Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — Q1 2025 Earnings Presentation
17 slides from Panoro Energy Asa's earnings presentation, May 21, 2025
Slide 1: Sustainable Foundations, A Resilient Future
SUSTAINABLE FOUNDATIONS, A RESILIENT FUTURE Panoro Energy Q1 2025 TRADING AND FINANCIAL UPDATE 21 MAY 2025
Slide 2: Disclaimer
DISCLAIMER This presentation does not constitute an offer to These risks and uncertainties include, among buy or sell shares or other financial instruments others, uncertainties in the exploration for and of Panoro Energy ASA (“Company”). This development and production of oil and gas, presentation
Slide 3: Webinar Housekeeping – Time For Questions
WEBINAR HOUSEKEEPING – TIME FOR QUESTIONS Your Participation › Please raise your hand to be unmuted for verbal questions. › Please continue to submit your text questions and comments using the Questions panel Raising your hands for un-muting! Ask questions here Hand Raising Button Slide 3 Panoro Ene
Slide 4: Highlights
HIGHLIGHTS Operational and financial performance in line with guidance, material increase in reserves OPERATIONAL HIGHLIGHTS SHAREHOLDER RETURNS Q1 Working Interest Production Q1 2025 Crude oil liftings WI 2P Reserves at 31/12/24 12,000 bopd 189,443 barrels 42.3 MMbbls Q1 2025 CASH DISTRIBUTION DECL
Slide 5: Production Update
PRODUCTION UPDATE Production targets have been achieved at both asset and group levels FY 2025 guidance 11,000 bopd to 13,000 bopd Working Interest bopd ~12,000 bopd 13,000 Following completion of offshore • 2025 W.I production guidance factors in GABON EQUATORIAL GUINEA TUNISIA drilling campaigns i
Slide 6: ASR Confirmed >300% Reserve Replacement In 2024
ASR CONFIRMED >300% RESERVE REPLACEMENT IN 2024 Reported reserves at end 2024 do not include the Bourdon discovery made offshore Gabon in Q1 2025 NET 2P RESERVES DEVELOPMENT (MMBBLS) Reconciliation of 22% year-on-year increase in 2P reserves MMbbls Gabon Equatorial Guinea Tunisia 2024 Discoveries 42
Slide 7: NOK 500 Million Target Distribution In 2025
NOK 500 MILLION TARGET DISTRIBUTION IN 2025 Shareholder returns policy aligned with bond issue and based on a calendar year distribution cycle 2025 KEY FACTORS 2026 ONWARDS • Based on realised oil price of USD 70 / bbl and current FX rates (the Board may consider revisions should oil prices be lower
Slide 8: Debt Profile And Capex
DEBT PROFILE AND CAPEX Conservative leverage profile and focus on investments in producing assets USD 150 MILLION SENIOR SECURED BOND ISSUE CAPITAL EXPENDITURE GUIDANCE – SIGNIFICANTLY LOWER SPEND IN 2025 • 5-year USD 150 million 10.25% bond • 2025 capex guidance increased from USD 35 million to USD
Slide 9: Crude Liftings And Sales
CRUDE LIFTINGS AND SALES ~1.1 million barrels lifted year-to-date with next major lifting expected in July • Positive crude oil inventory was 832,302 barrels at 31/03/25 • Panoro’s entitlement volume from production in Q1 2025 was 942,528 barrels • Q1 2025 average realised oil price was USD 69.92/bb
Slide 10: Gabon Operations Update
GABON OPERATIONS UPDATE Gross production of 39,089 bopd in Q1 2025 is the highest quarterly average rate since inception Ownership DUSSAFU MARIN (PANORO 17.5%) • All Hibiscus area and Tortue production wells online with high levels of operational uptime • Bourdon prospect test well (DBM-1) made a si
Slide 11: Organic Growth Headroom In Gabon
ORGANIC GROWTH HEADROOM IN GABON Increased exposure to a large contiguous acreage position in a prolific oil fairway Ownership NIOSI & GUDUMA Etame Marin (PANORO 25%) • >140 MMbbls produced to date • Currently producing ~15,000 bopd • Award of the Niosi and Guduma blocks • Operated by Vaalco Energy
Slide 12: Equatorial Guinea Operations Update
EQUATORIAL GUINEA OPERATIONS UPDATE Core oil production hub at Block G with high impact exploration and appraisal blocks EG-23 and EG-01 Ownership BLOCK G (PANORO 14.25%) • Gross production in Q1 2025 averaged 25,689 bopd • Multiple asset optimisation projects being progressed • The Joint Venture is
Slide 13: Tunisia Operations Update
TUNISIA OPERATIONS UPDATE TPS assets contain one of Tunisia’s largest oil producing concessions TPS ASSETS (CERCINA) Ownership • New production opportunities include perforation and stimulation activities on three further Cercina wells TPS ASSETS (PANORO 49%) • The extension of Cercina Concession is
Slide 14: Exciting Pipeline Of Organic Growth Opportunities
EXCITING PIPELINE OF ORGANIC GROWTH OPPORTUNITIES COMMENTS • Bourdon discovery has scope to materially replace 2025 production (subject to independent validation) 180 • Substantial organic headroom in the portfolio Multiple prospects ‐ Discovered reserves and resources in Dussafu EEA 160 ‐ ILX resou
Slide 15: Key Messages
KEY MESSAGES Panoro’s outlook is one of higher production, lower capex, strong FCF generation, exciting organic growth catalysts and material shareholder returns W.I production bopd Capex (excl acquisition costs) USD MM TRANSLATE STRONG FUNDAMENTALS 11,000 to INTO MATERIAL AND SUSTAINABLE 101 Lower
Slide 16: Webinar Housekeeping – Time For Questions
WEBINAR HOUSEKEEPING – TIME FOR QUESTIONS Your Participation › Please raise your hand to be unmuted for verbal questions. › Please continue to submit your text questions and comments using the Questions panel Raising your hands for un-muting! Ask questions here Hand Raising Button Slide 16 Panoro En
Slide 17: Contact details
Contact details 78 Brook Street London W1K 5EF United Kingdom Tel: +44 (0) 203 405 1060 Fax: +44 (0) 203 004 1130 Visit us at: panoroenergy.com