Panoro Energy ASA · OSL:PEN
Panoro Energy ASA — Merger or Acquisition (June 2018)
33 slides from Panoro Energy ASA's merger presentation, Jun 28, 2018
Slide 1: Acquisition DNO Tunisia AS and Private Placement
Acquisition DNO Tunisia AS and Private Placement 28 June 2018 OSE Ticker PEN www.panoroenergy.com Investor Presentation |
Slide 2: Disclaimer
DISCLAIMER This presentation (the "Presentation") has been produced by Panoro Energy ASA (the "Company") with assistance from Sparebank 1 Markets AS (the "Manager") solely for information purposes. This Presentation has not been approved, reviewed or registered with any public authority or stock exc
Slide 3: Risk Factors
RISK FACTORS An investment in the Shares involves a high level of risk. Several factors could cause the • The Company’s hydrocarbon production may be restricted, delayed or terminated due to actual results, performance or achievements of the Company to be materially different a number of internal or
Slide 4: Risk Factors (Cont'd)
RISK FACTORS (CONT’D) • The Company’s insurance or indemnities may not adequately cover all risks, liabilities or • FINANCIAL RISKS expenses that could result from its operations • The Company is exposed to credit risk • The Company may experience conflicts of interest • The Company may have difficu
Slide 5: Transaction: Structure & overview
Investor Presentation TRANSACTION Structure & overview Investor Presentation |
Slide 6: Strategic Transaction with DNO and Private Placement
STRATEGIC TRANSACTION WITH DNO AND PRIVATE PLACEMENT PANORO IS ACQUIRING DNO TUNISIA IN A FIRST STEP TO BECOME A FULL-CYCLE TUNISIAN E&P PLAYER Panoro Energy ASA (“Panoro”) has agreed to acquire TRANSACTION STRUCTURE DNO Tunisia AS from DNO ASA (“DNO”) Panoro to purchase DNO subsidiary holding i
Slide 7: Strategic Transaction with DNO and Private Placement (Cont'd)
STRATEGIC TRANSACTION WITH DNO AND PRIVATE PLACEMENT (CONT’D) KEY COMMERCIAL TERMS OF ACQUISITION, DNO SUBSCRIPTION AND USE OF PROCEEDS KEY COMMERCIAL TERMS OF ACQUISITION DNO SUBSCRIPTION Panoro to purchase DNO Tunisia AS (a Norwegian Up to 10% to be raised through an equity Private company hol
Slide 8: Panoro Portfolio Overview
PANORO PORTFOLIO OVERVIEW CORE ASSETS IN WEST AFRICA WITH PRODUCTION AND UPSIDE – SECURING A FOOTHOLD FOR FURTHER EXPANSION INTO TUNISIA Aje (Nigeria) Dussafu (Gabon) Tunisia Stable production of gross Large development block with Entry through DNO acquisition 3,000+ boe/day with occasional mu
Slide 9: Tunisia Opportunity and Further Growth Plans
TUNISIA OPPORTUNITY AND FURTHER GROWTH PLANS GROWTH WHILST MAINTAINING A STRONG FINANCIAL DISCIPLINE AND ACTIVE PARTNERSHIP APPROACH Panoro has actively evaluated a number of M&A MILESTONES AND UPCOMING TRIGGERS opportunities in recent years, together with multiple strategic partners and financial
Slide 10: Team with Strong Track-Record of Value-Creation
TEAM WITH STRONG A TRACK-RECORD OF VALUE-CREATION EXECUTIVE MANAGEMENT TEAM John Hamilton Qazi Qadeer Richard Morton Chief Executive Officer Chief Financial Officer Technical Director BOARD OF DIRECTORS Mr. Julien Balkany Ms. Alexandra Herger Mr. Torstein Sanness Mrs. Hilde Ådland Mr. Garrett Soden
