Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — Pareto Conference, Oslo 2018
27 slides from Panoro Energy Asa's conference presentation, September 2018
Slide 1: Corporate Presentation
CORPORATE PRESENTATION Pareto Conference, Oslo September 2018 OSE Ticker PEN www.panoroenergy.com Corporate Presentation |
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: Panoro Portfolio Overview
PANORO PORTFOLIO OVERVIEW CORE ASSETS IN AFRICA WITH PRODUCTION AND UPSIDE – SECURING A FOOTHOLD FOR FURTHER EXPANSION INTO TUNISIA Dussafu (Gabon) Tunisia Aje (Nigeria) ▪ Large development block with ▪ Entry through DNO acquisition ▪ Stable production of gross 3,000+ bopd multiple discoveries and n
Slide 4: Company Profile
COMPANY PROFILE US$110mm US$5.5mm US$7.1mm Market Cap (09/18) Cash (06/18) Debt (06/18) (Post period additional cash of $16 million) (non-recourse) 21.6mmbbl 2.6mmbbl 1000+ bopd 2P BOE Reserves 2C BOE Resources Group Production (Not including Tunisia) (expected, after first oil Dussafu) Corporate Pr
Slide 5: Team with Strong Track-Record of Value-Creation
TEAM WITH STRONG A TRACK-RECORD OF VALUE-CREATION EXECUTIVE MANAGEMENT TEAM John Hamilton Qazi Qadeer Richard Morton Chief Executive Officer Chief Financial Officer Technical Director BOARD OF DIRECTORS ▪ Team with strong technical and operating capabilities, with Mr. Julien Balkany Ms. Alexandra He
Slide 6: Dussafu, Gabon
Corporate Presentation DUSSAFU Gabon Corporate Presentation |
Slide 7: Dussafu - Near-Term Production, Significant Discovered Upside
DUSSAFU - NEAR-TERM PRODUCTION, SIGNIFICANT DISCOVERED UPSIDE Multiple discoveries located offshore Gabon FIELD OVERVIEW ▪ Positioned in a proven fairway within the Southern Gabon Basin ▪ Operated by BW Energy Gabon1 (91.66%) with Panoro holding 8.33%. Tullow holds a 10% back-in right2) ▪ 23.5 MMboe
Slide 8: Tortue Is Just the Beginning: Recent Oil Discovery Announced
TORTUE IS JUST THE BEGINNING: RECENT OIL DISCOVERY ANNOUNCED ▪ Potential to become a world-class asset FIELD OVERVIEW - 12 robust prospects and more than 14 leads identified within the Ruche EEA1 area, in addition to the recent Ruche NE discovery - Potential to include all discoveries and prospects
Slide 9: Dussafu: Nine Consecutive Successful Well Penetrations
DUSSAFU NINE CONSECUTIVE SUCCESSFUL WELL PENETRATIONS (2011-2018) RUCHE TORTUE DTM 2-H RUCHE NE 3D SEISMIC DTM 3-H DISCOVERY DISCOVERY DISCOVERY PRODUCTION WELL (Appraisal Ongoing) 2011 2013 2014 2018 2018 2018 + Sidetrack 1 + + + + Sidetrack 2 Sidetrack DTM 3 Appraisal Sidetrack DRNEM-1 Sidetrack u
Slide 10: Dussafu Development Plan
DUSSAFU DEVELOPMENT PLAN 1 Tortue Phase 1 ▪ On target for first oil early Q4 2018 2 Tortue Phase 2 3 Ruche Complex and Further upside ▪ Ruche viewed a possible ▪ Up to 4 additional production second development hub ▪ Project on time and on ▪ First oil from Phase 2 ▪ Recent discovery at Ruche budget
Slide 11: Panoro's Non Recourse Loan from BW Energy
PANORO’S NON RECOURSE LOAN FROM BW ENERGY PANORO’S SHARE OF CAPITAL EXPENDITURE COVERED BY BW ENERGY GABON FOR UP TO US$12.5MM ▪ Total Phase 1 development expenditure estimated at ca US$160-170 mm, including contingency ‐ Panoro’s share is ca. US$13.5mm ▪ Non-recourse loan capped by BWEG of up to US
Slide 12: Tunisia
Corporate Presentation Tunisia Corporate Presentation |
Slide 13: Tunisia Entry and Strategy
TUNISIA ENTRY AND STRATEGY GROWTH WHILST MAINTAINING A STRONG FINANCIAL DISCIPLINE AND ACTIVE PARTNERSHIP APPROACH ▪ Evaluated a number of M&A opportunities in recent years, MILESTONES AND UPCOMING TRIGGERS together with multiple strategic partners and financial co-investors ▪ Tunisia identified as
Slide 14: Tunisia Offers a Favorable Operating Environment
TUNISIA OFFERS A FAVORABLE OPERATING ENVIRONMENT OFFERS OPPORTUNITIES FOR GROWTH-ORIENTED INDEPENDENT E&P COMPANIES Tunisia has a strong rule of law and international support MAP WITH O&G ACTIVITIES AND IMAGES ▪ Considered to be the only full democratic regime in the Arab world ▪ Association agreeme
