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Q4 2013 FINANCIALS – Panoro Energy Asa

Panoro Energy Asa · Feb 20, 2014 · 22 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q4 2013 FINANCIALS – Panoro Energy Asa – slide 1
    Fourth quarter 2013 financials February 20, 2014
  2. Q4 2013 FINANCIALS – Panoro Energy Asa – slide 2
    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,…
  3. Q4 2013 FINANCIALS – Panoro Energy Asa – slide 3
    Highlights Fourth quarter 2013 and subsequent events EBITDA of USD 14.4 million, up from USD 3.8 million in the previous quarter mainly due to the USD 7 million from Lekoil for terminating the Aje SPA Divestment processes: Manati:…
  4. Q4 2013 FINANCIALS – Panoro Energy Asa – slide 4
    Manati field Asset held for sale Manati (Brazil) BCAM-40 Operator Petrobras (35%) Working Interest 10% Queiroz Galvo (45%) Other Partners Brasoil (10%) 1st Prod 2007 Current stage Production Project Status Gas price of 7.67…
  5. Q4 2013 FINANCIALS – Panoro Energy Asa – slide 5
    Remaining Brazilian assets: BS-3 area Santos Basin developments - Cavalo Marinho (50%), Estrela do Mar (65%) BS-3 area (Brazil) Status Operator W.I. range Petrobras (35-100%) ANP requested relinquishment Working Interest range 50-65%…
  6. Q4 2013 FINANCIALS – Panoro Energy Asa – slide 6
    Dussafu Large exploration license with multiple discoveries and prospects Dussafu (Gabon) Exploration portfolio Project Status Operator Harvest Natural Resources (66.67%) 2,775km2 license in Southern Gabon pre-salt fairway Working…
  7. Q4 2013 FINANCIALS – Panoro Energy Asa – slide 7
    Dussafu Progress of Field Development Activities Declaration of commerciality Discussions on-going within partnership and with the Gabonese authorities Development studies being finalized to support the Declaration of…
  8. Q4 2013 FINANCIALS – Panoro Energy Asa – slide 8
    Material Dussafu Exploration potential 1,130km2 outboard 3-D acquired in Q4 2013 Dussafu Outboard Leads Key to de-risking substantial outboard leads Based on 2D seismic Preliminary seismic products expected in Q2, final products…
  9. Q4 2013 FINANCIALS – Panoro Energy Asa – slide 9
    Aje Near term development with exploration upsides Project Status Change in partnership structure and new focus on near-term oil production License is substantially more attractive than it was when asset sale was originally…
  10. Q4 2013 FINANCIALS – Panoro Energy Asa – slide 10
    Aje Cenomanian Oilfield Development Concept Aje Field Appraisal and Development Scheme Development Project Status Strong project team has been Aje-4 will be completed as a put in place for project cenomanian oil producer delivery…
  11. Q4 2013 FINANCIALS – Panoro Energy Asa – slide 11
    Ogo-1 Discovery and Syn Rift Potential Exciting exploration potential from the new syn-rift play Syn Rift Potential in Aje Insights into Ogo Discovery in OPL 310 Source: Lekoil Surface View of Syn-Rift Potential Source:…
  12. Q4 2013 FINANCIALS – Panoro Energy Asa – slide 12
    Summary of Panoro West African Asset Base Dussafu and Aje base development projects provide a excellent pathway to production and cash flows In addition, both assets have significant upside potential, and lie in highly attractive…
  13. Q4 2013 FINANCIALS – Panoro Energy Asa – slide 13
    Corporate Sales Process Completed 2013 strategic review process resulted in decision to run process to sell PEN Evercore Partners International LLP engaged as advisor for the sales process Sales process initiated in early 2014, with…
  14. Q4 2013 FINANCIALS – Panoro Energy Asa – slide 14
    Financial review Anders Kapstad, CFO
  15. Q4 2013 FINANCIALS – Panoro Energy Asa – slide 15
    Financial and accounting highlights Q4-2013 and subsequent events Manati treated as assets held for sale in the balance sheet and as continued operations in P&L (EBITDA) EBITDA of USD 14.4 million in Q4-13, up from USD 3.8 million in…
  16. Q4 2013 FINANCIALS – Panoro Energy Asa – slide 16
    ANP approval process Divestment of Rio das Contas (Manati) for USD 140 million plus up to USD 20 million contingent earn-out Approval was expected on December 26, based on strong signals from ANP: Time consuming process Various…
  17. Q4 2013 FINANCIALS – Panoro Energy Asa – slide 17
    Profit & Loss statement (USD 000) Condensed consolidated statement of comprehensive income Q3-2013 Q4-2013 Oil and gas revenue 10,795 10,642 Other income 0 10,500 Total revenues 10,795 21,142 Production costs (3,981) (2,876) Exploration…
  18. Q4 2013 FINANCIALS – Panoro Energy Asa – slide 18
    Profit & Loss items Q4-2013 (1.5) 2.5 (2.4) (5.2) (1.5) (1.5) 18
  19. Q4 2013 FINANCIALS – Panoro Energy Asa – slide 19
    Group balance sheet Per Dec 31, 2013 Balance sheet (USD 000) Sept 30, 2013 Dec 31, 2013 Licenses and production assets 101,661 94,755 Other non-current assets 14,201 12,088 Total non-current assets 115,862 106,843 Trade and other…
  20. Q4 2013 FINANCIALS – Panoro Energy Asa – slide 20
    Outlook Awaiting approval from ANP for the assignment of Rio das Contas to GeoPark and subsequent exit from Brazil Proceeds will be used to repay bond Further reduction of G&A costs Aje field development plan to be submitted…
  21. Q4 2013 FINANCIALS – Panoro Energy Asa – slide 21
    Overview of Evercore Overview Recent Evercore Energy Transactions(1) Since Evercore was founded in 1996, Evercore has grown Not disclosed Pending US1,288m Pending US3.75bn 2013 completion completion rapidly to become the premier…
  22. Q4 2013 FINANCIALS – Panoro Energy Asa – slide 22
    Fourth quarter 2013 financials Q&A Please visit www.panoroenergy.com for more information

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