AI assistant
Aker BP Investor Presentation 2011
3528_rns_2011-01-10_b31bb0e9-6d5a-436b-9b95-862aff7436a4.pdf
Investor Presentation
Open in viewerOpens in your device viewer
Investor presentation
- Det norske oljeselskap ASA
DETNORSKE
Disclaimer
All presentations and their appendices (hereinafter referred to as "Investor Presentations") published on www.detnor.no have been prepared by Det norske oljeselskap ASA ("Det norske oljeselskap" or the "Company") exclusively for information purposes. The presentations have not been reviewed or registered with any public authority or stock exchange. Recipients of these presentations may not reproduce, redistribute or pass on, in whole or in part, these presentations to any other person.
The distribution of these presentations and the offering, subscription, purchase or sale of securities issued by the Company in certain jurisdictions is restricted by law. Persons into whose possession these presentations may come are required by the Company to inform themselves about and to comply with all applicable laws and regulations in force in any jurisdiction in or from which it invests or receives or possesses these presentations and must obtain any consent, approval or permission required under the laws and regulations in force in such jurisdiction, and the Company shall not have any responsibility or liability for these obligations.
These presentations do not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction to any person to whom is unlawful to make such an offer or solicitation in such jurisdiction.
[IN RELATION TO THE UNITED STATES AND U.S. PERSONS, THESE PRESENTATIONS ARE STRICTLY CONFIDENTIAL AND ARE BEING FURNISHED SOLELY IN RELIANCE UPON APPLICABLE EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. THE SHARES OF THE COMPANY HAVE NOT AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, UNLESS AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT IS AVAILABLE. ACCORDINGLY, ANY OFFER OR SALE OF SHARES IN THE COMPANY WILL ONLY BE OFFERED OR SOLD (I) WITHIN THE UNITED STATES, ONLY TO QUALIFIED INSTITUTIONAL BUYERS ("QIBs") IN PRIVATE PLACEMENT TRANSACTIONS NOT INVOLVING A PUBLIC OFFERING AND (II) OUTSIDE THE UNITED STATES IN OFFSHORE TRANSACTIONS IN ACCORDANCE WITH REGULATION S. ANY PURCHASER OF SHARES IN THE UNITED STATES, WILL BE REQUIRED TO MAKE CERTAIN REPRESENTATIONS AND ACKNOWLEDGEMENTS, INCLUDING WITHOUT LIMITATION THAT THE PURCHASER IS A QIB. PROSPECTIVE INVESTORS ARE HEREBY NOTIFIED THAT SELLERS OF THE NEW SHARES MAY BE RELYING ON THE EXEMPTIONS FROM THE PROVISIONS OF SECTIONS OF THE U.S. SECURITIES ACT PROVIDED BY RULE 144A.
NONE OF THE COMPANY'S SHARES HAVE BEEN OR WILL BE QUALIFIED FOR SALE UNDER THE SECURITIES LAWS OF ANY PROVINCE OR TERRITORY OF CANADA. THE COMPANY'S SHARES ARE NOT BEING OFFERED AND MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN CANADA OR TO OR FOR THE ACCOUNT OF ANY RESIDENT OF CANADA IN CONTRAVENTION OF THE SECURITIES LAWS OF ANY PROVINCE OR TERRITORY THEREOF.
IN RELATION TO THE UNITED KINGDOM, THESE PRESENTATIONS AND THEIR CONTENTS ARE CONFIDENTIAL AND THEIR DISTRIBUTION (WHICH TERM SHALL INCLUDE ANY FORM OF COMMUNICATION) IS RESTRICTED PURSUANT TO SECTION 21 (RESTRICTIONS ON FINANCIAL PROMOTION) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005. IN RELATION TO THE UNITED KINGDOM, THESE PRESENTATIONS ARE ONLY DIRECTED AT, AND MAY ONLY BE DISTRIBUTED TO, PERSONS WHO FALL WITHIN THE MEANING OF ARTICLE 19 (INVESTMENT PROFESSIONALS) AND 49 (HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC.) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 OR WHO ARE PERSONS TO WHOM THE PRESENTATIONS MAY OTHERWISE LAWFULLY BE DISTRIBUTED.]
