Operational Review Kj il S lb kk CEO Kjetil Solbrkke, CEO
Highlights Third Quarter 2011 and subsequent events EBITDA of USD 2 3 million EBITDA of USD 2.3 million Manati production temporarily reduced from ongoing inspections reduced from ongoing inspections and repairs Completed one…
Attractive and balanced asset portfolio E&P independent with South Atlantic focus E&P independent with South Atlantic focus Manati Aje BS3 (Santos) Dussafu ff , , Offices: London, Rio, Oslo Congo MKB Congo MKB Santos…
Manati (10%) Riser maintenance and repairs continue 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 4,17 3,91 4,0 3,48 Other Partners Queiroz…
MengoKundjiBindi (20%) Ongoing drilling program MKB (Congo) ( g ) MKB Commenced drilling program of up to gp g p Operator SNPC Congo National Oil Company (60%) Working Interest 20% six wells from KUN200 platform Other Partners…
MKB ongoing drilling program Kundji pilot program 0 7 10 KUN201 well spudded early 37 17 0 0 September Septe be 179 150 7 12 8 33 Platform100 Confirms oil in place in 204 150 34 KUN4bis…
BS3 area Progress on the development plans S t B i d l Santos Basin developments t Cavalo Marinho (50%), Estrela do Mar (65%) C l M i h (50%) E t l d M (65%) BS3 area (Brazil) Studies continue regarding integration of g g g Operator…
Round 9 exploration blocks Drilling to commence in 2012 Round 9 (Brazil) BMS63, BMS71, BMS72 Drilling to commence in H12012 Operator Vanco (70%)* Working Interest 15%* Signed rig contract with Transocean for Other Partners Brasoil…
Exploration asset Dussafu (33.33%) Oil discovery at Ruche Marine 1 Oil discovery at RucheMarine1 Dussafu (Gabon) Exploration portfolio RucheMarine1 discovery confirms our Operator Harvest Natural Resources (66.67%) belief in the high…
Portfolio outlook Indicative timelines 2011 2012 Activity Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Resume full Compressor Manati, Brazil production capacity decision Production buildup & MKB, Congo Pilot project testing & appraisal drilling…
Outlook Operator expects full production p p p capacity on Manati to resume in Q4 Continuing with 46 well drilling program in MKB, frac and completion i MKB f d l ti of KUN201 and KUN202 expected in Q4 Final investment…
Financial Review A d K Anders Kapstad, CFO d CFO
Financial highlights Q32011 and subsequent events EBITDA of USD 2 3 million EBITDA of USD 2.3 million Strong financial position Cash position of USD 119 million, not including USD 15 million in escrow related to the Round 9…
Profit & Loss Statement (USD 000) ( ) Condensed consolidated statement of comprehensive income Q22011 Q32011 Oil and Gas revenue Oil and Gas revenue 7 820 7,820 9 182 9,182 Other income Total revenues and other income 7,820 9,182…
P&L items Q32011 Affected by noncash items USDm 4,0 (1.5) 2.3 1,0 ((4.2)) (11.5) 6,0 11,0 (12.2) 4.9 16,0 21,0 EBITDA Depreciation Impairment Sharebased Net interest Net other Net foreign Income tax Net income…
Currency effects Brazilian Reais weakened 18% against the US dollar in Q32011 USD/BRL 1,90 Limited impact on Manati revenue in Limited impact on Manati revenue in 1.82 Q32011, as average BRL/USD during the quarter was only 2.5%…
Balance sheet Per September 30, 2011 USDm Assets Equity and Liabilities 500 450 Shortterm liabilities Cash & Cash & 400 cash equivalents 350 Longterm liabilities Other current assets 300 250 200 Noncurrent assets Equity…
Exploration activities Di Dimas Coelho, EVP Exploration C lh EVP E l i
Dimas Ferreira da Silva Coelho Executive Vice President Exploration Bachelors degree in Geology from Federal University of Rio de Janario B h l d i G l f F d lU i it f Ri d J i Master of science in seismic inversion from Federal…
Location map of concessions in Santos Basin p 22
Panoros Round 9 Blocks Prospects Panoros Round9Blocks:Prospects Panoro Energy do Brazil Ltda (15%) Vanco (70%) and Brasoil (15%), pending Brazilian (70%) and Brasoil (15%) pending Brazilian Regulatory Agency approval Pre-salt…
Regional play settings for Panoros prospects Schematic regional geological section across central Santos Basin A B C Fonte: ANP ((2006)) apud p Ecology gy ((2010a). ) A = Play Setting for Canrio Prospect B = Play…
Canario prospect BMS63 Reservoir: Santonian siliciclastic sandstones Expected Hydrocarbons: Light oil; high GOR Recoverable Volumes (MMboe): 231 Chance of Success: 20% Structural and seismic amplitudemaps A A 5km 5km A…
Jandaa prospect BMS71 Reservoir: Carbonate oolite sandstones Expected Hydrocarbons: Light oil; high GOR Recoverable Volumes (MMboe): 302 Chance of Success: 24% Structural and seismic amplitudemaps 5km 5 km 27
Growth opportunities in Brazil pp 11th license round expected in Q22012 11th li d t d i Q2 2012 Internal Geophysical and Geological studies under way to select prospective onshore and offshore prospective onshore and offshore…
Round 11 overview 164 blocks in 9 sedimentary basins expected to be offered : y p Basins of blocks Location Area in km2 Foz do Amazonas 32 Offshore 27,058 ParMaranho 8 Offshore 6,154 Barreinrinhas 25 Offshore 13,073 Cear 11 Offshore…
Basins included in Round 11 FOZDOAMAZONAS PARMARANHO BARREIRINHASBASIN CEARBASIN NEW FRONTIER BASIN NEW FRONTIER BASIN NEW FRONTIER BASIN NEW FRONTIER BASIN (Gas and light oil) (Light oil) (Light oil) (Light oil) PARANABABASIN…
Exploration activities W Af i West Africa
Dussafu (33.33%) block ( %) Gabon New infill 3D seismic acquisition Nov 2011 RUCHE 32
Dussafu play types p y yp RUCHE1 33
Ruche Results Visualisation of Ruche Ruche Marine1 DRM1 spud 28th April 2011 G b structure under salt Gamba t t d lt Rig released 15th August 2011 Well suspended Total 114 days Total DRM1 & ST1 & ST2 cost of ( ) USD 58.6 million…
Possible cluster area development p Panoro has mapped 19 prospects pp p p and additional 10 leads in the Dussafu block Considering the geography and potential prospect volumes, a cluster development is the most cluster…
Third 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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