanger, og benytter
innleide konsulenter og egne
ansatte i California til detaljplanlegging, utbygging og drift
av feltet.
Virksomhetens art
Styrets
beretning
2010
Konsernet solgte i 2010 totalt
5,800 fat med olje. Gjennomsnittsprisen per fat var USD 73 per fat.
Konsernets konsoliderte
Konsernet har i 2010 drevet
produksjonstesting. Utstyret og
innsatsfaktorene som er brukt til
dette har stort sett vært innleid.
Grunnet begrensninger i utstyret
som er innleid har man vært
nødt til å benytte propan i stedet
for naturgass og man har også
vært nødt til å transportere
vann inn på tankbil. Dette har
ført til unormalt høye kostnader
i forhold til driften man forventer
når nødvendig utstyr er på plass.
Selskapet har valgt å rapportere
konsoliderte tall i henhold til
International Financial Reporting
:[HUKHYK0-9:MVYYLNUZRHWZ
året 2010, som ledd i forberedelse
mot en eventuell børsnotering.
Rettvisende oversikt over
utvikling og resultat
av brønnene, der man har
testet produksjonsrater før og
etter og steaminjeksjon. Disse
produksjonstestene gir etter
selskapets oppfatning et grunnlag for å etablere en lønnsom
utvikling av feltet.
ON
9
O SL O A X E SS
A 58
Arbeidsmiljøet i konsernet er
godt. Konsernet hadde per
31.12.2010 totalt seks ansatte,
hvorav 17 % er kvinner.
:[`YL[ILZ[rYH]ÄYLTLUU
Etter omdanning til ASA i 2011
vil daglig leder trekke seg fra
styret, samt at det skal innvelges
to kvinner. Selskapet vil da
oppfylle kravet til 40 % kvinnerepresentasjon.
Selskapets aktivitet innebærer
VWLYHZQVULSSÄUHUZPLSSVN
markedsmessig risiko.
Den operasjonelle risikoen
er knyttet til investeringer og
drift av oljefelt. Selskapet har
etablert budsjetterings- og
godkjenningsprosedyrer og har
et system for etterkalkulering
av prosjekter. Risiko i forhold til
brønnproduktivitet er forsøkt
redusert ved produksjonstesting som har foregått over de
siste 12 månedene. Likevel er
oljereservoaret komplekst med
mange forskjellige produserende soner og det vil derfor
fremdeles være risiko knyttet til
produksjonsrater og inntjening.
Aril Resen
Styremedlem
Espen Fjogstad
Styremedlem
Styret i Crudecorp AS
Stavanger 6. april 2011
Selskapet har i 2010 foretatt tre
produksjonstester med steam
injeksjon for å bestemme de
petrofysiske egenskapene til
Etchegoin formasjonen på
Chico Martinez.
Forskning og utvikling
Konsernet har utslipp til det
ytre miljø. I hovedsak dreier
dette seg om utslipp av CO2
og NOx ved brenning av
naturgass for oppvarming av
oljereservoaret. Selskapet
har også utslipp av produsert
vann til en innsynkningsfelle, der
produsert vann blir deponert for
innsynkning i grunnen. Selskapet
har alle nødvendige tillatelser
for utslipp.
Sigurd Steen Aase
Styremedlem
11
Oljeindustrien i California er
fragmentert med mange mindre
aktører og aktører på størrelse
med Crudecorp. Selskapet
ønsker å delta aktivt dersom
interessante konsolideringsmuligheter skulle oppstå.
Selskapets ønske om børsnotering er et ledd i en slik
strategi, ettersom det gjør
selskapet til en mer attraktiv
fusjonspartner samt at det
letter tilgangen på kapital.
Selskapet vedtok i februar 2011
en omdanning fra AS til ASA.
Denne omdanningen er et ledd
i selskapets plan om en børsnotering høsten 2011.
Selskapet har i tillegg et mulig
potensial for funn i de dypere
formasjonene på feltet. Analyser
av geologien samt 3D seismikk
gir grunnlag for å fortsette
undersøkelsene.
Selskapet har besluttet å bygge
ut fase 1 av totalt seks planlagte produksjonsfaser for det
øverste reservoaret, Etchegoin
formasjon. Den videre plan er å
fortsette feltutbyggingen med
de ytterligere produksjonsekspansjonene slik at feltet er
ferdig utbygget i 2014. I den
forbindelse hentet selskapet i
februar 2011 inn NOK 100 mill
gjennom en emisjon, som skal
dekke utbyggingen av fase 1.
Fremtidsutsikter
Styret mener at det er riktig å
legge forutsetningen for fortsatt
drift av selskapet til grunn ved
avleggingen av årsregnskapet.
Fortsatt drift
12
ON
Gunnar Hviding
Styreformann
Den markedsmessige risikoen
er knyttet til olje og gasspris
samt valutasvingninger.
Selskapet har vurdert ulike
+LUÄUHUZPLSSLYPZPRVLUHUZLLZP
øyeblikket som liten, ettersom
selskapet ikke har rentebærende
gjeld. Når utbyggingsfase 1 er
MLYKPNZ[PS[LY[HURLUrÄUHUZPLYL
fase 2 og de påfølgende
utbyggingsfasene med mest
mulig tredjeparts kapital.
Det er derfor å forvente at den
ÄUHUZPLSSLYPZPRVLUPZLSZRHWL[
vil øke. Selskapet ser likevel
for seg en god kontantstrøm
fra driften og det forventes at
egenkapitalen i selskapet vil
være forsvarlig.
Selskapet oppfatter motpartsrisikoen ved oppgjør for olje som
ubetydelig.
Helse, miljø og sikkerhet
Risiko
Selskapet har en klar holdning til
like muligheter for alle ansatte,
uavhengig av bakgrunn.
Selskapet har god fokus på
helse, miljø og sikkerhet.
I 2010 har det vært null skader
på selskapets ansatte og null
skader hos underleverandører
som arbeider for selskapet.
sikringsinstrumenter men har
hittil ikke funnet det hensiktsmessig å sikre pris eller valutarisikoen.
inntekter beløp seg til USD
308,780 og EBITDA ble USD
-1,413,621. Konsernets netto
resultat ble USD -1,238,205.
O SL O A X E SS
7 000
A 59
3 108 991
3 108 991
Årets resultat
Årsunderskudd
3 108 991
0
Overført annen egenkapital
Sum overføringer
0
Overført fra overkursfond
Avsatt til annen egenkapital
3 108 991
3 108 991
Overføringer
4 015 640
1 682 349
9LZ\S[H[H]ÄUHUZWVZ[LY
1 420 038
10
2 808 165
4 309 862
(UULUÄUHUZRVZ[UHK
(UULUÄUHUZPUU[LR[
Annen rentekostnad
5
10
Annen renteinntekt
-PUHUZPUU[LR[LYVNÄUHUZRVZ[UHKLY
-906 649
Driftsresultat
1 796 676
4 516 649
9
Annen driftskostnad
Sum driftskostnader
1
Avskrivning på driftsmidler og immaterielle eiendeler
2 712 973
Lønnskostnader m.m.
8, 9
3 610 000
Sum driftsinntekter
13
2 082 808
-26 217 376
24 134 568
0
2 082 808
2 082 808
2 082 808
1 668 526
2 140 290
2 497 522
5 747 843
558 495
414 282
3 986 619
2 476 972
10 300
1 499 347
4 400 901
749 901
3 651 000
14
Sum eiendeler
:\TVTS¥WZTPKSLY
Bankinnskudd, kontanter o.l.
Investeringer
6
97 186 348
14 702 389
14 609 830
92 559
62 559
Sum fordringer
30 000
Andre fordringer
82 483 959
35 949 705
35 949 080
625
0
0
46 534 254
46 534 254
2010
Kundefordringer
Fordringer
6TS¥WZTPKSLY
Sum anleggsmidler
5
5
:\TÄUHUZPLSSLHUSLNNZTPKSLY
4
Lån til foretak i samme konsern
1
1
Note
Investeringer i datterselskap
Finansielle anleggsmidler
Sum varige driftsmidler
Driftsløsøre, inventar
Varige driftsmidler
Sum immaterielle eiendeler
Rettigheter o.l.
Anleggsmidler
Immaterielle eiendeler
30 000
3 580 000
Salgsinntekter
Annen driftsinntekt
Eiendeler
96 322 639
40 852 291
40 517 723
334 568
334 568
0
55 470 348
8 949 974
8 949 349
625
7 000
7 000
46 513 374
46 513 374
2009
ON
Driftsinntekter og driftskostnader
2009
(Tall i NOK)
2010
Crudecorp AS
(Tall i NOK)
Note
Balanse
Crudecorp AS
Resultatregnskap
O SL O A X E SS
A 60
Gunnar Hviding
Styreformann
Aril Resen
Styremedlem
Espen Fjogstad
Styremedlem
15
96 322 639
41 718 512
703 942
314 263
125 635
0
255 245
8 799
41 014 570
41 014 570
54 604 127
0
0
54 604 127
54 068 257
535 870
2009
Sigurd Steen Aase
Styremedlem
97 186 346
12 487 456
774 656
Sum kortsiktig gjeld
:\TNQLSK
342 078
Annen kortsiktig gjeld
0
180 344
0
11 712 800
11 712 800
252 234
7
11
Skyldig offentlige avgifter
Betalbar skatt
Leverandørgjeld
Gjeld til kredittinstitusjoner
2VY[ZPR[PNNQLSK
:\THUULUSHUNZPR[PNNQLSK
Øvrig langsiktig gjeld
.QLSK
84 698 890
3 108 991
:\TLNLURHWP[HS
3 108 991
81 589 899
80 934 029
655 870
2010
:\TVWW[QLU[LNLURHWP[HS
2
3
Note
Annen egenkapital
6WW[QLU[LNLURHWP[HS
:\TPUUZR\[[LNLURHWP[HS
Overkursfond
Aksjekapital
0UUZR\[[LNLURHWP[HS
,NLURHWP[HSVNNQLSK
(Tall i NOK)
Crudecorp AS
Balanse
16
ON
O SL O A X E SS
18
Noter til
regnskapet
for 2010
ON
17
O SL O A X E SS
A 61
A 62
Anleggsmidler vurderes til
anskaffelseskost, men nedskrives til virkelig verdi ved
verdifall som ikke forventes
Omløpsmidler vurderes til
laveste av anskaffelseskost og
virkelig verdi. Kortsiktig gjeld
balanseføres til nominelt beløp
på opptakstidspunktet.
Omløpsmidler og kortsiktig
gjeld omfatter poster som
forfaller til betaling innen ett år
etter anskaffelsestidspunktet,
samt poster som knytter seg til
varekretsløpet. Øvrige poster er
RSHZZPÄZLY[ZVTHUSLNNTPKKLS
langsiktig gjeld.
Hovedregel for vurdering og
klassifisering av eiendeler og
gjeld
Betingede tap som er
ZHUUZÙSPNLVNR]HU[PÄZLYIHYL
kostnadsføres løpende.
Utarbeidelsen av regnskaps
informasjon krever at selskapets
ledelse benytter estimater og
forutsetninger som påvirker
verdien av eiendeler, gjeld og
noteopplysninger. Slike
estimater og forutsetninger
kan ha vesentlig betydning
for rapporterte inntekter og
kostnader for en bestemt
periode. De faktiske beløpene
kan avvike fra estimatene.
Bruk av estimater
Inntektsføring ved salg av varer
skjer på leveringstidspunktet.
Tjenester inntektsføres i takt
med utførelsen.
Inntektsføring
Årsregnskapet er satt opp
i samsvar med regnskapslovens
bestemmelser og god
regnskapsskikk. Alle tall er
PVWWNP[[POLSLRYVULY562
med mindre annet er oppgitt.
Regnskapsprinsipper
<[ZH[[ZRH[[\[ZH[[ZRH[[LMVYKLS
beregnes på grunnlag av
midlertidige forskjeller mellom
regnskapsmessige og skattemessige balanseverdier, og
Skatter
Kontanter og bankinnskudd,
omløpsmidler og kortsiktig
gjeld i fremmed valuta omregnes
til kurser på balansedagen.
Realiserte og urealiserte kursgevinster og -tap på eiendeler
og gjeld i annen valuta enn
NOK resultatføres.
Valuta
omfatter kontanter, bankinnskudd og andre betalingsmidler med opprinnelig
forfallsdato på tre måneder eller
mindre fra anskaffelse.
Investeringer i datterselskaper
er vurdert etter kostmetoden.
Aksjer i datterselskap
Fordringer er oppført i balansen
til pålydende etter fradrag for
avsetning til forventet tap.
Avsetning til tap gjøres på
grunnlag av individuelle vurderinger av de enkelte fordringene.
Fordringer
Varige driftsmidler balanseføres
og avskrives over driftsmidlets
forventede levetid. Direkte
vedlikehold av driftsmidler
kostnadsføres løpende under
driftskostnader, mens påkostninger eller forbedringer
tillegges driftsmidlets kostpris
og avskrives i takt med driftsmidlet.
