Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — Q1 2011 Earnings Presentation
21 slides from Panoro Energy Asa's earnings presentation, May 13, 2011
Slide 1: First Quarter 2011 Financials
First Quarter 2011 Financials Mayy 13,, 2011
Slide 2: Disclaimer
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 include all statements other than state
Slide 3: Operational Review
Operational Review Kj il SSolbrække, Kjetil lb kk CEO
Slide 4: Highlights
Highlights First Quarter 2011 and subsequent events • EBITDA of USD 3.2 million • Strong financial platform for future growth – Raised d NOK 550 million ll in new equity • p Operator submitted new development p plans for Cavalo Marinho and Estrela do Mar • Round 9 farm‐down completed for USD 15 mill
Slide 5: Attractive and balanced asset portfolio
Attractive and balanced asset portfolio E&P independent with South Atlantic focus Manati Aje BS‐3 (Santos) Dussafu Offices: ff London,, Rio,, Oslo Congo MKB Santos Exploration Panoro license area 5
Slide 6: Manati (10%)
Manati (10%) Low production in Q1‐2011 Gross production MMm3/day BCAM‐40 8,0 Manati (Brazil) 6,63 , 6,68 Operator Petrobras (35%) 5 86 5,86 5,58 6,0 Working Interest 10% 4,12 Other Partners Queiroz Galvão (45%), Brasoil (10%) 4,0 2,75 1st Prod 2007 2,0 Current stage Production 0,0 Q1‐10 Q2‐10 Q3‐10
Slide 7: Manati (10%) - Maintenance of platform risers
Manati (10%) Maintenance of platform risers For illustration purposes • Inspections of platform risers resulted in temporary shut‐ shut downs of five wells as a safety precaution • O Operator t expectst allll six i wells ll to t be back on production by August 2011 • L Longer‐term solution l i to ex
Slide 8: Mengo-Kundji-Bindi (20%)
Mengo‐Kundji‐Bindi (20%) Resource play with very large oil in place volumes MKB ((Congo) g ) MKB • Limited testingg of two wells in the Operator SNPC ‐ Congo National Oil Company (60%) Working Interest 20% quarter Other Partners PetroCI (20%) 1st Prod 2010 test production • Updated pilot work progra
Slide 9: MKB approved work program
MKB approved work program Kundji pilot program 0 7 10 • Objective to appraise south 37 17 0 0 of current wells to increase 179 150 7 12 33 8 knowledge of the Kundji Platform 100 204 system and contribute 150 34 KUN 4bis 5 2 20 KUN 5 towards early production 229 100 2 • Six well locations approved 88
Slide 10: BS-3 area – Progress on the PODs filed Jan 13, 2011
BS‐3 area – Progress on the PODs filed Jan 13, 2011 Santos Basin developments ‐ Cavalo Marinho (50%) (50%), Estrela do Mar (65%) • Ongoing discussions within partnerships for commercial solution • Operator evaluating integration of Estrela tie‐ do Mar and Coral (35%) as a satellite tie Estrela do Ma
Slide 11: Round 9 exploration blocks
Round 9 exploration blocks Successful farm‐down to Vanco in Q1‐2011 SM‐1035, SM‐1036, SM‐1100 Round 9 (Brazil) • Entered into second exploration p Operator Vanco (70%)* Working Interest 15%* phase in March 2011 – filing of Other Partners Brasoil 15%* Net resources (MMboe) 130‐165 (unrisked prospects
Slide 12: Upcoming 11th license round in Brazil
Upcoming p g 11th license round in Brazil Brazilian ili national i l petroleum l agency ((ANP)) has indicated; • 11th license round to be held in Parnaíba September/October 2011 Sergipe‐ • Mainlyy frontier exploration p in the Alagoas Equatorial margin Recôncavo • 174 blocks to be offered – 50% onsh
Slide 13: Exploration asset – Dussafu (33.33%)
Exploration asset – Dussafu (33.33%) Drilling commenced in Gabon Dussafu (Gabon) Exploration portfolio • Ruche‐Marine‐1 exploration well Operator Harvest Natural Resources (66.67%) spudded on April 28, 2011 Working Interest 33.33% Other Partners No others • Drilling with Transocean’s Sedneth Net res
Slide 14: Portfolio outlook
Portfolio outlook Indicative timelines 2011 2012 Activity Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Manati, Brazil Resume full production capacity MKB, Congo Pilot project testing & appraisal drilling Production build‐up & appraisal Filing Cavalo Marinho, Brazil Concept selection FEED FID POD Estrela do Mar, Brazil F
Slide 15: Outlook
Outlook • Results from the Ruche Marine prospect in Gabon • Resume production from remaining three wells on Manati • Commence 4‐6 well drilling program in MKB • BS‐3 development concept • Evaluating E l ti business b i opportunities, t iti including participation in upcoming Brazil license round San
Slide 16: Financial Review
Financial Review A d K Anders Kapstad, d CFO
Slide 17: Financial highlights
Financial highlights Q1‐2011 and subsequent events • EBITDA of USD 3.2 million • Raised NOK 550 million in new equity in February • Strong balance sheet at end Q1‐2011: – Total assets of USD 513 million, million equity ratio of 62% – Cash position of USD 148 million • Farmed down interest in Round 9
Slide 18: Profit & Loss Statement (USD '000)
Profit & Loss Statement ((USD ’000)) Condensed consolidated statement of comprehensive income Q4‐2010 Q1‐2011 Oil and Gas revenue 12 438 12,438 8 611 8,611 Other income ‐ ‐ Total revenues and other income 12,438 8,611 Production costs (1,822) (1,041) Exploration and dry‐hole costs 25 (331) General a
Slide 19: P&L items Q1-2011
P&L items Q1‐2011 Q USDm 4,0 3,0 (1.5) 20 2,0 3.2 1,0 0,0 ‐1,0 (4.9) (3.5) ‐2,0 30 ‐3,0 1.2 (0 9) (0.9) ‐4,0 EBITDA Depreciation Share‐based Net finance cost Warrant Net foreign Income tax Net income paym. exchange h b benefit fi 19
Slide 20: Balance sheet
Balance sheet Per March 31, 2011 USDm Assets Equity and Liabilities 600 Cash & 500 cash equivalents Short‐term liabilities 400 Other current assets Long‐term liabilities 300 200 Non‐current assets Equity 100 0 20
Slide 21: First Quarter 2011 Financials - Q&A
First Quarter 2011 Financials Q Q&A Pl Please visit i it www.panoroenergy.com for f more information i f ti