Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — Q4 2011 Earnings Presentation
19 slides from Panoro Energy Asa's earnings presentation, Feb 16, 2012
Slide 1: Fourth Quarter 2011 Financials
Fourth Quarter 2011 Financials February 16, 2012
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 Kjetil Solbrække, CEO
Slide 4: Highlights
Highlights Fourth Quarter 2011 and subsequent events • EBITDA of USD 2.5 million • Manati production back on track • Drilled three wells in MKB – Fracking, completion and testing ongoing • ANP approved transfer of 35% interest of Round 9 licenses to Vanco – Vanco has assumed operatorship – Released
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: London, Rio, Oslo Congo MKB Santos Exploration Panoro license area 5
Slide 6: Manati (10%)
Manati (10%) Normalised production Gross production MMm3/day BCAM‐40 8,0 Manati (Brazil) 6,6 6,7 Operator Petrobras (35%) 5,9 5,6 6,0 5,1 Working Interest 10% 4,1 4,2 4,7 4,0 3,5 Other Partners Queiroz Galvão (45%), Brasoil (10%) 1st Prod 2007 2,0 Current stage Production 0,0 Q1‐10 Q2‐10 Q3‐10 Q4‐10
Slide 7: Mengo-Kundji-Bindi (20%)
Mengo‐Kundji‐Bindi (20%) Ongoing pilot program MKB (Congo) MKB • KUN‐201/KUN‐202/KUN‐203 wells Operator SNPC ‐ Congo National Oil Company (60%) Working Interest 20% drilled in Q4‐2011 Other Partners PetroCI (20%) 1st Prod 2010 test production • Confirms oil in place in previously Current stage Pilot
Slide 8: MKB ongoing drilling program
MKB ongoing drilling program Kundji pilot program 0 7 10 • KUN‐203 has been worked 37 17 0 0 over, tested oil after kick start 179 150 with nitrogen‐lift 7 12 8 33 Platform 100 204 150 34 KUN 4bis • KUN‐202 tested oil after kick 5 2 20 KUN 5 start with nitrogen‐lift 229 100 2 8811 10 LL- 9--0 A9 • K
Slide 9: BS-3 area
BS‐3 area Santos Basin developments ‐ Cavalo Marinho (50%), Estrela do Mar (65%) BS‐3 area (Brazil) • Studies continue regarding integration of Operator Petrobras (35‐100%) Working Interest 35‐65% BS‐3 fields and other fields in the area Other Partners Queiroz Galvão (0‐15%), Brasoil (0‐15%) 1st Pro
Slide 10: Round 9 exploration blocks
Round 9 exploration blocks Drilling to commence in 2012 Round 9 (Brazil) BM‐S‐63, BM‐S‐71, BM‐S‐72 • Drilling to commence in June/July‐2012 Operator Vanco (70%) Working Interest 15% with Transocean GSF Arctic I Other Partners Brasoil 15% Net resources (MMboe) 130‐165 (unrisked resources) • Completed
Slide 11: Exploration asset – Dussafu (33.33%)
Exploration asset – Dussafu (33.33%) Oil discovery at Ruche‐Marine‐1 Dussafu (Gabon) Exploration portfolio • Dussafu license (2,775 Km2) area over Operator Harvest Natural Resources (66.67%) ten times the size each of the Round 9 Working Interest 33.33% Other Partners No others blocks Net resources
Slide 12: Outlook
Outlook • Maintain full production capacity on Manati Transocean ”Arctic I” • Continue well testing in MKB • Clarification on BS‐3 • Preparations for drilling of high impact wells in Round 9 licenses • Evaluate growth opportunities while maintaining a strong financial position Source: Transocean 12
Slide 13: Financial Review
Financial Review Anders Kapstad, CFO
Slide 14: Financial highlights
Financial highlights Q4‐2011 and subsequent events • EBITDA of USD 2.5 million • Strong financial position – Cash position of USD 111 million at year end – Outstanding USD 9 million for MKB paid in Q1‐2012 • Limited capital commitment going forward 14
Slide 15: Profit & Loss Statement (USD '000)
Profit & Loss Statement (USD ’000) Condensed consolidated statement of comprehensive income Q3‐2011 Q4‐2011 Oil and Gas revenue 9,182 9,284 Other income ‐ 1,721 Total revenues and other income 9,182 11,005 Production costs (2,568) (2,822) Exploration and dry‐hole costs (62) (1,077) General and admin
Slide 16: P&L items Q4-2011
P&L items Q4‐2011 USDm 4,0 3,0 2,0 (1.5) 1,0 2.5 0,0 (2.4) ‐1,0 ‐2,0 (2.1) (5.2) ‐3,0 ‐4,0 (1.5) (1.5) ‐5,0 ‐6,0 EBITDA Depreciation Net interest cost Net other financial Net foreign Other Net income cost exchange 16
Slide 17: Currency effects
Currency effects USD/BRL 1,90 • Manati price in USD decreased by 9% from Q3‐2011 to Q4‐2011 as a result 1,85 of the Brazilian Reais weakening 1,80 against the US dollar • The trend has reversed with the BRL 1,75 strengthening towards the USD in 2012 1,70 1,65 1,60 1,55 1,50 jul. 11 aug. 11 sep. 11 o
Slide 18: Balance sheet
Balance sheet Per December 31, 2011 Balance sheet Sept 30, 2011 Dec 31, 2011 Fixed assets 311 608 300 645 Other non‐current assets 14 034 13 651 Total non‐current assets 325 642 314 296 Trade and other receivables 16 763 19 539 Cash & cash equivalents 118 787 110 919 Other current assets 2 661 844 T
Slide 19: Fourth Quarter 2011 Financials
Fourth Quarter 2011 Financials Q&A Please visit www.panoroenergy.com for more information