Slide 1: Company Presentation Q3 2020
Company Presentation Q3 ‐ 2020 March 2020
Slide 2: Disclaimer
Disclaimer This Presentation has been prepared by PetroNor E&P Limited (Company). Investment risk An investment in the Company shares is subject to investment and other known and unknown risks, Summary information some of which are beyond the control of the Company Group. The Company does not guaran
Slide 3: Q3 Highlights
Q3 Highlights Production in PNGF Sud continues to grow despite delayed infill drilling program Growth Re‐instated a strong exploration portfolio Continue to deliver a solid EBITDA despite Financials depressed oil price Registered with the Extractive Industries Governance Transparency Initiative (EIT
Slide 4: PetroNor – Company Overview
PetroNor – Company Overview PetroNor is a full‐cycle Africa‐focused independent Portfolio Overview > Current production of ~2,650 bopd – targeting a ten‐fold increase by YE‐2023 > Strong ambitions of further regional growth with focus on Sub‐Saharan Africa > Experienced management team with proven t
Slide 5: Financials - Q3 2020
Financials ‐ Q3 2020 Nine months to Highlights Q3 2020 30 Sep 2020 > Maintained positive EBITDA in year to date despite reduction in oil prices Total revenue Total revenue during spring and summer with strict cost discipline during the ongoing USD 30.3m USD 50.7m (2019: USD 48.1m) (2019: USD 76.4m)
Slide 6: Congo Brazzaville
Congo Brazzaville
Slide 7: Congo Brazzaville – Country Overview
Congo Brazzaville – Country Overview Various Woodmac sources Country fundamentals > Large number of opportunities in Contingent resources and Exploration Licensing > A combination of a mature province and underexplored opportunities > Attractive fiscal terms compared to country’s peers > Oil product
Slide 8: Production Base – PNGF Sud
1 2 3 Production Base – PNGF Sud1 High Margin Producer With Growth Potential '000 bopd gross mmbbl > Mature oil asset which came on stream in 1987 and holds 30 140 25 120 a significant remaining potential 100 20 > Located in shallow waters (80‐100m) with significant 80 15 infrastructure in place 10
Slide 9: 2017-2020 PNGF production and cost
2017‐2020 PNGF production and cost 2017 – 2020 PNGF production growth > Production has increased from <15 30 Reserves increase by 15‐23 kbopd ~30 mmbo+6+7+8+8 ‐‐> 59 mmbo kbopd late 2016 to 22.9 kbopd in Equivalent CAPEX/bbl = 44/59 ‐‐> $0.8/bbl 2020 25 > CAPEX ($44m) related to current Oil producti
Slide 10: Budget discipline - OPEX
Budget discipline ‐ OPEX 16 13.3 14 0.2 11.5 11.9 11.0 11.2 11.4 10.9 12 11.0 OPEX/bbl, USD 3.3 0.3 0.3 0.5 0.2 0.2 0.3 0.4 10 1.8 0.4 0.0 3.1 2.6 2.7 2.4 1.8 0.1 0.5 3.5 0.6 0.0 0.1 0.3 0.1 0.2 0.1 0.6 8 1.1 0.8 0.6 0.0 0.1 0.6 0.6 0.0 0.1 0.2 0.2 0.5 0.0 0.1 0.3 0.0 0.1 0.2 0.1 0.4 0.1 0.0 0.1 0.3
Slide 11: 2020 PNGF production
2020 PNGF production PNGF Sud 2020 30,000 PNGF continue to perform above expectations 25,000 Production, bopd 20,000 > The average 2020 production inclusive Q3 is 15,000 10,000 22,957 bopd including allocation corrections 5,000 for the year 0 > Corresponds to increase of 4% from the average 2019 pro
Slide 12: PNGF Sud: Upcoming Drilling Program to Fuel Production Growth
1 2 3 PNGF Sud: Upcoming Drilling Program to Fuel Production Growth Litanzi Infill Drilling Program Approved Drilling Targets > Infill drilling targeting proven undeveloped reserves in un‐swept fault terraces – Currently one producing well and one water injector – Targeting to increase production fr
