Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — Q2 2010 Earnings Presentation
21 slides from Panoro Energy Asa's earnings presentation, Aug 27, 2010
Slide 1: Second Quarter 2010 Financials
Second Quarter 2010 Financials August 27, 2010
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: Agenda Q2 2010
Agenda Q2 2010 • Highlights Kjetil Solbrække, CEO • Financial review Anders Kapstad, CFO • Q&A • Extended asset presentation Nishant Dighe, COO 3
Slide 4: Highlights
Highlights Second Quarter 2010 and subsequent events Corporate • Listing on Oslo Stock Exchange, completion of demerger from NEC • Completed merger with Pan- Petroleum • Secured funding through USD 65 million equity raise (gross) Operational • Solid production from Manati • Confirmed oil flow from t
Slide 5: Attractive and balanced asset portfolio
Attractive and balanced asset portfolio E&P independent with South Atlantic focus Manati Ajapa Aje BS-3 (Santos) Dussafu Offices: London, Rio, Oslo Congo MKB Santos Exploration Panoro license area 5
Slide 6: Manati (10%)
Manati (10%) Strong cash flow Gross production MMm3/day BCAM-40 7,0 5,83 6,41 Manati (Brazil) 5,48 5,86 5,58 6,0 4,96 Operator Petrobras (35%) 5,0 4,31 Working Interest 10% 4,0 Other Partners Queiroz Galvão (45%), Brasoil (10%) 3,0 1st Prod 2007 2,0 Current stage Production 1,0 0,0 Q1-09 Q2-09 Q3-09
Slide 7: Ajapa (40%)
Ajapa (40%) Asset held for sale Ajapa (Nigeria) OML 90 • Production facilities have been Operator Britannia-U (60%) Indigenous company Working Interest 40% tested Other Partners No others 1st Prod Commercial production in 2010 • Field awaiting startup of Current stage Field Commissioning commercial
Slide 8: Mengo-Kundji-Bindi (20%)
Mengo-Kundji-Bindi (20%) Oil flow confirmed MKB (Congo) MKB • Pilot project commenced with Operator SNPC - Congo National Oil Company (60%) two wells in Kundji Working Interest 20% Other Partners 1st Prod PetroCI (20%) 2010 test production • Both wells successfully Current stage Pilot project commen
Slide 9: BS-3 Integrated
BS-3 Integrated Positive engagement from ANP BS-3 area (Brazil) • Brazilian Petroleum Agency (ANP) Operator Petrobras (35-100%) has rejected three separate Working Interest 35-65% Other Partners Queiroz Galvão (0-15%), Brasoil (0-15%) development plans in the BS-3 1st Prod 2014 area: Current stage F
Slide 10: Aje (6.5% participating interest)
Aje (6.5% participating interest) Gas commercialization focus Aje (Nigeria) OML 113 • Recent prestack depth migration Operator YFP , Chevron Tech Adv Participating Interest 6.502%* (PSDM) interpretation by Other Partners Vitol, Providence Chevron 1st Production TBD Current stage Field Development Pl
Slide 11: Dussafu (33.33%)
Dussafu (33.33%) Exploration drilling offshore Gabon Dussafu (Gabon) Exploration portfolio • Geophysical and geotechnical Operator Harvest Natural Resources (66.67%) Working Interest 33.33% seabed surveys have been Other Partners No others conducted Exploration well H1 2011 Current stage H1 2011 dri
Slide 12: Round 9 exploration blocks
Round 9 exploration blocks Finalising data interpretation Round 9 (Brazil) SM-1035, SM-1036, SM-1100 • Four primary leads identified from Operator Panoro Energy (50%) Working Interest 50% 3D seismic Other Partners Brasoil 50% Drill decision Q1 2011 – Gross unrisked resource Current stage 3D seismic
Slide 13: Portfolio overview
Portfolio overview Indicative timelines 2010 2011 2012 Activity Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Additional gas contract/ Manati, Brazil compressor station decision Ajapa, Nigeria Finalize sale MKB, Congo Pilot project testing & appraisal drilling Production build-up & appraisal Aje, Nigeria Partner di
Slide 14: Outlook
Outlook • Production results from MKB drilling • Closing of Ajapa transaction • Amendment to Manati gas contract • Progressing exploration activities in Gabon and Brazil 14
Slide 15: Financial Review
Financial Review Anders Kapstad, CFO
Slide 16: Financial highlights
Financial highlights Q2-2010 and subsequent events • Quartlerly P&L statement reflects Panoro Energy ASA – Brazil and Norway only • Pan Petroleum results not consolidated in P&L as merger took place June 29, 2010 • Share equity issue of gross USD 65 million and bond restructuring • EBITDA of USD -3.
Slide 17: Profit & Loss Statement (USD '000)
Profit & Loss Statement (USD ’000) Condensed consolidated statement of comprehensive income Q1-2010 Q2-2010 Oil and Gas revenue 10,236 9,695 Other income 251 - Total revenues and other income 10,487 9,695 Production costs 954 1,164 Exploration and dry-hole costs 81 4,659 General and administrative c
Slide 18: P&L items Q2-2010
P&L items Q2-2010 USDm 0,0 -1,0 -2,0 -3.6 -3,0 -6.9 -4,0 2.9 -2.0 -5,0 -5.7 -6,0 -7,0 -8,0 2.0 -0.6 -9,0 -10,0 EBITDA Depreciation Gain on Net finance cost Warrant Income tax Net income acqusition benefit 18
Slide 19: Balance sheet
Balance sheet Per June 30, 2010 USDm Assets Equity and Liabilities 450 Cash & 400 cash equivalents Short-term liabilities 350 Asset held for sale Other current assets 300 Long-term liabilities 250 200 Equity 150 Non-current assets 100 50 0 Net interest-bearing debt was USD 74 million per June 30, 20
Slide 20: Funding & Financial flexibility
Funding & Financial flexibility • Raised gross USD 65 million in connection with merger • Bond restructure completed, 15% pre-payment paid in July – Approximately USD 20 million matures in July 2011 and July 2012, respectively • Limited firm capital expenditures over next 12 months • Additional fund
Slide 21: Thank you!
Thank you! For more information, please visit www.panoroenergy.com 21