Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — Q3 2020 Earnings Presentation
18 slides from Panoro Energy Asa's earnings presentation, Nov 23, 2020
Slide 1: Third Quarter / YTD 2020 Results
Third Quarter / YTD 2020 Results 23 November 2020 www.panoroenergy.com
Slide 2: 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 3: Webcast Housekeeping – Time for Questions
Webcast 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! Note: Today’s presentation is Ask questions here being re
Slide 4: Key Takeaways: Organic Growth Continued
Key Takeaways PRODUCTION GROWTH • Production Growth in core assets ORGANIC • Recently hit 5,000 bopd gross target in Tunisia, more potential • Gabon production growth each year 2021-2024 GROWTH MATERIAL EXPLORATION UPSIDE • Hibiscus discovery could be 3x current booked reserves CONTINUED • Ambition
Slide 5: 2020 YTD and 3Q Highlights: Stable and Positioned for Growth
2020 YTD and 3Q Highlights: Stable and Positioned for Growth OPERATIONAL FINANCIAL • 5,000 bopd gross production • Gross revenue $16.1 million 2020 target in Tunisia met (maintained YTD Q4 to date) • 5 liftings YTD, with 3 more in Q4 • First new well drilled successfully (35-40% of annual revenue in
Slide 6: Hedging: $3.9 million in YTD realized gains
Hedging: $3.9 million in YTD realized gains 2020 2021 20,200 bbls per month Settled Collars of $55 Additional Gains/loss MTM of First class Taxed outside monthly on floor and 24,000 swap on P&L $3.7 million counter- petroleum Dated Brent $61 cap in July 2020 after EBIT at end Q3 party regime Third Q
Slide 7: Gabon Update (Panoro 7.5% working interest)
Gabon Update May (Panoro 7.5% working interest) KEY Q3 INFO • Gross production of 15,500 bopd during quarter (net 1,200) • Four wells in production • Gross 2020 production~14,250 bopd RUCHE EEA AREA • Opex per bbl of $19/bbl for 2020 DUSSAFU MARIN Third Quarter 2020 Slide 7
Slide 8: Phased Development Approach
Phased Development Approach… … Targeting existing discovered reserves, driving costs down and profit margins up OPERATING COST EVOLUTION AT DUSSAFU 1 Tortue • Two wells on production (DTM-2H and 3H), tied back to the 10 kbopd Cost per Barrel Adolo FPSO 2018 Phase 1 PHASE 1 25 • Four production wells
Slide 9: Hibiscus is Growing and May Double Total Dussafu 2P Reserves
Hibiscus is Growing and May Double Total Dussafu 2P Reserves • The Hibiscus discovery from August 2019 has HIBISCUS STRUCTURE MAPS OLD AND NEW significantly increased the reserve and resource base for the Dussafu area • At present Hibiscus has 43.7 MMbbl certified 2P reserves by NSAI, 4x larger than
Slide 10: Further Upside Potential through Large, De-risked Prospect Inventory
Further Upside Potential through Large, De-risked Prospect Inventory LARGE INVENTORY OF EXPLORATION PROSPECTS AND LEADS • Ambition to drill two exploration wells each year for the next 5 years • +13 prospects and leads identified based on seismic and readthrough from existing six discoveries • +280
Slide 11: Tunisia Update (Panoro 29.4% working interest in production)
Tunisia Update May (Panoro 29.4% working interest in production) KEY Q3 INFO • 5,000 bopd gross production target achieved October PANORO ASSETS • Further workovers planned • Guebiba 10AST first well drilled for 6 years, with oil in two reservoirs • Gross production of 3,261 bopd in Q3 (net 950) • Q
Slide 12: TPS Production: 5,000 bopd Achieved
TPS Production: 5,000 bopd Achieved Key Events Driving TPS Production Over the Past Year Asset review; ranking quick wins; Operational development activity: well workovers; mobilising rigs for drilling operations; operational planning subsurface modelling for future field development PANORO ACHIEVES
Slide 13: Tunisia Looking Forward: The Next Challenges
Tunisia Looking Forward: The Next Challenges Enhancing Production Levels • Workover programme continues • Remaining approved work programme through Q1 2021 • Further stimulation and optimisation initiatives identified ~5,000 bopd gross Growing the Reserve and Resource Base • Remapping and modelling
Slide 14: Further Corporate Updates
Further Corporate Updates FOR BLOCK 2B IN SOUTH AFRICA FOR OML 113 (Aje) SOUTH AFRICA BLOCK 2B • The application process to the Ministry is submitted • Production has continued, with some limited shut in periods • Approval expected Q4 2020 • Cost savings being implemented by operator • Completion su
Slide 15: Environmental, Social, and Governance
Environmental, Social, and Governance Robust HSSE procedures delivered recent campaign in Tunisia without incident ENVIRONMENT SOCIAL • Panoro is committed to reducing its greenhouse gas • We are committed to working with our employees, (GHG) emissions through the efficient operation of partners and
Slide 16: Strong Organic Growth Outlook
Strong Organic Growth Outlook PRODUCTION CORPORATE • Dussafu - Hook up DTM-6H • Solid balance sheet • Drill DTM-7H • Low-cost production • Hibiscus/Ruche Phase 1 • Dividend PetroNor Shares (Subject to Completion) • Tunisia - more work over wells • Reserves/Resources • Additional activities underway,
Slide 17: Webcast Housekeeping – Time for Questions
Webcast Housekeeping – Time for Questions Raising your hands for un-muting! Questions Panel Hand Raising Button Third Quarter 2020 Slide 17
Slide 18: Contact Details
Contact Details: PANORO ENERGY 78 Brook Street London W1K 5EF United Kingdom Tel: +44 (0) 203 405 1060 Fax: +44 (0) 203 004 1130 info@panoroenergy.com