Varige driftsmidler
å være forbigående. Langsiktig
gjeld balanseføres til nominelt
beløp på etableringstidspunktet.
19
Selskapet er lite i henhold til
regnskapsloven, men har valgt
å utarbeide konsernregnskap
i henhold til IFRS.
0
0
0%
46 534 254
20
3 108 991
80 934 029
,NLURHWP[HSWY
-
Annen
LNLURHWP[HS
3 108 991
655 870
-14 228
26 880 000
54 068 257
Overkurs
fond
¶
0
31 200
7 000
0
24 200
31 200
Årets resultat
Emisjonskostnader
535 870
120 000
Kapitalforhøyelse, 4.11.10
(RZQL
RHWP[HS
,NLURHWP[HSWY
Note 2 Egenkapital
0
0
46 534 254
Rettigheter i feltet vil bli avskrevet basert på UOP rate for produksjon
fra feltet når det er utviklet og produksjon er startet i stor grad.
Avskrivningssatser
)HSHUZLM¥Y[]LYKPWY
0
20 880
Avgang
31 200
Driftsløsøre
og lignende
0
46 513 374
Konsernregnskap
Rettigheter
og lignende
Tilgang
;`WLHUSLNNTPKKLS
Note 1 Anleggsmidler
underskudd til fremføring ved
utgangen av regnskapsåret.
Skattereduserende midlertidige
forskjeller og underskudd til
fremføring utlignes mot skatteøkende midlertidige forskjeller
som reverseres i samme tidsrom. Skattekostnad består av
IL[HSIHYZRH[[ZRH[[WrrYL[Z
ZRH[[LWSPR[PNLPUU[LR[VN
endring i netto utsatt skatt.
84 698 890
3 108 991
-14 228
27 000 000
54 604 127
Sum
46 534 254
31 200
7 000
0
24 200
46 565 454
20 880
0
46 544 574
Totalt
ON
O SL O A X E SS
4 787 851
3 017 002
2 951 415
2 492 306
1 639 675
1 639 675
1 442 914
?ÄSL(:
SPC Invest AS
Cives As
Time Trader AS
PEBRIGA AS
Veen Eiendom AS
Vidan AS
A 63
26,20 %
26,20 %
-
Resultat
siste år
100 %
21
-
8 949 349
-
-
2009
-1.753.150 USD
Langsiktig fordringen mot CMO Inc har blitt rentebelastet og for 2010 er det blitt inntektsført
NOK 2.568.000. Selskapet har ikke gjeld som forfaller senere enn fem år etter balansedato.
Langsiktig gjeld til selskap i samme konsern
35 949 080
-
Langsiktige fordringer til selskap i samme konser
-
2010
-3.022.272 USD
100 %
625
Bokført verdi
WY
Note 5 Fordringer og gjeld
CMO Inc
:LSZRHWL[OHYLPLYHUKLSLY
PM¥SNLUKLZLSZRHWLY!
,NLURHWP[HS
siste år
100 %
:[`YLTLKSLT¶,PLYH]@TPY,ULYN`(:
Sigurd Steen Aase
Eierandel/
stemme andel
7 804 853
:[`YLTLKSLT¶,PLYH]:ÙLZP(:
Espen Fjogstad
Note 4 Konsern, tilknyttet selskap mv.
4 787 851
:[`YLTLKSLT¶,PLYH]?ÄSL(:
15 937 641
5 443 721
:[`YL[ZSLKLY*,6¶,PLYHUKLSP*P]LZ(:VN;PTL;YHKLY(:
Aril Resen
(U[HSSHRZQLY
100,00 %
Gunnar Hviding
100,00 %
73,8 %
2,2 %
2,5 %
2,5 %
3,8 %
4,5 %
4,6 %
7,3 %
10,2 %
11,9 %
24,3 %
Stemmeandel
Tittel
65 587 000
Sum
73,8 %
2,2 %
2,5 %
2,5 %
3,8 %
4,5 %
4,6 %
7,3 %
10,2 %
11,9 %
24,3 %
Bokført
655 870
Navn
17 183 794
Andre
48 403 206
6 689 874
Sum 10 største
7 804 853
Synesi AS
15 937 641
Eierandel
:\THRZQLY
Pålydende
0,01
Antall
65 587 000
2010
-
Sum skattekostnad
-3 091 130
-
-
-7 671 006
-27 396 450
22
-3 633
-
-3 633
2009
-0
-
-8 537 540
-30 491 213
-30 487 580
Selskapet er et lite foretak og har valgt å ikke balanseføre utsatt skattefordel.
Sum
-27 396 450
-
-
Driftsmidler
<[ZH[[ZRH[[RU`[[LYZLN[PS!
-3 984
870 517
-866 535
28 % skatt av resultat før skatt
-VYRSHYPUN[PSO]VYMVYrYL[ZZRH[[LRVZ[UHKPRRL\[NQ¥Y
H]YLZ\S[H[M¥YZRH[[!
-
-
28 % betalbar skatt årets resultat
-
,MMLR[H]LTPZQVUZRVZ[UHKLYWLYTHU[LU[MVYZRQLSS
3 091 130
-3 633
-14 228
:\TZRH[[LWSPR[PNPUU[LR[rYL[ZYLZ\S[H[
3 108 991
-
)LYLNUPUNH]rYL[ZZRH[[LNY\UUSHN!
-
,UKYPUN\[ZH[[ZRH[[MVYKLS
2010
gYL[ZZRH[[LRVZ[UHKMVYKLSLYZLNWr!
Note 7 Skatt
Selskapet har bundne skattetrekksmidler pr 31.12.10 på kr 162.280.
Note 6 Bundne midler
-866 534
-3 633
-
-3 633
Endring
0
3 430
-586 617
583 186
-
-
-
-2 095 058
2 095 058
-
12 250
2 082 808
-
-
-
2009
ON
Ymir Energy AS
A-aksjer
(RZQLRHWP[HS
Note 3 Antall aksjer, aksjeeiere m.m.
O SL O A X E SS
226 420
A 64
:\THUULUÄUHUZRVZ[UHK
1 682 349
22 755
1 659 594
Disagio
(UULUÄUHUZRVZ[UHK
4 309 862
:\THUULUÄUHUZPUU[LR[
24
USD 2 mill er balanseført til 11.712.800 og er
gjeld som er rentefri og skal betales tilbake i
takt med produksjon med 2 USD pr solgte fat.
Gjelden ble i avtale ved kjøp av ytterligere andel
av lisensen reforhandlet. Betalingsstruktur ble
endret. Av eksisterende gjeld ble USD 4,5 mill
betalt ved signering av lisenskjøp fra 75 %
til 90 %. Resterende gjeld på USD 2,6 mill
ble behandlet følgende.
Selskapet har i det videre påtatt seg en betinget
forpliktelse som ikke er balanseført i regnskapet.
Forpliktelsen er at Crudecorp AS skal foreta de
første inveseteringer og drift av feltet begrenset
oppad til USD 20 mill, før ekstern 10 % eier skal
betale kostander. Gir en betinget forpliktelse på
USD 2 mill. Ved utgang av 2010 er det påløpt
USD 4,4 mill i forhold til de avtalte USD 20 mill.
Resterende gjeld USD 0,6 mill er inntektsført
i sin helhet.
ON
23
2 140 290
2 140 290
5 747 843
1 170 688
320 070
3 513 840
Ettergivelse renter + lån
1 815 414
-
2 441 671
2009
103 775
17 775
17 000
23 500
45 500
2009
-
-
-
Styret
1
Gevinst ved salg av aksjer
796 022
2010
62 000
-
9 000
-
53 000
2010
-
44 690
700 000
Daglig leder
2
1 499 347
100 213
184 365
1 214 769
Reversert tap på fordring
- annen bistand fra nærstående til revisor
SV]WrSHN[YL]PZQVUPURS\KLY[IPZ[HUKTLKrYZYLNUZRHW
2VZ[UHKZM¥Y[NVK[NQ¥YLSZL[PSYL]PZVYMVYKLSLYZLNZSPR!
Annen godtgjørelse
Pensjonsutgifter
3¥UUHUZH[[PTUK
@[LSZLY[PSSLKLUKLWLYZVULY!
Note 9 Ytelser/godtgjørelser til daglig leder, styret og revisor
2 712 973
Sum
324 699
2 161 854
Arbeidsgiveravgift
Lønn
2009
Lønnskostnader
2010
Note 11 Gjeld
Selskapet har reforhandlet gjelden knyttet til
kjøp av lisens i løpet av 2010. Ved inngang
av året 2010 var ekstern gjeld USD 7,5 mill.
O SL O A X E SS
26
ON
25
O SL O A X E SS
A 65
27
28
IFRS
A 66
ON
O SL O A X E SS
A 67
Resultat pr. aksje fremkommer av note 20
-1 331 167
29
-1 328 058
30
Note 1 til 24 er en integrert del av konsernregnskapet.
Regnskapet ble vedtatt av styret 6. april 2011.
Regnskapet skal underskrives av styret og daglig leder.
:\TNQLSK
Betalbar skatt
Leverandørgjeld og annen kortsiktig gjeld
-1 520 624
-1 328 058
2VY[ZPR[PNNQLSK
-1 238 205
-1 331 167
192 566
Avsetninger for forpliktelser
Lån
3HUNZPR[PNNQLSK
GJELD
:\TLNLURHWP[HS
12
13
12
13 107 096
1 693 510
14 183 586
6 161 821
0
124 481
182 186
124 481
6 037 340
0
6 037 340
8 021 765
-1 430 713
9 359 714
92 764
KLZ
14 183 586
7 193 141
7 088 420
104 720
6 990 445
6 989 234
1 212
KLZ
0
182 186
1 511 324
0
1 511 324
11 413 586
-1 267 723
111 992
KLZ
13 107 096
4 031 365
3 510 943
520 422
9 075 731
7 457 204
1 618 527
KLZ
12 569 318
9
Note
8
7
5
4
Note
Overkurs
Aksjekapital
,NLURHWP[HS[PSVYKUL[
EGENKAPITAL
Sum eiendeler
6TS¥WZTPKSLY
Produksjonsrettigheter i oljefelt
Varige driftsmidler
Anleggsmidler
EIENDELER
(hele USD)
Årets totalresultat tilordnes
Årsresultatet tilordnes
Årets totalresultat
-92 962
gYL[Z\[]PKLKLYLZ\S[H[WVZ[LYL[[LYZRH[[
-1 520 624
-1 238 205
192 566
2009
-1 520 624
-
-1 520 624
-203 009
-630 229
427 220
-1 317 615
-592 282
-152 292
-747 559
-34 690
119 381
89 828
2009
2010
-1 238 205
-
-92 962
Note
18
-1 238 205
239 273
-513 190
752 463
-1 477 478
-613 276
-63 856
<[]PKL[YLZ\S[H[WVZ[LY
Årsresultat
QHU\HY¶KLZLTILY
Crudecorp AS
Utvidet resultatregnskap (comprehensive income)
Årsresultat
Skattekostnad
17
17
Finanskostnader
19
Finansinntekter
Driftsresultat
Andre driftskostnader
4
16
-802 229
Avskrivninger
Lønnskostnader
4 963
308 780
-311 860
15
Produksjonskostnader
Annen driftsinntekt
2010
ON
Salgsinntekter
(hele USD)
Note
Crudecorp AS
QHU\HY¶KLZLTILY
Konsolidert balanse
Crudecorp AS
Resultatregnskap
O SL O A X E SS
A 68
Gunnar Hviding
Styreformann
12 569 318
Aril Resen
Styremedlem
Espen Fjogstad
Styremedlem
111 992
,NLURHWP[HSKLZLTILY
31
11 413 586
Sigurd Steen Aase
Styremedlem
-1 267 723
4 722 989
-
1 430 713
3 268 341
1 433 670
-1 430 713
20 978
2 957
-92 962
-1 238 205
2 957
-32 475
-1 238 205
8 021 765
8 952 230
-
7 110 029
1 837 359
4 842
4 720 032
-58 737
-
-1 430 713
3 642 431
3 637 589
4 842
192 566
-1 520 624
-1 520 624
31 812
397 593
Sum EK
-3 584 332
6WW[QLU[,2
4 699 054
20 978
-1 750
-
Emisjon
Årets resultat
92 764
,NLURHWP[HSKLZLTILY
9 359 714
5 261 112
48 687
7 070 529
1 828 172
153 726
3 944 876
Overkurs
-3 637 589
39 500
9 187
7 028
37 049
(RZQLRHWP[HS
Emisjon
Konvertering gjeld
Årets resultat
,NLURHWP[HSQHU\HY
Note
32
* tilgang immaterielle eiendeler er non-cash og knytter seg
til amortiserte ikke betalte renter på rentefritt lån.
