Panoro Energy ASA · OSL:PEN
Panoro Energy ASA — Pareto Conference 2019
26 slides from Panoro Energy ASA's conference presentation, September 2019
Slide 1: Pareto Conference
Pareto Conference September 2019 www.panoroenergy.com
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: Panoro at a Glance
Panoro at a Glance Full-cycle oil and gas company with assets in Tunisia, Gabon and Nigeria Tunisia RECENT NEWS TOP SHAREHOLDERS # Shareholder # Shares (%) • Hydrocarbons encountered at Hibiscus Updip (Gabon) 1 KISTEFOS 6,193,549 9.90% • 2P reserves increase of 89% at Dussafu (Gabon) Nigeria 2 F2 FU
Slide 4: Team with a Strong Track-Record of Value-Creation
Team with a Strong Track-Record of Value-Creation EXECUTIVE MANAGEMENT TEAM BOARD OF DIRECTORS John Hamilton Qazi Qadeer Mr. Julien Balkany Ms. Alexandra Herger Chief Executive Officer Chief Financial Officer Chairman Joined 2014 Joined 2015 Joined 2010 Joined 2014 Mr. Torstein Sanness Mrs. Hilde Åd
Slide 5: Corporate Vision
Corporate Vision Continue to Unlock the significant build existing exploration potential production base in existing asset in Tunisia and Gabon base Review organic Constantly assess early and inorganic stage exploration growth initiatives opportunities Maintain Expand cooperation geographical with i
Slide 6: Active work program over next 12 months, and beyond
Active work program over next 12 months, and beyond 2019 2020 2021 Q3 Q4 Q1 Q2 Q3 Q4 GABON • Hibiscus Updip well drilling Q3 • 4 production wells at Tortue Exploration Well DHIMB1 TBD 2 options • Gross target > 20,000 bopd Q2/2020 Production Well 4 wells Phase 2 Phase 3 • Additional firm exploration
Slide 7: Key Metrics
Key Metrics 2019 Corporate Presentation Slide 7
Slide 8: Production Growth
Production Growth A transformation, with additional growth underway TOTAL DAILY NET PRODUCTION 2020 (bopd) Targeting 3,500 bopd 3,000 during the year* with Aje Dussafu TPS Assets upside potential >4,000 2,500 TPS Assets, 1,150 bopd • Targeting 25% increase by end 2019 2,000 • Additional 2020 opportu
Slide 9: Key Metrics @ $65 Brent
Key Metrics @ $65 Brent DUSSAFU (GABON) TUNISIA ~$23 Potential to decrease Opex per barrel ~$15 ~$12 through enhanced production Net backs can ~$30+ ~$20 increase during Net back higher production (After Opex and Tax) ~$28 2019 Corporate Presentation Slide 9
Slide 10: Gabon
Gabon The Dussafu Marin Permit Dussafu is operated by BW Energy Gabon and Panoro’s current interest in the license is 8.33%. There are five oil fields within the Dussafu Permit: Moubenga, Walt Whitman, Ruche, Ruche North East and Tortue. The latter three fields were discovered by Panoro and JV partn
Slide 11: The Tortue Field
The Tortue Field Panoro share 8.33% (Tullow back-in right would reduce share to 7.5%) PHASE 1 – ON PRODUCTION at ~12,000 BOPD 1H 2019 • Fast track development – from sanction to production in 18 months • Currently two subsea wells producing and tied back to BW Adolo • BW Adolo FPSO with 40,000 bopd
Slide 12: Evolution of 2P Reserves at Dussafu (Gabon) since January 2018
Evolution of 2P Reserves at Dussafu (Gabon) since January 2018 DUSSAFU RESERVES (million barrels) 70.0 60.0 25.4 50.0 Ruche & Ruche NE 40.0 30.0 2.2 20.0 40.9 40.9 1.2 35.1 10.0 23.5 0.0 Jan 2018 2018 Jan 2019 H1 2019 July 2019 July 2019 NSAI Production NSAI Production NSAI Inc. Ruche & Ruche NE 201
Slide 13: Dussafu Success Story: Past, Present and Future
Dussafu Success Story: Past, Present and Future 2037 • Sanction Phase 3 • Phase 3 Drilling • Develop existing discoveries (Walt Whitman, Moubenga) FUTURE PHASES • Further exploration (>10 additional prospects) • Further development 40 kbopd • FPSO capacity upgrade possible 2021 FUTURE 30 PHASE 3 kbo
Slide 14: Hibiscus Updip Prospect Spud August 2019
