Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — H1 2025 Earnings Presentation
17 slides from Panoro Energy Asa's earnings presentation, Aug 21, 2025
Slide 1: Sustainable Foundations, A Resilient Future
SUSTAINABLE FOUNDATIONS, A RESILIENT FUTURE Panoro Energy H1 2025 RESULTS 21 AUGUST 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: Results Highlights
RESULTS HIGHLIGHTS Financial results in line with expectations, quarterly core cash distribution of NOK 80 million declared, share buybacks ongoing H1 2025 HIGHLIGHTS SHAREHOLDER RETURNS H1 2025 Reported Revenue H1 2025 EBITDA H1 2025 Capital Expenditure USD 86.0 million USD 50.7 million USD 26.2 mi
Slide 5: Production Within Guidance Range
PRODUCTION WITHIN GUIDANCE RANGE Strong production and high uptime at Dussafu, positive impact from workovers in Tunisia, unplanned facilities related downtime in Equatorial Guinea Average group working interest production: Working Interest bopd 13,000 H1 2025 Q2 2025 GABON EQUATORIAL GUINEA TUNISIA
Slide 6: Shareholder Returns In Line With 2025 Policy
SHAREHOLDER RETURNS IN LINE WITH 2025 POLICY 2025 KEY FACTORS • USD 45 million (~NOK 500 million*) maximum permitted returns for calendar year 2025 • Based on realised oil price of USD 70 / bbl (the Board may consider revisions should oil prices be lower) • No material unplanned interruption to prod
Slide 7: Crude Liftings And Realised Oil Prices
CRUDE LIFTINGS AND REALISED OIL PRICES Majority of 2025 liftings to occur in the second half of the year • 2025 YTD liftings in line with • Positive crude oil inventory was 751,487 • Panoro’s entitlement volume from production previously communicated guidance barrels at 30/06/25 in H1 2025 was 1,821
Slide 8: Debt Profile And Capex
DEBT PROFILE AND CAPEX Conservative leverage profile and significantly lower capital expenditure in 2025 H1 2025 CASH FLOW RECONCILIATION USD MILLION CAPITAL EXPENDITURE GUIDANCE – FOCUSED ON ORGANIC GROWTH PROJECTS 100 USD MM • 2025 capex H1 weighted and primarily associated with drilling of the su
Slide 9: Dussafu Operations Update
DUSSAFU OPERATIONS UPDATE All Hibiscus Area and Tortue production wells onstream with high levels of operational uptime Ownership DUSSAFU MARIN (Panoro 17.5%) • Continued strong production performance • Bourdon prospect test well (DBM-1) made a significant new oil discovery - 56 MMbbls in place / 25
Slide 10: Potential To Repeat The Dussafu Success Story
POTENTIAL TO REPEAT THE DUSSAFU SUCCESS STORY Niosi and Guduma Blocks materially increase Panoro’s exposure to a large contiguous acreage position in a prolific and well understood oil fairway Ownership NIOSI & GUDUMA Etame Marin (Panoro 25%) • >140 MMbbls produced to date • Currently producing >14,
Slide 11: Equatorial Guinea Operations Update
EQUATORIAL GUINEA OPERATIONS UPDATE Core oil production hub at Block G with surrounding ILX opportunities Ownership BLOCK G (Panoro 14.25%) • Production impacted by unplanned facilities related downtime at the Ceiba field BLOCK G • Remedial work programme expected to restore (Ceiba Field and product
Slide 12: Multi Billion Boe Discoveries Surround Block EG-23
MULTI BILLION BOE DISCOVERIES SURROUND BLOCK EG-23 Extension of Niger Delta geology into Equatorial Guinea offshore Ownership NIGER DELTA AND CAMEROON • Multi billion barrel discovered reserves and BLOCK EG-23 large-scale production (Panoro 80%) • EG-23 PSC formally ratified: Initiated seismic repro
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 160 in Dussafu EEA ‐ 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 PRODUCTION EXPLORATION FINANCIAL & RESERVES & APPRAISAL H1 2025 Production in line with Bourdon discovery offshore Gabon H1 2025 revenues
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