Highlights Fourth Quarter 2011 and subsequent events EBITDA of USD 2.5 million Manati production back on track Drilled three wells in MKB Fracking, completion and testing ongoing ANP approved transfer of 35% interest of…
Attractive and balanced asset portfolio E&P independent with South Atlantic focus Manati Aje BS3 (Santos) Dussafu Offices: London, Rio, Oslo Congo MKB Santos Exploration Panoro license area 5
Manati (10%) Normalised production Gross production MMm3/day BCAM40 8,0 Manati (Brazil) 6,6 6,7 Operator Petrobras (35%) 5,9 5,6 6,0 5,1 Working Interest 10% 4,1 4,2 4,7 4,0 3,5 Other Partners Queiroz Galvo (45%), Brasoil (10%) 1st…
MengoKundjiBindi (20%) Ongoing pilot program MKB (Congo) MKB KUN201/KUN202/KUN203 wells Operator SNPC Congo National Oil Company (60%) Working Interest 20% drilled in Q42011 Other Partners PetroCI (20%) 1st Prod 2010 test production…
MKB ongoing drilling program Kundji pilot program 0 7 10 KUN203 has been worked 37 17 0 0 over, tested oil after kick start 179 150 with nitrogenlift 7 12 8 33 Platform100 204 150 34 KUN4bis…
BS3 area Santos Basin developments Cavalo Marinho (50%), Estrela do Mar (65%) BS3 area (Brazil) Studies continue regarding integration of Operator Petrobras (35100%) Working Interest 3565% BS3 fields and other fields in the area Other…
Round 9 exploration blocks Drilling to commence in 2012 Round 9 (Brazil) BMS63, BMS71, BMS72 Drilling to commence in June/July2012 Operator Vanco (70%) Working Interest 15% with Transocean GSF Arctic I Other Partners Brasoil 15% Net…
Exploration asset Dussafu (33.33%) Oil discovery at RucheMarine1 Dussafu (Gabon) Exploration portfolio Dussafu license (2,775 Km2) area over Operator Harvest Natural Resources (66.67%) ten times the size each of the Round 9 Working…
Outlook Maintain full production capacity on Manati Transocean Arctic I Continue well testing in MKB Clarification on BS3 Preparations for drilling of high impact wells in Round 9 licenses Evaluate growth opportunities…
Financial Review Anders Kapstad, CFO
Financial highlights Q42011 and subsequent events EBITDA of USD 2.5 million Strong financial position Cash position of USD 111 million at year end Outstanding USD 9 million for MKB paid in Q12012 Limited capital commitment…
Profit & Loss Statement (USD 000) Condensed consolidated statement of comprehensive income Q32011 Q42011 Oil and Gas revenue 9,182 9,284 Other income 1,721 Total revenues and other income 9,182 11,005 Production costs (2,568) (2,822)…
P&L items Q42011 USDm 4,0 3,0 2,0 (1.5) 1,0 2.5 0,0 (2.4) 1,0 2,0 (2.1) (5.2) 3,0 4,0 (1.5) (1.5) 5,0 6,0 EBITDA Depreciation Net interest cost Net other financial Net foreign Other Net income cost exchange 16
Currency effects USD/BRL 1,90 Manati price in USD decreased by 9% from Q32011 to Q42011 as a result 1,85 of the Brazilian Reais weakening 1,80 against the US dollar The trend has reversed with the BRL 1,75 strengthening towards…
Balance sheet Per December 31, 2011 Balance sheet Sept 30, 2011 Dec 31, 2011 Fixed assets 311 608 300 645 Other noncurrent assets 14 034 13 651 Total noncurrent assets 325 642 314 296 Trade and other receivables 16 763 19 539 Cash & cash…
Fourth Quarter 2011 Financials Q&A Please visit www.panoroenergy.com for more information
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