Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — Q1 2024 Earnings Presentation
16 slides from Panoro Energy Asa's earnings presentation, May 23, 2024
Slide 1: Sustainable Foundations, A Resilient Future
SUSTAINABLE FOUNDATIONS, A RESILIENT FUTURE Panoro Energy Q1 2024 TRADING AND FINANCIAL UPDATE 23 MAY 2024
Slide 2: Disclaimer
DISCLAIMER This presentation does not constitute an offer to These risks and uncertainties include, among buy or sell shares or other financial instruments others, uncertainties in the exploration for and of Panoro Energy ASA (“Company”). This development and production of oil and gas, presentation
Slide 3: 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 Slide 3 Panoro Ene
Slide 4: First Quarter 2024 Highlights
FIRST QUARTER 2024 HIGHLIGHTS Panoro is making good progress towards its organic growth targets and delivery of sustainable and material shareholder returns OPERATIONAL HIGHLIGHTS SHAREHOLDER RETURNS Q1 2024 Working Interest Production Working Interest 2P Reserves at 31/12/23 Q1 2024 Capital Expendi
Slide 5: Quarterly Production Performance
QUARTERLY PRODUCTION PERFORMANCE Panoro benefits from a diversified production base • Average group working interest Working Interest bopd production: 13,000 GABON TUNISIA EQUATORIAL GUINEA 12,000 2024 W.I. PRODUCTION GUIDANCE Q1 2024 Q2 2024E 11,000 BOPD TO 13,000 BOPD 11,000 9,605 ~9,000 bopd bopd
Slide 6: ASR Confirmed 70% Reserve Replacement in 2023
ASR CONFIRMED 70% RESERVE REPLACEMENT IN 2023 Working Interest 2P Reserves at 31 December 2023 do not include recent drilling successes offshore Gabon Reconciliation of 2P reserves movement 46.5 MMbls MMbbls MMbbls 40 4.2 50 35 2 30 3.1 25 45 34.7 20 35.6 MMbbls 8.5 15 34.7 40 10 28.5 5 35 MMbbls 0
Slide 7: Crude Lifting Schedule
CRUDE LIFTING SCHEDULE Panoro expects to lift a materially higher volume of crude oil in 2024 • Joint lifting arrangements in 2024 are expected to result in a more consistent quarterly lifting pattern • Positive crude oil inventory of 371,949 barrels at 31/03/24 • Panoro’s entitlement volume from pr
Slide 8: Debt Profile and Capex
DEBT PROFILE AND CAPEX USD 26.1 million debt principal repayments in 2023, full-year 2024 capex guidance USD 75 million Amount drawn at • Redetermination of RBL in Q1 resulted in an increase to borrowing Facility Maturity 31/03/24 Rate headroom and facility duration by 24 months to end 2028 RBL faci
Slide 9: Reconciliation of Cash Flow in Q1 2024
RECONCILIATION OF CASH FLOW IN Q1 2024 Robust financial position maintained USD MM • In April the operator of Dussafu 70 Marin Permit executed a Sale and Lease Back (“SLB”) agreement for 60 the BW MaBoMo production 5.9 10.0 facility 27.3 • Panoro has received net proceeds 50 from the SLB of ~USD 26
Slide 10: Drilling Success Continues Offshore Gabon
DRILLING SUCCESS CONTINUES OFFSHORE GABON Gross production is building towards the targeted 40,000 bopd level once all wells in the current drilling campaign are onstream Ownership Hibiscus Northern Flank DUSSAFU MARIN (PANORO 17.5%) • Pilot well successfully encountered 24m net oil pay across Gamba
Slide 11: Infill Drilling to Recommence in Equatorial Guinea
INFILL DRILLING TO RECOMMENCE IN EQUATORIAL GUINEA Two new Block G infill wells to add additional volume Ownership BLOCK G (PANORO 14.25%) BLOCK G (Ceiba Field and Okume Complex) RIG CONTRACT AWARDED • Gross production in Q1 2024 averaged 24,400 Okume • Contract awarded in April for the Noble Ventur
Slide 12: Equatorial Guinea Exploration Activities
EQUATORIAL GUINEA EXPLORATION ACTIVITIES Focused exploration in close proximity to large discoveries and production infrastructure MOU SIGNED FOR BLOCK EG-23 POTENTIAL PLAY OPENING WELL AT BLOCK S Akeng Deep – ILX Well ALBA FIELD • >1.2 bn boe produced to date • Operated by Marathon Evina • Largest
Slide 13: Long Life Reserves in Tunisia
LONG LIFE RESERVES IN TUNISIA TPS assets contain one of Tunisia’s largest oil producing concessions TPS ASSETS (CERCINA) Ownership • New production opportunities include perforation and stimulation activities on three further Cercina wells TPS ASSETS (PANORO 49%) • The extension of Cercina Concessio
Slide 14: Key Messages
KEY MESSAGES VISIBLE INFRASTRUCTURE SUSTAINABLE PRODUCTION LED E&A SHAREHOLDER GROWTH STRATEGY RETURNS 11 – 13 kbopd Hibiscus South NOK 400 – 500 MM 2024E W.I production Onstream in <5 months 2024 target distribution* from discovery with follow on success at north-east Quarterly 63.2 MMbbls core cas
Slide 15: 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 Slide 15 Panoro En
Slide 16: Contact details
Contact details 78 Brook Street London W1K 5EF United Kingdom Tel: +44 (0) 203 405 1060 Fax: +44 (0) 203 004 1130 Visit us at: panoroenergy.com