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,…
Operational Review Jan Kielland, CEO 3
Highlights Fourth quarter 2012 and subsequent events EBITDA of USD 5.6 million Encouraging discovery well in Dussafu, Gabon Strong Manati production Expect strong production in Q1-13; high demand from gas -fired power stations…
Panoro Energy ASA Group snapshot Brazil Listing: Oslo Stock Exchange (OSE) West Africa Offices: Rio de Janeiro (HQ) , London, Oslo Assets: Brazil Manati Production BS-3 (Santos) - Development Manati Santos - Exploration West…
Update on sales process of West Africa portfolio Dussafu - The recent exploration success gives confidence in additional value and hence not planned for divestment Aje Negotiating Sale and Purchase Agreement Transaction will be…
Manati field Continued strong production 8,0 Manati gross production Manati (Brazil) BCAM-40 7,0 Operator Petrobras (35%) 6,0 MMm3/day 5,0 Working Interest 10% 4,0 3,0 6,6 6,7 6,1 6,6 4,7 5,2 Other Partners Queiroz Galvo (45%),…
20 largest gas producing fields in Brazil 7,0 6,3 6,2 6,0 5,4 5,3 5,3 5,0 4,7 MMm3/day 4,0 3,6 3,0 2,8 2,7 2,1 2,0 1,8 1,8 1,8 1,5 1,4 1,3 1,2 1,0 1,0 1,0 1,0 0,0 Manati gas production provides approx 50% of…
BS-3 area Santos Basin developments - Cavalo Marinho (50%), Estrela do Mar (65%), Coral (35%) BS-3 area (Brazil) Project Status Operator W.I. range Petrobras (35-100%) Working Interest range 35-65% Discussions between Panoro and the…
Round 9 exploration blocks Drilling campaign in southern Santos completed Round 9 (Brazil) BM-S-63, BM-S-71, BM-S-72 Project Status Operator Vanco (40%) Working Interest 15% Impairment of USD 5 million, leaving no residual Brasoil 15 %…
Brazil 11th License Round Scheduled for May 2013 Basins to be included in 11th Round 155,000 km2 blocks will be offered 289 blocks on offer, including 117 blocks from the cancelled Round 8 172 blocks have already been confirmed,…
Mengo-Kundji-Bindi (MKB) Kundji pilot program in production testing MKB (Congo) Production ongoing on wells Operator SNPC - Congo National Oil Company (60%) KUN4bis, KUN5, KUN-201, KUN- Working Int. 20% Other Partners PetroCI (20%) 204…
Aje Large gas, condensate and oil discovery Aje (Nigeria) OML 113 Operator YFP Participating Interest 6.502%* Other Partners Vitol, Jacka Resources, Chevron 1st Production TBD Current stage Field Development Planning Gas,…
Dussafu Recent additional discovery Large exploration license with multiple discoveries and prospects Dussafu (Gabon) Exploration portfolio Key Facts Operator Harvest Natural Resources (66.67%) Large PSC with favourable fiscal terms…
Tortue Discovery update Results from main hole 25meters of core were taken, 5meters in the Vembo shale, 20meters Gamba 13m of pay in 22m column in Gamba, 38m of pay in stacked Dentale reservoirs Fluid samples and pressure data…
Dussafu Discoveries and Exploration Potential 5 discoveries: - Walt Whitman 4 MMbbl - GMC-1X 5 MMboe (gas) - Moubenga 3 MMbbl - Ruche 11 MMbbl - Tortue to be determined Numerous additional prospects and leads Various pre-salt…
Financial Review Anders Kapstad, CFO
Financial highlights Q4-2012 and subsequent events EBITDA of USD 5.6 million Financial position Cash position of USD 73 million at year end (including restricted cash) Limited capital commitment going forward Impairment of USD 47…
Profit & Loss statement (USD 000) Condensed consolidated statement of comprehensive income Q3-2012 Q4-2012 Oil and Gas revenue 12,010 10,845 Other income 891 891 Total revenues and other income 12,901 10,845 Production costs (1,370)…
Group balance sheet Per Dec 31, 2012 Balance sheet (USD 000) Sep 30, 2012 Dec 31, 2012 Licenses and production assets 297,472 261,827 Other non-current assets 8,484 19,991 Total non-current assets 305,956 281,818 Trade and other…
Year End balance sheet issues Year end reserve update from Gaffney Cline Reclassification of reserves to resources on BS-3 resulted in USD 42 million impairment Deferred Tax Asset increased USD 11 million due to BS-3 impairment No…
Capital discipline and cost reduction Limited CAPEX Limited firm committed CAPEX in 2013 at approximately USD 26 million Contingent 2013 CAPEX on Dussafu depending on further work Round 11: Limited commitment through carry and…
Outlook Retain capital discipline and cut costs Ensure successful divestment of Aje and Transocean MKB Arctic I Continued strong Manati gas production as a result of high demand from gas- fired power plants Reservoir and conceptual…
Fourth Quarter 2012 Financials Q&A Please visit www.panoroenergy.com for more information
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