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 Kjetil Solbrkke, CEO
Highlights Fourth Quarter 2010 and subsequent events EBITDA of USD 5.3 million Closed the USD 30 million Ajapa sale Successful completion of USD 140 million bond issue Operator submitted new development plans for Cavalo Marinho…
Delivering on 18 months business plan Event Status Close sale of the Ajapa field offshore Nigeria Refinance existing debt with long term debt aligned to Manati cash flow Secure financing for Brazil exploration wells through farm-down…
Attractive and balanced asset portfolio E&P independent with South Atlantic focus Manati Aje BS-3 (Santos) Dussafu Offices: London, Rio, Oslo Congo MKB Santos Exploration Panoro license area 6
Manati (10%) Record production in Q4-10 Gross production MMm3/day BCAM-40 8,0 6,63 6,68 Manati (Brazil) 5,83 5,86 5,58 5,48 Operator Petrobras (35%) 6,0 4,96 5,03 4,31 Working Interest 10% 4,0 Other Partners Queiroz Galvo (45%),…
Mengo-Kundji-Bindi (20%) MKB (Congo) MKB Well testing to date has confirmed: Operator SNPC - Congo National Oil Company (60%) Working Interest 20% Sufficient permeability Other Partners PetroCI (20%) 1st Prod 2010 test production…
BS-3 area New development plans filed Jan 13, 2011 Santos Basin developments - Cavalo Marinho (50%), Estrela do Mar (65%) Shared gas export system, also with other fields in the area (e.g Tiro and Sidon) Pilot production in low…
BS-3 area New development plans filed Jan 13, 2011 Santos Basin developments - Cavalo Marinho (50%), Estrela do Mar (65%) Production (BOE/day) net to Panoro According to plans of development; 20 000 Production start-up Q1-2015…
BS-3 area Further upside potential Cavalo Marinho (50%), Estrela do Mar (65%), Coral (35%) Volumes (MMBOE) net to Panoro 120 100 80 60 40 20 0 Cavalo Estrela do Upside in Panoro BS-3 Marinho Mar B2/B3 upside in B1…
Round 9 exploration blocks Successful farm-down to Vanco Round 9 (Brazil) SM-1035, SM-1036, SM-1100 Farm-down of 35% of 50% to Vanco Operator Vanco (70%)* Working Interest 15%* Panoro to retain 15% carried interest Other Partners…
Exploration asset - Dussafu Exploration adjacent to infrastructure Exploration portfolio Dussafu (Gabon) Dussafu Marin (33.33%), Gabon Operator Harvest Natural Resources (66.67%) Working Interest 33.33% Awarded Letter of Intent for…
Ruche-Marine-1 prospect, Dussafu (33.33%) Q2-2011 drilling in Gabon Primary prospects in the Gamba pre-salt fairway at 2,820 meter depth Three contingent secondary targets in the Dentale (max TD at 3,700 meters) Water depth of 116…
Portfolio outlook Indicative timelines 2011 2012 Activity Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Additional gas contract/ Manati, Brazil compressor station decision MKB, Congo Pilot project testing & appraisal drilling Production build-up &…
Outlook Drilling of the Ruche Marine prospect in Gabon Commence 6 well drilling A program in MKB Closing Contour 2,870m BS-3 development concept Santos Basin 16
Financial Review Anders Kapstad, CFO
Financial highlights Q4-2010 and subsequent events EBITDA of USD 5.3 million Strong balance sheet at end Q4-2010: Total assets of USD 420 million, equity ratio of 53% Cash position of USD 62 million Net interest-bearing debt of…
Profit & Loss Statement (USD 000) Condensed consolidated statement of comprehensive income Q3-2010 Q4-2010 Oil and Gas revenue 11,734 12,438 Other income - - Total revenues and other income 11,734 12,438 Production costs (1,220) (1,822)…
P&L items Q4-2010 USDm 6,0 4,0 -2.4 5.3 2,0 -1.7 0,0 -2,0 -4,0 -5.3 -11.1 -6,0 -8,0 5.7 -10,0 -12,0 EBITDA Depreciation Impairment Share-based Net finance cost Warrant/Other Income tax Net income paym. benefit 20
Balance sheet Per December 31, 2010 USDm Assets Equity and Liabilities 450 Cash & 400 Short-term liabilities cash equivalents 350 Other current assets 300 Long-term liabilities 250 200 Non-current assets Equity 150 100 50 0…
Solid financial position After recent asset and financial transactions USDm 180 Cash flow 2011-2013 will cover OPEX, SG&A, principal, interest and taxes 160 USD 175 million available for 140 investments 120 CAPEX to enhance value of:…
Fourth Quarter 2010 Financials Q&A Please visit www.panoroenergy.com for more information
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