3 510 943
Kontanter, kontantekvivalenter og
ILU`[[LKL[YLRRYL[[PNOL[LYWYKLZLTILY
15
-300 704
7 088 421
-3 276 774
-134 700
-4 500 000
-
4 365 300
-1 681 225
7 088 421
-352 232
1 585 945
5 854 707
7 373 391
-500 000
1 369 326
6 504 065
-
-
-
-1 518 684
-
-356 250
-1 162 434
2009
-1 681 225
-1 460 849
=HS\[HNL]PUZ[[HWWrRVU[HU[LY
kontantekvivalenter og benyttede trekkrettigheter
Kontanter, kontantekvivalenter og benyttede
trekkrettigheter pr. 1. januar
Netto endring i kontanter, kontantekvivalenter
og benyttede trekkrettigheter
5L[[VRVU[HU[Z[Y¥TMYHÄUHUZPLYPUNZHR[P]P[L[LY
Nedbetaling av lån
Opptak av lån
Utstedelse av ordinære aksjer
2VU[HU[Z[Y¥TMYHÄUHUZPLYPUNZHR[P]P[L[LY
Netto kontantstrøm fra investeringsaktiviteter
Kjøp av immaterielle eiendeler*
Kjøp av varige driftsmidler
Kontantstrøm fra investeringsaktiviteter
Netto kontantstrøm fra driftsaktiviteter
-
Betalte skatter
-1 224 189
2010
-236 660
24
Note
Betalte renter
Kontantstrøm fra drift
Kontantstrøm fra driftsaktiviteter
(hele USD)
QHU¶KLZ
Crudecorp AS
(hele USD)
Konsolidert kontantstrøm
Crudecorp AS
Endringer i konsernets egenkapital
ON
O SL O A X E SS
34
Noter til
konsernregnskapet
ON
33
O SL O A X E SS
A 69
A 70
Konsernregnskapet til
Crudecorp AS er utarbeidet i
samsvar med internasjonale
YLNUZRHWZZ[HUKHYKLY0-9:
og fortolkninger fra IFRS
MVY[VSRUPUNZRVTP[t0-90*
som fastsatt av EU. For det
avlagte konsernregnskapet er
det ingen forskjeller mellom
IFRS som fastsatt av EU og
IASB. Konsernregnskap etter
IFRS er utarbeidet for første
gang i 2010 med tilhørende
sammenligningstall for 2009
er omarbeidet. Konsernet er
under norsk regnskapslov
regnet som lite og har tidligere
ikke utarbeidet noe konsernregnskap.
Konsernregnskapet er
IHZLY[WrL[TVKPÄZLY[OPZ[VYPZR
kostprinsipp.
Utarbeidelse av regnskaper
i samsvar med IFRS krever
2.1 Rammeverk for
regnskapsavleggelsen
Nedenfor beskrives de viktigste
regnskapsprinsippene som
er benyttet ved utarbeidelsen
av konsernregnskapet. Disse
prinsippene er benyttet på
samme måte i alle perioder
som er presentert.
Note 2 Sammendrag av
de viktigste regnskapsprinsippene
Selskapet er et aksjeselskap
registrert og hjemmehørende
i Norge med hovedkontor i
Maskinveien 24, 4067 Stavanger.
*Y\KLJVYW(:ZLSZRHWL[
TLKKH[[LYZLSZRHWLYZHTSL[
RVUZLYUL[LYLUNHZQLY[P
utvikling, utvinning og salg av
olje og gass produksjon, med
primært fokus på landbaserte
resurser i USA. Selskapet har
eierinteresser i Chico Martinez
feltet i California og opererer
feltet gjennom datterselskapt
CMO, Inc.
Note 1
Generell informasjon
- IAS 24 Related party
disclosures YL]PKLY[LYZ[H[[LY
den tidligere IAS 24 fra 2003.
Standarden er obligatorisk for
regnskapsår som påbegynnes
etter 1. januar 2011, men
kan tidliganvendes helt eller
delvis.
Konsernet vil anvende
den reviderte standarden fra
1. januar 2011, noe som vil
medføre at konsernet og
morselskapet må gi note-
- IFRS 9 Financial Instruments
U`LYM¥YZ[LSLKKPWYVZLZZLU
for å erstatte IAS 39. IFRS
9 introduserer nye krav til
RSHZZPÄZLYPUNVNTrSPUN
H]ÄUHUZPLSSLLPLUKLSLY
Standarden er obligatorisk
fra 1. januar 2013, men kan
tidliganvendes. Standarden
er imidlertid ennå ikke vedtatt
av EU.
Konsernet har ennå ikke
vurdert hele virkningen
av IFRS 9. En foreløpig
vurdering indikerer imidlertid
at standarden vil ha liten
påvirkning på regnskapsføringen.
Standarder, endringer og
fortolkninger til eksisterende
standarder som ikke er trådt
i kraft og hvor konsernet ikke
har valgt tidlig anvendelse.
Virkningen av disse endringene
forventes å være:
2.1.1 Endringer i regnskapsprinsipper og opplysninger
bruk av estimater. Videre
krever anvendelse av selskapets regnskapsprinsipper at
ledelsen må utøve skjønn.
Områder med stor grad av
skjønnsmessige vurderinger,
høy kompleksitet, eller områder
hvor forutsetninger og
estimater er vesentlige for
regnskapet, er beskrevet i
note 4.
Konsernregnskapet er
avlagt under forutsetningen
om fortsatt drift.
36
Konserninterne transaksjoner, mellomværender
og urealisert fortjeneste og
tap mellom konsernselskaper
elimineres. Regnskapene til
datterselskapene omarbeides
når dette er nødvendig for å
oppnå samsvar med konsernets regnskapsprinsipper.
Dersom summen av vederlaget, balanseført beløp av
ikke-kontrollerende eiere
og virkelig verdi på oppkjøpstidspunktet av tidligere
eierinteresser overstiger
]PYRLSPN]LYKPH]PKLU[PÄZLYIHYL
nettoeiendeler i det oppkjøpte
selskapet, balanseføres
differansen som goodwill, jf.
note 2.6. Er summen lavere
enn selskapets nettoeiendeler, resultatføres
differansen umiddelbart.
Virksomhetssammenslutningen
regnskapsføres etter oppkjøpsmetoden. Vederlaget
som er ytt måles til virkelig
verdi av overførte eiendeler,
pådratte forpliktelser og
utstedte egenkapitalinstrumenter. Inkludert i vederlaget
er også virkelig verdi av alle
eiendeler eller forpliktelser som
følge av avtale om betinget.
Utgifter knyttet til virksomhetssammenslutningen kostnadsføres når de påløper.
0KLU[PÄZLYIHYLLPLUKLSLY
og gjeld regnskapsføres til
virkelig verdi på oppkjøpstidspunktet. Ikke-kontrollerende
eierinteresser i det oppkjøpte
foretaket måles fra gang
til gang enten til virkelig
verdi, eller til sin andel av det
overtatte foretakets nettoeiendeler.
Ved fastsettelse av om det
foreligger kontroll tas også
virkningen av potensielle
stemmeretter som kan utøves
eller konverteres på balansedagen med i vurderingen.
Datterselskaper konsolideres.
Valutagevinster og -tap
knyttet til lån og kontanter
WYLZLU[LYLZUL[[VZVT
ÄUHUZPUU[LR[LYLSSLYÄUHUZ
kostnader. Alle andre valutagevinster og -tap presenteres
WrSPUQLUMVYHUKYL[HW
gevinster.
(b) Transaksjoner
og balanseposter
Transaksjoner i fremmed
valuta omregnes til den
funksjonelle valutaen til
transaksjonskurs. Realisert
valutagevinst eller -tap ved
oppgjør og omregning av
pengeposter i fremmed
valuta til kursen på balansedagen resultatføres. Dersom
valutaposisjonen anses som
kontantstrømsikring eller
sikring av nettoinvestering i
utenlandsk virksomhet føres
gevinst og tap som del av
utvidet resultat.
(a) Funksjonell valuta
og presentasjonsvaluta
Regnskapet til de enkelte
enheter i konsernet måles i
den valuta som benyttes der
enheten i hovedsak opererer
M\URZQVULSS]HS\[H2VUZLYUregnskapet presenteres i
HTLYPRHUZRLKVSSHY<:+
som både er den funksjonelle
valutaen til datterselskapene
og presentasjonsvalutaen til
konsernet. Morselskapet har
NOK som funksjonell valuta.
2.4 Omregning
av fremmed valuta
Driftssegmenter rapporteres på
samme måte som ved intern
rapportering til selskapets
øverste beslutningstaker.
Selskapets øverste
beslutningstaker, som er
ansvarlig for allokering av
ressurser til og vurdering av
inntjening i driftssegmentene,
LYKLÄULY[ZVTRVUZLYU
ledelsen.
2.3 Segmentrapportering
Tomter avskrives ikke.
Andre driftsmidler avskrives
etter den lineære metode,
Etterfølgende utgifter legges
til driftsmidlenes balanseførte
verdi eller balanseføres
separat, når det er sannsynlig
at fremtidige økonomiske
fordeler tilknyttet utgiften
]PS[PSÅ`[LRVUZLYUL[VN
utgiften kan måles pålitelig.
Balanseført beløp knyttet til
utskiftede deler resultatføres.
Øvrige reparasjons- og
vedlikeholdskostnader føres
over resultatet i den perioden
utgiftene pådras.
Andre varige driftsmidler
regnskapsføres til
anskaffelseskost, med
fradrag for avskrivninger.
Anskaffelseskost inkluderer
kostnader direkte knyttet til
anskaffelsen av driftsmidlet.
2.5 Varige driftsmidler
Goodwill og merverdier ved
oppkjøp av en utenlandsk
enhet behandles som eiendeler
og forpliktelser i den oppkjøpte enheten og omregnes
til balansedagens kurs.
i. Balansen er regnet om
til balansedagens kurs.
ii. Resultatregnskapet er regnet
om til gjennomsnittskurs
KLYZVTNQLUUVTZUP[[PRRL
totalt sett gir et rimelig
estimat på bruk av transaksjonskurs, brukes transHRZQVUZR\YZLU
iii. Omregningsdifferanser
føres mot utvidet resultat
VNZWLZPÄZLYLZZLWHYH[
i egenkapitalen som
egen post.
(c) Konsernselskaper
Resultatregnskap og balanse
MVYRVUZLYUZLSZRHWLYPUNLU
TLKO`WLYPUÅHZQVUTLK
funksjonell valuta forskjellig
fra presentasjonsvalutaen
regnes om på følgende måte:
ON
35
Datterselskaper
Datterselskaper er selskaper
PURS\ZP]LZLSZRHWLYMVY
Z¤YZRPS[LMVYTrS:7,KLY
konsernet har makt til å
\[MVYTLLUOL[LUZÄUHUZPLSSL
og operasjonelle retningslinjer
RVU[YVSSUVYTHS[NQLUUVT
eie av mer enn halvparten
av stemmeberettiget kapital.
2.2 Konsolideringsprinsipper
- Diverse standarder endret
i 2010 runden av årlige
forbedringer. Endringene
inkluderer en rekke mindre
endringer i følgende
standarder og fortolkninger
som kan være relevante for
selskapet: IFRS 1, IFRS 3,
IFRS 7, IAS 1, IAS 27, IAS 34
og IFRIC 13. Endringene
i IFRS 3 og IAS 27 gjelder for
regnskapsår som starter
1. juli 2010 eller senere mens
de øvrige endringene gjelder
for regnskapsår som starter
1. januar 2011 eller senere.
-0-90*LUKYPUNPrepayments of a minimum funding
YLX\PYLTLU[. Konsernet har
ikke balanseførte pensjonsforpliktelser, da en kun har
inskuddsordning.
- FRIC 19 Extinguishing
ÄUHUJPHSSPHIPS[PLZ^P[OLX\P[`
instruments gjelder fra 1. juli
2010. Konsernet vil anvende
den reviderte standarden fra
1. januar 2011, gitt at den
vedtas av EU. Den forventes
ikke å påvirke konsernets
eller morselskapets regnskap,
men får betydning for denne
typen transaksjoner fremover.
- 0(:LUKYPUN*SHZZPÄJH[PVU
of rights issues. Konsernet
vil anvende den endrede
standarden fra 1. januar 2011.
opplysninger om alle transaksjoner mellom datterselskaper og tilknyttede
selskaper.
O SL O A X E SS
A 71
Immaterielle eiendeler med
ubestemt utnyttbar levetid
og goodwill avskrives ikke,
men testes årlig for verdifall.
