Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — Q1 2023 Earnings Presentation
16 slides from Panoro Energy Asa's earnings presentation, May 24, 2023
Slide 1: Q1 2023 Trading and Financial Update
PANORO ENERGY ASA Q1 2023 TRADING AND FINANCIAL UPDATE 24 MAY 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: First Quarter 2023 Results
FIRST QUARTER 2023 RESULTS OPERATIONAL HIGHLIGHTS Q1 2023 Working Interest Production Q1 Crude Oil Liftings Organic Reserve Replacement Ratio 6,320 bopd 782,920 barrels 92% Q1 2022: 8,300 bopd At average realised oil price of USD 76/bbl Primarily due to Block G licence extension FINANCIAL HIGHLIGHTS
Slide 5: Reserves and Contingent Resource Update
RESERVES AND CONTINGENT RESOURCE UPDATE Working Interest Reserves at 31 December 2022 Reconciliation of 2P reserves movement MMbls MMbbls 52.5 45 40 3.0 60 MMbbls 2.7 35 0.1 30 2.8 25 20 38.6 35.8 35.6 50 38.6 3.8 15 10 MMbbls 5.7 5 0 40 2P at 31/12/21 2022 Production New Revisions of 2P at 31/12/22
Slide 6: Production Performance and Guidance
PRODUCTION PERFORMANCE AND GUIDANCE Panoro benefits from a diversified production base Working Interest bopd 13,000 • Q1 2023 working interest GABON TUNISIA EQUATORIAL GUINEA 12,000 13,000 production averaged 6,320 bopd 11,000 • Reflects previously 2023 W.I. PRODUCTION GUIDANCE communicated shut-dow
Slide 7: 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 after respective PSC terms have been applied, and will differ Barrels 1,450,000 from produced volumes expressed on a working 1,500,000 interest
Slide 8: Debt Profile and Capex
DEBT PROFILE AND CAPEX USD 12.9 million debt principal repayments in Q1, full-year capex guidance USD 75 million Facility Maturity Amount (31/03/23) Rate • Tunisia senior secured facility refinanced into RBL facility post period end Non recourse loan - Repaid in full - • Drawdown of USD 15.3 million
Slide 9: Reconciliation of Q1 2023 Cash Flow
RECONCILIATION OF Q1 2023 CASH FLOW Robust financial position maintained USD MM 80 70 7.7 60 12.9 50 35.2 2.6 40 2.9 0.3 30 20 41.5 32.7 10 0 Cash at start period Net cash from operations Investment in producing Loan repayments Interest and fees Dividend paid Other Cash at end period (post tax) & E&
Slide 10: Growing Production in Gabon
GROWING PRODUCTION IN GABON Drilling campaign of six new production wells underway and new gas lift compression being installed Ownership DUSSAFU MARIN (PANORO 17.5%) Hibiscus Ruche phase I • Drilling of six consecutive Hibiscus Ruche Phase I production wells commenced in early January • First new w
Slide 11: Expanding in Equatorial Guinea
EXPANDING IN EQUATORIAL GUINEA Drilling of three new Block G production wells to commence in Q4 followed by one Block S exploration well in 2024 Ownership BLOCK G (PANORO 14.25%) • Rig contracted for a three well infill drilling campaign scheduled to commence in Q4 2023 • Ongoing ESP conversion prog
Slide 12: Akeng Deep Exploration Well Planned in 2024
AKENG DEEP EXPLORATION WELL PLANNED IN 2024 Infrastructure led exploration Projected Ceiba/Okume fields AKENG DEEP AKENG DEEP 180 MMbbls gross unrisked • Akeng Deep exploration well is planned to test a deeper Albian play • Targeting an estimated gross mean prospective resource of 180 Mmboe within t
Slide 13: Consolidation of Panoro's Tunisian Business
CONSOLIDATION OF PANORO’S TUNISIAN BUSINESS TPS assets contain one of Tunisia’s largest oil producing concessions TPS ASSETS (CERCINA) • New production opportunities include Ownership TPS ASSETS perforation and stimulation activities on three (GUEBIBA) further Cercina wells scheduled to commence TPS
Slide 14: Sustainability Reporting
SUSTAINABILITY REPORTING Panoro published its inaugural Sustainability Report alongside its 2022 Annual Report and Accounts • Panoro established a Sustainability Committee in 2022 • Embeds ESG performance and other sustainability matters in Panoro’s day to day business and growth strategy • A priori
Slide 15: Summary Conclusions
SUMMARY CONCLUSIONS • Value adding work programme comprising at least 10 wells in the next 12 months with options over additional rig slots • Excellent results at first of six new production wells in Gabon (new well stabilised at ~6,000 bopd gross) • Three well infill drilling campaign in Equatorial
Slide 16: Contact Details
CONTACT DETAILS 78 Brook Street London W1K 5EF United Kingdom Tel: +44 (0) 203 405 1060 Fax: +44 (0) 203 004 1130