Panoro Energy ASA · OSL:PEN
Panoro Energy ASA — Q2 2011 Earnings Presentation
20 slides from Panoro Energy ASA's earnings presentation, Aug 11, 2011
Slide 1: Second Quarter 2011 Financials
Second Quarter 2011 Financials August 11, 2011
Slide 2: 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 3: Operational Review
Operational Review Kjetil Solbrække, CEO
Slide 4: Highlights
Highlights Second Quarter 2011 and subsequent events • EBITDA of USD 3.1 million • Oil discovery in the pre-salt Ruche-Marine-1 offshore Gabon • Maintenance of Manati platform risers • LOI for rig to drill on Round 9 licenses • Reorganisation of MKB Operator’s organisation 4
Slide 5: Attractive and balanced asset portfolio
Attractive and balanced asset portfolio E&P independent with South Atlantic focus Manati Aje BS-3 (Santos) Dussafu Offices: London, Rio, Oslo Congo MKB Santos Exploration Panoro license area 5
Slide 6: Exploration asset – Dussafu (33.33%)
Exploration asset – Dussafu (33.33%) Oil discovery at Ruche-Marine-1 Exploration portfolio • Oil discovery in two formations: Dussafu (Gabon) Operator Harvest Natural Resources (66.67%) – 30-40 MMbbls in the Gamba with Working Interest 33.33% Other Partners No others an estimated 6-15 MMbbls (100%)
Slide 7: Dussafu further potential
Dussafu further potential • Dussafu license (2,775 Km2) area over ten times the size each of the Round 9 blocks • First pre-salt discovery offshore Gabon in years • Etame analogue • Multiple other targets in the license DRM-1 Well • Gamba • Dentale • Madiela • Additional 3D seismic to be considered
Slide 8: Manati (10%)
Manati (10%) Production increasing into Q3-2011 Gross production MMm3/day BCAM-40 8,0 Manati (Brazil) 6,63 6,68 Operator Petrobras (35%) 5,86 5,58 6,0 4,52 Working Interest 10% 4,12 4,0 3,48 Other Partners Queiroz Galvão (45%), Brasoil (10%) 1st Prod 2007 2,0 Current stage Production 0,0 Q1-10 Q2-10
Slide 9: Mengo-Kundji-Bindi (20%)
Mengo-Kundji-Bindi (20%) On track to resume drilling in the third quarter MKB (Congo) MKB • Reorganisation in SNPC with new senior Operator SNPC - Congo National Oil Company (60%) Working Interest 20% management in place and MKB project Other Partners PetroCI (20%) team strengthened 1st Prod 2010 te
Slide 10: BS-3 area – Progress on the development plans
BS-3 area – Progress on the development plans Santos Basin developments - Cavalo Marinho (50%), Estrela do Mar (65%) BS-3 area (Brazil) • Amendment to Estrela do Mar POD Operator Petrobras (35-100%) Working Interest 35-65% recently filed with ANP providing more Other Partners Queiroz Galvão (0-15%),
Slide 11: Round 9 exploration blocks
Round 9 exploration blocks Drilling to commence in 2012 Round 9 (Brazil) BM-S-63, BM-S-71, BM-S-72 • Signed letter of intent with Transocean Operator Vanco (70%)* Working Interest 15%* for GSF Arctic I to drill three wells Other Partners Brasoil 15%* – Subject to final negotiations Net resources (MM
Slide 12: Growth opportunities in Brazil
Growth opportunities in Brazil Basins to be included in 11th Round • 11th license round coming up – Preparing for Equatorial margin offshore – Considering entering onshore Parnaíba Sergipe- • Pursuing farm-in opportunities Alagoas – Possible farm-outs by Petrobras Recôncavo and others • Exploit comp
Slide 13: Portfolio outlook
Portfolio outlook Indicative timelines 2011 2012 Activity Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Manati, Brazil Resume full production capacity MKB, Congo Pilot project testing & appraisal drilling Production build-up & appraisal Filing Cavalo Marinho, Brazil Concept selection FEED FID POD Estrela do Mar, Brazil F
Slide 14: Outlook
Outlook • Evaluation of additional drilling in Dussafu and development concept for Ruche-Marine-1 discovery • Resume full production capacity in Manati • Commence 4-6 well drilling program in MKB • BS-3 development concept • Signing rig contract for Round 9 licenses • Pursue growth opportunities in
Slide 15: Financial Review
Financial Review Anders Kapstad, CFO
Slide 16: Financial highlights
Financial highlights Q2-2011 and subsequent events • EBITDA of USD 3.1 million despite low production • Solid financial position – Cash position of USD 128.8 million, not incl. USD 15 million from Round 9 farm-out – Limited CAPEX commitments next 12 months – Carried on three exploration wells in Bra
Slide 17: Balance sheet
Balance sheet Per June 30, 2011 USDm Assets Equity and Liabilities 600 500 Cash & Short-term liabilities cash equivalents 400 Other current assets Long-term liabilities 300 200 Non-current assets Equity 100 0 17
Slide 18: Profit & Loss Statement (USD '000)
Profit & Loss Statement (USD ’000) Condensed consolidated statement of comprehensive income Q1-2011 Q2-2011 Oil and Gas revenue 8,611 7,820 Other income - - Total revenues and other income 8,611 7,820 Production costs (1,041) (1,393) Exploration and dry-hole costs (331) 91 General and administrative
Slide 19: P&L items Q2-2011
P&L items Q2-2011 Affected by non-cash items USDm 4,0 (1.3) 2,0 3.1 0,0 (4.1) -2,0 (1.4) 1.5 -4,0 -6,0 (7.4) (10.2) -8,0 -10,0 -12,0 EBITDA Depreciation Impairment Share-based Net interest Net other Warrant Net foreign Income tax Net income payments cost financial cost exchange expense 19
Slide 20: Second Quarter 2011 Financials – Q&A
Second Quarter 2011 Financials Q&A Please visit www.panoroenergy.com for more information