Highlights First quarter 2013 and subsequent events Signed SPA for divestment of Rio das Contas (Manati) for USD 140 million plus up to USD 20 million contingent earn-out Divestment processes continuing for MKB and Aje EBITDA of…
Divestment of Rio das Contas - Manati field Manati (Brazil) BCAM-40 Operator Petrobras (35%) Panoro Working Interest 10% Other Partners Queiroz Galvo (45%), Brasoil (10%) 1st Production 2007 Current stage Production 4
Divestment of subsidiary in Brazil Rio das Contas Panoro has entered into a sales agreement to divest its Brazilian subsidiary Rio das Contas Produtora de Petrleo Ltda (RdC) to GeoPark Holding. The transaction comprises a divestment of…
Divestment impact The transaction is expected to generate a net gain for Panoro Energy Limited or no capital gains tax is expected from the sale of Rio das Contas, mainly related to the accumulated loss in Panoro Energy Gain and…
Bond redemption illustration Assuming ANP approval post November 15, 2013 180 160m 160 20 140 119m 120 7 USD million 100 80 140 60 112 40 20 0 Cash upon closing + Bond Principal + Earn-out up to 20m 6% Call…
Key events through divestment process Event Date Signature of Sales and Purchase May 14, 2013 Agreement Effective date of transaction April 30, 2013 Closing (at ANP approval) Expected approval in 4-9 months Bond repayment…
First quarter update Jan Kielland, CEO 9
Manati field Maintence shutdown completed successfully Manati (Brazil) BCAM-40 Operator Petrobras (35%) Working Interest 10% Other Partners Queiroz Galvo (45%), Brasoil (10%) 1st Prod 2007 Current stage Production Gas price of 8.73…
Remaining Brazilian assets: BS-3 area Santos Basin developments - Cavalo Marinho (50%), Estrela do Mar (65%), Coral (35%) BS-3 area (Brazil) Project Status Operator W.I. range Petrobras (35-100%) Ongoing discussions regarding two main…
Mengo-Kundji-Bindi (MKB) Kundji pilot program in production testing MKB (Congo) Project Status Operator SNPC - Congo National Oil Company (60%) Gross production from the Kundji field Working Int. 20% amounted to approximately 70 000 bbl…
Aje Large gas, condensate and oil discovery Aje (Nigeria) OML 113 Project Status Operator YFP Gas, condensate and oil discovery in water depth Working Int. 6.502%* 100-1,500 meters, 24 km from coastline, close to Other Partners…
Dussafu Large exploration license with multiple discoveries and prospects Dussafu (Gabon) Exploration portfolio Key Facts Operator Harvest Natural Resources (66.67%) Large PSC with favourable fiscal terms located in the pre-salt Working…
Financial review Anders Kapstad, CFO
Financial highlights Q1-2013 and subsequent events EBITDA of USD 8.0 million in Q1-13, up from USD 5.6 million in Q4-12 Cash position of USD 68.5 million at end of Q1-13 (incl. restricted cash) Divestment of Rio das Contas will make…
Profit & Loss statement (USD 000) Condensed consolidated statement of comprehensive income Q4-2012 Q1-2013 Oil and Gas revenue 10,845 12,725 Total revenues 10,845 12,725 Production costs (1,461) (1,217) Exploration related costs (94)…
Group balance sheet Per Mar 31, 2013 Balance sheet (USD 000) Dec 31, 2012 Mar 31, 2013 Licenses and production assets 251,986 264,527 Other non-current assets 23,793 24,971 Total non-current assets 275,779 289,498 Trade and other…
Outlook The Company has focused on asset divestments, capital discipline and cost cuts in order to strengthen the financial situation Main tasks moving forward include: - Ensuring a smooth assignment of Rio das Contas to GeoPark -…
First quarter 2013 financials Q&A Please visit www.panoroenergy.com for more information
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