Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — H1 2021 Earnings Presentation
15 slides from Panoro Energy Asa's earnings presentation, Aug 24, 2021
Slide 1: H1 2021 Update
PANORO ENERGY ASA H1 2021 UPDATE August 25,2021
Slide 2: Disclaimer
Creating One of the World’s Leading Independent Listed African E&Ps 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, “forwar
Slide 3: H1 2021 Highlights
Creating One of the World’s Leading Independent Listed African E&Ps H1 2021 HIGHLIGHTS OPERATIONAL FINANCIAL STRATEGIC Pro-forma H1 2021 average daily oil production* Pro-forma H1 2021 revenue* Cash at bank at 30/06/21 251% 7,700 bopd 295% US$ 93.1 million (Working interest) US$105.8 million Complet
Slide 4: Acquisitions Drive Step-Change in Production
Creating One of the World’s Leading Independent Listed African E&Ps ACQUISITIONS DRIVE STEP-CHANGE IN PRODUCTION POST-ACQUISITION 2P+2C PRE-ACQUISITION 2P+2C Ongoing development 2C activities expected to 4.3 2P drive net production 36.2 2021 to >12,000 bopd in 2P 2C 16.6 69.7 development 2023 12.3 3
Slide 5: IFRS and Proforma H1 Performance
Creating One of the World’s Leading Independent Listed African E&Ps IFRS AND PROFORMA H1 PERFORMANCE CASH BALANCE RECEIVABLES GROSS NUMBER OF AT 30 JUNE FROM CRUDE REVENUE LIFTINGS EBITDA EBIT 2021* OIL SALES GROSS DEBT IFRS Reporting USD 5 int’l USD USD USD USD USD basis 34.9 million 4 domestic 28.
Slide 6: H1 2021 Reconciliation of Cash Flow
Creating One of the World’s Leading Independent Listed African E&Ps H1 2021 RECONCILIATION OF CASH FLOW USD MM 250.0 6.9 200.0 76.9 134.9 150.0 88.3 5.9 0.9 100.0 93.1 50.0 60.8 15.6 0.0 Cash at start period* Net cash from Proceeds from Proceeds of equity Investment in Acquisition costs Loan repayme
Slide 7: Prudent Capital Management
Creating One of the World’s Leading Independent Listed African E&Ps PRUDENT CAPITAL MANAGEMENT HEDGING Facility Maturity Amount Rate › 270,000 bbls hedged for November 2021 liftings. Split equally between Non recourse loan n/a USD 5.3 MM 7.5% p.a costless collar (USD 55/bbl floor and USD 69/bbl cap)
Slide 8: 2021 Capex and Liftings
Creating One of the World’s Leading Independent Listed African E&Ps 2021 CAPEX AND LIFTINGS NUMBER OF LIFTINGS 2021 CAPITAL EXPECTED FY 2021 EXPENDITURE 2.5 3.8 GUIDANCE # OF LIFTINGS H1 2021 H2 2021E GABON 10.0 USD 45 million 2021 ONWARD Tunisia international 2 ACTIVITIES 1 EQUATORIAL GUINEA 28.7 T
Slide 9: Equatorial Guinea
EQUATORIAL GUINEA H1 NET PRODUCTION 4,200 bopd (proforma basis) › Production in Equatorial Guinea averaged approximately 29,700 bopd gross and 4,200 bopd net in the first half of 2021 › Drilling of the first of three planned infill wells in the Okume Complex completed, encountering good quality oil
Slide 10: Gabon
GABON H1 NET PRODUCTION 2,100 bopd (proforma basis) › Successful completion of DTM-7H, the final horizontal production well of Phase 2, encountering high-quality oil-bearing sands. Completion and tie-in of the two wells (DTM-6H and DTM-7H) is underway, with first oil expected in early Q4 2021 › The
Slide 11: Tunisia
TUNISIA H1 NET PRODUCTION 1,350 bopd › Production in Tunisia averaged approximately 4,600 bopd gross and 1,350 bopd net in the first half of 2021 › Current production in excess of 5000 bopd, following a 10-day shut down of the Cercina field in August › Production growth activity in Tunisia to contin
Slide 12: South Africa
SOUTH AFRICA Exploration well › Planned spud before end of 2021 › Block 2B has significant contingent and prospective resources in shallow water close to shore and includes the A-J1 discovery from 1988 that flowed light sweet crude oil to surface › Gazania-1 will target two prospects in a relatively
Slide 13: Significant Newsflow Ahead
Creating One of the World’s Leading Independent Listed African E&Ps SIGNIFICANT NEWSFLOW AHEAD 2021 2022 Activity Comments Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Final well Tortue Phase 2 Gabon PRODUCTION WELLS 6 new wells Hibiscus/Ruche Phase 1 2022 Planned well 2021 in Hibiscus North; 2x EXPLORATION WELLS contin
Slide 14: Key Messages
Creating One of the World’s Leading Independent Listed African E&Ps KEY MESSAGES PRODUCTION NEAR TERM GROWTH TRIGGERS CASHFLOW 5 new Exploration Well in Strong free production wells Gabon Cashflow in process of being drilled/completed 2021 Exploration Fully financed for well Growth ~9,500 bopd South
Slide 15: Contact Details
PANORO ENERGY ASA 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