Panoro Energy ASA · OSL:PEN
Panoro Energy ASA — Pareto Conference London 2020
20 slides from Panoro Energy ASA's conference presentation, January 2020
Slide 1: Pareto Conference London
Pareto Conference London January 2020 www.panoroenergy.com
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 at a Glance
Panoro at a Glance Full-cycle oil and gas company with assets in Tunisia, Gabon and Nigeria Tunisia RECENT NEWS TOP SHAREHOLDERS • 75% increase gross prospective resources (Gabon) # Shareholder # Shares (%) • Material oil discovery at Hibiscus Updip (Gabon) 1 KISTEFOS 6,930,668 9.90% • 2P reserves i
Slide 4: Team with a Strong Track-Record of Value-Creation
Team with a Strong Track-Record of Value-Creation EXECUTIVE MANAGEMENT TEAM BOARD OF DIRECTORS John Hamilton Qazi Qadeer Mr. Julien Balkany Ms. Alexandra Herger Chief Executive Officer Chief Financial Officer Chairman Joined 2015 Joined 2010 Joined 2014 Joined 2014 Richard Morton Nigel McKim Mr. Tor
Slide 5: Looking Forward to 2022: Significant Dividend Capacity
Looking Forward to 2022: Significant Dividend Capacity 2019 2022 PRODUCTION ~2400 PHASE 2 TULLOW BACK-IN ~5000 DUSSAFU BOPD DILUTES TO 7.5% BOPD PHASE 3 REVENUE ~$58 DUSSAFU REMOVE NIGERIA ~$100 + MILLION PRODUCTION MILLION INCREASE IN FROM ~$30 TUNISIA FINANCIALS ~$75 + EBITDA REDUCTION IN MILLION
Slide 6: 2020 News Flow
2020 News Flow EXPLORATION PRODUCTION CORPORATE Salloum West 1 Dussafu - 2 New Wells Onstream (March) Pursue Exploration Opportunities & (Tunisia, commence operations Q1, TPS Production Enhancements further accretive M&A transactions results end Q2 subject to final approvals) (Targeting ~5,000 bopd
Slide 7: Proposed Sale of Nigerian Interests
Proposed Sale of Nigerian Interests Win-Win Sale to PetroNor Aje/OML 113 • PetroNor E&P Limited (“PetroNor”), an Australian exploration & production oil and gas company listed on Oslo Axess, to purchase all outstanding shares in Panoro fully Operator: Yinka Folawiyo Petroleum owned subsidiaries hold
Slide 8: Gabon
FAST FACTS Gabon The Dussafu Marin Permit Panoro acreage SELECTED O&G COMPANIES IN GABON (2015-2018) Number of Discovered Fields 6 DUSSAFU MARIN 2P Gross Reserves 112 • Panoro active in Gabon since 2007 mmboe • Located in prolific oil fairway • PSC offers favourable climate for investment • Partnere
Slide 9: Dussafu Success Story: Past, Present and Future
Dussafu Success Story: Past, Present and Future 2037 • Sanction Phase 3 (Panoro approved) • Phase 3 Drilling to bring production to ca 40,000 bopd FUTURE • Develop existing discoveries (Walt Whitman, Moubenga) PHASES • Further exploration (>10 additional prospects) • Further developments to maintain
Slide 10: Dussafu by the Numbers
Dussafu by the Numbers Gross Production profile (kbopd) Gross Dussafu Capex (USDm) 41 42 Tortue phase 1 & 2 37 Ruche phase 1 34 Ruche phase 2 23 20 21 19 17 16 15 12 13 12 10 9 9 8 7 5 3 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 OPEX / b
Slide 11: Transformational Hibiscus Discovery
Transformational Hibiscus Discovery Substantial Oil Discovery in Dussafu • Hibiscus Well (DHIMB-1) - Gamba discovery with excellent reservoir properties - Main wellbore found 33 m oil column with 21 m of net pay - Sidetrack (DHIBM-1ST1) drilled 1.1 km to the northwest found 33 m oil column with 26 m
Slide 12: Phase 3 (now called Ruche Phase 1)
Phase 3 (now called Ruche Phase 1) Hibiscus has materially improved the next phases of Dussafu • Ruche and Hibiscus to bring gross production capacity to above current FPSO Ruche NE nameplate capacity of 40,000 bopd* Hibiscus - Phase 3 FID approved Ruche - First oil expected end 2021 • Wellhead plat
Slide 13: 75% increase in Prospective Resources (Operator update, Jan 2020)
75% increase in Prospective Resources (Operator update, Jan 2020)1 Large inventory of exploration prospects and leads Dussafu discoveries and drilling prospects (mmboe) DISCOVERIES TARGET RESERVOIR P50 CONTINGENT RESOURCES 1 Walt Whitman Gamba 13 Moubenga Dentale 6 EXPLORATION PROSPECTS TARGET RESER
Slide 14: Tunisia
Sfax Offshore Exploration Permit FAST and Ras El Besh Concession. FACTS Tunisia TPS Assets SELECTED O&G COMPANIES IN TUNISIA (2015-2018) Number of PANORO ASSETS Licences 6 SFAX Exploration Permit • Considered to be the only full democratic regime in the Arab world 52.5% ownership • Association agree
Slide 15: Establishing a New Core Area
Establishing a New Core Area Highly Prospective Area with Low Cost Production Through two transactions established core area in TRANSACTION June 2018 Chergui (45%) Buyer: Perenco Seller: Petrofac prolific hydrocarbon area • Production assets purchased from OMV, low opex/bbl • Exploration block acqui
Slide 16: Enhancing TPS Production Levels
Enhancing TPS Production Levels The opportunity to bring assets back to historical levels OIL PRODUCTION ALL TPS FIELDS, bopd 10,000 Assets have historically produced in excess of 6000 bopd ACTIVITY SUITE 9,000 El Hajeb Period of low oil prices 8,000 Guebiba Period of under investment Enhancing prod
Slide 17: Tunisia: Salloum West Well (SMW-1)
Tunisia: Salloum West Well (SMW-1) Significant progress being made towards well spud, awaiting final government approvals • As part of the DNO acquisition, Panoro assumed responsibility for drilling a commitment well on the Sfax Offshore permit • DNO substantially funded the drilling costs in the tr
Slide 18: Exploration Strategy
Exploration Strategy Results driven strategy – near term development follow up • In addition to substantial exploration in existing Gabon and Tunisia portfolio, Panoro is evaluating opportunities to expand its exposure to early stage opportunities • Panoro have track record of success in pre-salt in
Slide 19: Environmental, Social and Governance
Environmental, Social and Governance CORPORATE SOCIAL ENVIRONMENT RESPONSIBILITY VISION Panoro’s mission is to deliver superior returns to We are committed to understanding, managing and reducing the environmental impact of our activities and to implement We have a commitment internationally recogni
Slide 20: 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 [email protected]