Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — Q4 2021 Earnings Presentation
16 slides from Panoro Energy Asa's earnings presentation, Feb 22, 2022
Slide 1: Q4 2021 Trading and Financial Update
PANORO ENERGY ASA Q4 2021 TRADING AND FINANCIAL UPDATE 23 FEBRUARY 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 Q4 2021 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: Results Highlights
RESULTS HIGHLIGHTS PERFORMANCE REFLECTS INCREASED PRODUCTION RESULTING FROM THE TULLOW ACQUISITIONS AND OIL PRICE TAILWIND FY 2021 HIGHLIGHTS Q4 2021 HIGHLIGHTS BALANCE SHEET Pro-forma FY 2021 revenue* Q4 2021 revenue Cash at bank at 31/12/21 US$188.6 million US$81.0 million US$ 24.5 million FY 2020
Slide 5: IFRS & Pro-forma 2021 Financial Performance
IFRS & PRO-FORMA 2021 FINANCIAL PERFORMANCE PERFORMANCE REFLECTS INCREASED PRODUCTION RESULTING FROM THE TULLOW ACQUISITIONS AND OIL PRICE TAILWIND RECEIVABLES GROSS NUMBER OF CASH BALANCE FROM CRUDE REVENUE LIFTINGS EBITDA EBIT AT 31 DEC 2021 OIL SALES GROSS DEBT IFRS Reporting USD 9 int’l USD USD
Slide 6: 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 BOPD DURING 2023 › Working interest production 13,000 averaged 7,582 bopd (pro- GABON 12,000 forma basis) in 2021 and TUNISIA FUL
Slide 7: 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%) 4,261 bopd (proforma basis) 1,982 bopd (proforma basis) 1,339 bopd Operator: Trident Energy Operator: BW Energy Operator: TPS › T
Slide 8: Operations Update
OPERATIONS UPDATE PANORO HAS A DIVERSIFIED PORTFOLIO WITH STRONG ORGANIC GROWTH POTENTIAL NIGERIA (Panoro: 6.502% held for sale) GABON (Panoro: 25.0% provisional award) SOUTH AFRICA (Panoro: 12.5%) SALE OF OML 113 (AJE) G12-13 & H12-13 BLOCK 2B › Post period end in January all government › In Octobe
Slide 9: Reconciliation of 2021 Cash Flow
RECONCILIATION OF 2021 CASH FLOW USD 39.8 MILLION RECEIVABLES FROM DECEMBER 2021 LIFTINGS NOT REFLECTED IN REPORTED YEAR END CASH BALANCE USD MM HEDGING TO PROVIDE CASH FLOW 250 ASSURANCE › 600 bopd hedged in 2022 with costless collars (USD 56/bbl floor and USD 65.5/bbl cap) 200 35.6 › Rolling hedgi
Slide 10: 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 2021 CAPITAL EXPENDITURE 2 Non recourse loan n/a USD 4.5 MM 7.5% p.a GABON 10 EQUATORIAL GUINEA Senior secured loan
Slide 11: Crude Lifting Schedule
CRUDE LIFTING SCHEDULE REVENUE IS RECOGNISED AS LIFTINGS OCCUR › Crude liftings are based on entitlement volumes after respective PSC terms have been applied, and will differ from produced volumes expressed on a working interest basis 2021 ACTUAL: 1.58 MMbbls 2022 FORECAST: ~2.4 MMbbls Barrels 1,200
Slide 12: 2022 Cash Flow
2022 CASH FLOW PORTFOLIO CAPABLE OF SECTOR LEADING FREE CASH FLOW GENERATION 2022 FREE CASH FLOW BASED ON GUIDANCE MID-POINT SUSTAINABLE CASH DIVIDEND Consider share buy USD MM backs as complementary 120 35% mechanism 31% 30% 100 24% 25% SUSTAINING 80 AND ORGANIC CAPITAL DEBT SERVICE 20% GROWTH CAPE
Slide 13: Capacity to Grow Cash Flow & Returns
CAPACITY TO GROW CASH FLOW & RETURNS OUTLOOK OF ROBUST FREE CASH GENERATION AND YIELD EXPANSION 2022 12 MONTHS 2023 36 MONTHS 2025 CURRENT WORK + HIBISCUS / PROGRAMME & BUDGET RUCHE PRODUCTION FREE CASH FLOW / FCF YIELD FREE CASH FLOW / FCF YIELD 2022 – 2025 FREE CASH FLOW USD 65/BBL USD 55 MM / 17%
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 Q4 2021 Trading and Financial Update – 23 February 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