Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — Q3 2022 Earnings Presentation
17 slides from Panoro Energy Asa's earnings presentation, Nov 30, 2022
Slide 1: Q3 2022 Trading and Financial Update
PANORO ENERGY ASA Q3 2022 TRADING AND FINANCIAL UPDATE 30 NOVEMBER 2022
Slide 2: 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 Panoro Energy ASA
Slide 3: 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 4: Record Quarterly and 9M Financial Performance
RECORD QUARTERLY AND 9M FINANCIAL PERFORMANCE STEP UP IN LIFTINGS FROM JULY ONWARDS REFLECTED IN FINANCIAL RESULTS 9M 2022 HIGHLIGHTS Q3 2022 HIGHLIGHTS BALANCE SHEET 9M 2022 revenue Q3 2022 revenue Cash at bank at 30 September 2022 USD 117.8 million USD 96.1 million USD 34.1 million 9M 2021: USD 38
Slide 5: Capital Allocation Framework
CAPITAL ALLOCATION FRAMEWORK DISCIPLINED APPROACH PRIORITISING SHAREHOLDER RETURNS DIVERSIFIED › >50% increase in net production expected over PRODUCTION BASE the next 12 months › Further production growth anticipated POST TAX OPERATING CASH FLOW › Majority of capex associated with Hibiscus Ruche ›
Slide 6: 2023 Shareholder Return Policy
2023 SHAREHOLDER RETURN POLICY INAUGURAL QUARTERLY CASH DIVIDEND TO BE DECLARED AT Q4 RESULTS IN FEBRUARY 2023 TARGET PAYOUT (CORE + ADDITIONAL CAPITAL RETURN) OF UP TO USD 30 MILLION IN 2023 › USD 20 million core dividend in 2023 › Paid on a quarterly basis in cash weighted towards H2 DISCRETIONARY
Slide 7: Production Performance and Outlook
PRODUCTION PERFORMANCE AND OUTLOOK PANORO BENEFITS FROM A DIVERSIFIED PRODUCTION BASE CURRENT WORK PROGRAMME AND Working Interest bopd BUDGET EXPECTED TO DELIVER >12,500 BOPD 13,000 DURING 2023 › Working interest production averaged approximately 7,700 12,000 GABON TUNISIA EQUATORIAL GUINEA bopd in
Slide 8: Crude Lifting Schedule
CRUDE LIFTING SCHEDULE THE MAJORITY OF CRUDE LIFTINGS OCCUR IN H2 2022 2022 CRUDE LIFTINGS Barrels 2022 ACTUAL AND FORECAST LIFTINGS › Crude liftings are based on Panoro’s entitlement volumes after 900,000 880,896 respective PSC terms have been applied, and will differ from produced volumes expresse
Slide 9: Debt Maturity Profile & 2022 Capex Budget
DEBT MATURITY PROFILE & 2022 CAPEX BUDGET CAPEX GUIDANCE OF USD 65 MILLION AND DEBT REPAYMENT OF USD ~19 MILLION FOR THE YEAR UNCHANGED Facility Maturity Amount Rate 2022 FULL YEAR CAPITAL EXPENDITURE GUIDANCE Non recourse loan n/a USD 2.8 MM 7.5% p.a GABON 6 Senior secured loan 2024 USD 7.9 MM LIBO
Slide 10: Reconciliation of 9M 2022 Cash Flow
RECONCILIATION OF 9M 2022 CASH FLOW ROBUST FINANCIAL POSITION MAINTAINED USD MM Oil revenue advances of USD 35 million taken 160 against the July Equatorial Guinea lifting to smooth working capital and repaid in October 140 120 35.0 35.0 100 80 40.3 78.8 60 15.6 5.9 40 7.5 20 34.1 24.5 0 Cash at sta
Slide 11: Equatorial Guinea Operations Update
EQUATORIAL GUINEA OPERATIONS UPDATE 9M 2022 PRODUCTION 31,980 BOPD (4,560 BOPD NET TO PANORO) BLOCK G (PANORO 14.25%) › Operator Trident Energy is undertaking a workover programme at the Okume Complex › First 2022 ESP conversion completed in May and second 2022 ESP installation completed in November
Slide 12: Gabon Operations Update
GABON OPERATIONS UPDATE 9M 2022 PRODUCTION 10,920 BOPD (1,910 BOPD NET TO PANORO) DUSSAFU MARIN (PANORO 17.5%) › 4 out of 6 wells on continuous production at Tortue owing to previously communicated gas lift capacity constraints › New gas lift compressor has arrived in Gabon › Installation on the BW
Slide 13: Tunisia Operations Update
TUNISIA OPERATIONS UPDATE 9M 2022 PRODUCTION 4,090 BOPD (1,200 BOPD NET TO PANORO) TPS ASSETS (PANORO 29.4%) › GUE-3 and CER-2 workovers to replace failed ESPs successfully completed and wells brought online safely without incident › Wells are being monitored with encouraging increase in production
Slide 14: South Africa Operations Update
SOUTH AFRICA OPERATIONS UPDATE INCUBATING A POTENTIALLY HIGH VALUE RESOURCE BASE WITH MODEST FINANCIAL EXPOSURE TCP 218 (PANORO 100%) › Northern Karoo basin a proven natural gas and Helium generating basin - Natural gas with Helium concentrations of >4% have been recorded in analogue areas › ~6,608
Slide 15: Committed to Delivering Shareholder Returns
COMMITTED TO DELIVERING SHAREHOLDER RETURNS › Record Q3 and 9M financial performance reflects ~7,600 FY 2021 step up in liftings from July onwards and cash bopd generation potential of underlying assets +1.5% › Value adding work programme driving strong visible organic production growth 9M 2022 ~7,7
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 Panoro Energy ASA
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