Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — Q3 2024 Earnings Presentation
18 slides from Panoro Energy Asa's earnings presentation, Nov 20, 2024
Slide 1: Sustainable Foundations, A Resilient Future
SUSTAINABLE FOUNDATIONS, A RESILIENT FUTURE Panoro Energy Q3 2024 RESULTS 20 NOVEMBER 2024
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: Highlights
HIGHLIGHTS ~1.4 million barrels of crude oil lifted / to be lifted and sold in Q4 points toward 2024 becoming a year of record financial performance Q3 2024 HIGHLIGHTS Q3 2024 Working Interest Production Q3 2024 Reported Revenue Q3 2024 EBITDA Q3 2024 Capital Expenditure 9,401 bopd USD 36.0 million
Slide 5: Shareholder Returns
SHAREHOLDER RETURNS Distributions in line with Panoro’s stated 2024 Shareholder Returns Policy QUARTERLY CORE CASH DISTRIBUTIONS TRANSACTIONS UNDER THE APPROVED SHARE BUYBACK PROGRAMME • Share buyback programme for up to NOK 100 million extended to end 2024 • Q3 2024 cash distribution of NOK 50 mill
Slide 6: Production Target of >13,000 bopd Achieved
PRODUCTION TARGET OF >13,000 BOPD ACHIEVED Production targets have been achieved at both asset and group levels Working Interest bopd Production ramp up 13,000 GABON EQUATORIAL GUINEA TUNISIA Production contribution from • Current W.I production has reached additional wells to come >13,000 12,000 be
Slide 7: Crude Liftings and Sales
CRUDE LIFTINGS AND SALES Panoro expects to lift a materially higher volume of crude oil in 2024 • Positive crude oil inventory was 527,609 barrels at 30/09/24 • Panoro’s entitlement volume from production in the first 9 months of 2024 was 2,200,945 barrels • 9M 2024 average price realisation USD 80.
Slide 8: Debt Profile and Capex
DEBT PROFILE AND CAPEX Panoro maintains a conservative leverage profile and continues to invest in organic production and reserves growth • Additional capacity of USD 12 million utilised post period end Amount drawn at Facility Maturity 30/09/24 Rate − Provide short-term working capital through high
Slide 9: Reconciliation of Cash Flow for 9M 2024
RECONCILIATION OF CASH FLOW FOR 9M 2024 Robust financial position maintained USD MM 150 25.9 10.0 100 75.1 76.1 10.2 50 13.4 4.9 13.9 3.6 0.1 27.8 18.8 0 Cash at Net cash from RBL Proceeds from sale Investment in RBL Oil revenue Borrowing costs Distributions to Share buyback Other Cash at 31/12/2023
Slide 10: Gabon Operations Update
GABON OPERATIONS UPDATE Gross production has reached >40,000 bopd with high operational uptime Ownership DUSSAFU MARIN (PANORO 17.5%) Hibiscus Northern Flank (2024 discovery) • Hibiscus South Extension and Hibiscus Northern Flank discoveries • Estimated gross both onstream with lead times <6 months
Slide 11: Equatorial Guinea Operations Update
EQUATORIAL GUINEA OPERATIONS UPDATE Two new Block G infill wells adding additional volume Ownership BLOCK G (PANORO 14.25%) BLOCK G (Ceiba Field and Okume Complex) • C-45 infill well successfully put onstream at initial restricted gross • Gross production in Q3 2024 rate of >5,000 bopd averaged 23,0
Slide 12: Tunisia Operations Update
TUNISIA OPERATIONS UPDATE TPS assets contain one of Tunisia’s largest oil producing concessions TPS ASSETS (CERCINA) Ownership • New production opportunities include perforation and stimulation activities on three further Cercina wells TPS ASSETS (PANORO 49%) • The extension of Cercina Concession is
Slide 13: Exciting Pipeline of Organic Growth Opportunities
EXCITING PIPELINE OF ORGANIC GROWTH OPPORTUNITIES COMMENTS • Expect 2024 reserve replacement of >100% from new discoveries 200 Further ILX made offshore Gabon opportunities 180 • Substantial organic headroom in the portfolio in Dussafu EEA • Discovered reserves and resources Firm ILX wells Akeng Dee
Slide 14: High Impact ILX Wells in Current Campaigns
HIGH IMPACT ILX WELLS IN CURRENT CAMPAIGNS Firm infrastructure led E&A (“ILX”) wells in the Equatorial Guinea and Gabon drilling campaigns offer large potential upside at modest financial exposure EQUATORIAL GUINEA – AKENG DEEP Akeng Deep BLOCK S – ILX Well (PANORO 12%) Akeng Deep Prospect • Operate
Slide 15: New Blocks in Gabon and Equatorial Guinea
NEW BLOCKS IN GABON AND EQUATORIAL GUINEA Adding discovered resources and material prospectivity in close proximity to existing infrastructure PSC SIGNED FOR BLOCK EG-23 OFFSHORE EQUATORIAL GUINEA PSC’s SIGNED FOR NIOSI & GUDUMA BLOCKS OFFSHORE GABON ALBA FIELD • >1.2 bn boe produced to date • Opera
Slide 16: Key Messages
KEY MESSAGES Panoro’s outlook is one of higher production, lower capex, strong FCF generation, exciting organic growth catalysts and material shareholder returns W.I production bopd Production contribution from TRANSLATE STRONG FUNDAMENTALS INTO Capex (excl acquisition costs) USD MM additional wells
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 Visit us at: panoroenergy.com