Pareto Securities' 21st Annual Oil & Offshore Conference Oslo September 11, 2014 Jan Kielland (CEO)
Panoro Energy ASA Company snapshot Listing: Oslo Stock Exchange (OSE) Key Facts Offices: Oslo and London OSE ticker code: PEN Assets: Shares outstanding: 234.5 million Market Cap : 120 USD million West Africa Aje (Nigeria) Cash…
Highlights - 2014 Successful divestment of Manati for USD 140 million and repayment of bond leaving the company debt free Declaration of Commerciality signed and award of Exclusive Exploitation Authorisation on Dussafu permit.…
Core Licenses Progressing at Pace Aje May 2013, new partnership to focus on early cash flow from Cenomanian Oil October 2013, major discovery in OPL 310 license next to OML 113 one of the largest in 2013 globally March/April 2014…
Dussafu Large exploration and development block with multiple discoveries and prospects Dussafu (Gabon) Project Status Operator Harvest Natural Resources (66.67%) 2,775km2 license in Southern Gabon pre-salt Working Interest 33.33%…
Dussafu Exclusive Exploitation Authorisation EEA awarded 17th July 2014 Area of 850.5 km2 (Ruche C) Dussafu JV now has authorisation to exploit hydrocarbon resources in EEA (Ruche D) area for up to 20 years Detailed development…
Dussafu Gamba Oil Resources Many Gamba oil fields currently producing in Gabon Reservoir is very high quality (Ruche D) We already have 3 small Gamba oil fields in the EEA area 8 well defined and robust Gamba structures similar…
Dussafu Outboard Potential New 3D seismic outboard of Ruche and Tortue Thickened Dentale section apparent Structure may be fold related rather than diaper induced Potential prospect sizes much larger than Ruche and Tortue…
Dentale Outboard Leads 1 & 2 (3D PSTM) Lead 2 Lead 1 Lead 1 Lead 2 Lead 1 Lead 2 Salt Salt Dentale Dentale Mobile Shale Mobile Shale 8 km 10
Dussafu key value drivers going forward Cluster Development: Declaration of commerciality Award of Exclusive Exploitation Authorisation Field development plan Government Approval Q4 2014 Field development FID Decision Q1 2015…
Aje Near term oil development followed by gas/condensate development and exploration upsides Project Status Partners are focused on 2015 oil production Initial 2 well Cenomanian oil project, agreed by all JV partners FDP approval…
Aje Cenomanian Oilfield Development Concept Aje Field Appraisal and Development Scheme Key Subsea Equipment Trees and Manifold purchased Flowlines and umbilicals ordered Ongoing Contract negotiations Drilling rig FPSO charter…
Aje key value drivers going forward Cenomanian Oil Development: Field development plan Government Approval Field development FID Decision Q3 2014 First Oil Q4 2015 Exploration Seismic acquisition Seismic final PSDM processing…
Aje and Dussafu Project timelines 2014 2015 2016 J F M A M J J A S O N D 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Nigeria OML 113 Seismic 3D Seismic Acquisition and Processing Aje FDP Submission FDP Aje FID FID Aje Development FEED and Pre-development…
Dussafu & Aje Field Development: Cash Flow Forecast Panoros assets are forecast to deliver significant positive cash flow from 2017 onwards and the company would expect project financing to be available to help fund the Dussafu…
Panoro NAV Build-Up Dussafu NAV USm Panoro has a strong cash position with incremental value from the Manati earn- 800 Impact of just one out indicative outboard prospect Substantial value exists in Panoros discovered resource…
Outlook Aje (OML 113) Final Investment Decision (FID) expected in Q3 Processed 3D seismic expected Q1 2015 Dussafu Processed 3D seismic for outboard section of Dussafu expected Q4 Government approval of field development plan…
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