Varige driftsmidler og
immaterielle eiendeler som
avskrives vurderes for verdifall
når det foreligger indikatorer
på at fremtidig inntjening
2.7 Verdifall på ikkefinansielle eiendeler
regnskapsføres til anskaffelseskost. Produksjonsrettigheter som er anskaffet
i en virksomhetssammenslutning blir balanseført til
virkelig verdi på oppkjøpstidspunktet. Produksjonsrettigheter avskrives over
forventet utnyttbar levetid
[PSrYZVT]PS]¤YL
sammenfallende med
avskrivingen på produksjonsanlegget på feltet. RenteRVZ[UHKLYWrÄUHUZPLYPUN
for utvikling av produksjonsrettigheter aktiveres løpende.
2.6 Immaterielle
eiendeler
(a) Finansielle eiendeler til
virkelig verdi over resultatet er
ÄUHUZPLSSLLPLUKLSLYOVSK[MVY
OHUKLSZMVYTrS,UÄUHUZPLSS
LPLUKLSRSHZZPÄZLYLZPKLUUL
kategorien dersom den
2.9.1 Klassifisering
2
VUZLYUL[RSHZZPÄZLYLY
ÄUHUZPLSSLLPLUKLSLYPM¥SNLUKL
kategorier: Til virkelig verdi
over resultatet, utlån og
MVYKYPUNLYVNÄUHUZPLSSL
eiendeler tilgjengelig for salg.
2SHZZPÄZLYPUNLUH]OLUNLYH]
hensikten med eiendelen.
3LKLSZLURSHZZPÄZLYLYÄUHUZPLSSL
eiendeler ved anskaffelse.
2.9 Finansielle
eiendeler
(
USLNNZTPKSLYLSSLY
H]OLUKPUNZNY\WWLYISPYRSHZZPÄZLY[ZVTOVSK[MVYZHSNUrY
balanseført beløp i hovedsak vil bli realisert ved en
salgstransaksjon og et salg er
vurdert som svært sannsynlig.
Måling skjer til det laveste av
balanseført verdi og virkelig
verdi fratrukket salgsutgifter.
2.8 Anleggsmidler (eller
avhendingsgrupper)
holdt for salg
ikke kan forsvare eiendelens
balanseførte beløp. Forskjellen
mellom balanseført verdi og
gjenvinnbart beløp resultatføres som nedskrivning.
Gjenvinnbart beløp er det
høyeste av virkelig verdi
fratrukket salgsutgifter og
bruksverdi. Ved vurdering av
verdifall grupperes anleggsmidlene på det laveste nivået
der det er mulig å skille
ut uavhengige inngående
RVU[HU[Z[Y¥TTLYRVU[HU[
NLULYLYLUKLLUOL[LY=LK
hver rapporteringsdato
vurderes mulighetene for
reversering av tidligere nedZRYP]UPUNLYWrPRRLÄUHUZPLSSL
LPLUKLSLY\UU[H[[NVVK^PSS
37
2.9.2 Regnskapsføring
og måling
Vanlige kjøp og salg av
investeringer regnskapsføres
på avtaletidspunktet, som er
den dagen konsernet forplikter
seg til å kjøpe eller selge
LPLUKLSLU(SSLÄUHUZPLSSL
eiendeler som ikke regnskapsføres til virkelig verdi over
resultatet, balanseføres første
gang til virkelig verdi med
tillegg av transaksjonsutgifter.
Finansielle eiendeler som
føres til virkelig verdi over
resultatet regnskapsføres ved
anskaffelsen til virkelig verdi
(c) Finansielle eiendeler
tilgjengelig for salg er ikkeKLYP]H[LÄUHUZPLSSLLPLUKLSLY
som man velger å plassere i
denne kategorien eller som
ikke tilhører noen annen
RH[LNVYP+LRSHZZPÄZLYLZZVT
anleggsmidler så sant ikke
investeringen forfaller eller
ledelsen ikke har til hensikt å
selge investeringen innen 12
måneder fra balansedagen.
(b) Utlån og fordringer
Utlån og fordringer er ikkeKLYP]H[LÄUHUZPLSSLLPLUKLSLY
med faste eller bestembare
betalinger som ikke omsettes i
L[HR[P][THYRLK+LRSHZZPÄZeres som omløpsmidler, med
mindre de forfaller mer enn
12 måneder etter balansedagen. Utlån og fordringer
vises som kundefordringer
og andre fordringer, samt
kontanter og kontantekvivalenter i balansen.
primært er anskaffet med
henblikk på å gi fortjeneste
fra kortsiktige prissvingninger.
+LYP]H[LYRSHZZPÄZLYLZZVT
holdt for handelsformål, med
mindre de er en del av en
sikring. Eiendeler i denne
RH[LNVYPLURSHZZPÄZLYLZZVT
omløpsmidler.
38
og transaksjonsutgiftene
resultatføres. Investeringer
fjernes fra balansen når
rettighetene til å motta
kontantstrømmer fra
investeringen opphører eller
når disse rettighetene er
blitt overført og konsernet i
hovedsak har overført all risiko
og hele gevinstpotensialet
ved eierskapet. Finansielle
eiendeler tilgjengelig for salg
VNÄUHUZPLSSLLPLUKLSLY[PS
måles til virkelig verdi etter
førstegangs balanseføring.
Utlån og fordringer måles i
senere perioder til amortisert
kost ved bruk av effektiv
rente-metoden.
Gevinst eller tap fra
endringer i virkelig verdi av
LPLUKLSLYRSHZZPÄZLY[ZVT
ºÄUHUZPLSSLLPLUKLSLY[PS
virkelig verdi over resultatet’,
inkludert renteinntekt og
utbytte, medtas i resultatYLNUZRHWL[\UKLYº(UKYL[HW
gevinster’ i den perioden de
VWWZ[rY<[I`[[LMYHÄUHUZPLSSL
eiendeler til virkelig verdi over
resultatet er inkludert i andre
inntekter på egen linje når
konsernet har juridisk krav på
utbytte.
5rY]LYKPWHWPYLYRSHZZPÄZLY[
som tilgjengelig for salg selges
LSSLYULKZRYP]LZVTRSHZZPÄ
seres samlet verdiregulering
som er ført i utvidet resultat
over resultatet som ‘Gevinst
eller tap fra investeringer i
verdipapirer’.
Effektiv rente på rentebærende instrumenter
tilgjengelig for salg resultatføres under andre inntekter
i driftsresultatet. Utbytte
på aksjer tilgjengelig for
salg føres over resultatet
under andre inntekter i driftsresultatet når konsernets rett
til utbyttet er fastslått.
Kriteriene som konsernet
benytter for å avgjøre om det
er objektivt belegg for et tap
ved verdifall inkluderer:
-=LZLU[SPNLÄUHUZPLSSL
vanskeligheter hos utsteder
eller debitor
- Kontraktsbrudd, for eksempel
mislighold av kontrakt eller
manglende betaling av
forfalte renter eller forfalt
hovedstol
- Konsernet gir, av økonomiske
eller juridiske grunner knyttet
[PSSrU[HRLYZÄUHUZPLSSL
vanskeligheter, låntaker en
innrømmelse som långiver
ellers ikke ville ha vurdert
(a) Eiendeler balanseført
til amortisert kost
Konsernet ser ved hver
balansedato etter om det
ÄUULZVIQLR[P]LPUKPRHZQVULY
WrH[LUÄUHUZPLSSLPLUKLS
LSSLYLUNY\WWLH]ÄUHUZPLSSL
eiendeler har falt i verdi. Tap
]LK]LYKPMHSSH]LUÄUHUZPLSS
eiendel eller en gruppe av
ÄUHUZPLSSLLPLUKLSLYPUUYLNULZ
bare dersom det er objektive
indikasjoner på verdifall som
L[YLZ\S[H[H]tULSSLYÅLYL
hendelser som har inntruffet
etter førstegangsinnregninNLULUº[HWZOLUKLSZL»VN
KLUUL[HWZOLUKLSZLULSSLY
OLUKLSZLULWr]PYRLYMYLT
tidige estimerte kontantstrømmer på en måte som
kan måles pålitelig.
2.11 Verdifall
på finansielle eiendeler
Finansielle eiendeler og
forpliktelser skal motregnes og
presenteres netto i balansen
når det er en motregningsrett
som kan håndheves og en
har til hensikt å gjøre opp
netto eller realisere eiendelen
og gjøre opp forpliktelsen
samtidig.
2.10 Motregning av
finansielle eiendeler
og forpliktelser
(b) Eiendeler klassifisert
som tilgjengelig for salg
Konsernet vurderer hver
IHSHUZLKHNVTKL[ÄUULZ
objektive indikasjoner på at
LUÄUHUZPLSSLPLUKLSLSSLY
NY\WWLH]ÄUHUZPLSSLLPLUdeler har falt i verdi. For
gjeldsinstrumenter benytter
Konsernet vurderer først
VTKL[ÄUULZLUVIQLR[P]
indikasjon på nedskrivning.
Størrelsen på tapet måles
til differansen mellom eiendelens balanseførte verdi og
nåverdien av de estimerte
fremtidige kontantstrømmer
LRZRS\ZP]LMYLT[PKPNLRYLKP[[HWZVTPRRLOHYWrS¥W[
KPZRVU[LY[TLKKLUÄUHUsielle eiendelens opprinnelige
effektive rente. Eiendelens
balanseførte verdi reduseres
og tapsbeløpet innregnes i
det konsoliderte resultatregnskapet. Dersom et lån eller en
investering som holdes til
forfall har variabel rente,
er diskonteringsrenten
for måling av verdifall den
løpende effektive renten fastsatt i henhold til låneavtalen.
Som en praktisk tilnærming,
kan konsernet også måle
verdifall på grunnlag av
instrumentets virkelige verdi
ved bruk av en observerbar
markedspris.
Dersom verdifall senere
reduseres, og reduksjonen
objektivt kan knyttes til en
hendelse som inntreffer etter
at verdifallet ble innregnet
MVYLRZLTWLSLUMVYILKYPUN
H]KLIP[VYZRYLKP[[]LYKPNOL[
skal det tidligere tapet
reverseres i det konsoliderte
resultatregnskapet.
- Det blir sannsynlig at låntaker
vil gå konkurs eller gjennomgå
LUÄUHUZPLSSYLZ[Y\R[\YLYPUN
- Et aktivt marked for den
ÄUHUZPLSSLLPLUKLSLUMVYZ]PUULY
WrNY\UUH]ÄUHUZPLSSL
vanskeligheter.
ON
Driftsmidlenes utnyttbare
levetid, samt restverdi,
vurderes på hver balansedag
og endres hvis nødvendig.
Når balanseført verdi på
et driftsmiddel er høyere
enn estimert gjenvinnbart
beløp, skrives verdien ned til
NQLU]PUUIHY[ILS¥WUV[L
Gevinst og tap ved avgang
resultatføres under Andre
[HWNL]PUZ[LYVN\[NQ¥Y
forskjellen mellom salgspris
og balanseført beløp.
slik at anleggsmidlenes
anskaffelseskost, eller verdiregulerte verdi, avskrives
til restverdi over forventet
utnyttbar levetid, som er:
-)`NUPUNLY
¶rY
-4HZRPULY
¶rY
-2Q¥YL[¥`
¶rY
-0U]LU[HYVN\[Z[`Y ¶rY
O SL O A X E SS
A 72
Derivater balanseføres til
virkelig verdi på det tidspunkt
derivatkontrakten inngås,
og deretter løpende til virkelig
verdi. Regnskapsføringen
av tilhørende gevinster
og tap avhenger av hvorvidt
derivatet er utpekt som
et sikringsinstrument og
eventuelt type sikring.
2.12 Derivater og sikring
konsernet kriteriene som
YLMLYLY[[PSV]LYPH]ZUP[[H
For egenkapitalinstrumenter
RSHZZPÄZLY[ZVT[PSNQLUNLSPN
for salg, vil en vesentlig eller
en langvarig reduksjon i
virkelig verdi av instrumentet
under anskaffelseskost også
være en indikasjon på at
eiendelen er utsatt for verdifall. Dersom det foreligger
slike indikasjoner, og verdireduksjoner tidligere har
vært ført mot utvidet resultat,
skal det kumulative tapet
som er innregnet i utvidet
YLZ\S[H[VTRSHZZPÄZLYLZ[PS
det konsoliderte resultatregnskapet. Beløpet måles
som differansen mellom
anskaffelseskost og dagens
virkelige verdi, med fradrag
for tap ved verdifall som
tidligere er resultatført. Tap
ved verdifall innregnet i det
konsoliderte resultatregnskapet for en investering i et
egenkapitalinstrument skal
ikke reverseres over det konsoliderte resultatregnskapet.
Dersom den virkelige verdien
av et gjeldsinstrument klassiÄZLY[ZVT[PSNQLUNLSPNMVYZHSN
i en etterfølgende periode
øker, og økningen objektivt
kan knyttes til en hendelse
som skjedde etter at tapet
ved verdifall var innregnet
i resultatregnskapet, skal
tapet ved verdifall reverseres
i det konsoliderte resultatregnskapet.