The contents of these presentations are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal, business, investment and tax adviser as to legal business, investment and tax advice.
There may have been changes in matters which affect the Company subsequent to the date of these presentations. Neither the issue nor delivery of these presentations shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of the Company have not since changed, and the Company does not intend, and does not assume any obligation, to update or correct any information included in these presentations.
These presentations include and are based on, among other things, forward-looking information and statements. Such forward-looking information and statements are based on the current expectations, estimates and projections of the Company or assumptions based on information available to the Company. Such forward-looking information and statements reflect current views with respect to future events and are subject to risks, uncertainties and assumptions. The Company cannot give any assurance as to the correctness or such information and statements.
An investment in the Company involves risk, and several factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in these presentations, including, among others, risks or uncertainties associated with the Company's business, segments, development, growth management, financing, market acceptance and relations with customers, and, more generally, general economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rates and interest rates and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in these documents.
DETNORSKE
Agenda
- Det Norske in brief
- Asset portfolio
- Financials
- Outlook
Det norske - overview
- Pure Norwegian E&P company
- Listed on Oslo Stock Exchange – market cap NOK 3.0bn
- Strong balance sheet with NOK 1.6bn net cash
- Book equity value of NOK 3.5bn
- ~2,000 boe/day net production
- Discovered resources
- 2P Reserves of 29 mmboe
- Contingent resources of 90-170 mmboe
- Risked prospective resources: ~530 mmboe
- Outlook
- Production of 40,000 boe/day by 2015 from existing projects
- 11 exploration wells in 2011
- Planned PDO on Draupne and Frøy in 2011
DETNORSKE
Consolidation has created a strong NCS company
■ Established in 2001
■ Merged in 2007
■ Merged in 2009
DETNORSKE
- Large portfolio of discoveries and development projects
- Realized value through portfolio management (Goliat and Yme)
- Strong balance sheet
- Solid industrial backing:
- Aker ASA holds 40.4%
- DNO Int holds 11.7%
DETNORSKE
Full cycle E&P company
DETNORSKE
Exploration
- Det Norske is the second largest acreage holder on the NCS
- 11 exploration wells planned for drilling in 2011 – fully funded
- Risked exploration resources of 530 mmboe
Developments
- Frøy and Draupne, both operated by Det norske
- 2P reserves of 29 mmboe
- Contingent resources of 90-170 mmboe
Production
- Four producing fields: Varg, Jotun, Glitne and Enoch
- Current production rate of 2,000 boe/day
- Frøy and Draupne will add up to 40,000 boe/day from 2015/16
6
Experienced core management team
CEO - Erik Haugane
Mr. Haugane founded Det norske (previously Pertra) in 2001. He holds a Cand. Real. degree in Exogene Geology from the University of Tromsø.
Haugane has 25 years of experience from the industry and has among others been employed as Ex. Geologist with Esso, Research Scientist with SINTEF, Advisor for the Governor of Sør-Trøndelag. He joined PGS in 1992 before founding Pertra. Haugane was awarded the title "Oilman of the Year" in 2004 by SPE.
CFO - Teitur Poulsen
Mr. Poulsen from Faroe Islands, joined Det norske in the fall of 2010. He came from the position as Group Economics and Corporate Planning Manager in Lundin Petroleum AB in Switzerland.
Poulsen holds an MA in Economics from the University of Aberdeen, Scotland. He has experience from several positions within economics in the oil business, from Lundin, Switzerland, Faroe Petroleum and Dana Petroleum, UK.
Sr. VP Exploration Vidar Bergo Larsen
Mr. Larsen joined Det norske in October 2007. He holds a Cand. Real. in Petroleum Geology from the University of Bergen. Mr. Larsen has 30 years of experience from Statoil, where he has held several managerial positions within exploration, on the NCS and internationally.
Larsen was Exploration Manager for Russia in Statoil prior to joining Det norske, where he is responsible for the company's exploration activities.
COO - Øyvind Bratsberg
Bratsberg holds a M.Sc. degree in Engineering from NTNU (previously NTH).
Bratsberg has 24 years of experience from the industry within marketing, business development, and operation. His core competence lies in commercial negotiations and management, and he has comprehensive experience from offshore operations and project development. Before joining Det norske Bratsberg was responsible for early-phase field development in Statoil.
