Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — H1 2022 Earnings Presentation
22 slides from Panoro Energy Asa's earnings presentation, Aug 23, 2022
Slide 1: Panoro Energy ASA 2022 Half Year Results
PANORO ENERGY ASA 2022 HALF YEAR RESULTS 24 AUGUST 2022
Slide 2: 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 Panoro Energy ASA
Slide 3: 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 4: Growing Production to 12,500 bopd During 2023
GROWING PRODUCTION TO 12,500 BOPD DURING 2023 › Okume Upgrade Project complete and conversion of ~7,600 FY 2021 gas lift wells to ESPs ongoing bopd › License extended to end 2040, adding reserves › Rig selected to drill 3 production wells commencing +4% Block G Panoro: 14.25% H2 2023 H1 2022 ~7,900
Slide 5: Corporate Highlights
CORPORATE HIGHLIGHTS PORTFOLIO DEVELOPMENT SHAREHOLDER VALUE BOARD AND MANAGEMENT USD 10 million dividend in specie paid Exploration drilling catalyst at Block 2B to shareholders following completion of Country Manager Appointments offshore South Africa OML 113 sale Award of TCP 218 onshore South Af
Slide 6: H1 2022 Results
H1 2022 RESULTS H1 REVENUES REFLECT BARRELS LIFTED IN THE PERIOD NOT BARRELS PRODUCED H1 2022 HIGHLIGHTS Q2 2022 HIGHLIGHTS 2022 YTD & BALANCE SHEET H1 2022 revenue Q2 2022 revenue 2022 YTD crude oil sales USD 21.7 million USD 5.4 million ~USD 110 million H1 2021: US$ 34.9 million Q2 2021: USD 23.1
Slide 7: Production Performance and Guidance
PRODUCTION PERFORMANCE AND GUIDANCE PANORO BENEFITS FROM A DIVERSIFIED PRODUCTION BASE CURRENT WORK PROGRAMME AND Working Interest bopd BUDGET EXPECTED TO DELIVER >12,500 BOPD 13,000 DURING 2023 › Working interest production averaged ~7,900 bopd in H1 12,000 GABON TUNISIA EQUATORIAL GUINEA 11,000 ›
Slide 8: Crude Lifting Schedule
CRUDE LIFTING SCHEDULE THE MAJORITY OF CRUDE LIFTINGS OCCUR IN H2 2022 2022 ACTUAL AND FORECAST LIFTINGS 2022 CRUDE LIFTINGS Barrels 900,000 › Crude liftings are based on Panoro’s entitlement volumes after 865,200 respective PSC terms have been applied, and will differ from produced volumes expresse
Slide 9: Debt Maturity Profile & 2022 Capex Budget
DEBT MATURITY PROFILE & 2022 CAPEX BUDGET CONSERVATIVE LEVERAGE PROFILE AND FULLY FUNDED CAPEX PROGRAMME PRIORITISING PRODUCTION AND DEVELOPMENT PROJECTS Facility Maturity Amount Rate 2022 FULL YEAR CAPITAL EXPENDITURE GUIDANCE Non recourse loan n/a USD 2.7 MM 7.5% p.a GABON 6 Senior secured loan 20
Slide 10: Reconciliation of H1 2022 Cash Flow
RECONCILIATION OF H1 2022 CASH FLOW ROBUST FINANCIAL POSITION MAINTAINED USD MM 80 70 60 24.9 35.0 50 9.2 40 2.1 4.6 30 11.9 20 30.7 24.5 10 0 Cash at start period Net cash from operations Oil revenue advances Investment in producing Loan repayments Interest and fees Commodity hedges & Cash at end p
Slide 11: Block G Operations Update
BLOCK G OPERATIONS UPDATE H1 2022 PRODUCTION 33,079 BOPD (4,714 BOPD NET TO PANORO) Panoro: 14.25% W.I / Operator Trident Energy 2022 ACTIVITIES › Operator Trident Energy is undertaking a workover programme at the Okume Complex › 4 ESP conversions being undertaken in 2022 with one completed and one
Slide 12: Block G License Extension
BLOCK G LICENSE EXTENSION AN ESTIMATED 2-3 MMBBLS 2P RESERVES ADDITION NET TO PANORO NOT REFLECTED IN THE ASR 11 YEAR EXTENSION CEIBA FIELD 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 6 YEAR EXTENSION OKUME COMPLEX 2022 2023 2024 2025 2026 2027 2028