Slide 15: Strategic Transaction with DNO and Private Placement
STRATEGIC TRANSACTION WITH DNO AND PRIVATE PLACEMENT PANORO ACQUIRED DNO TUNISIA IN A FIRST STEP TO BECOME A FULL-CYCLE TUNISIAN E&P PLAYER Panoro Energy ASA (“Panoro”) has acquired DNO Tunisia AS from DNO ASA (“DNO”) ▪ Now called Panoro Tunisia Exploration AS (“PTE”) ▪ PTE holds 2 offshore assets:
Slide 16: Full Operating Organisation in Place
FULL OPERATING ORGANISATION IN PLACE SIGNIFICANTLY STRENGTHENS OPERATING CAPABILITIES IN TUNISIA DNO transaction established Panoro with a full operating organization in Tunisia General Manager Mongi Azouz ▪ 25 staff in Tunisia transferred to Panoro, now headed by an experienced Tunisian GM with dis
Slide 17: Overview of Sfax Offshore Assets (SOEP)
OVERVIEW OF SFAX OFFSHORE ASSETS (“SOEP) THREE EXISTING DISCOVERIES AND 250 MMBBLS OF EXPLORATION INVENTORY – ADJACENT TO EXISTING INFRASTRUCTURE SALLOUM DISCOVERY ASSET OVERVIEW ▪ Discovered in 1991 by BG and 3D seismic in 2007 ▪ Potential for production wells to be drilled from onshore and tied ba
Slide 18: SOEP – Further Exploration Potential
SOEP – FURTHER EXPLORATION POTENTIAL A NUMBER OF PROSPECTS IDENTIFIED ON THE PERMIT, PROVIDING FURTHER UPSIDE POTENTIAL THROUGH EXPLORATION EXPLORATION POTENTIAL Cretaceous BIRENO Eocene EL GARIA ▪ The Permit is located within 2 prolific reservoir fairways ▪ Cretaceous carbonate platform and the El
Slide 19: Illustrative Upside Activity
ILLUSTRATIVE UPSIDE ACTIVITY Salloum FDP and early production Chergui South Appraisal Hbara Exploration Well Ras El Besh FDP revision and FID Other Cretaceous leads Jawahara Developmen t Concept Corporate Presentation | 19
Slide 20: Aje, Nigeria
Corporate Presentation AJE Nigeria Corporate Presentation |
Slide 21: OML 113 Aje License Overview
OML 113 AJE LICENSE OVERVIEW ▪ Large oil and gas accumulation offshore Nigeria ‒ Discovered in 1997 in water depth of 100-1,500m PROJECT INFORMATION ‒ Fully appraised field by 4 wells in three reservoirs Operator Yinka Folawiyo Petroleum ‒ 127.1 MMboe certified 2P reserves (20.0 MMboe net)1 Revenue
Slide 22: OML 113 Aje Field
OML 113 AJE FIELD PRODUCTION FROM BOTH TURONIAN AND CENOMANIAN Aje-3 Aje-1 Aje-2 Aje-5 Aje-4 TURONIAN • MATERIAL DISCOVERED GAS AND LIQUIDS RESERVE & RESOURCE – 124 MMBOE GROSS • AJE-5 CURRENT PRODUCTION CENOMANIAN • AJE-4 CURRENT PRODUCTION • FURTHER WELLS POSSIBLE ALBIAN • FURTHER GAS AND CONDENSA
Slide 23: Nigerian Gas in Context
NIGERIAN GAS IN CONTEXT ▪ 7th largest population in world (180 million people) ▪ Largest economy in Africa ▪ 9th largest gas reserves in world ▪ Domestic gas prices rising (>$3.50/mscf) ▪ Nigerian gas production for domestic power: 600 mmscf per day, while demand is estimated at 2700 mmscf per day ▪
Slide 24: OML 113 Gas Resources in Context
OML 113 GAS RESOURCES IN CONTEXT ▪ Nigerian installed gas fired power generation capacity estimated at 10,000 MW ▪ Only 3,600 MW actually generated largely due to gas constraints ~60% total load ▪ Generation generally in the West (70%) while consumption is weighted to the West ▪ Infrastructure const
Slide 25: West African Gas Pipeline
WEST AFRICAN GAS PIPELINE WAGP is owned by Chevron, Nigerian National Petroleum Corporation (NNPC), Shell, Ghana, Togo, Benin NNPC Contractual obligation to send via WAGP 120 MMscf per day Capacity of 800 MMscfpd Net backs $4/mcf Corporate Presentation | 25
Slide 26: Africa Strategy
AFRICA STRATEGY ▪ Build business through M&A ▪ Use existing regional knowledge base and strong local network ▪ Prioritise Gabon and Tunisia ▪ Cooperation with industry and financial co-investors ▪ Evaluate both oil and gas opportunities ▪ Focus primarily on production and development assets, operate
Slide 27: Contact Details
Contact Details: PANORO ENERGY 78 Brook Street London W1K 5EF United Kingdom Tel: +44 (0) 203 405 1060 Fax: +44 (0) 203 004 1130 info@panoroenergy.com OSE Ticker PEN www.panoroenergy.com Corporate Presentation |