Sr. VP Development Odd Ragnar Heum
Mr. Heum holds a M. Sc. Degree in Petroleum Geosciences from the Norwegian University of Science and Technology in Trondheim.
Heum has more than 30 years experience from the Norwegian (and international) oil business, primarily within exploration and business development.
Sr. VP Business Development Lars Thorrud
Mr. Thorrud has M.Sc in Geophysics from Norwegian University of Science and Technology (NTNU) and MBA from Pacific Lutheran University, WA.
Thorrud started in 2006 as BD Manager in Aker Exploration. Before that he worked as an independent consultant.
From 1992 to 2001 he worked for RWE-DeaNorge in various management positions.
DETNORSKE
Solid platform for further growth
Licenses
Reserves & resources
Production & revenues
DETNORSKE
Reserves as of 31.12
Contingent resources
Total risked resources (right scale)
Annual production
Revenues (right scale)
Solid and diversified asset portfolio
- Non-developed 2P reserves and Contingent resources of 120-200 mmboe net to Det norske
- Targeting PDO on operated assets Draupne and Frøy during 2011
- Non core assets may be sold to finance development of core assets
DETNORSKE
Agenda
- Det Norske in brief
- Asset portfolio
- Financials
- Outlook
High net back from production
Oil production since Q1 2009
bee/day
Net Production
Producing assets
Four producing fields:
- Varg 5%
- Jotun Unit 7%
- Glitne 10%
- Enoch 2%
| Net back Margin $/boe | Q1 2009 | Q2 2009 | Q3 2009 | Q4 2009 | Q1 2010 | Q2 2010 | Q3 2010 |
|---|---|---|---|---|---|---|---|
| Revenue $/boe | 42,9 | 58,8 | 67,0 | 73,4 | 76,0 | 79,9 | 77,8 |
| Operating Cost $/boe | 26,8 | 32,9 | 35,6 | 31,3 | 32,3 | 33,9 | 34,0 |
| Cash Tax $/boe | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| Op CF $/boe | 16,1 | 25,9 | 31,4 | 42,1 | 43,7 | 46,0 | 43,8 |
| Op CF (NOKm) | 21,5 | 29,4 | 31,6 | 42,3 | 55,0 | 47,9 | 43,8 |
DETNORSKE
Developments in the pipeline
Discoveries
Boepd
Existing fields Frøy Draupne & Hanz New projects from existing resource base
| Discovery | Det Norske's equity | Mill boe (Gross) | Net boe/day to Det norske | Possible concept | First Oil/Gas |
|---|---|---|---|---|---|
| Draupne | 35% | 110-150 | ~20,000 | Stand alone or area development | 2014/15 |
| Frøy | 50% | 60 | ~20,000 | Stand alone | 2014 |
| Grevling | 30% | 40-95 | TBD | Stand alone | 2015 |
| Jetta | 60% | 10 | TBD | Tie-back to Jotun | 2012/13 |
| Storklakken | 100% | 10 | TBD | Subsea tie back | 2014-> |
| Dagny | 2-7% | 286 | TBD | Stand alone | 2016 |
| East Frigg | 20% | 60-190 | TBD | Area development | 2015-> |
| Fulla | 15% | 40-55 | TBD | Tie-back Heimdal or Bruce | 2014/15 |
| David | 10% | 15-20 | TBD | Tie-back to Heimdal | 2012 |
DETNORSKE
Draupne – progressing according to plan
- Estimated size of 110-150 mmboe
- Draupne and Luno together hold an estimated 250-300 mmboe
- Det Norske and Lundin Petroleum, operator of Luno, are studying a joint field development
- This decade’s largest North Sea oil development
- PDO expected in 2011
- Det Norske is operator for Draupne
- Det norske has a 35% interest
DETNORSKE
Well positioned in NCS "hot spot"
- Potentially a major production hub
- Discoveries (gross volumes)
- Draupne 110-150 mmboe
- Luno 150 mmboe
- Avaldsnes 100-400 mmboe
- Prospects (gross volumes)
- Aldous Major / Aldous North 140 - 500 mmboe
- Potentially large volumes of gas in Ragnarrock basement
- Up to seven planned exploration and appraisal wells in the area by year end 2011
DETNORSKE
Frøy – PDO planned in 2011
- Det norske holds 50% operated interest
- Gross reserves of 60 mmboe
- Targeting PDO in mid-2011
- First oil expected in 2014
- Plans to mitigate capex through:
- Lease of production unit
- Contractor financing of wellhead platform in construction period
