Good morning and welcome to Carbon Transition's Q4-2022 earnings presentation. My name is Nils Hagestad, and I'm the company's Interim CEO and CFO. For the quarter, we reported fair value of the multi-client library of $37.5 million. This includes a second write-up of the Utsira survey of $7.0 million. We did a $5.6 million write-up earlier in the year, as you may recall, so the total write-ups of the survey for the year is $12.6 million. We also announced the reprocessing of the Utsira survey, which is backed by the major operators in the area. We had $2.5 million in late sales from Utsira. That's net to Carbon Transition, and that also has significant additional future revenues, which is based on agreed trigger events.
Subsequent to the quarter, we also reported $0.5 million of Utsira late sales. We had a non-cash $4.3 million write-down on the investment portfolio. This is primarily a result of the Britishvolt investment. We invested $1.7 million or NOK 15.2 million in this company. Cash earnings for the period was $1.9 million, and available liquid funds was $11.2 million. Net asset value was NOK 2.00 per share. We have a revised strategy centered around an attractive multi-client library. We have a state-of-the-art multi-client library which is targeting near-field exploration and production optimization. We have two surveys in the library. We have the Utsira survey in Norway, which was processed in 2020, and reprocessing now started for 2023 and 2024.
We have the Gulf of Suez survey in Egypt, which was processed in 2022. Both very current vintages and state-of-the-art. We have an asset sale agreement with Magseis Fairfield for the sale of the node deployment equipment. Here we have an earn-out with a cap at $12 million and a floor at $1.5 million. We certainly see improved market conditions and believe that that promises well for getting the equipment utilized. We have a very low cost operation, and we intend to stay very focused on managing our cost strategy. With this, we have a revised corporate strategy where we will look at generating revenues from the seismic assets, and we may invest in listed companies and companies expected to be listed in the near term.
We will review risk and return criteria and also ensure that all approvals are being taken at the board level. With this new strategy, we also believe it's prudent to change the name of the company, and we expect that this will be put out at the AGM coming up now. With regards to the seismic market, the current oil and gas prices are highly supportive of our multi-client business, both in Norway and in Egypt. The reopening of China and the restriction on Russian exports creates a supportive backdrop for the oil and gas prices in 2023. In addition to that, the increased focus on energy security is also driving industry investment. Major oil companies have announced increased spending in 2023 relative to recent years. In the Middle East, we're currently seeing record investments.
As a consequence of this, we recently experienced shorter sales cycle. We've achieved higher prices of seismic data sold and a stronger pipeline going into 2023. With regards to the Utsira OBN survey, that now has an estimated value of $28.2 million, which includes the $7 million write-up we just announced. It has a historical cost of $82 million. It's a state-of-the-art survey with processing completed in Q3-2020. The survey is located to the west of the Utsira High in the Norwegian North Sea, and it covers approximately 2,000 sq km of highly prospective acreage with high-definition 3D seismic ocean bottom data. Q4-2022 late sales to an existing client of $2.5 million with then future milestones based on success criteria or uplifts.
There's been a minor gas discovery in PL 867 B by Aker BP and several new wells to follow in the area during 2023. With regards to the reprocessing, we announced in December that Axxis together with CGG is reprocessing the Utsira survey, a project that's being funded by major operators in the area. The reprocessing has demonstrated significant improvements in subsurface imaging. The preliminary results were shown at the NCS Exploration Strategy Conference in Stavanger in November of last year, and highlights the substantial improvements in the image quality. The reprocess data will improve sales of the Utsira data, as well as add an additional product for sale to existing clients. It's important to note that the clients are required to purchase the underlying data before they can acquire the reprocess product.
The reprocessing project will generate quarterly cash flows during the project execution phase and then the late sales thereafter. With regards to the Gulf of Suez, this has an estimated fair value of $9.3 million. The processing was completed in Q3 of 2022, and this is a state-of-the-art node and streamer data set for subsalt analysis. The inaugural late sale was $1.6 million in Q3 2022. There are currently two wells scheduled to be completed in the first part of 2023 that will be drilled based on this library data. Schlumberger is actively marketing the data to Egyptian clients, and the Egyptian market is experiencing major benefits from high oil and gas prices, and the government is supportive of investments in the sector.
Looking at the net asset value, the legacy business is clearly the largest asset on the balance sheet. The multi-client library of $37.5 million and the financial asset, which is the node deployment equipment earn out of $3 million, so together $40.5 million or NOK 1.70 per share. Investments are $6.8 million or NOK 0.29 per share. Net current liabilities is a positive $0.3 million or positive NOK 0.01 per share, which takes us to a NOK 2.00 per share net asset value. On the income statement side, we had $2.5 million in revenues.
We have a change in fair value of investments, -$4.3 million. This is the non-cash write down of the investment portfolio, primarily a result of the Britishvolt investment, where we invested NOK 15.2 million or $1.7 million. We have SG&A for the period of $0.6 million, that includes approximately $150,000 of non-recurring items. We have amortization of the multi-client library of $1.4 million, which is $0.7 million for Utsira and $0.7 million for the Gulf of Suez survey. We have a write-up of the multi-client assets of $7.0 million, which takes us to an operating profit of positive $3.2 million.
Net financial income was $0.3 million. We have a tax reversal, which leads to a tax income of $1.4 million. This is related to a reversal of tax accruals that have been on the books for the estimated tax expense in Egypt. That takes us to a profit for the period of $4.8 million. On the balance sheet, we have multi-client library of $37.5 million. We have investments of $6.8 million, financial assets of $3 million, which is then the node deployment equipment earn out. Other current assets of $3.2 million, which is an accrual for the late sale done in Q4. Cash and cash equivalents of $2.2 million, which leads to total assets of $52.7 million.
Equity of $47.7 million, taxes payable of $2.3 million, which is related to Egypt. Other current liability of $2.8 million, which has $2.1 million also related to taxes in Egypt. Total taxes in Egypt have then been reduced to $4.4 million, down from $6.1 million in the previous period. Equity ratio, 90.3%. Net asset value per share, NOK 2.0. Available liquid funds, $11.2 million. On the cash flow side, we have profit before tax of $3.5 million. We have change in fair value investment. This is then the non-cash write down of the investment portfolio, so adds back $4.3 million.
We have amortization write-ups of NOK -5.6 million, which is an add back of NOK 1.4 million of amortization, and then the reversal of the write-up of the multi-client asset of NOK 7 million. Other working capital changes of NOK -1.5 million takes us to cash from operating activities, so positive NOK 0.6 million. We have no cash from investing activities and no cash from financial activities. That takes us to net cash for the period of NOK 0.6 million and cash at the end of the period of NOK 2.2 million. With regards to the outlook, we expect oil and gas prices to remain at historically high levels for the foreseeable future. Improved profitability in the energy sector is expected to result in increased capital investment by oil majors and independents.
Historical underinvestment in the exploration and development is deriving the need for investment. For 2023, capital investment by oil companies is significantly increased. We expect multi-client library to benefit from this market dynamic. Market volatility is expected to remain high and this poses a risk for the investment portfolio. We believe it's prudent to take a cautious approach on making additional investments. We will continue to evaluate new investment opportunities in line with our broader strategic focus, but risk profile and investment decisions will be evaluated by the board. Thank you very much for listening in. Please call if you have any questions. Thank you.