Petronor E&p Asa · OSL:PNOR
Petronor E&p Asa — Q3 2023 Earnings Presentation
12 slides from Petronor E&p Asa's earnings presentation, Nov 28, 2023
Slide 1: Q3 2023 Results Presentation
Q3 2023 Results Presentation 28th November 2023, Eyas Alhomouz (Chairman), Jens Pace (Interim CEO) Tchendo well-head platform ready for deployment Q4 23 Tchendo platform
Slide 2: Disclaimer
Disclaimer This Presentation has been prepared by PetroNor E&P ASA (Company). Investment risk An investment in the Company shares is subject to investment and other known and unknown risks, Summary information some of which are beyond the control of the Company Group. The Company does not guarantee
Slide 3: Q3 2023: Positive production outlook and record oil sales
Q3 2023: Positive production outlook and record oil sales Operational performance update: ➢ Q3 net working interest oil production of 5,113 bopd maintaining 1H average ➢ Current net production at ca 6,000 bopd as new infill wells were brought online in October ➢ 1.2m bbls of oil sold in 2023 realisi
Slide 4: Q3 2023 Financial Delivery: Positive outlook for year-end
Q3 2023 Financial Delivery: Positive outlook for year-end BALANCE SHEET HIGHLIGHTS Oil sales from barrels Cash at bank at 30 September 2023 Revenue for nine months ended lifted 30 September 2023 1,500 Thousands Dec scheduled lifting USD 23.7 million USD 112.6 million 1,300 31 December 2022: USD 24.8
Slide 5: 2023 to September - Use of cash
2023 to 30 September - Use of cash Amounts in USD million -26.0 34.5 -1.4 -3.2 -4.9 -0.2 24.8 23.6 Cash 1 Net cash Investment Investment in Dividends Loan Other Cash 30 January 2023 from in production exploration to NCIs repayments September operations 2023 5
Slide 6: Balanced portfolio across the E&P value chain
Balanced portfolio across the E&P value chain 1 Production base – Congo-Brazzaville – PNGF Sud/Bis > Gross field production of ~35,000 bopd > High margin production > Operated by Perenco 2 Re-development – Nigeria – Aje Field (OML 113) > Consolidating licence position via acquisition > Re-developmen
Slide 7: Congo Production
Production base – Congo-Brazzaville – PNGF Sud/Bis 1 Congo Production Strong operational delivery from PNGF Sud ➢ Field complex with ca 2 Bnbbls STOOIP and less than 500 mmbbls recovered to date ➢ Track record of adding production via work- overs of existing wells and infill drilling ➢ 11 of 17 plan
Slide 8: Production growth from disciplined investment in a large field
Production growth from disciplined investment in a large field PetroNor at net working interest 16.83% Net PetroNor Production, 2023 - 2024 Forecast Uncertainty Range 6.00 5.00 Oil production, kbopd 5.24 5.11 5.00 4.69 Total OPEX = 4.00 4.11 $9/bbl 3.00 Infill CAPEX = 2.00 $10 -15/bbl 1.00 0.00 Q3 2
Slide 9: Aje re-development as a gas field
Re-development – Nigeria – Aje Field (OML 113) 2 Aje re-development as a gas field Aje re-development planning is advancing ➢ Consolidating interest in OML 113: • Completion of transaction with YFP to hold 52% in jointly owned Aje Production AS1 expected • Agreement with New Age to acquire controlli
Slide 10: West African high impact exploration – focusing position
Exploration – large scale prospects 3 West African high impact exploration – focusing position Attractive exploration portfolio ✓ Guinea-Bissau transaction close to completion x following government approval. • Receipt of $25m consideration expected soon. x➢ The Senegal arbitration to resolve a lega
Slide 11: Q3 stays on track for the best year
Q3 stays on track for the best year ➢ Continued strong operational delivery from Strengthening balance sheet and Congo assets underpinned by regular liftings positive operational outlook provides to sell oil inventory and generate cash flow PetroNor with the financial capacity to: > Execute organic
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