- Reduced ownership interest is an option
- Upside potential in the Frøy area
- Tie-in of adjacent discoveries
- New discoveries
- 25 km radius from Frøy Field
DETNORSKE
Grevling discovery
- Discovered in 2009
- Gross resources 38 – 94 mmboe
- Four wells drilled on field with three production tests
- Low gas content and productivity
- Studies on well results and potential development solutions are ongoing
- Operated by Talisman Energy
- Det norske holds 30%
DETNORSKE
Other discoveries
- Dagny – operated by Statoil
- Det norske 2-7 percent
- 4-17 mmboe net to Det norske
-
First oil estimated in 2016
-
Fulla – operated by Statoil
- Det norske 15 percent
- Net resources 6-8 mmboe
-
First gas estimated 2014/15
-
East Frigg GD – operated by Statoil
- Det norske 20 percent
- Net resources 12-24 mmboe
-
First oil 2015->
-
Jetta – operated by Det norske
- Det norske 60 percent
- Net resources 6 mmboe
- Potential first oil 2012/13
- David – operated by Total
- Det norske 10 percent
- 1.5-2.0 mmboe net to Det norske
- First gas estimated in 2012
DETNORSKE
2011 Exploration roadmap*
Comprehensive 2011 drilling campaign
| PL | Prospect & (operator) | Net % | Drilling start | Gross resources Mboe |
|---|---|---|---|---|
| 468 | Dovregubben | 95** | Q4-10 | 100-220 |
| 482 | Skaugumsåsen | 65 | Q1-11 | 20-90 |
| 522 | Gullris (BG) | 20 | Q1-11 | 700-1700 |
| 035 | Krafla (Statoil) | 25 | Q1-11 | 10-50 |
| 535 | Norvarg (Total) | 20 | Q2-11 | 80-160 |
| 416 | Breiflabb (E.ON) | 15 | Q2-11 | 15-180 |
| 265 | Aldous Major (Statoil) | 20 | Q2-11 | 140-500 |
| 265 | Aldous North (Statoil) | 20 | Q2-11 | |
| 356 | Ulvetanna | 60 | Q3-11 | 70-250 |
| 414 | Kalvklumpen | 40 | Q3-11 | 75-180 |
| 533 | Salina (Eni) | 20 | Q4-11 | N/A |
- A large number of issues may impact the planned drilling plan. This list should thus be viewed only as an indication of the time table
** Farm-down of 5% agreed with GDF, pending MPE approval
DETNORSKE
Agenda
- Det Norske in brief
- Asset portfolio
- Financials
- Outlook
NOK 1.6bn in net cash
DETNORSKE
Not audited
Elements
- Net cash position of NOK 1.6bn
- This is made up of:
- Cash position of NOK ~1.1bn
- Cash tax refunds of NOK 3.9bn
- Exploration loan of NOK 3.0bn
- Convertible bond of NOK 0.4bn
20
Cash position created through asset sales
- Sales and farm-downs are an integrated part of Det Norske's business model
- Business model proven by sale of Goliat (15%) and Yme (10%) in 2008
- Total divested resources of ~36 mmboe
- Total price for Yme and Goliat was NOK 1.49bn
- Equivalent to USD 6.9/boe**
- Including tax balance and interest, the company received NOK 1.9bn in cash for Goliat and Yme
- The consideration from these deals has funded an exploration program that has so far resulted in six new discoveries
DETNORSKE
*Yme-payment of NOK 546m was received on January 20, 2009
**Assuming USD/NOK exchange ratio of 6.0
Financial outlook
- Production of 2,000 boe/day net in 2011
- Expected 2011 capital investment budget NOK 300 million
- 3 infill wells on producing assets - NOK 80 million
- Development assets – NOK 220 million
- Expected post-tax exploration spend in 2011 amounts to NOK ~400 million
- Pre-tax budget of NOK 1,800 million
- Drilling – 11 wells
- Seismic
- Estimated post tax rig commitments of NOK 850m over duration of contracts
- Aker Barents contract ending 2014
- Songa Delta contract ending 2012
- Assuming average 40% interest held by Det norske equals net commitment of approx. NOK 350
- Det norske is fully funded for 2011 drilling and development as well as all other committed capital expenditures
DETNORSKE
Fiscal regime protects downside
Exploration
Tax refund instantly monetized
- Cash tax refund for exploration drilling irrespective outcome of well – 78% of cost.
