Panoro Energy ASA · OSL:PEN
Panoro Energy ASA — Investor Presentation (March 2018)
22 slides from Panoro Energy ASA's investor presentation, March 2018
Slide 1: Corporate Presentation March 2018
CORPORATE PRESENTATION March, 2018 OSE Ticker PEN www.panoroenergy.com Corporate Presentation |
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 Overview
PANORO OVERVIEW TWO CORE ASSETS IN WEST AFRICA WITH PRODUCTION, DISCOVERED RESOURCES & SIGNIFICANT EXPLORATION UPSIDE Aje (Nigeria) Dussafu (Gabon) US$50 mm US$6.3mm US$2.2mm Market Cap (Feb 28, 2018) Cash (as at December 31, 2017) Debt (as at December 31, 2017, ticker: PEN non recourse) Corporate P
Slide 4: Panoro Team
PANORO TEAM EXECUTIVE MANAGEMENT TEAM John Hamilton Qazi Qadeer Richard Morton Chief Executive Officer Chief Financial Officer Technical Director Experience Experience Experience BOARD OF DIRECTORS Mr. Julien Balkany Ms. Alexandra Herger Mr. Torstein Sanness Mrs. Hilde Ådland Mr. Garrett Soden Chair
Slide 5: Dussafu Gabon
Corporate Presentation DUSSAFU Gabon Corporate Presentation |
Slide 6: Dussafu Marin (Gabon)
DUSSAFU MARIN (GABON) LARGE DEVELOPMENT BLOCK WITH MULTIPLE DISCOVERIES AND EXPLORATION PROSPECTS PROJECT OWNERSHIP POST BWE TRANSACTIONS BW Energy Gabon 91.66% Operator Subsidiary of BW Offshore Panoro Working 8.33% Interest Back-in right for 10% Other Partners held by Affiliate of Tullow Oil; past
Slide 7: Nearby Etame Marin Analog
NEARBY ETAME MARIN ANALOG Etame field is located a few kilometres away from the Dussafu Marine Permit and carries much of the same characteristics Initial development with 3 subsea wells tied back to an FPSO at Etame – similar to the initial development plan for the Dussafu Marine Permit In pr
Slide 8: Reserves and Resources Update – Ruche EEA Area
RESERVES AND RESOURCES UPDATE – RUCHE EEA AREA MOUBENGA FIELD Gamba Field Gamba Prospect Tortue mid case reserve estimates Dentale discovery increased by over 80% compared to Dentale Field Dentale Prospect previous independent reviews of Tortue1 Large increase due to revised interpretation of 20
Slide 9: Tortue Maps
TORTUE MAPS Gamba Map Phase 1 1 well 1H 2018 Phase 3 Further upside Phase 2 1 well 2019/2020 Dentale Map Phase 2 1 well 2019/2020 Phase 1 1 well 1H 2018 Corporate Presentation | 9
Slide 10: Tortue Phase 1 Drilling – Horizontal Wells
TORTUE PHASE 1 DRILLING – HORIZONTAL WELLS High specification jack-up rig to start in Q1 2018 2 Horizontal oil production wells – Provision for gas lift – Well design similar to successful Etame wells to the north 1 appraisal sidetrack to the north to prepare for Tortue Phase 2 development Bor
Slide 11: Timeline
TIMELINE 2017 2018 2019 2020 RUCHE AREA EEA Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Engineering Subsea FPSO Drilling Installation Hookup and Commissioning Phase 1 Production Phase 2 Drilling Phase 2 Production Phased development Aiming to achieve first oil at Dussafu in 2H 2018 Depending on
Slide 12: Production Forecast, Tortue Phase 1 and 2
PRODUCTION FORECAST, TORTUE PHASE 1 AND 2 Tortue Reserves Tortue Field Development 18,000 1P 2P 3P 16,000 7.94 14,000 15.94 Average Barrels of Oil per day 12,000 10,000 7.56 8,000 6,000 1P Inc 2P Inc 3P 4,000 Total 1P = 15.9 MMbbl 2,000 Total 2P = 23.5 MMbbl Total 3P = 31.4 MMbbl 0 2018 2019 2020 20
Slide 13: Financial Metrics – Tortue Field Oil Development 2P Case
FINANCIAL METRICS – TORTUE FIELD OIL DEVELOPMENT 2P CASE Illustrative economics based on $59*/ barrel realised oil price, $0.1 discount to Brent based on analogue ~$59 Production Sharing Contract Favourable fiscal terms During cost recovery phase over 50% of revenue ~$31-34 is net cashflow t
Slide 14: Tortue Just the Beginning…
TORTUE JUST THE BEGINNING… Ruche Area EEA Discoveries and Prospects Ruche Area EEA Potential to be World Class asset In total 13 robust prospects and over 14 leads Moubenga identified within the Ruche EEA area Walt Whitman All have potential for inclusion in FDP once drilled Prospects A and
Slide 15: Aje Nigeria
Corporate Presentation AJE Nigeria Corporate Presentation |
Slide 16: OML 113 Aje License Overview
OML 113 AJE LICENSE OVERVIEW HISTORY AND STATUS PROJECT INFORMATION • Geologically and geographically unique in Nigeria Operator YFP • One of many Cretaceous oil discoveries along the Transform Margin Revenue Interest Initially 12.19% • Fields along this trend include Jubillee and Sankofa in Ghana P
Slide 17: OML 113 Aje Field
OML 113 AJE FIELD CENOMANIAN OIL JUST THE START Aje-3 Aje-1 Aje-2 Aje-5 Aje-4 TURONIAN MATERIAL DISCOVERED GAS AND LIQUIDS RESOURCE - PHASE 3 CENOMANIAN TWO WELLS (PHASE 1), AJE 4 & 5 TWO FURTHER WELLS POSSIBLE (PHASE 2) ALBIAN FURTHER GAS AND CONDENSATE UPSIDE Corporate Presentation | 17
Slide 18: Nigerian Gas in Context
NIGERIAN GAS IN CONTEXT 7th largest population in world (180 million people) Largest economy in Africa 9th largest gas reserves in world Domestic gas prices rising (>$3.50/mscf) Nigerian gas production for domestic power: 600 mmscf per day, while demand is estimated at 2700 mmscf per day
Slide 19: OML 113 Gas Resources in Context
OML 113 GAS RESOURCES IN CONTEXT Nigerian installed gas fired power generation capacity estimated at 10,000 MW ~60% total load Only 3,600 MW actually generated largely due to gas constraints OML 113 Generation generally in the ~70% total generation West (70%) while consumption is weighted to t
Slide 20: West African Gas Pipeline
WEST AFRICAN GAS PIPELINE WAGP is owned by Chevron, Nigerian National Petroleum Corporation (NNPC), Shell, Ghana, Togo, Benin NNPC Contractual obligation to send via WAGP 120 MMscf per day Capacity of 800 MMscfpd Net backs $4/mcf Corporate Presentation | 20
Slide 21: Africa Strategy
AFRICA STRATEGY Build business through M&A Use existing regional knowledge base and strong local network Prioritise pre salt, transform margin plays Cooperation with industry and financial co-investors Evaluate both oil and gas opportunities Focus primarily on production and development
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 Corporate Presentation | 22