Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — H1 2020 Earnings Presentation
19 slides from Panoro Energy Asa's earnings presentation, Aug 27, 2020
Slide 1: First Half 2020 Results
First Half 2020 Results 27 August 2020 www.panoroenergy.com
Slide 2: Disclaimer
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, “forward-looking statements”, which include all statements other than state
Slide 3: 2020 YTD and 2Q Highlights: Stable and Positioned for Growth
2020 YTD and 2Q Highlights: Stable and Positioned for Growth OPERATIONAL FINANCIAL • Record quarterly production • Gross revenue of $8.5 million for the achieved in Q2 first six months of 2020 • Hibiscus (Gabon) discovery • Positive EBITDA and Operational Cash could be 3x larger Flow (inc hedges) de
Slide 4: Macro: Market Signs of Recovery
Macro: Market Signs of Recovery LT forecast for oil majors BRENT FUTURES CURVE • ENI's planning for 2020 is US$45/bbl and US$55/bbl in 2021 • BP LT oil price $55/bbl 60 • Shell LT oil price $60/bbl BRENT 12m ago 55 Bank pricing decks BRENT Now • Bank lending price decks point to ca $50 in 2021 BRENT
Slide 5: Hedging: $2.7 million in first half realized gains
Hedging: $2.7 million in first half realized gains 2020 2021 20,200 bbls per month Settled Collars of $55 Additional Gains/loss MTM of First class Taxed outside monthly on floor and 24,000 swap on P&L $5.5 million counter- petroleum Dated Brent $61 cap in July 2020 after EBIT at end Q2 party regime
Slide 6: Gabon Update May (Panoro 7.5% working interest)
Gabon Update May (Panoro 7.5% working interest) KEY Q2 INFO • Gross production of 16,000 bopd during quarter (net 1200) • Four wells in production • 2020 production range of 15,000-16,000 bopd RUCHE EEA AREA (net 1,125-1,200) • Opex per bbl of $17-18/bbl DUSSAFU MARIN for 2020 Second Quarter 2020 Sl
Slide 7: Dussafu has an outstanding drilling success rate
Dussafu has an outstanding drilling success rate 14 Consecutive Successful Well Penetrations (2011-2020) DTM 2-H DTM 4-H & 5-H RUCHE TORTUE 3D SEISMIC RUCHE NE HIBISCUS PRODUCTION DTM 3-H PRODUCTION DISCOVERY DISCOVERY DISCOVERY DISCOVERY WELL WELLS 2011 2013 2014 2018 2018 2018 2019 2019/20 + + + +
Slide 8: Dussafu Next Steps
Dussafu Next Steps Ruche NE Hibiscus Ruche Adolo FPSO Tortue TORTUE PHASE 2 RUCHE PHASE 1 EXPLORATION • Bring DTM-6H online • Await COVID/macro improvement • Multiple projects and leads • Drill DTM-7H • Re-sanction project • 281 million mmbo gross unrisked • Achieve >20,000 bopd gross • Explore cost
Slide 9: Hibiscus Field Growth Potential
Hibiscus Field Growth Potential • 3D seismic data acquired by Panoro in Hibiscus Structure Map – 2020, reprocessed seismic 2013 has now been re-processed with modern Pre-Stack Depth Imaging Mupale • Operator’s mapping suggests possibility Area of larger structure at Hibiscus linking Mupale and Hibis
Slide 10: Prospective Resources
Prospective Resources 1 Large inventory of exploration prospects and leads Dussafu discoveries and drilling prospects (mmboe) DISCOVERIES TARGET RESERVOIR P50 CONTINGENT RESOURCES 1 Walt Whitman Gamba 13 Moubenga Dentale 6 EXPLORATION PROSPECTS TARGET RESERVOIR P50 PROSPECTIVE RESOURCES 1 Hibiscus N
Slide 11: Tunisia Update May (Panoro 29.4% working interest in production)
Tunisia Update May (Panoro 29.4% working interest in production) KEY Q2 INFO • Gross production of 3,900 bopd in Q2 (net 1,130) PANORO ASSETS • Focus on near term production activities • Opex per barrel <$15/bbl • Q3 production affected by two wells offline for routine maintenanNce (now being restor
Slide 12: TPS Production
TPS Production Key Events Driving TPS Production Over the Past Year Asset review; ranking quick wins, longer term Operational development activity: well workovers; mobilising rigs for drilling operations; developments; operational planning subsurface modelling for future field development COVID-19 P
Slide 13: Summary of Operational Activity June -August
Summary of Operational Activity June -August Restoring Production Activities Activity Status Comment Restored Production Cercina #2 Completed Pump expired; replaced August (~500 bopd) ~4,000 Restoring Production Guebiba #3 In Preparation Pump expired; being replaced bopd (~500 bopd) Current New Prod
Slide 14: Cercina
Cercina Example of pump replacement offshore, completed July, restored 500 bopd in August which had been lost in July El Ain Cercina Rhemoura Guebiba Second Quarter 2020 Slide 14
Slide 15: Two Rigs at Guebiba: Workovers and New Drilling
Two Rigs at Guebiba: Workovers and New Drilling First new drilling activity in TPS assets for 5 years, targeting 500 bopd Guebiba 10 operations commenced August Sidetrack from original well bore Targeting Bireno reservoir Success Case Guebiba 10: production of 500 bopd Timing for G10: October Timing
Slide 16: Subsurface Work: Part 1 Guebiba Field
Subsurface Work: Part 1 Guebiba Field Panoro and ETAP have been working on Remapping and Updating Models for the TPS fields, starting with Guebiba • First integrated static and dynamic modelling exercise since 2015 • Static models built for the Douleb and Bireno reservoirs of Guebiba • Dynamic model
Slide 17: Further Corporate Updates
Further Corporate Updates FOR BLOCK 2B IN SOUTH AFRICA FOR OML 113 (Aje) SOUTH AFRICA • The application process to the Ministry is submitted • Production has continued, with some limited shut in periods • Approval timetable not clear but expectation is during Q3/4 • Cost savings being implemented by
Slide 18: Strong Organic Growth Outlook
Strong Organic Growth Outlook PRODUCTION CORPORATE • Dussafu - Hook up DTM-6H • Solid balance sheet • Drill DTM-7H • Low cost production • Ruche Phase 1 • Supportive shareholders and lender • Tunisia - Bring on work over wells • Dividend PetroNor Shares (Subject to Completion) • Additional activitie
Slide 19: Contact Details
Contact Details: PANORO ENERGY 78 Brook Street London W1K 5EF United Kingdom Tel: +44 (0) 203 405 1060 Fax: +44 (0) 203 004 1130 info@panoroenergy.com