Hibiscus Updip Prospect Spud August 2019 Existing well (HIBM-1 well) at downdip location proved high Ruche NE quality Gamba sand Field A’ • Drilled by ARCO in 1991 based on 2D seismic DHIBM-1 • Live oil shows in drill cuttings and full diameter core • Good permeability measured in core High chance o
Slide 15: The Greater Ruche Development – The Next Step
The Greater Ruche Development – The Next Step • Ruche to add another +15,000 bopd* gross production - Ruche is the second development hub with FID expected H2 2019 - First oil expected Q4 2021 - 2018 discovery at Ruche NE added to hydrocarbon volumes • Wellhead platform to be tied back 16 km to BW A
Slide 16: Gabon: Significant Exploration Potential in the Dussafu Block
Gabon: Significant Exploration Potential in the Dussafu Block DISCOVERIES Target P50 Prospective Reservoir resources * Moubenga Dentale 6 Walt Whitman Gamba 8 Target P50 Prospective EXPLORATION PROSPECTS Reservoir resources * Hibiscus updip Gamba 12 Mupale Gamba 19 Espadon (Ruche updip) Gamba & Dent
Slide 17: Tunisia
Tunisia The Sfax Offshore Exploration Permit, containing the Ras El Besh Concession, lies in the prolific oil and gas Cretaceous and Eocene carbonate platforms of the Pelagian Basin offshore Tunisia. The TPS Assets comprise five oil field concessions in the region of the city of Sfax, onshore and sh
Slide 18: TPS Tunisia
TPS Tunisia Existing infrastructure is unique solution to commercialise Sfax discoveries TPS ASSETS TPS set of assets is one of the main oil producing fields in Tunisia • Estimated to contribute ~9% of Tunisia's liquid production Cumulative oil production of 52.7 mmbbls • In production since 1981 (G
Slide 19: Enhancing TPS Production Levels
Enhancing TPS Production Levels The opportunity to bring assets back to historical levels OIL PRODUCTION ALL TPS FIELDS, bopd 10,000 Assets have historically produced in excess of 6000 bopd ACTIVITY SUITE 9,000 El Hajeb Period of low oil prices 8,000 Period of under investment Guebiba Enhancing prod
Slide 20: TPS Well Activities (and Proposed SMW-1)
TPS Well Activities (and Proposed SMW-1) ELAIN-03 workover In progress ELAIN-01 workover Late 2019 SMW-1 Well Proposed Dec 2019 GUE-7 injectivity test Contingent 2020 GUE-02 workover Completed July RHE-1 workover Completed August GUE-05 workover GUE-10 sidetrack Contingent 2020 Early 2020 (contingen
Slide 21: Tunisia: Salloum Structure – Bireno Depth Map
Tunisia: Salloum Structure – Bireno Depth Map Exploration well to spud at end of 2019 • SMW-1 to be drilled as a deviated well from onshore location SMW-1 • Targeting fault compartment updip from the SAM-1 discovery well - British Gas drilled SAM-1 in 1991 - Oil discovery, short test at 1800 bopd •
Slide 22: Tunisia: Future Upside Activity at Sfax Offshore Exploration Permit
Tunisia: Future Upside Activity at Sfax Offshore Exploration Permit El Ain 01 and Salloum El Ain 03 workovers Salloum West well Cercina Infill Drilling Substantial 3,228 km2 and eventual extended exploration permit production test offshore Tunisia • 400 million barrels already Chergui South Appraisa
Slide 23: Environmental, Social and Governance
Environmental, Social and Governance CORPORATE SOCIAL ENVIRONMENT RESPONSIBILITY VISION We are committed to understanding, managing and reducing Panoro’s mission is to deliver superior returns to the environmental impact of our activities and to implement We have a commitment internationally recogni
Slide 24: Outlook
Outlook High levels of 3-5 exploration 4 development operational activity wells, including wells at Tortue for next 12 months Hibiscus Updip and and beyond Salloum West Production Focus on managing Continued focus enhancements in an ethical and safety shareholder value Tunisia conscious company crea
Slide 25: Questions and Answers
Questions and Answers Q&A Corporate Presentation Slide 25
Slide 26: Contact Details
Contact Details: PANORO ENERGY 78 Brook Street London W1K 5EF United Kingdom Tel: +44 (0) 203 405 1060 Fax: +44 (0) 203 004 1130 info@panoroenergy.com