Slide 11: DNO Tunisia: Overview
Investor Presentation DNO TUNISIA Overview Investor Presentation |
Slide 12: Tunisia Offers a Favorable Operating Environment
TUNISIA OFFERS A FAVORABLE OPERATING ENVIRONMENT OFFERS OPPORTUNITIES FOR GROWTH-ORIENTED INDEPENDENT E&P COMPANIES Tunisia has a strong rule of law and international MAP WITH O&G ACTIVITIES AND IMAGES support Considered to be the only full democratic regime in the Arab world Association agree
Slide 13: Overview of DNO's Operations in Tunisia to be Acquired
OVERVIEW OF DNO’S OPERATIONS IN TUNISIA TO BE ACQUIRED DNO HOLDS TWO OFFSHORE PERMITS IN TUNISIA – HAS BEEN PRESENT SINCE 2010 AND WILL RETAIN UPSIDE PERMITS LOCATION OF ASSETS 1. Sfax Offshore Exploration Permit and Ras El Besh Concession 1 2 Operator DNO Participating interest 87.5% Paying interes
Slide 14: Sfax Offshore Exploration Permit (SOEP)
1. SFAX OFFSHORE EXPLORATION PERMIT (“SOEP”) THREE EXISTING DISCOVERIES AND 250 MMBBLS OF EXPLORATION INVENTORY – ADJACENT TO EXISTING INFRASTRUCTURE Substantial 3,228 km2 exploration permit OVERVIEW OF PERMIT AND KEY DISCOVERIES offshore Tunisia 400 million barrels already produced in surroundi
Slide 15: SOEP – Salloum Discovery
1. SOEP (CONT’D) – SALLOUM DISCOVERY 5 MMBBLS OF LOW-COST OIL IN THE SALLOUM DISCOVERY – ADJACENT TO EXISTING INFRASTRUCTURE Discovered in 1991 by BG and 3D seismic in 2007 SALLOUM DISCOVERY Well tested 41° API oil at 1,848 bopd Covered by 60 km² of shallow water transition zone 3D seismic sur
Slide 16: SOEP – Other Discoveries
1. SOEP (CONT’D) – OTHER DISCOVERIES SEVERAL OTHER DISCOVERIES ON THE SFAX OFFSHORE EXPLORATION PERMIT RAS EL BESH AND JAWAHRA FIELDS CHERGUI SOUTH DISCOVERY Ras El Besh was discovered in 1996 by Arco • The Chergui and Cercina adjacent producing and tested at 612 bopd fields extend into the Sfax O
Slide 17: SOEP – Further Exploration Potential
1. SOEP (CONT’D) – FURTHER EXPLORATION POTENTIAL A NUMBER OF PROSPECTS IDENTIFIED ON THE PERMIT, PROVIDING FURTHER UPSIDE POTENTIAL THROUGH EXPLORATION EXPLORATION POTENTIAL The Permit is located within 2 prolific reservoir fairways Cretaceous carbonate platform and the El Garia fairways are alm
Slide 18: Hammamet Exploration Permit
2. HAMMAMET EXPLORATION PERMIT POSSIBLY RELINQUISHED IN 2018 BUT WILL ASSESS OPTIONS TO CONTINUE Relinquishment currently considered by PERMIT OVERVIEW Operator Medco Panoro evaluating possible future opportunities to retain Hammamet exploration permit Not considered core asset in portfolio (S
Slide 19: Panoro's Business Plan for Assets
PANORO’S BUSINESS PLAN FOR ASSETS SOEP AND SALLOUM DISCOVERY IS CONSIDERED FOCUS AREA FOR FURTHER VALUE-CREATION 1. SOEP AND RAS EL BESH CONCESSION 2. HAMMAMET EXPLORATION PERMIT Currently, to drill exploration well plus Possibly being relinquished by operator deeper well extension (cost of USD
Slide 20: Existing Assets: Update
Investor Presentation EXISTING ASSETS Update Investor Presentation |
Slide 21: 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 22: Dussafu: Eight Consecutive Successful Well Penetrations