Kundefordringer måles til
virkelig verdi ved første gangs
balanseføring. Ved etterfølgende måling vurderes
kundefordringer som er
anleggsmidler til amortisert
kost ved bruk av effektiv
rente, fratrukket avsetning
for inntruffet tap. KundeMVYKYPUNLYZVTLYRSHZZPÄZLY[
som omløpsmidler vurderes
til pålydende, fratrukket
avsetning for tap.
Kundefordringer oppstår
ved omsetning av varer eller
tjenester som er innenfor
den ordinære driftssyklusen.
Dersom oppgjør forventes
PUULUL[[rYLSSLYTPUKYLLSSLY
i den ordinære driftssyklusen
KLYZVTSLUNLYRSHZZPÄZLYLZ
fordringene som omløpsmidler. Dersom dette ikke er
[PSMLSSLRSHZZPÄZLYLZMVYKYPUgene som anleggsmidler.
2.14 Kundefordringer
Varer vurderes til det laveste
av anskaffelseskost og
netto realisasjonsverdi.
Anskaffelseskost tilordnes
ved bruk av FIFO-metoden.
For ferdig tilvirkede varer
og varer under tilvirkning
består anskaffelseskost
av utgifter til produktutforming, materialforbruk,
direkte lønnskostnader, andre
direkte kostnader og indirekte produksjonskostnader
IHZLY[WrUVYTHSRHWHZP[L[
Lånekostnader medregnes
ikke. Netto realisasjonsverdi er estimert salgspris
fratrukket variable kostnader
for ferdigstillelse og salg.
Anskaffelseskost for varer
inkluderer gevinster eller tap
på kontantstrømsikring ved
Yr]HYLRQ¥WVTRSHZZPÄZLY[MYH
egenkapitalen.
2.13 Varer
40
:
HTTLUZH[[LÄUHUZPLSSL
instrumenter utstedt av
konsernet omfatter konvertible lån som innehaveren kan
konvertere til aksjekapital,
der antall aksjer som skal
utstedes ikke varierer med
endringer i virkelig verdi av
aksjene.
Gjeldsdelen i det sammenZH[[LÄUHUZPLSSLPUZ[Y\TLU[L[
2.19 Sammensatte
finansielle instrumenter
Lån regnskapsføres til virkelig
verdi når utbetaling av lånet
ÄUULYZ[LKTLKMYHKYHNMVY
transaksjonskostnader.
I etterfølgende perioder regnskapsføres lån til amortisert
kost beregnet ved bruk av
effektiv rente. Forskjellen
mellom det utbetalte
SrULILS¥WL[MYH[Y\RRL[
[YHUZHRZQVUZRVZ[UHKLYVN
innløsningsverdien resultatføres over lånets løpetid som
del av effektiv rente.
Kostnader knyttet til
etablering av trekkrettigheter
balanseføres som immateriell eiendel i påvente av
låneopptak dersom det er
sannsynlig at lån blir trukket
opp. Kostnadene føres
senere til fradrag på lånet
ved opptrekk. Dersom det
ikke anses sannsynlig at hele
eller deler av trekkrettigheten
blir trukket opp balanseføres
honoraret som forskuddsbetalte likviditetstjenester og
kostnadsføres over perioden
rettigheten gjelder for.
2.18 Lån
Leverandørgjeld måles
til virkelig verdi ved første
gangs balanseføring.
Ved etterfølgende måling
vurderes leverandørgjeld
til amortisert kost ved bruk
av effektiv rente dersom
KLUULLYRSHZZPÄZLY[
som langsiktig, kortsiktig
leverandørgjeld måles
til pålydende.
Skattekostnaden består av
betalbar skatt og utsatt skatt.
Skatt blir resultatført, bortsett
fra når den relaterer seg til
poster som er ført mot utvidet
resultat eller direkte mot
egenkapitalen. Hvis det er
tilfellet, blir skatten også ført
mot utvidet resultat eller
direkte mot egenkapitalen.
Betalbar skatt for perioden
beregnes i samsvar med de
skattemessige lover og regler
som er vedtatt, eller i hovedsak
vedtatt av skattemyndighetene på balansedagen.
Det er lovverket i de land der
konsernets datterselskaper
eller tilknyttede selskap opererer og genererer skattepliktig
inntekt som er gjeldende for
beregningen av skattepliktig
inntekt. Ledelsen vurderer
de standpunkt man har
hevdet i selvangivelsene der
gjeldende skattelover er gjenstand for fortolkning. Basert
på ledelsens vurdering, foretas
2.20 Betalbar og utsatt skatt
innregnes til virkelig verdi lik
tilsvarende gjeld som ikke
har en tilknyttet konverteringsopsjon. Egenkapitaldelen
innregnes første gang som
differansen mellom virkelig
verdi av det sammensatte
instrumentet som helhet og
virkelig verdi av gjeldsdelen.
Direkte transaksjonsutgifter
blir fordelt på gjelds- og egenkapitaldelen av instrumentet
i forhold til fordelingen ved
Ved etterfølgende måling,
måles gjeldsdelen av et
sammensatt instrument til
amortisert kost ved å benytte
effektiv rente. Egenkapitaldelen
av det sammensatte instrumentet måles ikke på nytt etter
3rULYRSHZZPÄZLY[ZVT
kortsiktige med mindre konsernet har en ubetinget rett
til å utsette oppgjør minst 12
måneder etter balansedagen.
avsetninger til forventede
skattebetalinger der dette
anses nødvendig.
Det er ved bruk av gjeldsmetoden beregnet utsatt
skatt på alle midlertidige forskjeller mellom skattemessige
og konsoliderte regnskapsmessige verdier på eiendeler
og gjeld. Dersom utsatt skatt
oppstår ved første gangs
balanseføring av en gjeld
eller eiendel i en transaksjon,
som ikke er en virksomhetssammenslutning, og som på
transaksjonstidspunktet verken
påvirker regnskaps- eller
skattemessig resultat, blir
den ikke balanseført. Utsatt
skatt fastsettes ved bruk av
skattesatser og skattelover
som er vedtatt eller i det alt
vesentlige er vedtatt på
balansedagen, og som
antas å skulle benyttes når
den utsatte skattefordelen
realiseres eller når den utsatte
skatten gjøres opp.
Utsatt skattefordel balanseføres i den grad det er
sannsynlig at fremtidig skattepliktig inntekt vil foreligge der
de skattereduserende midlertidige forskjellene kan utnyttes.
Utsatt skatt beregnes på
midlertidige forskjeller fra
investeringer i datterselskaper
og tilknyttede selskaper,
bortsett fra når konsernet har
kontroll over tidspunktet for
reversering av de midlertidige forskjellene, og det
er sannsynlig at de ikke vil
bli reversert i overskuelig
fremtid.
Utsatt skattefordel og
utsatt skatt skal motregnes
dersom det er en juridisk
håndhevbar rett til å motregne
eiendeler ved betalbar skatt
mot forpliktelser ved betalbar
skatt, og utsatt skattefordel
og utsatt skatt gjelder
inntektsskatt som ilegges av
samme skattemyndighet for
enten samme skattepliktige
foretak eller forskjellige
ON
39
Leverandørgjeld er
forpliktelser til å betale for
varer eller tjenester som
er levert fra leverandørene
til utvikling av produksjonsfelt og den ordinære driften.
3L]LYHUK¥YNQLSKLYRSHZZPÄZLY[
som kortsiktig dersom den
forfaller innen ett år eller
RVY[LYLLSSLYPKLUVYKPU¤YL
KYPM[ZZ`RS\ZLUKLYZVTSLUNLY
RSHZZPÄZLYLZKL[ZVTSHUNZPR[PN
2.17 Leverandørgjeld
6YKPU¤YLHRZQLYRSHZZPÄZLYLZ
som egenkapital.
Utgifter som knyttesdirekte
til utstedelse av nye aksjer
eller opsjoner med fradrag av
skatt, føres som reduksjon
av mottatt vederlag i egenkapitalen.
Dersom et konsernselskap
kjøper aksjer i morselskapet,
føres vederlaget for slike
egne aksjer, inkludert
eventuelle transaksjonskostnader - fratrukket skatt,
til reduksjon i egenkapitalen
[PSVYKUL[TVYZLSZRHWL[Z
HRZQVU¤YLYPUU[PSHRZQLULISPY
annullert, eller solgt igjen.
Dersom egne aksjer senere
blir solgt føres vederlaget,
fratrukket direkte marginale
transaksjonskostnader og
tilknyttede skattevirkninger
som økning av egenkapital
tilordnet morselskapets
aksjonærer.
2.16 Aksjekapital
og overkurs
Kontanter og kontantekvivalenter består av kontanter, bankinnskudd, andre
kortsiktige, lett omsettelige
investeringer med maksimum tre måneders opprinnelig løpetid og trekk på
kassekreditt. I balansen
er kassekreditt inkludert
i lån under kortsiktig gjeld.
2.15 Kontanter
og kontantekvivalenter
O SL O A X E SS
A 73
- inkludert enhver betingelse
knyttet til markedsutviklingen
- fratrukket virkningen av
eventuelle innvinningsbetingelser som ikke er knyttet
[PSTHYRLKZ\[]PRSPUNLUMVY
eksempel mål for lønnsomhet,
salgsvekst eller det å forbli en
HUZH[[V]LYLU]PZZ[PK
- fratrukket virkningen av eventuelle betingelser som ikke
LYPUU]PUUPUNZIL[PUNLSZLYMVY
Konsernet har aksjebaserte
avlønningsplaner hvor
selskapene mottar tjenester
for egenkapitalinstrumenter
VWZQVULYPRVUZLYUL[
Virkelig verdi av de tjenester
som enhetene har mottatt
for de tildelte opsjonene
regnskapsføres som en
kostnad. Det totale beløp
som skal kostnadsføres over
opptjeningsperioden baseres
på virkelig verdi av de tildelte
opsjonene:
2.22 Aksjebasert avlønning
Konsernet regnskapsfører
avsetninger for miljømessige
tilbakeføringer, restrukturering
og rettslige krav når det
eksisterer en juridisk eller
selvpålagt forpliktelse som
følge av tidligere hendelser,
det er sannsynlighetsovervekt
for at forpliktelsen vil komme
til oppgjør ved en overføring
av økonomiske ressurser, og
forpliktelsens størrelse kan
estimeres med tilstrekkelig
grad av pålitelighet. Avsetning
for restruktureringskostnader
omfatter termineringsgebyr
på leiekontrakter og sluttvederlag til ansatte. Det
avsettes ikke for fremtidige
driftstap.
I tilfeller hvor det foreligger
ÅLYLMVYWSPR[LSZLYH]ZHTTL
natur, fastsettes sannsynligheten for at forpliktelsene
2.23 Avsetninger
eksempel, krav om at ansatte
ZRHSZWHYL
Innvinningsbetingelser som
ikke er knyttet til markedsutviklingen påvirker hvor
mange opsjoner som forventes
å bli utøvd. Det totale beløpet
kostnadsføres over hele
PUU]PUUPUNZWLYPVKLUZVTLY
WLYPVKLUMVYUrYHSSLZWLZPÄRRL
innvinningsbetingelsene må
VWWM`SSLZ
Når opsjonene utøves,
utsteder selskapet nye
aksjer. Mottatt vederlag ved
opsjonsutøvelse fratrukket
direkte henførbare transaksjonskostnader krediteres
HRZQLRHWP[HSLUUVTPULSS]LYKP
og overkurs når opsjonene
utøves.
Selskapets tildelinger av
opsjoner til ansatte i datterselskaper behandles som
kapitalinnskudd. Virkelig
verdi av tjenestene selskapet mottar fra de ansatte,
regnskapsføres over opptjeningsperioden som en
økning i både investeringen
og egenkapitalen.
(b) Renteinntekter
Renteinntekter resultatføres
i henhold til effektiv rente.
41
(a) Salg av varer – olje
Konsernet produserer og
selger produsert olje til lokal
kjøper og salg resultatføres når
en enhet innenfor konsernet
har levert olje til kjøper. Salgbar
olje hentes på feltet av kjøper
og betaling gjennomføres
i andre halvdel av påfølgende
måned.
Inntekter ved salg av varer
og tjenester vurderes til virkelig
verdi av vederlaget, netto etter
fradrag for merverdiavgift,
returer, rabatter og avslag.
Konserninternt salg elimineres.
Salg resultatføres når
inntekten kan måles pålitelig,
det er sannsynlig at de
økonomiske fordelene knyttet
[PS[YHUZHRZQVULU]PS[PSÅ`[L
konsernet og spesielle kriterier
knyttet til de ulike formene
for salg som er nevnt under
er oppfylt. Konsernet baserer
estimatene for inntektsføring
på historikk, vurdering av type
kunde og transaksjon samt
eventuelle spesielle forhold
knyttet til den enkelte transaksjonen.
