Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — Q3 2023 Earnings Presentation
18 slides from Panoro Energy Asa's earnings presentation, Nov 29, 2023
Slide 1: Q3 2023 Results Presentation
PANORO ENERGY ASA Q3 2023 RESULTS PRESENTATION 29 NOVEMBER 2023 Visit us at: panoroenergy.com
Slide 2: Disclaimer
DISCLAIMER This presentation does not constitute an offer to These risks and uncertainties include, among buy or sell shares or other financial instruments others, uncertainties in the exploration for and of Panoro Energy ASA (“Company”). This development and production of oil and gas, presentation
Slide 3: 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 Slide 3 Panoro Ene
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS Q3 2023 production and revenue set new quarterly records for Panoro Q3 2023 HIGHLIGHTS SHAREHOLDER RETURNS Q3 2023 Reported revenue Q3 2023 EBITDA Q3 2023 Net profit / (loss) USD 107.3 million USD 64.8 million USD 27.9 million Q3 CASH DISTRIBUTION DECLARED OF Q2 2023: USD 5.7 mi
Slide 5: The Journey So Far
THE JOURNEY SO FAR CAPITAL INVESTMENT PHASE TO BUILD AND GROW RESERVES AND PRODUCTION FCF INFLECTION H2 2024+ 2024 EXPECTED RETURNS Greater flexibility for KEY INVESTMENTS: INCREASED CASH • NOK 400m to 500m (H2 weighted) enhanced shareholder DISTRIBUTION • Comprise quarterly cash distribution, retur
Slide 6: 2024 Shareholder Returns Policy
2024 SHAREHOLDER RETURNS POLICY Panoro is committed to delivering sustainable shareholder returns SPECIAL KEY FACTORS 2024 CORE DISTRIBUTION TARGET CASH • Based on realised oil AND SHARE price of USD 85 / bbl DISTRIBUTION DISTRIBUTION BUYBACKS (representing 2024 analyst consensus) and current FX rat
Slide 7: Group Drilling Summary and Highlights
GROUP DRILLING SUMMARY AND HIGHLIGHTS Panoro is in its most active phase of continual drilling 2023 2024 GABON 5th well now planned on Hibiscus (sequencing with Hibiscus South well TBC) Hibiscus W Awaiting casing materials. Current Ruche campaign comprises 1 Ruche well Hibiscus South (new discovery)
Slide 8: Production Performance and Guidance
PRODUCTION PERFORMANCE AND GUIDANCE Panoro benefits from a diversified production base Working Interest bopd 13,000 • Q3 2023 working interest group GABON TUNISIA EQUATORIAL GUINEA >13,000 12,000 production averaged 10,000 bopd 2023 W.I. PRODUCTION GUIDANCE 11,000 ~9,000 BOPD • Target of >13,000 bop
Slide 9: Crude Lifting Schedule
CRUDE LIFTING SCHEDULE Panoro expects to lift a materially higher volume in 2023 2023 FORECAST: ~3 MMbbls • Crude liftings are based on entitlement volumes 1,179,262 after respective PSC terms have been applied, and Barrels will differ from produced volumes expressed on a 1,200,000 working interest
Slide 10: Debt Profile and Capex
DEBT PROFILE AND CAPEX USD 13.2 million debt principal repayments in Q3, full-year capex guidance USD 75 million Amount drawn at Facility Maturity 30/09/23 Rate 2023 FULL YEAR CAPITAL EXPENDITURE GUIDANCE* RBL facility March 2026 USD 70.5 MM SOFR + 7.5% Advance payment facility n/a USD 13.5 MM SOFR
Slide 11: Reconciliation of Cash Flow to End Q3 2023
RECONCILIATION OF CASH FLOW TO END Q3 2023 Robust financial position maintained USD MM 160 140 13.5 120 14.8 47.0 100 3.0 80 26.1 80.6 60 7.8 9.5 1.2 40 47.0 32.7 20 0 Cash at 31/12/2022 Net cash from Net proceeds from Oil revenue Investment in Net acquisition costs Loan repayments Interest and fees
Slide 12: Gabon Update
GABON UPDATE Gross production at the Dussafu Marin Permit reached levels of almost 40,000 bopd with only four new Hibiscus wells onstream Ownership DUSSAFU MARIN (PANORO 17.5%) HIBISCUS RUCHE PHASE I • First four Hibiscus wells demonstrated excellent reservoir performance with rates per well of 6,00
Slide 13: Dussafu Marin Subsurface Is Exceeding Expectations
DUSSAFU MARIN SUBSURFACE IS EXCEEDING EXPECTATIONS Dussafu is a long-term asset with substantial organic upside potential PROLIFIC OIL PLAY UNLOCKED SIZEABLE RESERVES UNDERPIN PRODUCTION ORGANIC GROWTH HEADROOM MMbbls 300 • Panoro acquired new seismic in 2013 • Well results at Hibiscus field encoura
Slide 14: Equatorial Guinea Update
EQUATORIAL GUINEA UPDATE Three new Block G infill wells to add additional new volume in 2024 Ownership BLOCK S (PANORO 12%) Akeng Deep prospect Oveng BLOCK G (PANORO 14.25%) • Infrastructure led exploration infill well • Operated by Kosmos Energy OPERATIONS UPDATE • 2024 well to test deeper Albian O
Slide 15: Tunisia Update
TUNISIA UPDATE TPS assets contain one of Tunisia’s largest oil producing concessions TPS ASSETS (CERCINA) • New production opportunities include Ownership perforation and stimulation activities on three TPS ASSETS (PANORO 49%) further Cercina wells • Expected to commence in Q1 2024 TPS ASSETS • Q3 2
Slide 16: High Activity Levels and Multiple Upcoming Catalysts
HIGH ACTIVITY LEVELS AND MULTIPLE UPCOMING CATALYSTS • Targets of ultimately delivering 40,000 bopd gross at Dussafu and 13,000 bopd net group production unchanged • Results of new wells in Gabon have exceeded expectations (reservoir deliverability and size) • Electrical issues with ESPs at the Hibi
Slide 17: 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 Slide 17 Panoro En
Slide 18: Contact Details
CONTACT DETAILS 78 Brook Street London W1K 5EF United Kingdom Tel: +44 (0) 203 405 1060 Fax: +44 (0) 203 004 1130