DUSSAFU EIGHT CONSECUTIVE SUCCESSFUL WELL PENETRATIONS (2011-2018) DTM 2-H RUCHE NORTH RUCHE TORTUE 3D SEISMIC PRODUCTION WELL DTM 3-H EAST DISCOVERY DISCOVERY (Underway) 2011 2013 2014 2018 2018 2018 + Sidetrack 1 + Sidetrack DTM 3 + + Appraisal Sidetrack Sidetrack 2 Investor Presentation | 22
Slide 23: Production Forecast, Tortue Phase 1 and 2
PRODUCTION FORECAST, TORTUE PHASE 1 AND 2 (4 WELLS) 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 2,000 Total 1P = 15.9 MMbbl Total 2P = 23.5 MMbbl 0 2018 2019 2020 2021 2022 2023
Slide 24: Tortue Just the Beginning…
TORTUE JUST THE BEGINNING… Ruche Area EEA Ruche Area EEA Discoveries and Prospects Potential to be World Class asset Moubenga In total 13 robust prospects and over 14 leads Walt Whitman identified within the Ruche EEA area All have potential for inclusion in FDP once drilled Prospects A and
Slide 25: Ruche North East to be Drilled 2018
RUCHE NORTH EAST TO BE DRILLED 2018 ROBUST 4-WAY DIP CLOSED STRUCTURE TO THE NORTH EAST OF RUCHE FIELD RUCHE NE SALT RUCHE RUCHE NE RUCHE MOBILE SHALE Seismic line through Ruche and Ruche North East Map Ruche and Ruche North East • Very robust prospect just 4 km northeast of Ruche field • Gamba and
Slide 26: Probable Development Plan (from Operator Q1 2018)
PROBABLE DEVELOPMENT PLAN (FROM OPERATOR Q1 2018) RUCHE EEA AREA (WITHIN THE DUSSAFU PERMIT) Tortue Phase 1: 2018 On target for first oil in 2H 2018 +15 MMbbls mid case gross reserves Project on schedule and on budget Est. peak 10,000 to Initially 2 wells at Torture 15,000 bbl/day Gross
Slide 27: OML 113 Aje License Overview
OML 113 AJE LICENSE OVERVIEW HISTORY AND STATUS PROJECT INFORMATION Geologically and geographically unique in Nigeria Operator YFP Revenue Interest Initially 12.19% One of many Cretaceous oil discoveries along the Transform Paying Interest 16.255% Margin Working Interest 6.502% Fields along th
Slide 28: Aje Recent Developments
AJE RECENT DEVELOPMENTS Aje (Nigeria) • Production remains stable at over 3000 bbl/day, with occasional operation shutdowns • FDP for Phase 2 gas development submitted to DPR (regulator) • Application for license renewal submitted (current term expires June 2018), progress could take a number of mon
Slide 29: Appendix
Investor Presentation APPENDIX Investor Presentation |
Slide 30: Tunisia: Strong Rule of Law and Internationally Supported
TUNISIA: STRONG RULE OF LAW AND INTERNATIONALLY SUPPORTED Tunisia is a North African country bordering the Mediterranean Sea and Sahara Desert. Tunisia is a unitary semi-presidential representative democratic republic. It is considered to be the only full democracy in the Arab World. It has a high h
Slide 31: SOEP Fiscal Regime
SOEP FISCAL REGIME Investor Presentation | 31
Slide 32: Top Shareholders
TOP SHAREHOLDERS # Shareholder # Shares (%) 1 JULIEN BALKANY AND ASSOCIATED INVESTMENT COMPANIES 2 356 253 5,54% 2 F2 FUNDS AS 2 316 000 5,45% 3 STOREBRAND VEKST VERDIPAPIRFOND 1 506 175 3,54% 4 DANSKE INVEST NORGE VEKST 1 446 479 3,40% 5 KLP AKSJENORGE 1 408 667 3,31% 6 KOMMUNAL LANDSPENSJONSKASSE
Slide 33: 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 Investor Presentation | 33