Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — H1 2023 Earnings Presentation
15 slides from Panoro Energy Asa's earnings presentation, Aug 24, 2023
Slide 1: H1 2023 Results Presentation
PANORO ENERGY ASA H1 2023 RESULTS PRESENTATION 24 AUGUST 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: Highlights
HIGHLIGHTS OPERATIONAL HIGHLIGHTS Recent production levels H1 Crude Oil Liftings H1 2023 Capex (excluding Tunisia acquisition) Up to 11,000 bopd 835,750 barrels USD 32.9 million H1 2023 average: 7,220 bopd 2023E liftings ~3 MMbbls (H2 weighted) Production drilling in Gabon and EG FINANCIAL HIGHLIGHT
Slide 5: Production Performance and Guidance
PRODUCTION PERFORMANCE AND GUIDANCE Panoro benefits from a diversified production base Working Interest bopd 13,000 • H1 2023 working interest production GABON TUNISIA EQUATORIAL GUINEA 12,000 >13,000 averaged 7,220 bopd and reflects previously communicated Q1 shut- 11,000 down of FPSO at Dussafu Ma
Slide 6: 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 Barrels 1,550,000 differ from produced volumes expressed on a working 1,600,000 interest
Slide 7: 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 (30/06/23) Rate Non-recourse loan - Repaid in full - • Tunisia senior secured facility refinanced into RBL facility post period end Senior secured loan - Repaid i
Slide 8: Reconciliation of H1 2023 Cash Flow
RECONCILIATION OF H1 2023 CASH FLOW Robust financial position maintained USD MM 100 90 17.4 80 32.9 70 14.8 60 3.0 50 12.9 27.1 40 5.1 5.8 0.3 30 32.7 31.8 20 10 0 Cash at start period Net cash from Net proceeds from Oil revenue Investment in Net acquisition costs Loan repayments Interest and fees D
Slide 9: Growing Production in Gabon
GROWING PRODUCTION IN GABON Gross production at the Dussafu Marin Permit has reached levels of up to 30,000 bopd in late July Ownership DUSSAFU MARIN (PANORO 17.5%) Drilling Activity 2023 H1 2024 FIRM WELLS RIG OPTIONS Hibiscus Ruche phase I • Three of the planned six new Hibiscus Ruche Phase I prod
Slide 10: Equatorial Guinea Drilling Campaign to Start in Q4
EQUATORIAL GUINEA DRILLING CAMPAIGN TO START IN Q4 Three new Block G infill wells to add additional volume followed by one Block S exploration well Ownership BLOCK G (PANORO 14.25%) Drilling Activity 2023 H1 2024 BLOCK G (PROD’N) Block S (Panoro 12%) BLOCK S (EXPL’N) • Infrastructure led exploration
Slide 11: Equatorial Guinea Exploration Well in 2024
EQUATORIAL GUINEA EXPLORATION WELL IN 2024 Infrastructure led exploration with play-opening potential Projected Ceiba/Okume fields • Akeng Deep exploration well is planned to test a deeper Albian play • Targeting an estimated gross mean AKENG DEEP prospective resource of 180 MMboe within tie-back di
Slide 12: 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 TPS ASSETS (CERCINA) (GUEBIBA) • New production opportunities include Ownership • Workover perforation and stimulation activities on three TPS ASSETS (PANORO 49%) further Cerc
Slide 13: Summary Conclusions
SUMMARY CONCLUSIONS • Value adding work programme comprising at least 10 wells (three completed to date) with options over additional rig slots • Excellent results at first three of six new production wells in Gabon (new wells each stabilised at ~6,000 bopd gross) • Three well infill drilling campai
Slide 14: 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 14 Panoro En
Slide 15: Contact Details
CONTACT DETAILS 78 Brook Street London W1K 5EF United Kingdom Tel: +44 (0) 203 405 1060 Fax: +44 (0) 203 004 1130