Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — Q4 2022 Earnings Presentation
17 slides from Panoro Energy Asa's earnings presentation, Feb 22, 2023
Slide 1: Q4 2022 Trading and Financial Update
PANORO ENERGY ASA Q4 2022 TRADING AND FINANCIAL UPDATE 22 FEBRUARY 2023
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 Financial Performance in 2022
RECORD FINANCIAL PERFORMANCE IN 2022 CASH DIVIDEND INITIATED SIX MONTHS EARLIER THAN GUIDED AT TIME OF EQUATORIAL GUINEA & GABON ACQUISITIONS FY 2022 HIGHLIGHTS Q4 2022 HIGHLIGHTS BALANCE SHEET FY 2022 revenue Q4 2022 revenue Cash at bank at 31 December 2022 USD 188.6 million USD 70.9 million USD 32
Slide 5: 2023 Shareholder Return Policy
2023 SHAREHOLDER RETURN POLICY PANORO IS COMMITTED TO DELIVERING SUSTAINABLE SHAREHOLDER RETURNS › USD 20 million core dividend in 2023 CORE 2023 DISCRETIONARY › Paid on a quarterly basis in cash weighted towards H2 USE OF SHARE DIVIDEND (USD 20 MILLION) › Subject to average oil price realisation re
Slide 6: Production Performance and Guidance
PRODUCTION PERFORMANCE AND GUIDANCE PANORO BENEFITS FROM A DIVERSIFIED PRODUCTION BASE Working Interest bopd 13,000 › FY 2022 working interest 12,000 GABON TUNISIA EQUATORIAL GUINEA production averaged 7,500 bopd 12,500 11,000 › 2023 guidance range of 9,000 2023 W.I. PRODUCTION GUIDANCE bopd to 11,0
Slide 7: Crude Lifting Schedule
CRUDE LIFTING SCHEDULE PANORO EXPECTS TO LIFT A MATERIALLY HIGHER VOLUME IN 2023 › Crude liftings are based on entitlement volumes after respective PSC terms have been applied, and will differ from produced volumes expressed on a working interest basis 2022 ACTUAL: 1.8 MMbbls 2023 FORECAST: ~2.9 MMb
Slide 8: Debt Maturity Profile & 2023 Capex Budget
DEBT MATURITY PROFILE & 2023 CAPEX BUDGET CAPEX GUIDANCE OF USD 75 MILLION AND MINIMUM DEBT REPAYMENT OF USD 20 MILLION IN 2023 Facility Maturity Amount (31/12/22) Rate 2023 FULL YEAR CAPITAL 3 EXPENDITURE GUIDANCE Non recourse loan n/a USD 0.6 MM 7.5% p.a 27 GABON Senior secured loan 2024 USD 6.9 M
Slide 9: Reconciliation of FY 2022 Cash Flow
RECONCILIATION OF FY 2022 CASH FLOW ROBUST FINANCIAL POSITION MAINTAINED USD MM 140 120 100 54.4 80 98.4 60 18.8 8.1 40 8.9 20 32.7 24.5 0 Cash at start period Net cash from operations Investment in producing Loan repayments Interest and fees Commodity hedges & other Cash at end period (post tax) &
Slide 10: Growing Production in Gabon
GROWING PRODUCTION IN GABON DRILLING CAMPAIGN OF SIX NEW PRODUCTION WELLS UNDERWAY AND NEW GAS LIFT COMPRESSION BEING INSTALLED DUSSAFU MARIN (PANORO 17.5%) HIBISCUS RUCHE PHASE I › Production drilling at the first of six consecutive Hibiscus Ruche Phase I production wells commenced in early January
Slide 11: Expanding in Equatorial Guinea
EXPANDING IN EQUATORIAL GUINEA DRILLING OF THREE NEW BLOCK G PRODUCTION WELLS TO COMMENCE IN Q4 FOLLOWED BY ONE BLOCK S EXPLORATION WELL IN 2024 BLOCK G (PANORO 14.25%) › Rig contracted for a three well infill drilling campaign scheduled to commence in Q4 2023 Block S (Panoro 12%) › Ongoing ESP conv
Slide 12: Optimising Production in Tunisia
OPTIMISING PRODUCTION IN TUNISIA TPS ASSETS CONTAIN ONE OF TUNISIA’S LARGEST OIL PRODUCING CONCESSIONS TPS ASSETS (CERCINA) TPS ASSETS (PANORO 29.4%) › New production opportunities include perforation and stimulation › The TPS assets have historically TPS ASSETS (GUEBIBA) activities on three further
Slide 13: South Africa TCP 218
SOUTH AFRICA TCP 218 INCUBATING A POTENTIALLY HIGH VALUE RESOURCE BASE WITH MODEST FINANCIAL EXPOSURE TCP 218 (PANORO 100%) › 12 month study underway to evaluate prospectivity after which Panoro has the option to apply for an exploration right › Northern Karoo basin a proven natural gas and Helium g
Slide 14: Sustainability Reporting
SUSTAINABILITY REPORTING PANORO WILL RELEASE ITS INAUGURAL SUSTAINABILITY REPORT ALONGSIDE ITS 2022 ANNUAL REPORT AND ACCOUNTS › Panoro established a Sustainability Committee in 2022 › Embeds ESG performance and other sustainability ENVIRONMENTAL STEWARDSHIP matters in Panoro’s day to day business a
Slide 15: Conclusions
CONCLUSIONS › Value adding work programme comprising at least 10 wells in the next FY 2021 7,600 12-15 months (9 production wells + 1 bopd exploration well) with options over additional rig slots › Growing oil production with unhedged FY 2022 7,500 exposure to high oil prices bopd +67% › Inaugural q
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