Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — Q4 2024 Earnings Presentation
18 slides from Panoro Energy Asa's earnings presentation, Feb 25, 2025
Slide 1: Sustainable Foundations, A Resilient Future: Q4 2024 Results
SUSTAINABLE FOUNDATIONS, A RESILIENT FUTURE Panoro Energy Q4 2024 RESULTS 25 FEBRUARY 2025
Slide 2: Disclaimer
DISCLAIMER This presentation does not constitute an offer to These risks and uncertainties include, among buy or sell shares or other financial instruments others, uncertainties in the exploration for and of Panoro Energy ASA (“Company”). This development and production of oil and gas, presentation
Slide 3: Webinar Housekeeping – Time for Questions
WEBINAR HOUSEKEEPING – TIME FOR QUESTIONS Your Participation › Please raise your hand to be unmuted for verbal questions. › Please continue to submit your text questions and comments using the Questions panel Raising your hands for un-muting! Ask questions here Hand Raising Button Slide 3 Panoro Ene
Slide 4: Highlights
HIGHLIGHTS 2024 was a year of record financial performance Q4 2024 HIGHLIGHTS Q4 2024 Working Interest Production Q4 2024 Reported Revenue Q4 2024 EBITDA Q4 2024 Net Profit 12,053 bopd USD 106.3 million USD 50.8 million USD 32.5 million Q3 2024: 9,401 bopd Q3 2024: USD 36.0 million Q3 2024: USD 23.7
Slide 5: Production Target of >13,000 bopd Achieved
PRODUCTION TARGET OF >13,000 BOPD ACHIEVED Production targets have been achieved at both asset and group levels RECORD QUARTERLY & Working Interest bopd 13,000 12,053 bopd ANNUAL GABON EQUATORIAL GUINEA TUNISIA Q4 2024 PRODUCTION 12,000 11,000 bopd to 13,000 bopd 1,491 11,000 9,950 bopd FY 2024 • 20
Slide 6: NOK 500 Million Target Distribution in 2025
NOK 500 MILLION TARGET DISTRIBUTION IN 2025 Aligning shareholder returns policy with bond issue and adopting a calendar year distribution cycle going forward 2025 KEY FACTORS 2026 ONWARDS • Based on realised oil price of USD 70 / bbl and current FX rates (the Board may consider revisions should oil
Slide 7: 2024 Shareholder Returns
2024 SHAREHOLDER RETURNS Reconciliation of expected outcome to Panoro’s stated 2024 Shareholder Returns Policy 2024 KEY FACTORS • Target distribution under 2024 policy was set at between NOK 400 million to NOK 500 million based on average realised oil price of USD 85/bbl ‐ Average actual realised oi
Slide 8: Debt Profile and Capex
DEBT PROFILE AND CAPEX Conservative leverage profile and focus on investments in producing assets USD 150 MILLION SENIOR SECURED BOND ISSUE CAPITAL EXPENDITURE GUIDANCE – SIGNIFICANTLY LOWER SPEND IN 2025 • 5-year USD 150 million 10.25% bond • FY 2024 capex reflects high levels of development drilli
Slide 9: Crude Liftings and Sales
CRUDE LIFTINGS AND SALES 2024 crude oil liftings were 35% higher year-on-year • Positive crude oil inventory was 80,639 barrels at 31/12/24 • Panoro’s entitlement volume from production in FY2024 was 3,168,875 barrels 2024: 3.5 MMbbls at average realised price of USD 76.57/bbl 2025E: ~3.7 MMbbls* ~4
Slide 10: Reconciliation of Full Year 2024 Cash Flow
RECONCILIATION OF FULL YEAR 2024 CASH FLOW Robust financial position maintained USD MM 350 25.9 Events post period end: 300 101.5 • A Gabon lifting of 190,265 barrels occurred in December 2024 for which 250 proceeds of USD 13.5 million were received post period end in January 2025 180.0 • Equatorial
Slide 11: Gabon Operations Update
GABON OPERATIONS UPDATE Gross production has reached >40,000 bopd with high operational uptime Ownership Hibiscus Northern DUSSAFU MARIN (PANORO 17.5%) Flank (2024 discovery) • Estimated gross recoverable reserves • All eight new production wells in the expanded Hibiscus 12 MMbbls / Ruche campaign a
Slide 12: Equatorial Guinea Operations Update
EQUATORIAL GUINEA OPERATIONS UPDATE Two new Block G infill wells adding additional volume Ownership BLOCK G (PANORO 14.25%) BLOCK G (Ceiba Field and Okume Complex) • Gross production in Q4 • The C-45 and OF-19 infill wells were drilled with 2024 averaged 28,491 Okume the Noble Venturer drill ship bo
Slide 13: Tunisia Operations Update
TUNISIA OPERATIONS UPDATE TPS assets contain one of Tunisia’s largest oil producing concessions TPS ASSETS (CERCINA) Ownership • New production opportunities include perforation and TPS ASSETS (PANORO 49%) stimulation activities on three further Cercina wells • The extension of Cercina Concession is
Slide 14: New Blocks Added in Gabon and Equatorial Guinea
NEW BLOCKS ADDED IN GABON AND EQUATORIAL GUINEA Adding discovered resources and material prospectivity in close proximity to existing infrastructure PSC SIGNED FOR BLOCK EG-23 OFFSHORE EQUATORIAL GUINEA PSC’s SIGNED FOR NIOSI & GUDUMA BLOCKS OFFSHORE GABON ALBA FIELD • >1.2 bn boe produced to date •
Slide 15: Exciting Pipeline of Organic Growth Opportunities
EXCITING PIPELINE OF ORGANIC GROWTH OPPORTUNITIES COMMENTS 180 • Expect 2024 reserve replacement of >100% from new discoveries made offshore Gabon Multiple prospects 160 in Dussafu EEA • Substantial organic headroom in the portfolio ‐ Discovered reserves and resources 30 140 ‐ ILX resource opportuni
Slide 16: Key Messages
KEY MESSAGES Panoro’s outlook is one of higher production, lower capex, strong FCF generation, exciting organic growth catalysts and material shareholder returns W.I production bopd Capex (excl acquisition costs) USD MM TRANSLATE STRONG FUNDAMENTALS 11,000 to INTO MATERIAL AND SUSTAINABLE Lower capi
Slide 17: Webinar Housekeeping – Time for Questions
WEBINAR HOUSEKEEPING – TIME FOR QUESTIONS Your Participation › Please raise your hand to be unmuted for verbal questions. › Please continue to submit your text questions and comments using the Questions panel Raising your hands for un-muting! Ask questions here Hand Raising Button Slide 17 Panoro En
Slide 18: Contact details
Contact details 78 Brook Street London W1K 5EF United Kingdom Tel: +44 (0) 203 405 1060 Fax: +44 (0) 203 004 1130 Visit us at: panoroenergy.com