Slide 13: Dussafu Marin Operations Update
DUSSAFU MARIN OPERATIONS UPDATE H1 2022 PRODUCTION 11,150 BOPD (1,952 BOPD NET TO PANORO) Panoro: 17.5% W.I / Operator BW Energy 2022 ACTIVITIES › 4 out of 6 wells on continuous production owing to previously communicated gas lift capacity constraints › Nitrogen has been tested to supplement gas lif
Slide 14: Tunisia Operations Update
TUNISIA OPERATIONS UPDATE H1 2022 PRODUCTION 4,062 BOPD (1,194 BOPD NET TO PANORO) Panoro: 29.4% W.I / Operator TPS 2022 ACTIVITIES › GUE-3 and CER-2 workovers to replace ESPs successfully completed and wells bought online safely without incident › Wells are being monitored with encouraging increase
Slide 15: Block 2B South Africa
BLOCK 2B SOUTH AFRICA GAZANIA-1 EXPLORATION WELL TO BE DRILLED UP-DIP FROM A PROVEN OIL DISCOVERY Panoro: 12.5% W.I Source: Africa Energy Corporation › Gazania-1 well to test both the Namaqualand and Gazania prospects › Island Innovator rig now under contract and in transit to South Africa from Euro
Slide 16: Award of Technical Co-operation Permit 218
AWARD OF TECHNICAL CO-OPERATION PERMIT 218 GROUND FLOOR ENTRY TO A BIOGENIC RENEWABLE NATURAL GAS AND HELIUM OPPORTUNITY › Northern Karoo basin a proven natural gas and Helium generating basin - Natural gas20142 with Helium concentrations of >4% have been recorded in analogue areas › ~6,608 km2 Tech
Slide 17: Award of Technical Co-operation Permit 218
AWARD OF TECHNICAL CO-OPERATION PERMIT 218 12 MONTH PERIOD TO INCUBATE THE OPPORTUNITY WITH AN OPTION TO CONVERT TO AN EXPLORATION RIGHT CURRENT STAGE TECHNICAL CO-OPERATION PERMIT EXPLORATION RIGHT PRODUCTION RIGHT Desk top studies of the TCP area Exclusive right to explore the permit Exclusive rig
Slide 18: The Helium Opportunity
THE HELIUM OPPORTUNITY A POTENTIALLY VALUABLE BY PRODUCT FROM NATURAL GAS PRODUCTION DE-LINKED FROM HYDROCARBON PRICING › Helium is a unique and vital element that can not be manufactured artificially or economically extracted from the air › The vast majority of commercially available Helium is extr
Slide 19: The Helium Opportunity
THE HELIUM OPPORTUNITY SOURCES OF RELIABLE SUPPLY AND LOW GEOPOLITICAL RISK CAN ATTRACT PREMIUM PRICING › The global semiconductor and fibre optic manufacturing FORECAST HELIUM SUPPLY AND DEMAND (mmcf/yr) 6% CAGR Canada & Other industries are irreversibly dependent on a stable and 9000 3% CAGR Russi
Slide 20: South Africa Has a High Dependency on Coal
SOUTH AFRICA HAS A HIGH DEPENDENCY ON COAL DOMESTIC GAS DEVELOPMENTS CAN PROVIDE A CLEANER ALTERNATIVE TO COAL FIRED POWER GENERATION TOTAL ENERGY SUPPLY BY SOURCE POPULATION BY AGE PROJECTED POPULATION (MILLIONS) Coal Natural gas Nuclear Hydro Biofuels and waste Oil Wind, solar, etc. TJ 62.70% 73.5
Slide 21: Conclusions
CONCLUSIONS › Strong visible organic production growth ~7,600 FY 2021 bopd › Further upside from new wells in Equatorial Guinea +4% › Exploration drilling catalyst at Block 2B H1 2022 ~7,900 offshore South Africa bopd +58% › Award of TCP 218 an attractive ground floor entry to a high potential natur
Slide 22: Contact Details
CONTACT DETAILS 78 Brook Street London W1K 5EF United Kingdom Tel: +44 (0) 203 405 1060 Fax: +44 (0) 203 004 1130