Petronor E&p Asa · OSL:PNOR
Petronor E&p Asa — H1 2023 Earnings Presentation
12 slides from Petronor E&p Asa's earnings presentation, Aug 30, 2023
Slide 1: H1 2023 Results Presentation
H1 2023 Results Presentation 30th August 2023, Eyas Alhomouz (Chairman), Jens Pace (Interim CEO) Tchendo well-head platform ready for deployment Q4 23
Slide 2: Disclaimer
Disclaimer This Presentation has been prepared by PetroNor E&P ASA (Company). Investment risk An investment in the Company shares is subject to investment and other known and unknown risks, Summary information some of which are beyond the control of the Company Group. The Company does not guarantee
Slide 3: H1 2023: Continued production and revenue growth
H1 2023: Continued production and revenue growth Operational performance update: ➢ Average H1 net working interest oil production of 5,119 bopd, a 16% increase vs H1 2022 average of 4,400 bopd. ➢ PNGF production is exceeding levels last seen a decade ago due to the investment in the infill drilling
Slide 4: H1 2023 Financial Delivery: The best year ever so far…
H1 2023 Financial Delivery: The best year ever so far… BALANCE SHEET HIGHLIGHTS Oil sales from barrels Cash at bank at 30 June 2023 H1 2023 revenue lifted 1 000 Thousands USD 26.5 million USD 93.9 million 900 Q4 Planned lifting 31 December 2022: USD 24.8 million H1 2022: USD 36.8 million 800 700 Q4
Slide 5: H1 2023 Use of cash
H1 2023 Use of cash Amounts in USD million -14.1 23.8 -1.3 -3.2 -3.3 26.5 24.8 -0.2 Cash 1 Net cash Investment Investment in Dividends Loan Other Cash 30 January 2023 from in production exploration to NCIs repayments June 2023 operations 5
Slide 6: Balanced portfolio across the E&P value chain
Balanced portfolio across the E&P value chain 1 Production base – Congo-Brazzaville – PNGF Sud/Bis > Gross field production of ~30,000 bopd > High margin production > Operated by Perenco (PetroNor 16.83%) 2 Re-development – Nigeria – Aje Field (OML 113) > Purchase of interests completed > Developmen
Slide 7: Production base – Congo-Brazzaville – PNGF Sud/Bis
Production base – Congo-Brazzaville – PNGF Sud/Bis 1 Congo Production Strong operational delivery from Congo assets ➢ PNGF Sud field complex with ca 2 Bnbbls STOOIP and less than 500 mmbbls recovered to date. ➢ Consistent track record of adding production via work- overs of existing wells and infill
Slide 8: Production growth from disciplined investment in a large field
Production growth from disciplined investment in a large field PetroNor at net working interest 16.83% Indicative range 6.00 ~4.8-6.1 ~5.1-5.5 5.00 Net oil production, 000 bopd 5.2 Total OPEX = $9-10/bbl 5.0 4.7 New CAPEX infill = $10-15/bbl 4.00 4.1 3.7 3.00 2.00 1.00 0.00 Q2 2022 Q3 2022 Q4 2022 Q
Slide 9: Aje re-development as a gas field
Re-development – Nigeria – Aje Field (OML 113) 2 Aje re-development as a gas field Aje re-development planning is advancing1 ➢ Completion of agreement with YFP to hold 52% interest in jointly owned Aje Production is in process. ➢ Advancing plan for re-development with partners and gas off-takers com
Slide 10: West African high impact exploration – monetising value
Exploration – large scale prospects 3 West African high impact exploration – monetising value Attractive exploration portfolio ➢ Guinea-Bissau transaction demonstrates value of PetroNor’s Atlantic margin exploration position. ➢ 100% farm-out agreement secures USD 25m cash on completion while maintai
Slide 11: H1 2023 lays the foundation for the best year ever
H1 2023 lays the foundation for the best year ever ➢ Continued strong operational delivery from Strengthening balance sheet and positive Congo assets underpinned by regular liftings operational outlook provides PetroNor with to sell oil inventory and generate cash flow. the financial capacity to: >
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