2.24 Inntektsføring
vil komme til oppgjør ved
å vurdere forpliktelser av
denne typen under ett. Det
gjøres derfor en avsetning
selv om sannsynligheten for
oppgjør knyttet til det enkelte
forholdet kan være lav.
Avsetninger måles til
nåverdien av forventede
utbetalinger for å innfri
forpliktelsen. Det benyttes
en diskonteringssats før skatt
ZVTYLÅLR[LYLYUr]¤YLUKL
markedssituasjon og risiko
ZWLZPÄRRMVYMVYWSPR[LSZLU
Økningen i forpliktelsen som
følge av endret tidsverdi føres
ZVTÄUHUZRVZ[UHK
42
Oljepris
0UKLRZ
(a) Markedsrisiko
i. Valutarisiko
Konsernet opererer
internasjonalt og er
eksponert for valutarisiko
PÅLYL]HS\[HLY+LUUL
risikoen er særlig relevant i forhold til USD og
NOK. Valutarisiko oppstår
fra fremtidige handelstransaksjoner, balanseførte
eiendeler og forpliktelser
og nettoinvesteringer i
utenlandsk virksomhet.
Ledelsen har utarbeidet
retningslinjer som pålegger
konsernselskapene å styre
valutarisiko knyttet til
selskapenes funksjonelle
valutaer. Valutarisikoen
oppstår når fremtidige
handelstransaksjoner eller
balanseførte eiendeler eller
forpliktelser er nominert i en
Risikostyringen for konsernet
ivaretas av administrerende
direktør i overensstemmelse
med retningslinjer godkjent av
styret.
YLU[LYPZPRVVNWYPZYPZPRV
kredittrisiko og likviditetsrisiko.
Konsernets overordnede
risikostyringsplan
fokuserer på å minimalisere de potensielle negative
effektene som uforutsigbare
endringer i kapitalmarkedene
kan få på konsernets
ÄUHUZPLSSLYLZ\S[H[LY
2010
2009
0UU]PYRUPUNWrYLZ\S[H[L[[LYZRH[[
Konsernet blir, gjennom sine
aktiviteter, eksponert mot
\SPRL[`WLYÄUHUZPLSSYPZPRV!
THYRLKZYPZPRVPURS\KLY[
]HS\[HYPZPRVÅ`[LUKL
3.1 Finansielle risikofaktorer
Note 3
Finansiell risikostyring
Utbyttebetalinger til
morselskapets aksjonærer
RSHZZPÄZLYLZZVTNQLSKMYHVN
med det tidspunkt utbyttet er
fastsatt av generalforsamlingen.
2.26 Utbytte
Leieavtaler der en ikke
uvesentlig del av risiko og
avkastning knyttet til eierskap
fortsatt ligger hos utleier,
RSHZZPÄZLYLZZVTVWLYHZQVULSSL
leieavtaler. Leiebetaling ved
VWLYHZQVULSSLH][HSLYTLK
fradrag for eventuelle
økonomiske insentiver fra
\[SLPLYRVZ[UHKZM¥YLZSPUL¤Y[
over leieperioden.
2.25 Leieavtaler
(d) Inntekt fra utbytte
Utbytteinntekter resultatføres
når rett til å motta betaling
oppstår.
(c) Royaltyinntekter
Royaltyinntekter resultatføres
når de opptjenes, i samsvar
med reelt innhold i den
underliggende avtalen.
UH
2010
UH
2009
0UU]PYRUPUNWrHUULUPRRL
YLZ\S[H[M¥Y[LNLURHWP[HSP562
I tabellen under er det vist
O]PSRLUPUU]PYRUPUNLU¥RUPUN
nedgang oljepris vil ha på
konsernets resultat etter skatt
og på egenkapitalen.
ii. Prisrisiko
Konsernet er utsatt for
risiko knyttet til råvarepriser
som gass. For å redusere
risiko knyttet til råvarepriser
har konsernet som policy
å bruke passende sikrings
strategi.
Dersom NOK i forhold til USD
]HYZ[LYRLYLZ]HRLYL
per 31. desember 2010 og
alle andre variabler var
konstante ville dette føre til
L[O¥`LYLSH]LYLYLZ\S[H[L[[LY
ZRH[[Wr<:+<:+
!<:+
<:+,UKYPUNLU
skyldes hovedsakelig valuta[HWNL]PUZ[PMVYIPUKLSZLTLK
omregning av kundefordringer,
verdi over resultatet, gjeldspapirer tilgjengelig for salg
VN]HS\[HNL]PUZ[LY[HWP
forbindelse med omregning
av lån i USD. Økningen i
sensitivitet mot dollarkurs i
2010 i forhold til 2009 skyldes
økt i bankinnskudd i NOK.
valuta som ikke er enhetens
funksjonelle valuta.
ON
Konsernet har innskuddsplaner
der de betaler innskudd til
offentlig eller privat administrerte forsikringsplaner
for pensjon på obligatorisk,
avtalemessig eller frivillig
basis. Konsernet har ingen
ytterligere betalingsforpliktelser etter at innskuddene
er blitt betalt. Innskuddene
regnskapsføres som lønnskostnad i takt med at de
forfaller. Forskuddsbetalte
innskudd føres som en
eiendel i den grad innskuddet
kan refunderes eller redusere
fremtidige innbetalinger.
2.21 Pensjon,
bonusordninger og andre
kompensasjonsordninger
overfor ansatte
skattepliktige foretak som
har til hensikt å gjøre opp
forpliktelser og eiendeler ved
betalbar skatt netto.
O SL O A X E SS
A 74
12
182
#TUK
130
TUK¶rY
;
HILSSLUULKLUMVYZWLZPÄZLYLYRVUZLYUL[ZÄUHUZPLSSL
forpliktelser som ikke
LYKLYP]H[LYRSHZZPÄZLY[P
henhold til forfallsstrukturen.
2SHZZPÄZLYPUNLYNQLUUVTM¥Y[
(c) Likviditetsrisiko
Kontantstrømprognoser
blir satt opp i de ulike
driftsenhetene i konsernet,
og aggregeres av
RVUZLYUL[ZÄUHUZ
avdeling. Finansavdelingen
overvåker rullerende
prognoser over konsernets
likviditetskrav for
å forsikre at konsernet
har tilstrekkelig kontantekvivalenter til å møte
driftsrelaterte forpliktelser, samtidig som
det opprettholdes en
[PSZ[YLRRLSPNÅLRZPIPSP[L[
i form av ubenyttete
forpliktede lånefasiliteter til
alle tider slik at konsernet
ikke bryter rammer eller
ZWLZPÄZLY[LIL[PUNLSZLY
O]PZHR[\LS[WrUVLUH]
konsernets lån.
TV[VWWNQ¥Y¶KHNLY
etter leveringsdato.
Ingen kredittgrenser
ble overskredet i løpet
av perioden og ledelsen
forventer ikke tap
knyttet til mislighold
på utestående til kunder.
3rULRZRS\ZP]MVYWSPR[LSZL]LKÄUHUZPLSSLSLPLH][HSLY Leverandørgjeld og annen gjeld
124
31. desember 2009
Lån
Leverandørgjeld og annen gjeld
KLZLTILYOLSL»
(b) Kredittrisiko
Kredittrisiko behandles
på konsernnivå. Kredittrisiko
oppstår i transaksjoner
med derivater, innskudd
PIHURLYVNÄUHUZ
institusjoner i tillegg til
transaksjoner med
grossist- og sluttkunder
herunder utestående
fordringer og faste avtaler.
Konsernet har rutiner for
bruk av kredittgrenser og
overholdelse av rutinene
gjennomgås regelmessig.
Salg til sluttbruker skjer
iii. Kontantstrøm og virkelig
verdi renterisiko
Ettersom konsernet ikke
har noen betydelige rentebærende eiendeler,
er konsernets resultat
og kontantstrøm fra driften
i hovedsak uavhengig av
endringer i markedsrenten.
Konsernets renterisiko er
knyttet til langsiktige lån.
3rUTLKÅ`[LUKLYLU[L
medfører en renterisiko
for konsernets kontantstrøm
som delvis reduseres
av den motsatte effekten
fra kontantekvivalenter
ZVTTV[[HYÅ`[LUKLYLU[L
Analysen er basert på en
MVY\[ZL[UPUNVTLU¥RUPUN
nedgang på 15 % og hvor alle
andre variabler er konstante.
1 858
¶rY
¶rY
43
6]LYrY
Konsernets mål vedrørende
kapitalforvaltning er å trygge
fortsatt drift for konsernet for
å sikre avkastning for eierne
og andre interessenter og
å opprettholde en optimal
kapitalstruktur for å redusere
kapitalkostnadene.
3.2 Kapitalforvaltning
i henhold til forfallstidspunktet i
kontrakten. Beløpene i tabellen
er udiskonterte kontraktsmessige kontantstrømmer.
Sammenligningstallene
er frivillig blitt omarbeidet for
endringene i IFRS 7 knyttet til
presentasjon av likviditetsrisiko.
-
44
)HSHUZLM¥Y[]LYKP
Anskaffelseskost
7YKLZLTILY
)HSHUZLM¥Y[]LYKP
1 618 527
-62 698
1 681 225
1 618 527
-62 698
Avgang
1 681 225
Tilgang
-
0
9LNUZRHWZrYL[
)HSHUZLM¥Y[]LYKP 150 653
-150 653
0
Anskaffelseskost inkl omregning
7YKLZLTILY )HSHUZLM¥Y[]LYKP -150 653
-
Avgang
-
Tilgang
-
150 653
Maskiner
9LNUZRHWZrYL[ Akkumulerte avskrivninger
Anskaffelseskost
7YQHU\HY Note 4 Varige driftsmidler
-
-
-
-
-1 158
-
-
-54
1 212
1 212
-1 640
2 852
1 212
-1 640
-
-
380
-
2 472
Driftsløsøre
1 618 527
-62 698
1 681 225
1 618 527
-63 856
-
1 681 225
-54
1 212
1 212
-152 293
153 505
-151 913
-152 293
-
-
380
-
153 125
Sum
ON
O SL O A X E SS
-
A 75
Anskaffelseskost
)HSHUZLM¥Y[]LYKP
7 457 204
7 457 204
7 457 204
-
45
-
-
Derivater ;PSNQLUNLSPN
benyttet for
for salg
sikringsformål
46
Sum
Leverandørgjeld og annen
gjeld eksklusive lovpålagte
forpliktelser
-
-
1 693 510
1 693 510
182 186
-
1 511 324
Sum
4 031 365
3 510 943
-
520 422
-
-
Sum
182 186
1 511 324
-VYWSPR[LSZLY
Derivater
Andre
til virkelig verdi benyttet for
ÄUHUZPLSSL
over resultatet
sikrings- MVYWSPR[LSZLY
formål
-
Eiendeler til
virkelig verdi
over resultatet
Derivater
573 984
Tilgang rente
Tilgang
3rULRZRS\ZP]LÄUHUZPLSSL
SLPLH][HSLY
-106 014
4 031 365
3 510 943
520 422
Utlån og
fordringer
-VYWSPR[LSZLY
6 989 234
6 989 234
9LNUZRHWZrYL[
)HSHUZLM¥Y[]LYKP -
6 989 234
Sum
Anskaffelseskost
Kundefordringer og andre
fordringer eksklusive
forskuddsbetalinger
Derivater
6 989 234
-
673 498
)HSHUZLM¥Y[]LYKP Årets avskrivninger
Tilgang rente
Tilgang
176 400
Eiendeler
6 139 336
7YKLZLTILY
-
9LNUZRHWZrYL[ Akkumulerte avskrivninger og nedskrivninger
6 139 336
9L[[PNOL[LYPVSQLMLS[
-¥SNLUKLWYPUZPWWLYMVYL[[LYM¥SNLUKLTrSPUNH]ÄUHUZPLSSLPUZ[Y\TLU[LY
OHYISP[[HU]LUK[MVYÄUHUZPLSSLPUZ[Y\TLU[LYPIHSHUZLU!
Note 6 Finansielle instrumenter etter kategori
ON
Anskaffelseskost
7YQHU\HY
Note 5 Produksjonsrettigheter i oljefelt
O SL O A X E SS
A 76
-
Sum
-
-
6 161 821
124 481
3 510 943
Sum
7 088 420
7 088 420
9 521
9 521
-
-
2 009
48
-.Y\WWL¶U`LR\UKLYU¤YZ[rLUKLWHY[LYTPUKYLLUUZLRZTrULKLY
-.Y\WWL¶LRZPZ[LYLUKLR\UKLYU¤YZ[rLUKLWHY[LYTLYLUUZLRZTrULKLYZVTOPZ[VYPZRPRRL
har brutt kredittbetingelser.
