Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — H1 2024 Earnings Presentation
18 slides from Panoro Energy Asa's earnings presentation, Aug 22, 2024
Slide 1: Sustainable Foundations, A Resilient Future - H1 2024 Results
SUSTAINABLE FOUNDATIONS, A RESILIENT FUTURE Panoro Energy H1 2024 RESULTS 22 AUGUST 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: H1 2024 Highlights
H1 2024 HIGHLIGHTS Panoro is making good progress towards its organic growth targets and delivery of sustainable and material shareholder returns H1 2024 HIGHLIGHTS H1 2024 Working Interest Production H1 2024 Reported Revenue H1 2024 EBITDA H1 2024 Net Profit 9,168 bopd USD 142.7 million USD 77.8 mi
Slide 5: Shareholder Returns
SHAREHOLDER RETURNS Target distribution of NOK 400 million to NOK 500 million for 2024 in line with Panoro’s stated 2024 Shareholder Returns Policy QUARTERLY CASH DISTRIBUTIONS TRANSACTIONS UNDER THE SHARE BUYBACK PROGRAMME • Share buyback programme for up to NOK 100 million extended to end 2024 • Q
Slide 6: Reserve Upgrade in Gabon Following Oil Discoveries
RESERVE UPGRADE IN GABON FOLLOWING OIL DISCOVERIES Realising upside and adding value for stakeholders through Panoro’s infrastructure lead exploration and appraisal strategy GROSS 2P RESERVES DISCOVERED AT DUSSAFU UNDER PANORO’S TENURE* • Adjustments to drilling programme resulted in two new oil dis
Slide 7: High Impact ILX Wells in Current Campaigns
HIGH IMPACT ILX WELLS IN CURRENT CAMPAIGNS Firm ILX wells in the Equatorial Guinea and Gabon drilling campaigns offer large potential upside at modest financial exposure EQUATORIAL GUINEA Akeng Deep BLOCK S – ILX Well (PANORO 12%) Akeng Deep Prospect • Operated by Kosmos Energy Evina HIGHLIGHTS Aken
Slide 8: Expanding Panoro's E&A Portfolio in Core Areas
EXPANDING PANORO’S E&A PORTFOLIO IN CORE AREAS Focused exploration in close proximity to large discoveries and existing infrastructure MOU SIGNED FOR BLOCK EG-23 OFFSHORE EQUATORIAL GUINEA PROVISIONAL AWARD OF BLOCKS G12-13 AND H12-13 OFFSHORE GABON ALBA FIELD • >1.2 bn boe produced to date • Operat
Slide 9: Production Performance and Expected Growth
PRODUCTION PERFORMANCE AND EXPECTED GROWTH Panoro benefits from a diversified production base Expected production growth Working Interest bopd • Q2 production in Gabon reflects 21 >13,000 days planned shut-down for previously 13,000 communicated annual maintenance 12,000 GABON TUNISIA EQUATORIAL GUI
Slide 10: Crude Lifting Schedule Materially Unchanged
CRUDE LIFTING SCHEDULE MATERIALLY UNCHANGED Panoro expects to lift a materially higher volume of crude oil in 2024 • Joint lifting arrangements in 2024 are resulting in a more consistent quarterly lifting pattern • Positive crude oil inventory was 179,550 barrels at 30/06/24 • Panoro’s entitlement v
Slide 11: Debt Profile and Capex
DEBT PROFILE AND CAPEX Panoro maintains a conservative leverage profile and continues to invest in organic production and reserves growth Amount drawn at • USD 10 million of the Sale and Lease Back proceeds were used to Facility Maturity 30/06/24 Rate repay the RBL in Q2 RBL facility 2028 USD USD 80
Slide 12: Reconciliation of Cash Flow in H1 2024
RECONCILIATION OF CASH FLOW IN H1 2024 Robust financial position maintained USD MM 150 47.8 25.0 10.0 100 10.2 78.6 23.8 4.9 50 9.3 2.1 0.1 27.8 43.2 0 Cash at Net cash from RBL Net effect of sale Investment in RBL Oil revenue Borrowing costs Distributions to Share buyback Other Cash at 31/12/2023 o
Slide 13: Drilling Success Continues Offshore Gabon
DRILLING SUCCESS CONTINUES OFFSHORE GABON Gross production is building towards the targeted 40,000 bopd level once all wells in the current drilling campaign are onstream Ownership DUSSAFU MARIN (PANORO 17.5%) DRILLING UPDATE Hibiscus Northern Flank • Hibiscus South Extension • Estimated gross recov
Slide 14: Infill Drilling Recommenced in Equatorial Guinea
INFILL DRILLING RECOMMENCED IN EQUATORIAL GUINEA Two new Block G infill wells to add additional volume Ownership BLOCK G (PANORO 14.25%) BLOCK G (Ceiba Field and Okume Complex) • Infill drilling recommenced in early July with the Noble Venturer • Gross production in H1 2024 drill ship averaged 24,33
Slide 15: Long Life Reserves in Tunisia
LONG LIFE RESERVES IN TUNISIA 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 Concessio
Slide 16: Key Messages
KEY MESSAGES VISIBLE INFRASTRUCTURE SUSTAINABLE PRODUCTION LED E&A SHAREHOLDER GROWTH STRATEGY RETURNS • Group production to • Two oil discoveries in • NOK 400 million to reach >13,000 bopd Gabon have added NOK 500 million target when all wells in current material reserves distribution in 2024* camp
Slide 17: 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 17 Panoro En
Slide 18: 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