- Cash tax refund pledged to bank, LTV of 90 – 95% of claim
Field Development
Tax refund as value build-up on balance
- Tax relief effectively 93% of field investments
- Tax balance built in parallel with investment
- No field ring-fencing
- Cash refund if petroleum activities are terminated
DETNORSKE
The cash value of the tax refund offers backing for debt financing of development projects
- Generic case study:
- 100 is invested in a development project
- The investment is funded by 50 equity and 50 debt
- The cash value of the tax refund is 78 after the total amount is invested. This grows further to 93 where it remains in years 4 – 6.
- For the creditors in this arrangement, the cash value of the tax refund offers solid coverage, even if assuming that interest is paid in kind *
- Note: The tax refund values can be depleted against other production revenues in the company
DETNORSKE
- License partners enjoys first right of refusal to acquire license share at incurred cost, including tax balance
Key financials (NOKm)
| P&L | 3q10 | 2010 YTD | 2009 |
|---|---|---|---|
| Revenues | 81 | 266 | 265 |
| Exploration costs | 209 | 1,120 | 1,209 |
| Other costs | 58 | 173 | 225 |
| EBITDA | -187 | -1,027 | -1,169 |
| Depreciation | 42 | 137 | 53 |
| Amortization | 24 | 73 | 213 |
| EBIT | -253 | -1,237 | -1,436 |
| Net financials | -56 | -119 | 36 |
| Pre-tax profit | -309 | -1,356 | -1,400 |
| Tax cost | -229 | -996 | -879 |
| Net profit | -80 | -359 | -521 |
| Balance sheet | 3q10 | 2010 YTD | 2009 |
| --- | --- | --- | --- |
| Cash | 1,101 | 1,101 | 1,574 |
| Tax receivables | 3,879 | 3,879 | 2,060 |
| Goodwill | 666 | 666 | 698 |
| Other intangible assets | 3,154 | 3,154 | 2,214 |
| Other assets | 990 | 990 | 1,167 |
| Total | 9,790 | 9,790 | 7,713 |
| Equity | 3,491 | 3,491 | 3,851 |
| Convertible bond | 414 | 414 | 391 |
| Exploration loans | 2,954 | 2,954 | 1,090 |
| Other current liabilities | 785 | 785 | 936 |
| Other non-current liabilities | 2,146 | 2,146 | 1,445 |
| Total | 9,790 | 9,790 | 7,713 |
| Cash flow | 3q10 | 2010 YTD | 2009 |
| --- | --- | --- | --- |
| CF from operations | -189 | -470 | 569 |
| CF from investments | -283 | -1,809 | -1,504 |
| CF from financing | 1,134 | 1,805 | 594 |
| Net cash flow | 662 | -474 | -342 |
DETNORSKE
Shareholder structure
| Investor | % |
|---|---|
| 1 AKER CAPITAL AS | 40.4% |
| 2 DNO INTERNATIONAL ASA | 11.7% |
| 3 ODIN NORGE | 2.7% |
| 4 DNB NOR SMB VPF | 1.8% |
| 5 ODIN NORDEN | 1.6% |
| 6 HOLBERG NORGE | 1.4% |
| 7 SPAREBANKEN MIDT-NORGE INVEST AS | 1.2% |
| 8 KØRVEN AS | 1.0% |
| 9 KOMMUNAL LANDSPENSJONSKASSE | 1.0% |
| 10 DEUTSCHE BANK AG LONDON | 0.9% |
| 11 DNB NOR NORGE SELEKTV (III) VPF | 0.9% |
| 12 KOTENG HOLDING AS | 0.9% |
| 13 VINN INVEST AS | 0.8% |
| 14 KLP AKSJE NORGE VPF | 0.8% |
| 15 ODIN OFFSHORE | 0.8% |
| 16 VILJE 2M AS | 0.8% |
| 17 KLP AKSJE NORDEN VPF | 0.7% |
| 18 SJÆKERHATTEN AS | 0.7% |
| 19 VPF NORDEA KAPITAL | 0.6% |
| 20 HOLBERG NORDEN | 0.5% |
| Total top 20 | 71.3% |
Aker Capital, DNO, Norwegian mutual funds and DETNOR employees together hold approx. 70% of shares
DETNORSKE
Agenda
- Det Norske in brief
- Asset portfolio
- Financials
- Outlook
Outlook and Summary
Financials
- Strong balance sheet with net cash of NOK 1.6bn
Listed on Oslo Stock Exchange – market cap NOK 3.0bn
- Draupne progressing well towards PDO
- Frøy- delayed schedule due to new subsurface studies
Exploration
- Comprehensive fully funded drilling campaign lined up for 2011