-.Y\WWL¶LRZPZ[LYLUKLR\UKLYU¤YZ[rLUKLWHY[LYTLYLUUZLRZTrULKLYZVTOPZ[VYPZROHYOH[[
L[[LSSLYÅLYLIY\KKWrRYLKP[[IL[PUNLSZLY(SSL[PSNVKLOH]LUKLYOHYISP[[IL[HS[M\SS[\[L[[LYIY\KKLUL
3 510 943
A
)HURPUZR\KKYH[PUNTV[WHY[
67 417
Kunde gruppe 3
67 417
-
Sum kundefordringer som ikke har
]¤Y[NQLUZ[HUKMVYULKZRYP]PUN
-
Kunde gruppe 2
2 010
Kunde gruppe 1
4V[WHY[LY\[LULRZ[LYURYLKP[[]\YKLYPUN4VVK`»Z
2YLKP[[YPZPRVPÄUHUZPLSSLPUZ[Y\TLU[LYZVTPRRLLYMVYMHS[LSSLYZVTPRRLOHY]¤Y[NQLUZ[HUKMVY
ULKZRYP]UPUNRHU]\YKLYLZ]LKIY\RH]LRZ[LYULRYLKP[[]\YKLYPUNLYO]PZ[PSNQLUNLSPNLSSLYOPZ[VYPZR
informasjon om brudd på kredittbetingelser.
ON
47
6 161 821
124 481
-
Leverandørgjeld og annen
gjeld eksklusive lovpålagte
forpliktelser
-
6 037 340
Sum
-VYWSPR[LSZLY
Derivater
Andre
til virkelig verdi benyttet for
ÄUHUZPLSSL
over resultatet
sikrings- MVYWSPR[LSZLY
formål
6 037 340
7 193 141
-
7 088 420
Derivater
7 193 141
7 088 420
-
104 720
3rULRZRS\ZP]LÄUHUZPLSSL
SLPLH][HSLY
-VYWSPR[LSZLY
Sum
Kundefordringer og andre
fordringer eksklusive
forskuddsbetalinger
-
Sum
Derivater
-
Derivater ;PSNQLUNLSPN
benyttet for
for salg
sikringsformål
-
104 720
Eiendeler til
virkelig verdi
over resultatet
Eiendeler
7YKLZLTILY Utlån og
fordringer
O SL O A X E SS
2010
A 77
Bundne midler er knyttet til skattetrekksmidler og utgjør USD 11.200
3 510 943
3 510 943
2010
317 417
317 417
2 010
67 417
2010
49
7 088 420
7 088 420
2009
9 521
9 521
2 009
9 521
2009
104 720
Note 8 Kontanter og kontantekvivalenter
Andre valutaer
USD
Euro
GBP
Virkelig verdi av konsernets kundefordringer og andre fordringer
WY]HS\[H!
Kundefordringer
=PYRLSPN]LYKPH]R\UKLMVYKYPUNLY!
Kortsiktige fordringer
104 720
520 422
520 422
Sum kundefordringer og
andre fordringer
-
95 200
9 521
-
-
250 000
Garantibond knyttet til
produksjonsrettigheter
2009
9 521
-
203 005
Forskuddsbetalinger
Herav langsiktige fordringer
67 417
-
67 417
-1 750
111 992
12 569 318
12 681 310
-60 487
4 720 032
9 452 478
160 754
-3 637 589
7 110 029
1 837 359
3 981 925
:\T<:+
2
260
260
2
2
2
Gjennomsnittlig
utøvelseskurs i NOK pr. aksje
2009
260
260
Opsjoner
[\ZLU
50
Den virkelige verdien på de tildelte opsjonene i perioden beregnet med Black-Scholes opsjonsprisingsmodell var NOK 1,62 per opsjon. De viktigste inndata er aksjekursen på tildelingsdatoen på NOK 2
!562\[¥]LSZLZR\YZLUL]PZ[V]LYZ[HUKHYKH]]PRWrMVY]LU[L[HRZQLH]RHZ[UPUNWr !
MVY]LU[L[S¥WL[PKWrrYrYSPNYPZPRVMYPYLU[LWr !2VZ[UHKZM¥Y[PYLNUZRHWL[LY
<:+ !<:+
Sum
Opsjoner
[\ZLU
Gjennomsnittlig
utøvelseskurs i NOK pr. aksje
2010
Bevegelser i antall utestående aksjeopsjoner og veide gjennomsnittlige utøvelseskurser:
Aksjeopsjoner tildeles ledelsen og utvalgte ansatte. Utøveleseskursen på opsjonene er lik markedspris tildelingsdatoen. Opptjeningen av opsjonene er betinget av at medarbeiderne arbeider i bedriften
tre år etter tildelingen. Opsjonene kan utøves tidligst to år etter tildelingssdatoen. Opsjonene har en
kontraktsmessig uendelig løpetid. Konsernet har ingen juridiske eller underforståtte forpliktelser
til å kjøpe tilbake eller gjøre opp opsjonene kontant.
Note 10 Aksjeopsjoner
655 870
-58 737
65 587
;V[HS[WYKLZLTILY
-1 430 713
4 699 054
9 359 714
153 726
-3 637 589
7 070 529
1 828 172
3 944 876
Overkurs
<:+
20 978
12 000
Emisjon
120 000
92 764
53 587
39 500
9 187
37 049
535 870
222 220
54 350
259 300
7 028
22 222
5 435
25 930
(RZQLRHWP[HS<:+
Emisjon
Konvertering av gjeld
Pr. 1. januar 2009
Antall (RZQLRHWP[HS
HRZQLY
562
P[\ZLU
Note 9 Aksjekapital og overkurs
ON
Kundefordringer netto
Nedskrivning for sannsynlige
tap på kundefordringer
Kundefordringer
Note 7 Kundefordringer og andre fordringer
O SL O A X E SS
A 78
,PLYH]?ÄSL(:
Styremedlem
Styremedlem
Espen Fjogstad
Sigurd Steen Aase
Eier av TB Enøk AS
Eier av Synesi AS
,PLYH]?ÄSL(:
Styremedlem
Aril Resen
Eier av Synesi AS
og Time Trader AS
og Time Trader AS
:[`YL[ZSLKLY
CEO
2009
Gunnar Hviding
100 %
2010
65 587 000
Sum
26 %
74 %
2%
3%
3%
4%
7%
Tittel
17 183 794
Andre
Navn
48 403 206
Sum 10 største
1 442 914
Veen Eiendom AS
Vidan AS
1 639 675
1 639 675
PEBRIGA AS
5%
2 951 415
2 492 306
Cives As
3 017 002
SPC Invest AS
Time Trader AS
5%
4 787 851
?ÄSL(:
10 %
6 689 874
12 %
24 %
7 804 853
15 937 641
Synesi AS
Ymir Energy AS
Eierandel
:\THRZQLY
1 511 324
6 037 340
-
6 037 340
1 511 324
-
6 037 340
1 511 324
2009
100 %
9%
7%
6%
4%
4%
3%
2%
2%
72 %
28 %
12 %
23 %
Eierandel
0,01
Pålydende NOK
100 %
9%
7%
6%
4%
4%
3%
2%
2%
72 %
28 %
12 %
23 %
Stemmeandel
92 764
Bokført USD
52
6 037 340
-
6 037 340
1 511 324
1 511 324
USD
Andre valutaer
-
2010
NOK
2009
6 037 340
1 511 324
Balanseført verdi av konsernets lån pr. valuta:
2009
6 037 340
2010
1 511 324
Balanseført verdi
Balanseført verdi og virkelig verdi av langsiktige lån:
2 000 000
2010
2 000 000
Virkelig verdi
7 100 000
2009
7 100 000
.QLSKZIYL]POHYWrS`KLUKLYLU[LVNLUH]KYHNZWYVÄSZVTLYPOLUOVSK[PSWYVK\RZQVUTLK
USD 2 i avdrag pr produserte fat på produksjonsfeltet Chico Martinez.
Gjeldsbrev i 2009 har pålydende rente på 5 %
(a) Gjeldsbrev
Sum lån
Kortsiktige lån
Langsiktige lån
2010
53 587 000
Sum
Note 12 Lån
4 795 250
3 560 000
3 087 001
2 350 000
2 100 000
1 342 000
1 327 500
1 303 000
38 589 196
14 997 804
6 355 000
12 369 445
:\THRZQLY
=PJ[VY`3PML7LUZPVU3;+
?ÄSL(:
Time Trader AS
Vidan AS
Cives AS
Ragnar Zelow Lundquist
Pebriga AS
=LLU(:
Sum 10 største
Andre
Synesi AS
TB Enøk AS
53 587 000
Antall
ON
51
15 937 641
7 804 853
4 787 851
5 443 721
(U[HSSHRZQLY
100 %
26 %
74 %
2%
3%
3%
4%
5%
5%
7%
10 %
12 %
24 %
Stemmeandel
111 992
Bokført USD
A-aksjer 31.12.2009
Pålydende NOK
0,01
Antall
65 587 000
(RZQLRHWP[HS
A-aksjer 31.12.2010
(RZQLRHWP[HS
Note 11 Aksjekapital
O SL O A X E SS
2010
2009
124 481
55 925
21 749
A 79
0
Balanseført verdi 31. desember
0
0
0
119 381
119 381
4 963
-
2009
-
4 963
2010
Forsikringserstatningen er utbetalinger utover den balanseførte verdien av varene som ble skadet.
Forsikringserstatning
Konsulenthonorar
Note 15 Andre inntekter
2VUZLYUL[OHY\UUSH[[IHSHUZLM¥YPUNH]\[ZH[[ZRH[[LMVYKLSWr<:+ !<:+ RU`[[L[[PSZRH[[LTLZZPNMYLTM¥YIHY[\UKLYZR\KKWr<:+ !<:+
0
0
2009
2010
Balanseført verdi 1. januar
1 459 408
-
1 459 408
1 459 408
2009
1 311 283
-
1 311 283
1 311 283
Valutaomregning
Netto utsatt skatt, ikke balanseført
Utsatt skatt:
Ikke balanseført skattefordel
Utsatt skattefordel:
2010
-
46 808
2VY[ZPR[PNVNSHUNZPR[PNZWLZPÄRHZQVUH]\[ZH[[ZRH[[LMVYKLSVN
utsatt skatt:
Note 14 Utsatt skatt
182 186
58 411
Påløpte kostnader
Sum
43 070
-
80 705
53
2010
2009
0
0
0
0
Sum betalbar skatt
<[ZH[[ZRH[[UV[L!,UKYPUNTPKSLY[PKPNLMVYZRQLSSLY
Sum utsatt skatt
Skattekostnad
54
0
Betalbar skatt
2010
239 273
Note 18 Skattekostnad
752 463
39 535
623 668
Finansinntekter
Renteinntekter på kortsiktig bankinnskudd
Ettergivelse av gjeld inkl påløpte renter
0
0
0
0
0
2009
-203 010
427 219
38 517
264 352
124 350
630 229
89 260
513 190
Finanskostnader
Agio
232 636
278 290
Disagio
397 593
2009
-
-
Annet
5
747 559
51 711
-
4 842
94 934
596 072
234 900
2010
-
7 641
7LUZQVU
5
802 229
15 800
5 128
2 957
121 441
656 903
Rentekostnader
Note 17 Finansinntekter og -kostnader
Det er ikke utbetalt styrehonorar i 2010.
*Ansatt i 7 mnd i 2010
150 000
CFO Jan Terje Lea
Lønn
119 658
Daglig leder Gunnar Hviding*
Gjennomsnittlig antall ansatte
Sum
Andre lønnskostander
7LUZQVUZRVZ[UHKLY¶PUUZR\KKZIHZLY[LWLUZQVUZVYKUPUNLY
Aksjeopsjoner til styremedlemmer og ansatte
Arbeidsgiveravgift
Lønn
ON
Offentlige avgifter
Gjeld til nærstående parter
Leverandørgjeld
Note 13 Leverandørgjeld og annen kortsiktig gjeld
O SL O A X E SS
2010
287 895
613 276
Annet
Sum andre driftskostnader
2009
A 80
11 874
-
1 538
-22,28
Utvannet resultat pr aksje
Det er ikke vedtatt utbytte for 2010 eller 2009.
Note 21 Utbytte pr. aksje
-22,28
Resultat pr aksje
55
-53,01
-53,01
28 688
-1 520 624
55 587
-1 520 624
-1 238 205
2009
17 739
3 038
2 906
4 017
-1 238 205
=LPKNQLUUVTZUP[[H]HU[HSS\[LZ[rLUKLVYKPU¤YLHRZQLYP[\ZLU
Årsresultat tilordnet selskapets aksjonærer
2010
Resultat pr. aksje er beregnet ved å dele årsresultat tilordnet selskapets aksjonærer
på et veid gjennomsnitt av antall utestående ordinære aksjer gjennom året.
