Panoro Energy ASA · OSL:PEN
Panoro Energy ASA — Investor Presentation (October 2019)
32 slides from Panoro Energy ASA's investor presentation, October 2019
Slide 1: Corporate Presentation
Corporate Presentation October 2019 www.panoroenergy.com
Slide 2: Disclaimer (1/2)
Disclaimer (1/2) This document is not an offer to sell or a solicitation of offers to purchase or subscribe for shares. Copies of this document may not be sent to jurisdictions, or distributed in or sent from jurisdictions, in which this is barred or prohibited by law. The information contained here
Slide 3: Disclaimer (2/2)
Disclaimer (2/2) The Manager does not, nor does any of its subsidiary undertakings or affiliates, or its directors, officers, employees, advisers or agents accept any responsibility or liability whatsoever for (whether in contract, tort or otherwise) or make any representation or warranty, express o
Slide 4: Risk factors (1/2)
Risk factors (1/2) The below is a summary of certain risk factors which are relevant for the Company and its subsidiaries (herein jointly referred to as the "Company"). Others risks than the ones set out below could also be relevant for the Company and its business. If any of the risks and uncertain
Slide 5: Risk factors (2/2)
Risk factors (2/2) Key risks specific to the Company and its industry continued • The Company will have guarantee and indemnity obligations, both towards authorities and towards lenders and suppliers. • The Company may experience conflicts of interest, inter alia because some of the directors, offic
Slide 6: Transaction overview
Transaction overview • Private placement of up to 6,238,760 new shares, representing ~10% of the • Panoro plans to utilise its authorisation given at the Offer size and structure outstanding shares in the Company. • Market cap of approximately NOK 1.5bn based on current share price levels. AGM 23 Ma
Slide 7: 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 • Sale of OML 113 to PetroNor E&P for US$ 10 million # Shareholder # Shares (%) PetroNor shares + US$ 25m contingent consideration • 40-50 mmbo discovery at Hibiscus Updip
Slide 8: 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 2014 Joined 2015 Joined 2010 Joined 2014 Mr. Torstein Sanness Mrs. Hilde Åd
Slide 9: Corporate Vision
Corporate Vision Continue to Unlock the significant build existing exploration potential production base in existing asset in Tunisia and Gabon base Review organic Constantly assess early and inorganic stage exploration growth initiatives opportunities Maintain Expand cooperation geographical with i
Slide 10: Active work program over next 12 months, and beyond
Active work program over next 12 months, and beyond 2019 2020 2021 Q3 Q4 Q1 Q2 Q3 Q4 • Hibiscus Updip well drilled Q3 GABON • 4 production wells at Tortue Exploration Well DHIMB1 TBD 2 options • Gross target > 20,000 bopd Q2/2020 • Additional firm exploration well Q2 2020 Production Well 4 wells Pha
Slide 11: Key Metrics
Key Metrics 2019 Corporate Presentation Slide 11
Slide 12: Production Growth
Production Growth A transformation, with additional growth underway TOTAL DAILY NET PRODUCTION 2020 (bopd) Targeting 3,500 bopd 3,000 during the year* with Aje Dussafu TPS Assets upside potential >4,000 2,500 TPS Assets, 1,150 bopd • Targeting 25% increase by end 2019 2,000 • Additional 2020 opportu
Slide 13: Key Metrics @ $65 Brent
Key Metrics @ $65 Brent DUSSAFU (GABON) TUNISIA ~$23 Potential to decrease Opex per barrel ~$15 ~$12 through enhanced production Net backs can ~$30+ ~$20 increase during Net back higher production (After Opex and Tax) ~$28 2019 Corporate Presentation Slide 13
Slide 14: Gabon
Gabon The Dussafu Marin Permit Dussafu is operated by BW Energy Gabon and Panoro’s current interest in the license is 8.33%. There are five oil fields within the Dussafu Permit: Moubenga, Walt Whitman, Ruche, Ruche North East and Tortue. The latter three fields were discovered by Panoro and JV partn
Slide 15: The Tortue Field
The Tortue Field Panoro share 8.33% (Tullow back-in right would reduce share to 7.5%) PHASE 1 – ON PRODUCTION at ~12,000 BOPD 1H 2019 • Fast track development – from sanction to production in 18 months • Currently two subsea wells producing and tied back to BW Adolo • BW Adolo FPSO with 40,000 bopd
Slide 16: 2P Reserves at Dussafu (Gabon)
2P Reserves at Dussafu (Gabon) DUSSAFU RESERVES (million barrels)* 120.0 100.0 40.0 - 50.0 Hibiscus Updip 80.0 60.0 25.4 Ruche & Ruche NE 40.0 2.2 1.2 20.0 40.9 40.9 35.1 23.5 0.0 Jan 2018 2018 Jan 2019 H1 2019 July 2019 October 2019 NSAI Production NSAI Production NSAI Inc. Ruche & Ruche NE & Hibis
Slide 17: Dussafu Success Story: Past, Present and Future
