Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — Q1 2021 Earnings Presentation
16 slides from Panoro Energy Asa's earnings presentation, May 27, 2021
Slide 1: Panoro Energy ASA 1Q 2021 Update
PANORO ENERGY ASA 1Q 2021 UPDATE May 27, 2021
Slide 2: 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 2
Slide 3: 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 4: Panoro at a Glance Pro-Forma
Creating One of the World’s Leading Independent Listed African E&Ps PANORO AT A GLANCE PRO-FORMA CEIBA/OKUME - EQ. GUINEA SFAX & TPS PERMITS - TUNISIA PRO FORMA PROFILE2 2 14.25% 14.25% 6 52.5% 29.4% Number Okume Ceiba TUNISIA Number of SFAX TPS Assets Market Cap of Assets Permit Permit Licences Exp
Slide 5: Key Messages
Creating One of the World’s Leading Independent Listed African E&Ps KEY MESSAGES PRODUCTION NEAR TERM GROWTH TRIGGERS CASHFLOW ~9000 bopd Exploration Well in Strong free 2021 average Gabon Cashflow 5 new production wells Exploration Fully financed for to be drilled 2021 well Growth South Africa ~950
Slide 6: 2021 1Q Highlights – Pro Forma Basis
Creating One of the World’s Leading Independent Listed African E&Ps 2021 1Q HIGHLIGHTS – PRO FORMA BASIS OPERATIONAL FINANCIAL Transformational acquisitions Pro forma gross revenue of $77.2 m announced for current quarter Group Q1 net production of Pro forma EBITDA of $25.2 (reduced by 8000 bopd on
Slide 7: Proforma Financials Q1
Creating One of the World’s Leading Independent Listed African E&Ps PROFORMA FINANCIALS Q1 (Unaudited) IFRS Reporting Pro forma Acquisition Pro forma Basis Net Daily Production - (bopd) Equatorial Guinea - 4,300 4,300 › Revenue of $11.8m (pro forma basis $77.2m) with Gabon 1,020 1,360 2,380 realisat
Slide 8: Equatorial Guinea
EQUATORIAL GUINEA 1Q NET PRODUCTION 4,300 bopd › Production in Equatorial Guinea averaged approximately 30,200 bopd gross and 4,300 bopd net in the first quarter of 2021 › Rig contracted for the upcoming infill drilling campaign, with three wells planned on the Elon field this year. First new wells
Slide 9: Gabon
GABON 1Q NET PRODUCTION 2,380 bopd (proforma basis) › 1Q production cost was USD 23 per barrel › Production from four wells › Drilling of DTM-7H Tortue production well ongoing › Start-up of DTM-6H and DTM-7H wells at Tortue 3Q/4Q › 1 lifting of net 56,000 barrels › Hibiscus/Ruche development ongoing
Slide 10: Tunisia
TUNISIA 1Q NET PRODUCTION 1,336 bopd › Production in Tunisia averaged approximately 4,543 bopd gross and 1,336 bopd net in the first quarter of 2021 › Production frequently in excess of 5000 bopd › A lifting of 96,000 bbls net to Panoro was completed during the quarter achieving a price of approxima
Slide 11: South Africa
SOUTH AFRICA Exploration well › Received governmental approval and closed the previously announced farmout agreement on Block 2B offshore South Africa › Focus on procuring a rig for the Gazania-1 oil exploration well offshore South Africa › Planned spud before end of 2021 › Block 2B has significant
Slide 12: Outlook – 2021 Guidance
Creating One of the World’s Leading Independent Listed African E&Ps OUTLOOK – 2021 GUIDANCE Fully funded for all identified activities PRODUCTION GUIDANCE (kbopd) 2021 CAPITAL EXPENDITURE GUIDANCE (US$mm) NUMBER OF LIFTINGS EXPECTED 10.0 50 10 Tunisia Gabon EG Tunisia Domestic International Gabon 3
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: Substantial Cash Flow: Analyst Projections
2021 Corporate Presentation SUBSTANTIAL CASH FLOW: ANALYST PROJECTIONS1 OPERATING CASH FLOW FREE CASH FLOW › Significant Dividend Capacity @ $60 Brent @ $60 Brent › Intention to pay dividends from 2023 › Fully financed 2021-2023 2021-2025 2021-2023 2021-2025 › Reserve Life>10 years › 33 million of 2
Slide 15: Webinar Housekeeping – Time for Questions
WEBINAR HOUSEKEEPING – TIME FOR QUESTIONS Raising your hands for un-muting! Questions Panel Hand Raising Button Slide 15
Slide 16: 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