Note 20 Resultat pr. aksje
- annen bistand fra nærstående til revisor
-
2010
-1 224 189
57 705
-415 701
236 660
68 540
2 957
63 856
-1 238 205
2009
-1 162 434
-37 721
70 127
356 250
-187 600
4 842
152 292
-1 520 624
2010
2009
141 113
69 056
69 056
72 057
-
69 056
ON
56
:LSZRHWL[NQLUUVTM¥Y[LPMLIY\HYLULTPZQVUWr45624<:+
var på 12.500.000 nye aksjer med en kurs 8 NOK.
Note 24 Hendelser etter balansedato
Forfall senere enn 5 år
Forfall mellom 1 og 5 år
Forfall innen 1 år
Fremtidig minimumsleie knyttet til uoppsigelige leieavtaler:
Konsernet leier to kontorer på uoppsigelige operasjonelle leieavtaler. Leieavtalene har henholdsvis
ti måneder og et års løpetid per 31.12.2010, og forventes å være fornybare til markedsleie ved
avtalenes utløp.
(b) Operasjonelle leieavtaler - forpliktelser hvor et selskap i konsernet er leietaker
Selskapet har påtatt seg en betinget forpliktelse som ikke er balanseført i regnskapet. Forpliktelsen
er at Crudecorp AS skal foreta de første investeringer og drift av feltet begrenset oppad til USD 20
mill, før ekstern 10 % eier skal betale kost. Gir en betinget forpliktelse på USD 2 mill. Ved utgang av
2010 er det påløpt USD 4,4 mill i forhold til de avtalte USD 20 mill.
Ikke-balanseførte kontraktsforpliktelser:
(a) Investeringsforpliktelser
Note 23 Andre forpliktelser
Kontantstrøm fra driften
- Leverandørgjeld og annen kortsiktig gjeld
- Kundefordringer og andre fordringer
- lovpålagt revisjon
- rentekostnader
- omregningsdifferanser
- Aksjebasert avlønning og økning i pensjonsforpliktelse
(]ZRYP]UPUNLYUV[L
Justert for:
Kostnadsført godtgjørelse til revisor fordeler seg slik:
7 778
592 281
328 282
93 999
132 000
38 000
Note 22 Kontantstrøm fra driften
,UKYPUNPHYILPKZRHWP[HSLRZRS\ZP]LLMMLR[LUH]VWWRQ¥WVN
VTYLNUPUNZKPMMLYHUZLY]LKRVUZVSPKLYPUN!
10 335
107 381
186 000
Reisekostnader
32 000
Eksterne konsulenter
Husleie
Note 19 Andre driftskostnader
O SL O A X E SS
58
ON
57
O SL O A X E SS
A 81
59
A 82
ON
www.crudecorp.com
Crudecorp AS
P.O. Box 380
Maskinveien 24
N-4067 Stavanger
Foto: Getty Images
O SL O A X E SS
ON
O SL O A X E SS
A 83
A 84
ON
O SL O A X E SS
ON
O SL O A X E SS
A 85
NOTER TIL REGNSKAPET FOR 2009
A 86
Konsernregnskap
Selskapet er lite i henhold til regnskapsloven og utarbeider dermed ikke konsernregnskap
Skatter
Utsatt skatt / utsatt skattefordel beregnes på grunnlag av midlertidige forskjeller mellom regnskapsmessige og skattemessige
balanseverdier, og underskudd til fremføring ved utgangen av regnskapsåret. Skattereduserende midlertidige forskjeller og underskudd til
fremføring utlignes mot skatteøkende midlertidige forskjeller som reverseres i samme tidsrom. Skattekostnad består av betalbar skatt
(skatt på årets skattepliktige inntekt), og endring i netto utsatt skatt.
Valuta
Kontanter og bankinnskudd, omløpsmidler og kortsiktig gjeld i fremmed valuta omregnes til kurser på balansedagen. Realiserte og
urealiserte kursgevinster og -tap på eiendeler og gjeld i annen valuta enn NOK resultatføres.
Kontanter og bankinnskudd omfatter kontanter, bankinnskudd og andre betalingsmidler med opprinnelig forfallsdato på tre måneder eller
mindre fra anskaffelse.
Aksjer i datterselskap.
Investeringer i datterselskaper er vurdert etter kostmetoden.
Fordringer
Fordringer er oppført i balansen til pålydende etter fradrag for avsetning til forventet tap. Avsetning til tap gjøres på grunnlag av
individuelle vurderinger av de enkelte fordringene.
Varige driftsmidler
Varige driftsmidler balanseføres og avskrives over driftsmidlets forventede levetid. Direkte vedlikehold av driftsmidler kostnadsføres
løpende under driftskostnader, mens påkostninger eller forbedringer tillegges driftsmidlets kostpris og avskrives i takt med driftsmidlet.
Anleggsmidler vurderes til anskaffelseskost, men nedskrives til virkelig verdi ved verdifall som ikke forventes å være forbigående.
Langsiktig gjeld balanseføres til nominelt beløp på etableringstidspunktet.
Omløpsmidler vurderes til laveste av anskaffelseskost og virkelig verdi. Kortsiktig gjeld balanseføres til nominelt beløp på
opptakstidspunktet.
Hovedregel for vurdering og klassifisering av eiendeler og gjeld
Omløpsmidler og kortsiktig gjeld omfatter poster som forfaller til betaling innen ett år etter anskaffelsestidspunktet, samt poster som
knytter seg til varekretsløpet. Øvrige poster er klassifisert som anleggmiddel/langsiktig gjeld.
Betingede tap som er sannsynlige og kvantifiserbare, kostnadsføres løpende
Bruk av estimater
Utarbeidelsen av regnskapsinformasjon krever at selskapets ledelse benytter estimater og forutsetninger som påvirker verdien av
eiendeler, gjeld og noteopplysninger. Slike estimater og forutsetninger kan ha vesentlig betydning for rapporterte inntekter og kostnader
for en bestemt periode. De faktiske beløpene kan avvike fra estimatene.
Inntektsføring
Inntektsføring ved salg av varer skjer på leveringstidspunktet. Tjenester inntektsføres i takt med utførelsen.
Alle tall er i oppgitt i hele kroner (NOK) med mindre annet er oppgitt.
Årsregnskapet er satt opp i samsvar med regnskapslovens bestemmelser og god regnskapsskikk.
Regnskapsprinsipper
CRUDECORP AS
Anleggsmidler
Egenkapital
Aksjekapital
259 300
54 350
222 220
Navn
Gunnar Hviding
Aril Resen
Espen Fjogstad
Sigurd Steen Aase
Tittel
Styrets leder
Styremedlem
Styremedlem
Styremedlem
TB ENØK AS
SYNESI AS
VICTORY LIFE & PENSION LTD
XFILE AS
TIME TRADER AS
VIDAN AS
CIVES AS
PEBRIGA AS
VEEN A/S
Sum 10 største
Andre
Sum
A-aksjer
535 870
12 369 445
6 355 000
4 795 250
3 560 000
3 087 001
2 350 000
2 100 000
1 342 000
1 327 500
1 303 000
38 589 196
14 997 804
53 587 000
Sum aksjer
53 587 000
Antall
Overkurs
fond
27 609 795
10 815 650
39 777 380
-26 217 376
2 082 808
54 068 257
Eierandel i Cives AS og Time Trader AS.
Eier av Xfile AS
Eier av Synesi AS
Eier av TB Enøk AS
Antall aksjer, aksjeeiere m.m.
Aksjekapital
Note 3
Egenkapital pr. 31.12.09
Kapitalforhøyelse ved motregning av gjeld, 11.09.09
Kapitalforhøyelse, 13.11.09
Tidligere års udekka tap, ført mot overkursfond
Årets resultat
Egenkapital pr. 31.12.09
Note 2
0%
0
0
0
0
46 513 374
Balanseført verdi pr 31.12.
Avskrivningssatser
1 817 247
44 696 127
0
46 513 374
Rettigheter og
lignende
23,1 %
11,9 %
8,9 %
6,6 %
5,8 %
4,4 %
3,9 %
2,5 %
2,5 %
2,4 %
72,0 %
27,99 %
100,00 %
Eierandel
0,01
Pålydende
26 217 376
-
Annen
egenkapital
-26 217 376
20-33 %
13 900
0
10 300
24 200
7 000
31 200
0
0
31 200
Driftsløsøre
og lignende
Antall aksjer
3 252 901
3 560 000
6 355 000
12 369 445
23,1 %
11,9 %
8,9 %
6,6 %
5,8 %
4,4 %
3,9 %
2,5 %
2,5 %
2,4 %
72,0 %
27,99 %
100,00 %
Stemmeandel
535 870
Bokført
2 082 808
54 604 127
1 651 719
10 870 000
39 999 600
Sum
13 900
0
10 300
24 200
46 520 374
1 848 447
44 696 127
0
46 544 574
Totalt
Tilgang
Avgang
Type anleggmiddel
Note 1
CRUDECORP AS
ON
O SL O A X E SS
Konsern, tilknyttet selskap mv.
Fordringer og gjeld
625
Bokført verdi
pr 31.12.09
Egenkapital
siste år
100 %
Bundne midler
A 87
2009
Driftsmidler
Sum
Utsatt skatt knytter seg til:
-30 491 213
-3 633
-3 633
-30 487 580
2009
583 186
-586 617
3 430
0
Forklaring til hvorfor årets skattekostnad ikke utgjør 28% av resultat før skat
28% skatt av resultat før skatt
-
2009
Beregning av årets skattegrunnlag:
2 082 808
12 250
-32 565 472
-30 470 414
30 470 414
-
Endring utsatt skatt/fordel
Sum skattekostnad
Sum skattepliktig inntekt årets resultat
Effekt av emisjonskostnader (permantent forskjell)
28 % betalbar skatt årets resultat
2009
Skatt
Årets skattekostnad fordeler seg på:
Note 7
Selskapet har bundne skattetrekksmidler pr 31.12.09 på kr 66 136.
Note 6
2 110
-32 571 215
-32 569 105
-17 167
-32 586 272
2008
-8 209 064
9 124 156
915 092
2008
-29 318 084
32 575 005
3 256 921
-3 256 921
-
2008
-8 209 064
-8 209 064
2008
2009
8 949 349
-
100 % -1.269 USD
Eierandel/
stemmeandel
5 743
-32 571 215
-32 565 472
Endring
2008
-
-1.266 USD
Resultat
siste år
100 %
Lønnskostnader
Ytelser/godtgjørelser til daglig leder, styret og revisor
Daglig leder
Resultatførte valutatap
Tap ved salg av aksjer
Gevinst ved salg av aksjer
Tap på fordringer
-andre attestasjonstjenester
-skatterådgivning (inkl. teknisk bistand med ligningspapirer)
-annnen bistand fra nærstående til revisor
Sum godtjørelse til revisor
Revisor (beløpene er eks mva)
Kostnadsført godtgjørelse til revisor fordeler seg slik :
-lovpålagt revisjon (inkludert bistand med årsregnskap)
-
-
2009
2 441 671
2 140 290
320 070
-1 815 414
45 500
23 500
17 000
17 775
103 775
2009
1
1 214 769
184 365
100 213
1 499 347
2009
-9 124 156
-
2008
-
2008
7 712 187
7 900 000
-
33 750
73 420
8 750
52 790
168 710
Styret
1
1 125 200
155 664
4 000
1 284 864
2008
-586 617
-8 537 540
Daglig leder fakturerer Crudecorp AS for konsulenthonorar via sitt privateide selskap, Synesi AS.
Ytelser til ledende personer:
Lønn
Pensjonsutgifter
Annen godtgjørelse
Note 9
Lønn
Arbeidsgiveravgift
Sum
Lønnskostnader
Note 8
Selskapet er et lite foretak og har valgt å ikke balanseføre utsatt skattefordel.
CRUDECORP AS
ON
Langsiktig fordringen mot CMO Inc har blitt rentebelastet og for 2009 er det blitt inntektsført TNOK 316.
Selskapet har ikke gjeld som forfaller senere enn 5 år etter balansedato.
Langsiktige fordringer til selskap i samme konsern
Langsiktig gjeld til selskap i samme konsern
Note 5
CMO Inc
Selskapet har eierandeler i
følgende selskaper:
Note 4
CRUDECORP AS
O SL O A X E SS
PROSPECTUS
Crudecorp ASA Crudecorp ASA
Skagen 27
P.O. Box 896
N-4004 Stavanger
Norway
Tel: +47 91 53 23 93
www.crudecorp.com
Crudecorp ASA
Listing of the Company’s Shares on Oslo Axess
Tel: +47 23 23 80 00
Fax: +47 23 23 80 11
www.swedbank.no
www.kursiv.no
Prospectus dated 13 June 2012
Filipstad Brygge 1
P.O. Box 1441 Vika
N - 0115 Oslo
Norway
This Prospectus does not constitute an offer to buy, subscribe or sell the securities described herein.
This Prospectus serves as a listing prospectus as required by applicable laws and no securities are
being offered or sold pursuant to this Prospectus.
13 June 2012
Managed by:

Crudecorp ASA

Transcription

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