Good morning, and welcome to Aquila Holdings, Q2 2023 earnings presentation. My name is Nils Haugestad. I'm the company's interim CEO and CFO. Looking at the quarterly highlights, we had multi-client revenues of $1.5 million. At the end of the quarter, the fair value of the multi-client library is $34.3 million. The fair value of our investment portfolio is $6.0 million. We had available liquid funds of $8.7 million, and that takes us to a net asset value of NOK 2.04 per share. Subsequent to the quarter end, we announced a NOK 5 million share repurchase program that's still ongoing.
As of the 18th of August, the company now holds a total of 16.2 million own shares, which represents 6.8% of outstanding shares. With regards to our strategy, we have a revised strategy, as discussed earlier. In this strategy, we will be looking increasingly at the traditional energy spaces. We believe the outlook is supporting solid oil demand. The IEA's recent projections are now up to 102 million barrels per day in 2023, which is a new record. The demand is expected to increase through 2028. This significant demand outlook is also supporting historically high oil prices, and we believe thereby also E&P investment. We're particularly focused on the infrastructure-led exploration and near-field exploration, and believe that those areas are in for a long-term uptrend.
In addition to that, energy security is a key issue and is driving exploration in select geographies. There are key strategic opportunities that we're currently evaluating, which would expand the seismic business line. These expansion opportunities may be organic, but they may also be inorganic. In addition to that, we're looking at other investments, but here we will take a very cautious and opportunistic approach and be very focused, of course, on creating shareholder value. With respect to the multi-client portfolio, we have the Utsira survey in the Norwegian North Sea. The discounted cash flow valuation there is $26.3 million. That's based on estimated future sales that are probability weighted and then discounted back. That's then for also the book value we're carrying the survey at.
This is a survey that has an historical investment of $82.3 million. It's a state-of-the-art, high-density survey covering 2,000 sq km of highly prospective acreage. The processing here was completed in Q3 of 2020. In addition to that, we're doing a reprocessing of the project, where CGG is completing the reprocessing. The survey reprocessing is progressing according to plan and cost, and we're estimating that the completion will be in the summer of 2024. The new data here will be licensed as an upgrade product, and it will be in addition to the existing license of the underlying data. You have to own the underlying data to be able to buy this new product.
In June of 2023, Vår Energi announced the acquisition of Neptune Energy in Norway, and there are change of controls fees that we're expecting as a result of this when that transaction closes in Q1 of 2024. On the Gulf of Suez survey in Egypt, that has a discounted cash flow valuation of $7.9 million, which is then also the value it's being carried at in our books. This is a state-of-the-art node and streamer survey, which is specifically designed to understand the subsoil geology in the area. Processing of this survey was completed in Q3 2022. In this survey, we have a revenue share agreement with the SLB, which is capped at $13.7 million.
We've had one late sale so far of $1.6 million, which took place in Q3 of last year. There is $12.1 million remaining revenue share in this agreement, and the book value we're carrying it at is then $7.9 million. Here, Neptune Energy was acquired by Eni in June of this year, that has change of control fees that we're expecting to come at the closing of that transaction in Q1 of 2024. The financial assets, this the node handling system that was sold to Magseis Fairfield in March of 2022. It's a node-laying equipment that has industry-leading deployment speed. The system is optimal for shallow water surveys. It's node-agnostic and therefore provides significant flexibility.
There's an earn-out structure on this as well, which has a cap of $12 million over three years, and that's then from March of 2022. There's a floor payment of $1.5 million, subject to certain milestones, and the total asset is in the books at $3 million. On the investments, we have select investments in listed and unlisted securities. The current focus is on the energy and industrial sectors. As mentioned earlier, we'll take a very cautious approach here, and we will also be looking at transformative transactions.
Currently, the fair value of the portfolio is $6 million, and two key assets in the portfolio is Capsol Technologies, which at the end of the quarter was at $4.4 million, and Dolphin Drilling at the end of the quarter at $1.3 million. On the net asset value, just trying to build up how this is created. We have the multi-client library, which is then based on a discounted cash flow on probability adjusted late sales. The value of that is NOK 1.64 per share. We have the other seismic assets, which then represents the earn-out related to the seismic handling equipment, and that represents NOK 0.15 per share.
We have the investments, which is primarily based on market trading prices, that is then NOK 0.29 per share. We have current assets and current liabilities, which more or less nets out and takes us to a net asset value in total of NOK 2.04 per share. On the income statement side, we have revenues of $1.5 million that relates to Utsira late sales, as well as reprocessing earlier sales. We have a non-cash loss on change value of investments of $1.7 million, which relates to market fluctuations in the investment portfolio. We have cost of sales of $1.2 million, and this is primarily related to the Utsira reprocessing costs.
We have SG&A of $0.5 million. In this, there's approximately $150,000, which relate to extraordinary costs associated with advisory work for previous operations. Some of these costs will be coming from time to time until all that work is completed, but then, of course, will be eliminated in total. That takes us to an operating profit after amortization of $1.6 million, so then -$3.4 million. We have net financial income of -$0.2 million, which is a combination of FX movements and also some advisory expenses, taking us to a loss for the period of -$3.7 million. On the balance sheet side, we see here...
the multi-client library and the financial assets, which is the seismic investments, representing about 80% of total assets. We have the investments in securities of $6 million, then trade receivables of NOK 0.5, and other current assets of NOK 0.6. Cash on hand at $3 million, taking us to total assets of $ 47.4 million. On the equity liability side, we have equity of $ 42.5, which gives us an equity ratio of 89.6%, trade payables of NOK 0.5, and then we have taxes payable, other current liabilities of $ 2.3 and $ 2.1 respectively. Off of that, these last two numbers, which add up to NOK 4.4 million, about NOK 4.3 or so, that is related to accruals for taxes estimated in Egypt from the Egypt operations.
Net asset value per share, as discussed earlier, NOK 2.04 and available liquid funds of $8.7 million. On the cash flow side, we have cash flow operations, -$0.9, and again, significant portion of this related to timing changes on working capital. We have no investment activities and no financing activities, which then takes us to a -$0.9 in cash for the period, and cash at the end of the quarter of $3 million. With regards to the outlook, we believe we're gonna continue to see volatility in the energy sector, and we expect that to remain given the significant market uncertainties out there. Nevertheless, we see robust overall demand and expect that to support historically high prices and also drive capital investment.
We believe that the multi-client late sales will benefit from these attractive market trends. Sales will be lumpy, and we think that's always important to keep in mind that they are not as predictable as hoped for at times. We do not believe that this speaks to any change in long-term values or sales potential. It's the nature of the business, that these sales tend to be lumpy and, and happen depending on a whole series of investment decisions at the oil company levels. We will continue to evaluate new investment opportunities, and that includes transformative transactions, but we will take a very cautious approach to this. We will also continue to consider distributions to shareholders or share repurchases to the extent we continue to see that as the best allocation of capital.
With that, thank you for taking the time to joining us this morning. If you have any questions, please feel free to reach out, and we look forward to speaking with you. Thank you.