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 Second Quarter 2011 and subsequent events EBITDA of USD 3.1 million Oil discovery in the pre-salt Ruche-Marine-1 offshore Gabon Maintenance of Manati platform risers LOI for rig to drill on Round 9 licenses…
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 5
Exploration asset Dussafu (33.33%) Oil discovery at Ruche-Marine-1 Exploration portfolio Oil discovery in two formations: Dussafu (Gabon) Operator Harvest Natural Resources (66.67%) 30-40 MMbbls in the Gamba with Working Interest 33.33%…
Dussafu further potential Dussafu license (2,775 Km2) area over ten times the size each of the Round 9 blocks First pre-salt discovery offshore Gabon in years Etame analogue Multiple other targets in the license DRM-1 Well…
Manati (10%) Production increasing into Q3-2011 Gross production MMm3/day BCAM-40 8,0 Manati (Brazil) 6,63 6,68 Operator Petrobras (35%) 5,86 5,58 6,0 4,52 Working Interest 10% 4,12 4,0 3,48 Other Partners Queiroz Galvo (45%),…
Mengo-Kundji-Bindi (20%) On track to resume drilling in the third quarter MKB (Congo) MKB Reorganisation in SNPC with new senior Operator SNPC - Congo National Oil Company (60%) Working Interest 20% management in place and MKB project…
BS-3 area Progress on the development plans Santos Basin developments - Cavalo Marinho (50%), Estrela do Mar (65%) BS-3 area (Brazil) Amendment to Estrela do Mar POD Operator Petrobras (35-100%) Working Interest 35-65% recently filed…
Round 9 exploration blocks Drilling to commence in 2012 Round 9 (Brazil) BM-S-63, BM-S-71, BM-S-72 Signed letter of intent with Transocean Operator Vanco (70%)* Working Interest 15%* for GSF Arctic I to drill three wells Other…
Growth opportunities in Brazil Basins to be included in 11th Round 11th license round coming up Preparing for Equatorial margin offshore Considering entering onshore Parnaba Sergipe- Pursuing farm-in opportunities Alagoas…
Portfolio outlook Indicative timelines 2011 2012 Activity Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Manati, Brazil Resume full production capacity MKB, Congo Pilot project testing & appraisal drilling Production build-up & appraisal Filing Cavalo…
Outlook Evaluation of additional drilling in Dussafu and development concept for Ruche-Marine-1 discovery Resume full production capacity in Manati Commence 4-6 well drilling program in MKB BS-3 development concept Signing rig…
Financial Review Anders Kapstad, CFO
Financial highlights Q2-2011 and subsequent events EBITDA of USD 3.1 million despite low production Solid financial position Cash position of USD 128.8 million, not incl. USD 15 million from Round 9 farm-out Limited CAPEX…
Balance sheet Per June 30, 2011 USDm Assets Equity and Liabilities 600 500 Cash & Short-term liabilities cash equivalents 400 Other current assets Long-term liabilities 300 200 Non-current assets Equity 100 0 17
Profit & Loss Statement (USD 000) Condensed consolidated statement of comprehensive income Q1-2011 Q2-2011 Oil and Gas revenue 8,611 7,820 Other income - - Total revenues and other income 8,611 7,820 Production costs (1,041) (1,393)…
P&L items Q2-2011 Affected by non-cash items USDm 4,0 (1.3) 2,0 3.1 0,0 (4.1) -2,0 (1.4) 1.5 -4,0 -6,0 (7.4) (10.2) -8,0 -10,0 -12,0 EBITDA Depreciation Impairment Share-based Net interest Net other Warrant Net…
Second Quarter 2011 Financials Q&A Please visit www.panoroenergy.com for more information
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