Dussafu Success Story: Past, Present and Future 2037 • Sanction Phase 3 • Phase 3 Drilling to bring production to ca 40,000 bopd • Develop existing discoveries (Walt Whitman, Moubenga) FUTURE PHASES • Further exploration (>10 additional prospects) • Further development 40 kbopd • FPSO capacity upgra
Slide 18: Hibiscus Updip Discovery
Hibiscus Updip Discovery Substantial Oil Discovery in Dussafu • Hibiscus Updip Well (DHIMB-1) - Gamba discovery with good 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 of net pa
Slide 19: Greater Ruche Development
Greater Ruche Development Ruche Development to include newly discovered Hibiscus field • Ruche and Hibiscus to bring gross production towards current FPSO capacity of 40,000 bopd Ruche NE - Ruche is the second development hub with FID Hibiscus expected Q4 2019 Ruche - First oil expected Q4 2021 - Hi
Slide 20: Gabon: Significant Exploration Potential in the Dussafu Block
Gabon: Significant Exploration Potential in the Dussafu Block DISCOVERIES Target Operator Estimated Reservoir Resources * Moubenga Dentale 6 Walt Whitman Gamba 8 Hibiscus Updip Gamba 40-50 Target P50 Prospective EXPLORATION PROSPECTS Reservoir resources * Mupale Gamba 19 Espadon (Ruche updip) Gamba
Slide 21: Tunisia
Tunisia The Sfax Offshore Exploration Permit, containing the Ras El Besh Concession, lies in the prolific oil and gas Cretaceous and Eocene carbonate platforms of the Pelagian Basin offshore Tunisia. The TPS Assets comprise five oil field concessions in the region of the city of Sfax, onshore and sh
Slide 22: TPS Tunisia
TPS Tunisia Existing infrastructure is unique solution to commercialise Sfax discoveries TPS ASSETS TPS set of assets is one of the main oil producing fields in Tunisia • Estimated to contribute ~10+% of Tunisia's liquid production Cumulative oil production of 52.7 mmbbls • In production since 1981
Slide 23: 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 Period of under investment Guebiba Enhancing prod
Slide 24: TPS Well Activities (and Proposed SMW-1)
TPS Well Activities (and Proposed SMW-1) ELAIN-03 workover Completed ELAIN-01 workover Late 2019 SMW-1 Well Early 2020 GUE-7 injectivity test Contingent 2020 GUE-02 workover Completed July RHE-1 workover Completed August GUE-05 workover GUE-10 sidetrack Contingent 2020 Early 2020 (contingent) GUE-04
Slide 25: Tunisia: Salloum Structure – Bireno Depth Map
Tunisia: Salloum Structure – Bireno Depth Map Exploration well to spud at end of 2019 • SMW-1 to be drilled as a deviated well from onshore location SMW-1 • Targeting fault compartment updip from the SAM-1 discovery well - British Gas drilled SAM-1 in 1991 - Oil discovery, short test at 1800 bopd •
Slide 26: Tunisia: Future Upside Activity at Sfax Offshore Exploration Permit
Tunisia: Future Upside Activity at Sfax Offshore Exploration Permit El Ain 01 and Salloum El Ain 03 workovers Salloum West well Cercina Infill Drilling Substantial 3,228 km2 and eventual extended exploration permit production test offshore Tunisia • 400 million barrels already Chergui South Appraisa
Slide 27: Nigeria
Nigeria OML 113 The licence contains the Aje field as well as a number of exploration prospects. The Aje Field was discovered in 1997 in water depths ranging from 100-1,500m. Unlike the majority of Nigerian Fields which are productive from Tertiary age sandstones, Aje has multiple oil, gas and gas c
Slide 28: Proposed Sale of Nigerian Interests
Proposed Sale of Nigerian Interests Win-Win Sale to Petronor PROJECT FACTS • PetroNor E&P Limited (“PetroNor”), an exploration & production oil and gas company listed on the Oslo Axess, to purchase all outstanding shares in Panoro fully Operator: Yinka Folawiyo Petroleum owned subsidiaries holding O
Slide 29: OML 113 “Aje” License Overview
OML 113 “Aje” License Overview Producing Field with Significant Oil and Gas Potential PROJECT FACTS Large oil and gas accumulation offshore Nigeria Operator: Yinka Folawiyo Petroleum • Discovered in 1997 in water depth of 100-1,500m • Fully appraised field by four wells in three reservoirs Revenue I
Slide 30: Environmental, Social and Governance
Environmental, Social and Governance CORPORATE SOCIAL ENVIRONMENT RESPONSIBILITY VISION We are committed to understanding, managing and reducing Panoro’s mission is to deliver superior returns to the environmental impact of our activities and to implement We have a commitment internationally recogni
Slide 31: Outlook
Outlook High levels of 3-5 exploration 4 development operational activity wells, including wells at Tortue for next 12 months Hibiscus Updip and and beyond Salloum West Production Focus on managing Continued focus enhancements in an ethical and safety shareholder value Tunisia conscious company crea
Slide 32: 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]