Petronor E&p Asa · OSL:PNOR
Petronor E&p Asa — Q4 2021 Earnings Presentation
15 slides from Petronor E&p Asa's earnings presentation, Mar 2, 2022
Slide 1: Q4 2021 Presentation
Q4 2021 Presentation 2 March 2022, Eyas Alhomouz (Chairman), Jens Pace (CEO) and Claus Frimann-Dahl (CTO) March 2020
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: Q4 2021: Best quarter financial performance in company history
Q4 2021: Best quarter financial performance in company history > Production improving as forecast > Rising price realization throughout the year with double lifting achieved during Q4 > Infill drilling program in Congo progressing as planned – self funded > PetroNor successfully redomiciled to Norwa
Slide 4: Balanced portfolio across the E&P value chain
Balanced portfolio across the E&P value chain 1 Production base – Congo-Brazzaville – PNGF Sud/Bis Geographical target area > Gross field production of ~22,000 bopd > High margin production > Operated by Perenco (PetroNor 16.83%) 3 2 Re-development – Nigeria – Aje Field (OML 113) 2 > Development pla
Slide 5: Q4 2021: Higher production, higher profits
Q4 2021: Higher production, higher profits Q1-21 Q2-21 Q3-21 Q4-21 2021 2020 Average daily gross field oil production at 21,528 18,994 20,007 22,016 20,636 22,713 PNGF Sud1 (bopd) Volumes sold (liftings) (1,000 bbl) 219 201 94 317 831 994 Average oil selling price (USD/bbl) 58.7 67.6 74.2 76.3 69.3
Slide 6: Q4 2021: Well capitalized for growth
Q4 2021: Well capitalized for growth Summary Financial Dec Jun Dec Jun • Cash build up in advance of Position (USD m) 2021 2021 2020 2020 PNGF Sud drilling campaign Current assets 51.8 34.7 27.1 45.1 cost Non-current assets 73.4 53.2 51.9 27.4 Total assets 125.2 87.8 79.0 72.5 • USD 19.2 million CAP
Slide 7: High level of activity in coming years
High level of activity in coming years 2021 2022 2023 Asset Comment Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Extensive infill drilling program • Infill drilling commenced PNGF Sud • Continuous workover program Workover program CORE ASSETS • Operator led negotiations expected to resume in 20221 PNGF Bis Pilot • Pilot
Slide 8: Our production Base – PNGF Sud
1 Production base – Congo-Brazzaville – PNGF Sud/Bis Our production Base – PNGF Sud1 High margin producer with growth potential Key facts PNGF Sud '000 bopd gross mmbo gross > >2 Bn barrels mature oil asset which came on stream in 1987 and 40 180 35 160 holds a significant remaining potential 30 140
Slide 9: PNGF Sud - Further growth expected in production and reserves
PNGF Sud - Further growth expected in production and reserves Strong performance from Perenco partnership Gross / net reserves increased 3.9x / 3.2x respectively1 2P reserves replacement ratio of ~400% 20.8 30,000 26,715 7.6 25.0 -4.4 21,920 22,713 Net reserves, mmbbl 20,340 20,636 11.2 17,690 16,10
Slide 10: Production increase - infill drilling started on PNGF Sud
1 Production base – Congo-Brazzaville – PNGF Sud Production increase - infill drilling started on PNGF Sud Well drilling campaign has started Steady PNGF Sud Production1 PNGF Sud 2021 30,000 > Average production for the year (final allocation) 25,000 2021 of 20,636 bopd Production, bopd – Q3 and Q4
Slide 11: Production growth from infill drilling
1 Production base – Congo-Brazzaville – PNGF Sud Production growth from infill drilling 17 wells - 2-year drilling program – Tchibeli NE is matured from 2C to 2P 35 Infill Gross oil production, kbopd 30 Additional 2C potential 25 Operator estimate 20 15 10 5 0 Tchi NE Tchibouela Tchibouela East Tche
Slide 12: Aje re-development – government consent for license transaction
2 Re-development – Nigeria – Aje Field (OML 113) Aje re-development – government consent for license transaction Key development1 > Nigeria Upstream Petroleum Regulatory Commission approval for license transaction received > Expected completion by the end of April > Significant upside potential to b
Slide 13: West African exploration “hotspot”
3 Exploration – large scale prospects West African exploration “hotspot” Attractive exploration portfolio > Regional activity – Significant discoveries made along the African Margin – BP/Kosmos LNG, Woodside Sangomar > PetroNor has re-established a strong exploration portfolio ROP through 2021 – Gui
Slide 14: Strong quarter and good prospects for growth
Strong quarter and good prospects for growth Best quarter financial performance in company history Financial capacity for growth Positions PetroNor with the financial capacity and > Production improving as forecast flexibility to: > Execute its organic growth strategy > Rising price realization thro
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