Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — Q4 2023 Earnings Presentation
16 slides from Panoro Energy Asa's earnings presentation, Feb 22, 2024
Slide 1: Sustainable Foundations, A Resilient Future
SUSTAINABLE FOUNDATIONS, A RESILIENT FUTURE Panoro Energy Q4 2023 TRADING AND FINANCIAL UPDATE 22 FEBRUARY 2024
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: Financial Highlights
FINANCIAL HIGHLIGHTS 2023 was a record year for Panoro FY 2023 HIGHLIGHTS SHAREHOLDER RETURNS FY 2023 Reported revenue FY 2023 EBITDA FY 2023 Profit before tax USD 228.9 million USD 135.1 million USD 74.3 million Q4 2023 CASH DISTRIBUTION DECLARED OF FY 2022: USD 188.6 million FY 2022: USD 127.2 mil
Slide 5: 2024 Shareholder Returns Policy
2024 SHAREHOLDER RETURNS POLICY Panoro is committed to delivering sustainable shareholder returns SPECIAL KEY FACTORS 2024 CORE DISTRIBUTION TARGET CASH • Based on realised oil AND SHARE price of USD 85 / bbl DISTRIBUTION DISTRIBUTION BUYBACKS (representing 2024 analyst consensus) and current FX rat
Slide 6: Update on Group Drilling Activities
UPDATE ON GROUP DRILLING ACTIVITIES Panoro is in its most active phase of continual drilling 2023 2024 GABON Hibiscus W W 5th well now planned on Hibiscus Ruche Current campaign comprises 1 Ruche well Re-used top hole to drill production section Hibiscus South (Nov ‘23 discovery) & complete as addit
Slide 7: Production Performance and Guidance
PRODUCTION PERFORMANCE AND GUIDANCE Panoro benefits from a diversified production base Working Interest bopd 13,000 • Average group working interest GABON TUNISIA EQUATORIAL GUINEA 12,000 2024 W.I. PRODUCTION GUIDANCE production: 11,000 BOPD TO 13,000 BOPD 11,000 FY 2023 Q4 2023 10,000 11,000 8,471
Slide 8: Crude Lifting Schedule
CRUDE LIFTING SCHEDULE Panoro expects to lift a materially higher volume in 2024 • Joint lifting arrangements in 2024 are expected to result in a more consistent quarterly lifting pattern • Positive crude oil inventory of ~428,000 barrels at end Q4 • Panoro’s entitlement volume from production for Q
Slide 9: Debt Profile and Capex
DEBT PROFILE AND CAPEX USD 26.1 million debt principal repayments in 2023, full-year 2024 capex guidance USD 75 million Amount drawn at Facility Maturity 31/12/23 Rate 2024 FULL YEAR CAPITAL EXPENDITURE GUIDANCE RBL facility March 2026 USD 70.5 MM SOFR + 7.5% Advance payment facility n/a USD 23.8 MM
Slide 10: Reconciliation of Cash Flow in 2023
RECONCILIATION OF CASH FLOW IN 2023 Robust financial position maintained USD MM 160 140 23.8 120 14.8 67.0 100 3.0 80 77.1 26.1 60 10.1 40 13.2 1.2 32.7 20 27.8 0 Cash at 31/12/2022 Net cash from Net proceeds from Oil revenue Investment in Net acquisition costs Loan repayments Interest and fees Cash
Slide 11: Gabon Update
GABON UPDATE Gross production is expected to increase from March onwards towards the 40,000 bopd level Ownership DUSSAFU MARIN (PANORO 17.5%) HIBISCUS SOUTH • Drilling of development well concluded and completion operations underway – expected onstream in March • Results from logging indicate scope
Slide 12: Equatorial Guinea Update
EQUATORIAL GUINEA UPDATE Three new Block G infill wells to add additional new volume Ownership BLOCK S (PANORO 12%) Akeng Deep prospect Oveng BLOCK G (PANORO 14.25%) • Infrastructure led exploration infill well • Operated by Kosmos Energy OPERATIONS UPDATE • Objective is to test deeper Albian Okume
Slide 13: Tunisia Update
TUNISIA UPDATE TPS assets contain one of Tunisia’s largest oil producing concessions TPS ASSETS (CERCINA) • New production opportunities include perforation and Ownership stimulation activities on three further Cercina wells • Expected to commence in Q2 2024 TPS ASSETS (PANORO 49%) • The extension o
Slide 14: Key Messages
KEY MESSAGES VISIBLE INFRASTRUCTURE SUSTAINABLE PRODUCTION LED E&A SHAREHOLDER GROWTH STRATEGY RETURNS 11 – 13 kbopd Hibiscus South NOK 400 – 500 MM 2024E W.I production Expected lead time 2024 target distribution* from discovery to first oil of just five months Quarterly 65.1 MMbbls core cash distr
Slide 15: 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 15 Panoro En
Slide 16: 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