Highlights First Quarter 2012 and subsequent events EBITDA of USD 5.3 million Solid production from all 6 wells in the Manati field Encouraging results from production test on wells KUN-201, KUN-202 and KUN-203 in MKB 4
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
Manati (10%) Production ramp-up Gross production MMm3/day BCAM-40 7,0 6,4 Manati (Brazil) 6,0 5,2 4,2 4,7 Operator Petrobras (35%) 5,0 4,1 3,5 Working Interest 10% 4,0 Other Partners Queiroz Galvo (45%), Brasoil (10%) 3,0 1st Prod…
Mengo-Kundji-Bindi (20%) Resource play with very large oil in place volumes MKB (Congo) MKB A proven producer Operator SNPC - Congo National Oil Company (60%) Produced by Elf between 1980 and 1992 Working Interest 20% Other Partners…
Mengo-Kundji-Bindi (20%) Kundji pilot program progressing well KUN-201/KUN-202/KUN-203 have now been production tested and will be put on continuous production 5/5 wells have produced oil: Step change in success rate KUN-204…
Encouraging test results in MKB Kundji production test data (length of test in days above columns) 800 1 700 1 600 500 Bbl/day 8 5 400 KUN-201 5 300 KUN-205 200 KUN-204 100 KUN-203 KUN-202 0 KUN-201 KUN-202…
Panoro Post-Drill Volumetric Assessment Isopach (m) Gross oil Gross water Net pay Well (meters) (meters) (meters) KUN-4bis 136 0 64 KUN-5 142 0 39 KUN-201 183 0 57 KUN-202 129 46 52 KUN-203 134 48 27 Panoro Pre and Post Drill…
Improvements in drilling performance Significantly improved drilling Cost KUN-4, 4-Bis & 5 performance Cost KUN-201, 202 & 203 Better execution after 51% reorganisation of SNPCs operations Brought in experienced senior executives…
SNPCs proposed Kundji development strategy Historical wells Pilot program Development wells 12
BS-3 area Santos Basin developments - Cavalo Marinho (50%), Estrela do Mar (65%) BS-3 area (Brazil) Confirmed that gas in Tiro/Sidon (now Operator Petrobras (35-100%) renamed Bauna and Piracaba) fields will Working Interest 35-65% Other…
Round 9 exploration blocks Drilling to commence in June/July Round 9 (Brazil) BM-S-63, BM-S-71, BM-S-72 Drilling to commence in June/July-2012 Operator Vanco (70%) with Transocean GSF Arctic I Working Interest 15% Other Partners Brasoil…
Saba prospect Block BM-S-72 Sabi 5 km Structural and seismic amplitude maps Reservoir: Santonian siliciclastic sandstones Expected Hydrocarbons: Light oil Unrisked recoverable volume : 142 MMBOE Chance of Commercial…
Canrio prospect Block BM-S-63 A A 5 km Structural and seismic amplitude maps for Turbidito Itaja A 5 km Reservoir: Santonian siliciclastic sandstones Expected Hydrocarbons: Light oil, high GOR Unrisked recoverable…
Jandia prospect Block BM-S-71 5 km Structural of top Guaruj and seismic amplitude map for B1 zone Reservoir: Albian carbonate oolite sandstones Expected Hydrocarbons: Light oil, high GOR Unrisked recoverable volume : 302…
Exploration asset Dussafu (33.33%) Large exploration license with multiple prospects Dussafu (Gabon) Exploration portfolio Ruche-Marine-1 development Operator Harvest Natural Resources (66.67%) concept is marginal on its own Working…
Dussafu (33.33%) block Gabon Tortue prospect 3D 2011 0 5 10 Km 20 56% geological chance of success with consolidated mean of 28 MMbbls When combined with the Ruche discovery the minimum commercial threshold for Tortue is…
Outlook Expect strong gas demand and Transocean high production on Manati Arctic I Commence drilling of 3 high impact wells in Santos Basin in June/July Clarification on BS-3 Complete the MKB pilot program with drilling and…
Financial Review Anders Kapstad, CFO
Financial highlights Q1-2012 and subsequent events EBITDA of USD 5.3 million Positive cash flow from operations of USD 3.7 million Strong financial position Total assets of USD 445 million, equity ratio of 59% Cash position of USD…
Profit & Loss Statement (USD 000) Condensed consolidated statement of comprehensive income (USD 000) Q4-2011 Q1-2012 Oil and Gas revenue 9,284 10,949 Other income 1,721 - Total revenues and other income 11,005 10,949 Production costs…
Group P&L items Q1-2012 USDm 6,0 5,0 1,8 4,0 0,4 3,0 5,3 2,0 2,5 2,7 2,6 1,0 0,4 0,4 0,0 EBITDA Depreciation Share-based Net interest cost Net other Net foreign Income tax Net income payments financial cost exchange/swaps…
Group balance sheet Per March 31, 2012 Balance sheet (USD 000) Dec 31, 2011 Mar 31, 2012 Licenses and production assets 300 645 307 413 Other non-current assets 13 651 11 662 Total non-current assets 314 296 319 075 Trade and other…
First Quarter 2012 Financials Q&A Please visit www.panoroenergy.com for more information
Loading...
