Panoro Energy ASA · OSL:PEN
Panoro Energy ASA — Investor Presentation (April 2019)
22 slides from Panoro Energy ASA's investor presentation, April 2019
Slide 1: Investor Presentation
Investor Presentation April 2019 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: Panoro at a Glance
Panoro at a Glance TOP SHAREHOLDERS Full-cycle oil and gas company with assets in Tunisia, Gabon and Nigeria # Shareholder # Shares (%) 1 KISTEFOS 6,176,454 9.9% Tunisia 2 F2 FUNDS AS 3,588,746 5.8 % FULL CYCLE JULIEN BALKANY AND ASSOCIATED 3 3,116,035 4.9 % INVESTMENT COMPANIES 4 SUNDT AS 3,058,853
Slide 4: High Levels of Activity
High Levels of Activity Achievements • In total 6-9 wells to be drilled • Minimum 3 exploration and 4 development • Production growth GABON - DUSSAFU TUNISIA targets in Tunisia 15-20% during 2019, • First oil Dussafu • Acquisition of higher in 2020 DNO Tunisia AS • Successful • Dussafu Phase 3 FID a
Slide 5: Team with a Strong Track-Record of Value-Creation
Team with a Strong Track-Record of Value-Creation EXECUTIVE MANAGEMENT TEAM BOARD OF DIRECTORS John Hamilton Qazi Qadeer Mr. Julien Balkany Ms. Alexandra Herger Chief Executive Officer Chief Financial Officer Chairman Joined 2014 Joined 2015 Joined 2010 Joined 2014 Richard Morton Nigel McKim Mr. Tor
Slide 6: Corporate Vision
Corporate Vision • Sustain materiality GABON (Dussafu) NIGERIA (Aje) Large development block • Continue to build existing production with multiple discoveries Producing field with significant oil and base in Tunisia and Gabon & exploration prospects gas potential • Unlock the significant exploration
Slide 7: Gabon
Gabon The Dussafu Marin Permit Dussafu is operated by BW Energy Gabon and Panoro’s current interest in the license is 8.33%. There are five oil fields within the Dussafu Permit: Moubenga, Walt Whitman, Ruche, Ruche North East and Tortue. The latter three fields were discovered by Panoro and JV partn
Slide 8: Dussafu
Dussafu Producing Asset, Significant Discovered Upside DUSSAFU, GABON – FIELD OVERVIEW Multiple discoveries located offshore Gabon • Positioned in a proven fairway within the Southern Gabon Basin • Panoro 8.33%, Operated by BW Energy Gabon1 (81.66%) • Gabon Oil (10.00%) and Tullow holds a 10% back-i
Slide 9: Recent Highlights from Panoro and BWO
Recent Highlights from Panoro and BWO TORTUE PHASE 2 GROSS RESERVES PRODUCTION Tortue Phase 2 planning Upgraded by 50% in Tortue Phase 2 production projected to start well underway (excluding contingent resources) early 2020 and could peak mid year at 4 new producers 35 MMbbl over 20,000 bopd RESOUR
Slide 10: Dussafu at the Start of 20 Year License Term
Dussafu at the Start of 20 Year License Term Production maintained ca 18-20,000 bopd FPSO Capacity 25,000 bopd 2002 2018 FUTURE Initial Reserves 100+MMbbl 150+MMbbl ETAME 20 MMbbl Initial Reserves Tortue Ruche Area Moubenga and Walt New 23 MMbbl Phase 2 Development Whitman Discoveries Discoveries DU
Slide 11: Tortue is Just the Beginning
Tortue is Just the Beginning Recent Oil Discovery Announced EEA AREA OVERVIEW Becoming a world-class asset • Nine consecutive successful well penetrations since 2011 Moubenga Ruche Area EEA1 • 12 robust prospects and more than 14 leads identified within the Ruche EEA1 area, in addition to the recent
Slide 12: Dussafu Development Plan
Dussafu Development Plan 1 Tortue Phase 1 2 Tortue Phase 2 3 Ruche Complex and Further upside • First oil announced • Ruche viewed a possible 17 Sep. 2018 • 4 additional second development hub • Project on time and on budget production wells • Recent discovery at Ruche NE • First oil from Phase 2 pr
Slide 13: Tunisia
Tunisia The Sfax Offshore Exploration Permit, containing the Ras El Besh Concession, lies in the prolific oil and gas Cretaceous and Eocene carbonate platforms of the Pelagian Basin offshore Tunisia. The TPS Assets comprise five oil field concessions in the region of the city of Sfax, onshore and sh
Slide 14: Tunisia Offers a Favorable Operating Environment
Tunisia Offers a Favorable Operating Environment Offers Attractive Investment Opportunities for Growth-Oriented MAP WITH O&G ACTIVITIES AND IMAGES E&P Independents Tunisia has a strong rule of law and international support • Considered to be the only full democratic regime in the Arab world • Associ
Slide 15: Full Operating Organization in Place
Full Operating Organization in Place The Addition of the TPS Organization Significantly Strengthens Operating Capabilities in Tunisia SIMPLIFIED ECONOMIC OWNERSHIP STRUCTURE 2 DNO transaction established Panoro with a full operating organization in Tunisia • 25 staff in Tunisia transferred to Panoro
Slide 16: Transformational Acquisition of OMV Tunisia Upstream
Transformational Acquisition of OMV Tunisia Upstream Portfolio of Low Cost Onshore and Near Shore Oil Producing Assets in Tunisia Panoro 60% subsidiary acquired OMV TUNISIA – PORTFOLIO OVERVIEW OMV Tunisia Upstream GmbH • 49% interest in five low risk, producing onshore STANDALONE and shallow offsho
Slide 17: Establishing a New Core Area
Establishing a New Core Area Highly Prospective Area with Low Cost Production AREA OVERVIEW AND HIGH TRANSACTION ACTIVITY Assuming Brent TRANSACTION June 2018 Chergui (45%) $65 per barrel Buyer: Perenco Seller: Petrofac ~$18-23 MARGIN Miskar TRANSACTION Sept. 2018 100% interest 3 bnboe reserves 5 Co
Slide 18: Tunisia Future Upside Activity
Tunisia Future Upside Activity El Ain 01 and Salloum Substantial 3,228 km2 exploration El Ain 03 workovers Salloum West well and eventual Cercina Infill Drilling permit offshore Tunisia extended production test • 400 million barrels already produced in surrounding blocks Chergui South • Close to exi
Slide 19: Nigeria
Nigeria OML 113 The licence contains the Aje field as well as a number of exploration prospects. The Aje Field was discovered in 1997 in water depths ranging from 100-1,500m. Unlike the majority of Nigerian Fields which are productive from Tertiary age sandstones, Aje has multiple oil, gas and gas c
Slide 20: OML 113 "Aje" License Overview
OML 113 “Aje” License Overview Producing Field with Significant Oil and Gas Potential PROJECT FACTS Large oil and gas accumulation offshore Nigeria Operator: Yinka Folawiyo Petroleum • Discovered in 1997 in water depth of 100-1,500m Revenue Interest: Initially 12.19% • Fully appraised field by four
Slide 21: Looking Forward
Looking Forward 3-6 wells Up to 4 new wells drilled drilled Dussafu Phase 2 Dussafu Phase 2 Dussafu • 1 new exploration prospect test well • New production wells • Dussafu Ruche • 2 Production wells drilling onstream development (entering production Q1 2020) - First two in Q1 2020 • Development of •
Slide 22: 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