- Several large prospects in drill queue
DETNORSKE
DETNORSKE
NEST STØRST PÅ NORSK SOKKEL
Board of Directors
Kjell Inge Røkke:
Chairman of the board
Entrepreneur, industrialist and main owner of AKER.
Hege Sjo:
Director
Employed by Hermes Investment Management. Broad financial experience.
Kaare Gisvold:
Director
Independent investor and advisor. Several board positions.
Maria Moræus Hansen:
Director
Employed by Aker. Technical, managerial and financial experience from the oil industry
Berge G. Larsen
Director
30 years+ experience from the oil and gas industry. Chairman of DNO
Bodil Alteren
Director
HSE Manager in Det norske. Formerly Senior Researcher at SINTEF
Gunnar Eide –
Director
Manager for early phase development in Det norske.
DETNORSKE
Further portfolio growth to come through license awards
Det Norske has been a persistent winner in previous license rounds
- License awards are an integral part of the DETNOR business model
DETNORSKE
Note: Awards to Det Norske, Statoil and Wintershall are adjusted for company merger/acquisition (i.e. awards to Aker Exploration and Det Norske in same licence counts as one)
31
Downside protection in fiscal regime
Cost of exploration reduced by tax refund
- Cash refund of exploration costs through the tax system irrespective of well result
- If not in tax position, 78% of cost is cash refunded
- 95% bank financing of exploration tax refund
Downside protection in field developments
- 78% underlying taxation of petroleum income in Norway
- 28% corporate tax + 50% hydrocarbon tax
- 93% effective tax relief in field developments due to 30% tax uplift on investments (30%*50%)
- Tax balance built up in parallel with investment
- No field ring-fencing – Any tax credit can be used to offset taxes payable in other fields
- Remaining tax balance of an asset upon discontinuation of production from a field may be deducted the same year
- Cash refund of unrecovered loss if petroleum activities are terminated
DETNORSKE
32
Protection in the Petroleum Tax Act (PTA) also in case of discontinuation of activities
DETNORSKE
33
```markdown
R efund of tax losses
R efund of tax value of offshore assets
R efund of uplift carried forward
PTA 3c
"If there remains an uncovered loss upon the discontinuation of activities that are liable for special tax, the taxpayer may claim payment from the State of the tax value of such loss. The tax value shall be determined by multiplying the uncovered loss in ordinary income in the shelf district and in the special tax base by the rates applicable on the discontinuation date. The amount shall be determined by the tax authorities when performing the tax assessment relating to the year in which the activities liable for special tax are discontinued."
PTA 3f
"The remaining cost price of an operating asset that looses its utility value upon the discontinuation of production from a petroleum deposit, may be deducted in the year of discontinuation."
PTA 5
"If there is any excess uplift upon the discontinuation of activities that are liable for special tax, the taxpayer may claim payment from the State of the tax value of such uplift. The tax value shall be determined by multiplying the excess uplift by the rate of special tax applicable as per the discontinuation date. The amount shall be determined by the tax authorities when performing the tax assessment relating to the year in which the activities liable for special tax are discontinued."