Panoro Energy ASA Company snapshot Key Facts Oil and Gas E&P Company Listed in Norway, currently focused on West Africa OSE ticker code: PEN Shares outstanding: 234.5 million Renewed Board of Directors elected in October 2014 Market…
Executive Management Team Nishant Dighe, Chief Executive Officer. Nish has over 20 years of experience in oil and gas. He has Masters degrees in Chemical Engineering and Petroleum Engineering from Imperial College, London, and an MBA…
Panoro Assets in Africa Two core Assets in West Africa with discovered resources under development and significant exploration upside Nigeria: OML 113, offshore Western Nigeria Geologically part of the West African Transform…
Financial Snapshot Low G&A Panoro Core G&A trend 3,500 Clear trend of reducing cost 3,000 base with reduction initiatives 2,500 2,000 continuing 1,500 Focused Management team. All 1,000 500 staff based in London - Q1 2013…
OML 113 Near term Aje field oil development followed by gas/condensate development and strong exploration upside Project Status West African Gas Pipeline Partners are currently focused on delivering 2015 oil production from Aje field…
Aje Progress Report Summary Field Development Plan Diagrammatic Representation Aje Status FPSO Cenomanian Oil Development: (Water depth approx. 100m) Field development plan Government Approval Field development FID Decision…
Aje Cenomanian Oilfield Development Aje Field Appraisal and Development Scheme Key Subsea Equipment and Contracts: Trees and Subsea Manifold purchased Flowlines and umbilicals ordered Front puffin FSPO Transport and Installation…
Aje New 3D Seismic OML 113 Prospectivity 7 leads in post-rift middle cretaceous section have been identified from existing seismic data At least further 2 leads have been identified in syn-rift Ogo 2013 Discovery in OPL 310 Ogo-1…
Joint Venture Metrics for Aje Oil Development Cenomanian Oil Development only1 Aje Value net to Panoro 300 Gross Field Development Metrics 250 Phase 1 and 2, Cenomanian P50 (50.88MMbbls2) Aje 4, 5, 6 and 7 Break even 45 200 Break…
Turonian Gas Condensate Field Concept Evaluation Stage AGR TRACS Stand-alone Gas Development Concept Example1 (JV will be evaluating this development concept as well as other alternatives) Turonian Gas is rich in valuable liquids…
Full Field Aje Metrics1 TRACS Cenomanian Oil plus Turonian Gas Condensate Development TRACS competent persons report in July 2014 which includes a development of Cenomanian Oil as well as separate conceptual development Turonian Gas…
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 fairway Working Interest…
Dussafu The Etame Analogue Etame is a Proven Producer 40km North of Ruche The initial development in the Etame License just north of Dussafu was based on 25MMbbl field with high uncertainty. Replicating early success of Etame would…
Dussafu Exclusive Exploitation Authorisation (EEA) EEA awarded 17th July 2014 (Ruche C) Area of 850.5 km2 Dussafu JV can exploit hydrocarbon resources in EEA area for up to 20 years (Ruche D) Detailed development and production…
Full 3D Seismic Coverage over License Inboard 3D Acquired in 2005 Covers the GMC 1-X gas discovery Central area 3D Acquired in 2011 550km2 mainly targeting synrift exploration opportunities identified on 3D MBya MWengui Dussafu…
Gamba Oil Fields and near-field Gamba prospects Panoro has 3 small Gamba reservoir oil fields within the EEA area1. Gamba production is well established. Many Gamba reservoir oil fields (Ruche D) currently producing in Gabon…
Dussafu Dentale Potential Dentale has become an additional major contributor to value in Dussafu Moubenga Dentale discovery (Ruche C) is part of FDP, and tested at 3700bopd. Tortue Dentale Sand 6, reservoir has very good reservoir…
Dentale Outboard Leads 1 & 2 (3D PSTM-Aug 2014) Lead 2 Lead 1 Lead 1 Lead 2 Lead 1 Lead 2 Salt Salt Dentale Dentale Mobile Shale Mobile Shale 8 km 21
Dussafu Progress Report Summary Cluster Development: Declaration of commerciality Award of Exclusive Exploitation Authorisation Field development plan Government Approval Field development Decision Point Q1 2015 Exploration…
Dussafu FID Considerations Under the terms of the EEA JV has until mid 2018 to commence production. Operator estimates 21 months from FID to first oil. Seismic interpretation underway. Early indications that material near field…
Joint Venture Metrics for Dussafu Development Ruche Area EEA1 Dussafu Value net to Panoro 600 Gross Field Development Metrics 500 JV P50 Model (37.9 MMbbls2) 400 Break even 47 CAPEX from 1/10/2014 to first oil = 287MM Net…
Recap of Panoro Development projects 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…
Panoro Reserves and Resources Snapshot Aje Field 1 Dussafu 2 Net Reserves and Resources, 32.7MMBOE Net Contingent Resources, 3C 12.5 MMbbls, 2C 6.8 MMbbls 1.8 1.4 Aje Cenomanian 1P Phase 1 - 2 wells, 2.0 3.2 MMbbls Aje Cenomanian 2P…
Dussafu & Aje Field Development: Cash Flows Project Net Cash Flows at 70/Bbl from Oil Development Projects Based on Development of the Aje Cenomanian Oil and simulating Dussafu Cluster Development. Comparison of Dussafu FID in Q1 2015…
Dussafu & Aje Field Development: Cash Flow Forecast Project Net Cash Flows based on Forward curve oil prices as of 6 Jan 2015 from Oil Development Projects Based on Development of the Aje Cenomanian Oil and simulating Dussafu Cluster…
Dussafu & Aje Field Development: Cash Flows Project Net Cash Flows at 90/Bbl from Oil Development Projects Based on Development of the Aje Cenomanian Oil and simulating Dussafu Cluster Development Comparison of FID in Q1 2015 or Q1…
Panoro NAV Build-Up at 70/bbl, 10% discount rate Dussafu NAV USm Panoro has a strong cash position with potential incremental 800 value from the Manati earn-out Substantial value exists in Panoros discovered resource base in Aje…
Aje and Dussafu Project Timelines 2015 2016 2017 J F M A M J J A S O N D 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Nigeria OML 113 Seismic Processing Interpretation Exploration Drilling Drill Subsea Engineering and Procurement FPSO FPSO Refurbishment…
Panoro Strengths and Objectives Two West African assets with line of sight to production with additional significant exploration upside Strong track record from very experienced Management and Board Take advantage of all…
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