Petronor E&p Asa · OSL:PNOR
Petronor E&p Asa — Q3 2024 Earnings Presentation
14 slides from Petronor E&p Asa's earnings presentation, Nov 20, 2024
Slide 1: Q3 2024 Results Presentation
Q3 2024 Results Presentation 20th November 2024, Jens Pace (CEO) Tchendo well-head platform ready for deployment Q4 23
Slide 2: Disclaimer
Disclaimer This Presentation has been prepared by PetroNor E&P ASA (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 guarantee
Slide 3: Q3 Presentation
Q3 Presentation 1. Operational update 2. Financial performance 3. Portfolio overview 4. Plan for shareholder distribution 5. Summary 6. Q&A 3
Slide 4: Q3 2024: Improving production efficiency supporting record annual sales
Q3 2024: Improving production efficiency supporting record annual sales 000 bopd Average Net Working Interest Production 1) Performance update: 6.0 ➢ 2024 sales in H1 totalling 914 5.0 5.2 5.3 5.0 5.1 5.0 thousand bbls of entitlement oil with 4.7 4.8 an average price of USD 82.89/bbl. 4.0 ➢ Addition
Slide 5: 2024 Financial Delivery
2024 Financial Delivery: BALANCE SHEET HIGHLIGHTS Oil sales from barrels Cash at bank at Revenue for 9 months ended lifted 30 September 30 September Thousands 1,800 Scheduled USD 100.7 million USD 125.9 million 1,600 Q4 Lifting 31 December 2023: USD 46.2 million Q1 to Q3 2023: USD 112.6 million 1,40
Slide 6: 2024 - Use of cash in nine months to 30th September
2024 - Use of cash in nine months to 30th September Amounts in USD million 17.5 4.6 100.8 10.4 22.5 11.3 75.9 46.2 -3.2 Cash at 1 Oil sales Opex Capex Admin costs Working Debt Cash at 30 January 2024 capital repayments September movements 2024 6
Slide 7: Balanced portfolio across the E&P value chain
Balanced portfolio across the E&P value chain 1 Production base – Congo-Brazzaville – PNGF Sud/Bis > Gross field production of ~28,000 bopd > High margin production > Operated by Perenco , PetroNor 16.83% 2 Re-development – Nigeria – Aje Field (OML 113) > Consolidating licence position via acquisiti
Slide 8: Congo Production
Production base – Congo-Brazzaville – PNGF Sud/Bis 1 Congo Production Operational update PNGF Sud PNGF Bis ➢ Field complex with ~2.2 Bnbbls STOOIP and less than 500 mmbbls recovered to date ➢ Newly installed power generation at Tchendo yields fully autonomous PNGF Sud production operations with less
Slide 9: Tchibouela East infill well program
Reserves addition – Congo-Brazzaville – PNGF Sud/Bis 1 Tchibouela East infill well program Progress Contingent Resources to Reserves ➢ Cenomanian and Turonian reservoirs with Tchibouela East in-place volume of ~140 mmbo and recovery to date of only 11% in good reservoir quality reservoirs ➢ Three ho
Slide 10: Aje re-development as a gas field
Re-development – Nigeria – Aje Field (OML 113) 2 Aje re-development as a gas field Aje re-development planning is advancing ➢ Gross project appraised resource estimates: • 500 BCF Gas • 17 mmbbls Condensate • 33 mmbbls of LPG and Propane • >5 mmbls Oil ➢ Exploration upside in licence area ➢ Nearby d
Slide 11: West African high impact exploration – awaiting Atum-1X outcome
Exploration – large scale prospects 3 West African high impact exploration – awaiting Atum-1X outcome Attractive exploration opportunity ➢ The Gambia • Licence extended by 18 months from June 2024 • Progressing a technical work program on A4 licence with partner GNPC • A farm-out data-room is open w
Slide 12: Plan for shareholder distribution
Plan for shareholder distribution ➢ Strategy previously signalled to make excess cash available to shareholders during the AGM of 29 May 2024 with an initial distribution of USD 25 million. ➢ Following discussions with investigating authorities during September, the Company is moving forward with im
Slide 13: Summary
Summary: ➢ Increasing production and improving production efficiencies from Congo assets ➢ Infill drilling program to resume in 2025 to add reserves and production capacity ➢ Nigeria and The Gambia represent valuable options that can be progressed at modest cost in the near term ➢ Building a signifi
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