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,…
Agenda Q3 2010 Operational review Kjetil Solbrkke, CEO Financial review Anders Kapstad, CFO Q&A Presentation of the MKB Mark Scarbrough, project in Congo-Brazzaville Drilling & Operations Manager MKB project 3
Operational Review Kjetil Solbrkke, CEO
Highlights Third Quarter 2010 and subsequent events EBITDA of USD 7 million Record production from Manati Positive production test from the MKB project in Congo-Brazzaville Confirmed timing for new BS-3 development plans in…
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 6
Manati (10%) Record production in Q3-10 Gross production MMm3/day BCAM-40 8.0 6.63 7.12 Manati (Brazil) 5.83 5.86 5.58 5.48 Operator Petrobras (35%) 6.0 4.96 4.31 Working Interest 10% 4.0 Other Partners Queiroz Galvo (45%), Brasoil…
Mengo-Kundji-Bindi (20%) Positive production test MKB (Congo) MKB Established combined production Operator SNPC - Congo National Oil Company (60%) Working Interest 20% capacity of approximately 900 bopd Other Partners PetroCI (20%)…
BS-3 Integrated Moving towards new development plan BS-3 area (Brazil) Operator to submit new Operator Petrobras (35-100%) Working Interest 35-65% development plan for the BS-3 Other Partners 1st Prod Queiroz Galvo (0-15%), Brasoil…
Round 9 exploration blocks Farm out process commenced Round 9 (Brazil) SM-1035, SM-1036, SM-1100 3D seismic indicates the licenses Operator Panoro Energy (50%) Working Interest 50% could hold gross un-risked Other Partners Brasoil 50%…
Portfolio overview Indicative timelines - no major changes from Q2 guidance 2010 2011 2012 Activity Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Additional gas contract/ Manati, Brazil compressor station decision Ajapa, Nigeria Sale closed MKB,…
Outlook Restart production and commence 6 well drilling program in MKB Amendment to Manati gas contract BS-3 development plan Progressing Round 9 farm-out Preparations for drilling in Dussafu, Gabon Santos Basin 12
Financial Review Anders Kapstad, CFO
Financial highlights Q3-2010 and subsequent events EBITDA of USD 7.0 million Strong production from Manati G&A includes the fully merged entity Strong balance sheet Total assets of USD 422 million, equity ratio of 56% Cash…
Profit & Loss Statement (USD 000) Condensed consolidated statement of comprehensive income Q2-2010 Q3-2010 Oil and Gas revenue 9,695 11,734 Other income - - Total revenues and other income 9,695 11,734 Production costs (1,164) (1,220)…
P&L items Q3-2010 USDm 8.0 7.0 6.0 7.0 -2.3 5.0 4.0 -4.0 3.0 2.0 1.4 -2.9 1.0 0.0 -0.7 -1.0 -2.0 EBITDA Depreciation Net finance cost Warrant/Other Net FX gain Income tax Net income expense 16
Balance sheet Per September 30, 2010 USDm Assets Equity and Liabilities 450 Cash & cash equivalents 400 Asset held for sale Short-term liabilities (Completed Q4-2010) 350 Other current assets 300 Long-term liabilities 250 200…
Debt restucturing Approximately 80 USDm in increased financial strength over next two years New 8-year secured bond loan: New bond repayment schedule USD 105 million 12.0% interest 70 NOK 205 million 13.5% interest 60 Total approx.…
2011 financial flexibility Limited committed CAPEX in 2011 Further investments depend on: Successful result of pilot wells on MKB and subsequent full scale development Successful Dussafu exploration result Drill or drop decisions…
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