Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — Q3 2021 Earnings Presentation
14 slides from Panoro Energy Asa's earnings presentation, Nov 21, 2021
Slide 1: Q3 2021 Trading and Financial Update
PANORO ENERGY ASA Q3 2021 TRADING AND FINANCIAL UPDATE 22 November 2021
Slide 2: Webinar Housekeeping – Time for Questions
Q3 2021 Trading and Financial Update 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 H
Slide 3: Disclaimer
Q3 2021 Trading and Financial Update 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 in
Slide 4: Clear and Consistent Value Creation Model
Q3 2021 Trading and Financial Update CLEAR AND CONSISTENT VALUE CREATION MODEL SUSTAINABLE DISCIPLINED CAPITAL ALLOCATION SHAREHOLDER RETURNS › Recognising oil prices are stronger than at the time of the Tullow acquisitions, Panoro is assessing the feasibility of bringing forward a first cash divide
Slide 5: Visibility Over Production Growth
Q3 2021 Trading and Financial Update VISIBILITY OVER PRODUCTION GROWTH › Acquisition of 14.25% interest in Block G Equatorial Guinea and additional 10% interest in the Dussafu Marin Permit Gabon transformed Panoro’s current production and future outlook ~12,500 ~8,500 bopd 7,500 bopd 2,200 bopd* 1,3
Slide 6: 9M 2021 Results Highlights
Q3 2021 Trading and Financial Update 9M 2021 RESULTS HIGHLIGHTS COMMENTARY KEY FINANCIAL HIGHLIGHTS › Revenue is recognised as liftings occur – pre-guided that there were no Panoro liftings in Q3 in Equatorial Guinea and Gabon, with one domestic lifting occurring in Tunisia › Panoro expects to lift
Slide 7: IFRS and Proforma 9M Financial Performance
Q3 2021 Trading and Financial Update IFRS AND PROFORMA 9M FINANCIAL PERFORMANCE CASH BALANCE RECEIVABLES GROSS NUMBER OF AT 30 JUNE FROM CRUDE REVENUE LIFTINGS EBITDA EBIT 2021* OIL SALES GROSS DEBT IFRS Reporting USD 5 int’l USD USD USD USD USD basis 38.6 million 6 domestic 29.7 million 56.8 millio
Slide 8: 9M 2021 Reconciliation of Cash Flow
Q3 2021 Trading and Financial Update 9M 2021 RECONCILIATION OF CASH FLOW HEDGING TO PROVIDE CASH FLOW ASSURANCE USD MM › 270,000 bbls of November 2021 liftings hedged. Split equally between costless collar (USD 55/bbl floor and USD 69/bbl cap) 250.0 and swap at USD 70/bbl 25.4 › Additional 121,700 b
Slide 9: 2021 Capex and Liftings
Q3 2021 Trading and Financial Update 2021 CAPEX AND LIFTINGS 2021 CAPITAL EXPENDITURE GUIDANCE PHASING 30 Gabon Equatorial Guinea 25 4 2 Tunisia 1 20 USD million 6 18 USD 48 15 12 million 26 10 16 5 11 › Active 2021 development drilling campaigns in Equatorial Guinea and 0 Gabon 9M 2021 Q4 2021 › Hi
Slide 10: Operations Update
Q3 2021 Trading and Financial Update OPERATIONS UPDATE EQUATORIAL GUINEA GABON TUNISIA 4,240 bopd (proforma basis) 1,920 bopd (proforma basis) 1,340 bopd › First new infill well since 2015 at the Okume › Final two production wells drilled as part of › Number of well operations and facilities Complex
Slide 11: Provisional License Award in Gabon
Q3 2021 Trading and Financial Update PROVISIONAL LICENSE AWARD IN GABON › Panoro announced on 11 October the provisional award of a 25% participating interest in exploration blocks G12-13 and H12-13 › Provisional award is part of 12th Offshore Licensing Round and remains subject to final agreement o
Slide 12: Key Messages
Q3 2021 Trading and Financial Update KEY MESSAGES › Busy Q4 lifting schedule coinciding with current strong oil prices (aggregate liftings of approximately one million barrels net to Panoro) › New wells onstream in Equatorial Guinea and Gabon with stable production in Tunisia moves Panoro towards 8,
Slide 13: Webinar Housekeeping – Time for Questions
Q3 2021 Trading and Financial Update WEBINAR HOUSEKEEPING – TIME FOR QUESTIONS Raising your hands for un-muting! Questions Panel Hand Raising Button Slide 13
Slide 14: 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