Presentation

Mime Petroleum is an NCS focused E&P company established in 2017. The company is backed by private equity Blue Water Energy, that has committed USD 300m equity of which USD 129m has been injected. The company has a seasoned NCS management team (~30 years average experience of production and development activity on the NCS), led by Sverre Skogen which is former Executive Chairman/Chairman of Det norske oljeselskap (now Aker BP).

Mime has a production and development focused strategy, pursuing low risk near-field developments, increased recovery and infrastructure led exploration opportunities to maximise field life and resource potential.

The existing portfolio was established through an acquisition from Vår Energi in 2019 and comprises a 10% WI in the Balder/Ringhorne fields and a 7.4% WI in the Ringhorne East field. All fields are in production and operated by Vår Energi. Net 2P reserves and 2C resources amounted to 28 mmboe per YE 2019 and net production was 2,063 boepd in 2020.

A significant revitalisation campaign at Balder/Ringhorne was sanctioned in 2019, which involves the Balder X project (refurbishment of the Jotun FPSO and drilling of 19 new wells) and a third phase of infill drilling at Ringhorne. As a result, production is expected to increase over the coming years, reaching ~12,000 boepd net to Mime in 2023, and field life extended to 2045. Besides the significant organic development activities, the company is also actively evaluating M&A opportunities.

In addition to equity from Blue Water Energy, the company’s capital structure comprises a USD 97.5m RBL facility (USD 56m drawn per YE 2020) and a NOK 300m senior unsecured bond which was issued in February 2020 and is listed at Nordic ABM.