Operational Review Kj il S lb kk CEO Kjetil Solbrkke, CEO
Highlights First Quarter 2011 and subsequent events EBITDA of USD 3.2 million Strong financial platform for future growth Raised NOK 550 million in new d ll equity p p Operator submitted new development plans for Cavalo…
Attractive and balanced asset portfolio E&P independent with South Atlantic focus E&P independent with South Atlantic focus Manati Aje BS3 (Santos) Dussafu Offices: London, Rio, Oslo ff , , Congo MKB Congo MKB Santos…
Manati (10%) Low production in Q12011 Gross production MMm3/day BCAM40 8,0 Manati (Brazil) 6,63 , 6,68 Operator Petrobras (35%) 5 86 5,86 5,58 6,0 Working Interest 10% 4,12 Other Partners Queiroz Galvo (45%), Brasoil (10%) 4,0…
Manati (10%) Maintenance of platform risers For illustration purposes Inspections of platform risers resulted in temporary shut resulted in temporary shut downs of five wells as a safety precaution O Operator expects all six…
MengoKundjiBindi (20%) Resource play with very large oil in place volumes MKB (Congo) ( g ) MKB Limited testingg of two wells in the Operator SNPC Congo National Oil Company (60%) Working Interest 20% quarter Other Partners PetroCI…
MKB approved work program Kundji pilot program 0 7 10 Objective to appraise south 37 17 0 0 of current wells to increase of current wells to increase 179 150 7 12 33 8 knowledge of the Kundji…
BS3 area Progress on the PODs filed Jan 13, 2011 Santos Basin developments Cavalo Marinho (50%), Estrela do Mar (65%) Santos Basin developments Cavalo Marinho (50%) Estrela do Mar (65%) Ongoing discussions within partnerships for…
Round 9 exploration blocks Successful farmdown to Vanco in Q12011 SM1035, SM1036, SM1100 Round 9 (Brazil) Entered into second exploration p Operator Vanco (70%)* Working Interest 15%* phase in March 2011 filing of Other Partners…
Upcoming 11th license round in Brazil p g Brazilian national petroleum agency (ANP) ili i l l ( ) has indicated; 11th license round to be held in Parnaba September/October 2011 Sergipe Mainly frontier exploration in the y p…
Exploration asset Dussafu (33.33%) Drilling commenced in Gabon Drilling commenced in Gabon Dussafu (Gabon) Exploration portfolio RucheMarine1 exploration well Operator Harvest Natural Resources (66.67%) spudded on April 28, 2011 Working…
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 buildup & appraisal Filing Cavalo…
Outlook Results from the Ruche Marine prospect in Gabon Resume production from Resume production from remaining three wells on Manati Commence 46 well drilling program in MKB BS3 development concept EEvaluating business…
Financial Review A d K Anders Kapstad, CFO d CFO
Financial highlights Q12011 and subsequent events EBITDA of USD 3.2 million Raised NOK 550 million in new equity in February Strong balance sheet at end Q12011: Total assets of USD 513 million, equity ratio of 62% Total assets of…
Profit & Loss Statement (USD 000) ( ) Condensed consolidated statement of comprehensive income Q42010 Q12011 Oil and Gas revenue Oil and Gas revenue 12 438 12,438 8 611 8,611 Other income Total revenues and other income 12,438 8,611…
P&L items Q12011 Q USDm 4,0 3,0 (1.5) 20 2,0 3.2 1,0 0,0 1,0 (4.9) (3.5) 2,0 30 3,0 1.2 (0 9) (0.9) 4,0 EBITDA Depreciation Sharebased Net finance cost Warrant Net foreign Income tax Net income paym. exchange h b…
Balance sheet Per March 31, 2011 USDm Assets Equity and Liabilities 600 Cash & 500 cash equivalents cash equivalents Shortterm liabilities Shortterm liabilities 400 Other current assets Longterm liabilities 300 200…
First Quarter 2011 Financials Q Q&A Pl Please visit www.panoroenergy.com i it f for more information i f ti
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