Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — Q1 2022 Earnings Presentation
16 slides from Panoro Energy Asa's earnings presentation, May 24, 2022
Slide 1: Q1 2022 Trading and Financial Update
PANORO ENERGY ASA Q1 2022 TRADING AND FINANCIAL UPDATE 25 MAY 2022
Slide 2: 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 Q1 2022 Trading an
Slide 3: Disclaimer
DISCLAIMER This presentation does not constitute an offer to buy or sell shares or other financial instruments of Panoro Energy ASA (“Company”). This presentation contains certain statements that are, or may be deemed to be, “forward-looking statements”, which include all statements other than state
Slide 4: First Quarter 2022 Highlights
FIRST QUARTER 2022 HIGHLIGHTS PERFORMANCE IN LINE WITH GUIDANCE OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS BALANCE SHEET Q1 2022 Working Interest Production Q1 2022 Realised Oil Price Cash at bank at 31/03/22 8,300 bopd USD 108/bbl USD 29.4 million Q1 2021: 2,400 bopd Q1 2021: USD 66/bbl 31/03/21:
Slide 5: Production Performance and Guidance
PRODUCTION PERFORMANCE AND GUIDANCE PANORO BENEFITS FROM A DIVERSIFIED PRODUCTION BASE CURRENT WORK PROGRAMME AND Working Interest bopd BUDGET EXPECTED TO DELIVER >12,500 13,000 BOPD DURING 2023 GABON 12,000 › Working interest production TUNISIA 11,000 averaged 8,300 bopd in Q1, EQUATORIAL GUINEA a
Slide 6: Annual Statement of Reserves
ANNUAL STATEMENT OF RESERVES PANORO IS UNDERPINNED BY A HIGH QUALITY AND LONG LIFE RESERVES AND RESOURCE BASE MMbbls MMbls Reconciliation of 2P reserves movement Equatorial Guinea Gabon Tunisia 50 40 47.5 MMbbls 35 2.4 30 45 25 6.8 23.9 20 35.8 15 40 2.8 10 35.8 MMbbls 5 12.3 35 0 5.2 2P at 31/12/20
Slide 7: Block G License Extension to End 2040
BLOCK G LICENSE EXTENSION TO END 2040 AN ESTIMATED 2-3 MMBBLS 2P RESERVES ADDITION NET TO PANORO NOT REFLECTED IN THE ASR PREVIOUS EXPIRY CURRENT EXPIRY › Adds an estimated 2-3 MMbbls working interest 2P reserves net to Panoro CEIBA 2029 2040 - 15% to 23% uplift to Block G 2P reserves of 13.2 MMbbls
Slide 8: Appointment of Country Managers
APPOINTMENT OF COUNTRY MANAGERS DEVELOPING THE ORGANISATION TO REFLECT PANORO’S ENLARGED PORTFOLIO OF PRODUCING ASSETS EQUATORIAL GUINEA GABON TUNISIA › Panoro’s Country Managers are nationals and permanent residents of the respective countries of operation › Responsible for Panoro’s day-to- day oil
Slide 9: Operations Update
OPERATIONS UPDATE PANORO HAS A DIVERSIFIED PORTFOLIO WITH STRONG ORGANIC GROWTH POTENTIAL EQUATORIAL GUINEA (Panoro: 14.25%) GABON (Panoro: 17.5%) TUNISIA (Panoro: 29.4%) 4,968 bopd WI production 2,030 bopd WI production 1,304 bopd WI production Operator: Trident Energy Operator: BW Energy Operator:
Slide 10: Operations Update
OPERATIONS UPDATE EXPLORATION DRILLING CATALYST IN SOUTH AFRICA AND RETURN OF NIGERIA SALE PROCEEDS TO SHAREHOLDERS SOUTH AFRICA (Panoro: 12.5%) NIGERIA (Panoro: 6.502% held for sale) BLOCK 2B SALE OF OML 113 (AJE) › The JV partners are continuing preparations for drilling of the Gazania-1 explorati
Slide 11: Reconciliation of Q1 2022 Cash Flow
RECONCILIATION OF Q1 2022 CASH FLOW ROBUST FINANCIAL POSITION USD MM 60 50 10.9 40 27.8 8.1 1.9 30 2.0 20 29.4 24.5 10 0 Cash at start period Net cash from operations Investment in producing Loan repayments Interest and fees Commodity hedges & other Cash at end period & E&A assets Q1 2022 Trading an
Slide 12: Debt Maturity Profile & 2022 Capex Budget
DEBT MATURITY PROFILE & 2022 CAPEX BUDGET CONSERVATIVE LEVERAGE PROFILE AND FULLY FUNDED CAPEX PROGRAMME PRIORITISING PRODUCTION AND DEVELOPMENT PROJECTS Facility Maturity Amount Rate 2022 FULL YEAR CAPITAL EXPENDITURE GUIDANCE Non recourse loan n/a USD 2.7 MM 7.5% p.a GABON 6 Senior secured loan 20
Slide 13: Crude Lifting Schedule
CRUDE LIFTING SCHEDULE REVENUE IS RECOGNISED AS LIFTINGS OCCUR Barrels 2022 FORECAST LIFTINGS: ~2.4 MMbbls 2022 CRUDE LIFTINGS 900,000 850,000 › Crude liftings are based on Panoro’s entitlement volumes after respective PSC terms have been applied, and will differ 800,000 750,000 from produced volume
Slide 14: Foundation for Shareholder Returns
FOUNDATION FOR SHAREHOLDER RETURNS BUILDING A LEADING PRODUCTION BUSINESS IN AFRICA › Diversified production base › Low cost barrels and long reserves life › Oil focus and price exposure › Excellent operators and JV partners › High production uptime and direct sale › Favourable PSC terms of product
Slide 15: Webinar Housekeeping – Time for Questions
WEBINAR HOUSEKEEPING – TIME FOR QUESTIONS RAISING YOUR HAND FOR UN-MUTING Questions Panel Hand Raising Button Hand Raising Button Q1 2022 Trading and Financial Update – 25 May 2022 Slide 15
Slide 16: Contact Details
CONTACT DETAILS 78 Brook Street London W1K 5EF United Kingdom Tel: +44 (0) 203 405 1060 Fax: +44 (0) 203 004 1130 info@panoroenergy.com