Panoro Energy ASA · OSL:PEN
Panoro Energy ASA — Pareto Energy Conference 2021
19 slides from Panoro Energy ASA's conference presentation, Sep 15, 2021
Slide 1: Pareto Energy Conference
PANORO ENERGY ASA Pareto Energy Conference 15-16 September 2021
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: Balanced Portfolio of High Quality Assets
Pareto Energy Conference – September 2021 BALANCED PORTFOLIO OF HIGH QUALITY ASSETS CEIBA/OKUME - EQ. GUINEA SFAX & TPS PERMITS - TUNISIA 2 14.25% 14.25% 6 52.5% 29.4% Number Okume Ceiba TUNISIA Number of SFAX TPS Assets Market Cap of Assets Permit Permit Licences Exploration Permit Ownership Owners
Slide 4: 2021 Acquisitions Have Transformed Panoro
Pareto Energy Conference – September 2021 2021 ACQUISITIONS HAVE TRANSFORMED PANORO EQUATORIAL GUINEA ACQUIRED FROM TULLOW OIL PLC › Feb 2021 announcement; closed in March (EG) and June (Gabon) 14.25% › July 1st 2020 effective date Working Interest › $140 million consideration - Financed through equ
Slide 5: H1 2021 Performance
Pareto Energy Conference – September 2021 H1 2021 PERFORMANCE OPERATIONAL FINANCIAL STRATEGIC Pro-forma H1 2021 average daily oil production* Pro-forma H1 2021 revenue* Cash at bank at 30/06/21 251% 7,700 bopd 295% US$ 93.1 million (Working interest) US$105.8 million Diversified Portfolio of H1 2020
Slide 6: Visibility Over Production Growth
Pareto Energy Conference – September 2021 VISIBILITY OVER PRODUCTION GROWTH POST-ACQUISITION 2P+2C PRE-ACQUISITION 2P+2C Ongoing development 2C activities expected to 4.3 2P drive net production 36.2 2021 to >12,000 bopd in 2P 2C 16.6 69.7 development 2023 12.3 33.5 MMbbls MMbbls drilling and facili
Slide 7: Prudent Capital Management
Pareto Energy Conference – September 2021 PRUDENT CAPITAL MANAGEMENT HEDGING Facility Maturity Amount Rate › 270,000 bbls hedged for November 2021 liftings. Split equally between Non recourse loan n/a USD 5.3 MM 7.5% p.a costless collar (USD 55/bbl floor and USD 69/bbl cap) and swap at USD 70/bbl ›
Slide 8: 2021 Capex and Liftings
Creating One of the World’s Leading Independent Listed African E&Ps 2021 CAPEX AND LIFTINGS NUMBER OF LIFTINGS 2021 CAPITAL EXPECTED FY 2021 EXPENDITURE 2.5 3.8 GUIDANCE # OF LIFTINGS H1 2021 H2 2021E GABON 10.0 USD 45 million 2021 ONWARD Tunisia international 2 ACTIVITIES 1 EQUATORIAL GUINEA 28.7 T
Slide 9: Prolific Assets Offshore Equatorial Guinea
Pareto Energy Conference – September 2021 PROLIFIC ASSETS OFFSHORE EQUATORIAL GUINEA HISTORIC AND FORECASTED PRODUCTION (GROSS)1 Strong production and cash flow providing self funded near term growth kbopd › 30,000 bopd gross production YTD 2021… 120 › … with potential increase to ~55,000 bopd from
Slide 10: Equatorial Guinea
EQUATORIAL GUINEA H1 NET PRODUCTION 4,200 bopd (proforma basis) › Production in Equatorial Guinea averaged approximately 29,700 bopd gross and 4,200 bopd net in H1 2021 › Three-well infill drilling campaign underway › First infill well completed having encountered good quality oil saturated reservoi
Slide 11: Excellent Track Record at Dussafu in Gabon
Pareto Energy Conference – September 2021 EXCELLENT TRACK RECORD AT DUSSAFU IN GABON › Largest Exploitation Area in Gabon › Under license until 2038 › Development to date has focused on the Tortue field › Hibiscus / Ruche development planning is on track to deliver first oil in Q4 2022 and increase
Slide 12: Gabon
GABON H1 NET PRODUCTION 2,100 bopd (proforma basis) › Gross production from the Tortue field averaged approximately 12,000 barrels of oil per day in H1 2021 › Completion and tie-in of two new production wells (DTM-6H and DTM-7H) at Tortue is underway and on track, with first oil expected in early Q4
Slide 13: Targeting Material Production Growth in Tunisia
Pareto Energy Conference – September 2021 TARGETING MATERIAL PRODUCTION GROWTH IN TUNISIA 2021 ONWARD ACTIVITIES GROSS OIL PRODUCTION TPS FIELDS (bopd) 10,000 Enhancing production levels Cercina ASSETS HAVE HISTORICALLY 9,000 › Significant 2020 drilling and workover programme completed El Ain PRODUC
Slide 14: Tunisia
TUNISIA H1 NET PRODUCTION 1,350 bopd › Production in Tunisia averaged approximately 4,600 bopd gross and 1,350 bopd net in the first half of 2021 › Current production in excess of 5000 bopd, following a 10-day shut down of the Cercina field in August › Production growth activity in Tunisia to contin
Slide 15: Exploration Potential in South Africa
Pareto Energy Conference – September 2021 EXPLORATION POTENTIAL IN SOUTH AFRICA › Exciting rift basin oil play, with an existing 37 MMbbl oil discovery from 1988 which flowed high-quality oil to surface (36° API) › Near-term, low-risk exploration well planned updip from discovery, targeting 349 MMbb
Slide 16: South Africa
SOUTH AFRICA Exploration well › Planned spud before end of 2021 › Block 2B has significant contingent and prospective resources in shallow water close to shore and includes the A-J1 discovery from 1988 that flowed light sweet crude oil to surface › Gazania-1 will target two prospects in a relatively
Slide 17: Significant Newsflow Ahead
Pareto Energy Conference – September 2021 SIGNIFICANT NEWSFLOW AHEAD 2021 2022 Activity Comments Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Final well Tortue Phase 2 Gabon PRODUCTION WELLS 6 new wells Hibiscus/Ruche Phase 1 2022 Planned well 2021 in Hibiscus North; 2x EXPLORATION WELLS contingent wells per year for 5
Slide 18: Key Messages
Pareto Energy Conference – September 2021 KEY MESSAGES PRODUCTION NEAR TERM GROWTH TRIGGERS CASHFLOW 5 new Exploration Strong free production wells well Cashflow in process of being South Africa drilled/completed Fully financed for 2021 PetroNor Growth dividend ~9,500 bopd by year end 2021 Positione
Slide 19: Contact Details
PANORO ENERGY ASA CONTACT DETAILS: 78 Brook Street London W1K 5EF United Kingdom Tel: +44 (0) 203 405 1060 Fax: +44 (0) 203 004 1130 info@panoroenergy.com