Slide 13: PNGF Bis – Near Field Opportunity Adjacent to PNGF Sud
1 2 3 PNGF Bis – Near Field Opportunity Adjacent to PNGF Sud Near Field Development tie‐back to PNGF Sud > Located ~11km from existing PNGF Sud fields, containing Operator the Louissima discoveries – gross 2C contingent 14.7% 1 15% resources of 29 mmbbl 57% > PetroNor has right to enter the license
Slide 14: The Gambia, Senegal and Guinea Bissau
The Gambia, Senegal and Guinea Bissau
Slide 15: West African Exploration Hotspot – the MSGBC Basin
West African Exploration “Hotspot” – the MSGBC Basin Exploration Hotspot > The MSGBC Basin > Mauritania ‐ Senegal ‐ Gambia ‐ Guinea Bissau ‐ Guinea Conakry > Extensive drilling activity expected in the region – BP : Gambia, A1 – FAR / Petronas : Gambia, A2 – CNOOC / Impact : AGC – PetroNor / FAR : G
Slide 16: Sangomar Field Operated by Woodside – First Oil 2023
Sangomar Field Operated by Woodside – First Oil 2023 APCL 2017 16
Slide 17: Guinea Bissau – Sinapa and Esperança
Guinea Bissau – Sinapa and Esperança Attractive licenses acquired from SPE > PetroNor acquired the SPE Guinea Bissau AB from Svenska > A significant addition to the MSGBC portfolio > The Sinapa license (Block 2) > The Esperança license (Block 4A and 5A) > 78.6% and Operator in both licenses Atum pro
Slide 18: Guinea Bissau Atum/Anchova Prospect Similar to Sangomar Field in Senegal
Guinea Bissau ‘Atum/Anchova’ Prospect Similar to Sangomar Field in Senegal Courtesy Svenska Petroleum Exploration 18
Slide 19: The Gambia Block A4 Prospectivity
The Gambia Block A4 Prospectivity APC Corporate Presentation FAN‐1 Discovery SNE‐1 Discovery BP Rosewood Senonian 208 mmbo* Rosewood‐Acacia Deep 447 mmbo+ A4 Lamia Albian 460 mmbo+ APC Corporate presentation 2017 Acacia Senonian Aptian 1140 mmbo* 137 mmbo* 19 19
Slide 20: Nigeria
Nigeria
Slide 21: Nigeria – Country Overview
Nigeria – Country Overview Various Woodmac sources Country fundamentals > Largest liquid producer in Africa at ~2.2 million b/d > Gas production at 8 bcf/d of which 30% is flared, 70% of sales to NLNG, 30% to domestic market > First commercial oil discovery in 1956 at Shell D’Arcy’s Oloibiri field i
Slide 22: The Aje Field: Intention to Revitalize License
1 2 3 The Aje Field: Intention to Revitalize License Key redevelopment Aje field location and partnership overview > Producing asset1 with significant upside potential to be unlocked through new partnership and different technical approach > During Q4 2019, PetroNor acquired an interest in OML 113 t
Slide 23: Targeting Improved Gas and Condensate Recovery
1 2 3 Targeting Improved Gas and Condensate Recovery Forward Plan for Aje New field development Bring‐in new FPSO with increased gas > 2021: Drilling of two new gas producers and one oil processing capacity producer (in addition to the existing two wells) – Expected to increase production to 15 kboe
Slide 24: PetroNor Flare Gas Reduction Initiative
PetroNor Flare Gas Reduction Initiative Partnership with Aragon on Gas Technology Prequalified together with Aragon for the ongoing flare‐gas tender in Nigeria 24
Slide 25: PetroNor – Company Overview
PetroNor – Company Overview PetroNor is a full‐cycle Africa‐focused independent Portfolio Overview > Current production of ~2,650 bopd – targeting a ten‐fold increase by YE‐2023 > Strong ambitions of further regional growth with focus on Sub‐Saharan Africa > Experienced management team with proven t
Slide 26: PetroNor E&P
P. PETRONOR E&P