Petronor E&p Asa · OSL:PNOR
Petronor E&p Asa — Investor Presentation (November 2019)
24 slides from Petronor E&p Asa's investor presentation, November 2019
Slide 1: Corporate Presentation
Corporate Presentation November 2019
Slide 2: Disclaimer
Disclaimer This Presentation has been prepared by PetroNor E&P Limited (Company). Investment risk An investment in the Company shares is subject to investment and other known and unknown Summary information risks, some of which are beyond the control of the Company Group. The Company does not This P
Slide 3: Company Overview
Company Overview 3
Slide 4: Company Overview
Company Overview > Full cycle Sub-Saharan Africa focused independent Portfolio Footprint > Diversified portfolio: 4 countries, 6 licences Gambia/Senegal > Listed on Oslo Axess since May 2014 > Supportive strategic shareholder: Petromal, part of the Abu Dhabi based National Holding Group > Active ret
Slide 5: PetroNor History
PetroNor History 2016 2017 2019 2020 onwards Hemla and Petromal joined Entered 2017 with PNGF Sud Completed business combination Develop PNGF Sud, initially through 2020 forces gross production of circa with African Petroleum Corp and infill drilling program 14,000 bbl/d re-listed as PetroNor on Osl
Slide 6: Experienced Board and Management Team
Experienced Board and Management Team Jens Pace: CEO & Executive Director Stephen West: CFO & Executive Director > 30 years at BP, and heritage company Amoco, gaining E&P leadership > 25+ years of financial and corporate experience from public practice, experience in Africa, Europe and Russia oil &
Slide 7: Company Mission
Company Mission “ Full cycle, Sub-Saharan focused E&P company focused on growing production and reserves by leveraging existing assets to capitalise on new venture opportunities combined with targeted high impact exploration. With strategic and long term shareholders from Abu Dhabi and Norway, Petro
Slide 8: Proven Ability to Deliver Shareholder Value
Proven Ability to Deliver Shareholder Value PetroNor Value Creation Case Example Demonstrated Ability to Create Shareholder Value USDmm > ~29x Return On Investment in less than three years on PNGF Sud 150 > Determined to continue value accretive growth from both organic and inorganic growth opportun
Slide 9: New Ventures: Targeting Transformational Growth
New Ventures: Targeting Transformational Growth > Focused on production enhancement and targeted Reserves BnBoe exploration opportunities in Sub-Saharan Africa >20 5.0 – 20 0.5 – 5.0 > Leveraging expertise in improved recovery and gas monetisation to identify undeveloped potential in currently produ
Slide 10: Strong ESG Commitment
Strong ESG Commitment Environmental Social Governance > We strive to minimize any adverse > Our commitment to operating > We adhere to best practice corporate impact on the environment responsibly is evidenced by a history governance standards > We always undertake Environmental of social projects u
Slide 11: Asset Overview
Asset Overview
Slide 12: Diversified Portfolio in Sub-Saharan Africa
Diversified Portfolio in Sub-Saharan Africa SENEGAL2 Net un-risked Prospective Resources BUSINESS 1,779mmbbls DEVELOPMENT 2 licences: 14,216km2 (net) Focusing on 90% WI opportunities onshore and offshore Sub-Saharan Africa THE GAMBIA2 Net un-risked Prospective Resources NIGERIA3 3,079mmbbls Producti
Slide 13: Portfolio Overview
Portfolio Overview High Margin Production From Congo-Brazzaville Assets Resource and Production Overview > Net production of ~2,300bbl/d (OPEX ~USD 12/bbl) Net Resources (mmboe) Net Production 2P 2C Prospective bbl/d > 2018 free cash flow from operations of USD 11.5M Congo Brazzaville – PNGF Sud & P
Slide 14: Congo-Brazzaville: PNGF Sud (10.5% net interest)
Congo-Brazzaville: PNGF Sud (10.5% net interest) > New license group from 1 January 2017 with Operator Continent 20% 1 10% 10% Perenco as new operator - production Congo S.A. increased 50% combined with significant cost 40% 15% 5% improvements > Shallow waters (80-100m) - seven steel jackets as dril
Slide 15: Congo-Brazzaville: PNGF Sud – Litanzi Infill Drilling Program
Congo-Brazzaville: PNGF Sud – Litanzi Infill Drilling Program > Litanzi currently developed by one producing well and one water injector drilled from the Tchendo platform > Current production 1,100 bbl/d gross (115 bbl/d net) with ~9 mmbls recovered from a STOIIP of 54-74 mmbls > Infill drilling com
Slide 16: Congo-Brazzaville: PNGF Bis (14.7% net interest)
Congo-Brazzaville: PNGF Bis (14.7% net interest) Operator 57% > Adjacent to PNGF Sud, containing the Louissima and Louissima SW discoveries > Louissima SW 2C Resource estimate of 29 mmbbls of 41o API oil in 2019 CPR 28%1 > PetroNor has right to enter the licence with operator (Perenco) subject to 15
Slide 17: Nigeria: OML 113 (Aje Field) – Transaction Summary
Nigeria: OML 113 (Aje Field) – Transaction Summary Transaction Rationale Partners > Low cost entry ticket via acquisition of Panoro’s Nigerian entities to access significant proven resource potential > USD 10M payable in PetroNor shares 1 for – 34% participating interest in OML 113 – PetroNor econom
Slide 18: Nigeria: OML 113 (Aje Field) – Forward Plan
Nigeria: OML 113 (Aje Field) – Forward Plan Production Profile Current Status and Challenges 18 > Underperforming field with material potential 16 > History of disputes between shareholders 14 Gross production (‘000 boe/d) 12 Value Creation Opportunities 10 > Updated field development plan 8 > Align
Slide 19: The Gambia and Senegal – Disputed High Impact Assets
The Gambia and Senegal – Disputed High Impact Assets History > Early entry into The Gambia / Senegal margin as a high risk frontier exploration opportunity > 90% working interest in Senegal, 100% The Gambia 1 > USD 100M invested historically on seismic, technical work and licence fees > Multiple pro
Slide 20: Summary
Summary > Sub-Saharan Africa focused E&P independent with proven track record > Full-cycle platform with significant upside > Near term reserves and production growth from existing assets > Strong operational experience and partnerships > Extensive network in Africa ensuring strong deal pipeline > T
Slide 21: Appendix
Appendix
Slide 22: Strategic Partner – Petromal
Strategic Partner – Petromal Introduction > Petromal is the energy arm of The National Holding group (NH) • An integrated oil & gas company focused on the Upstream and which is a multi billion USD entity and one of Abu Dhabi's Downstream while developing services to the industry through direct leadi
Slide 23: Congo-Brazzaville: Strong Production and Upside Potential
Congo-Brazzaville: Strong Production and Upside Potential PNGF SUD • 2P reserves: 10.8 mmbbl1 Production Outlook (net to PetroNor) Reserves & • 2C resources: 3.1 mmbbl2 resources 1 Jan 2020 PNGF BIS • 2C resources: 4.2 mmbbl2 Production increased ~50% Net oil production, since 2017 • ~USD 11-12/bbl
Slide 24: Contact Details
Contact Details PETRONOR E&P LIMITED UK Office: Norway Office: UAE Office: 48 Dover Street Frøyas gate 13 M Floor, Al Heel Tower London W1S 4FF 0273 Oslo Al Khalidiya Abu Dhabi T: +44 (0) 203 655 7810 T: +47 22 55 46 07 F: +44 (0) 207 106 7762 F: +47 64 00 27 65 info@petronorep.com www.petronorep.co