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Panoro Energy Q4 2024 RESULTS 25 FEBRUARY 2025 SUSTAINABLE FOUNDATIONS, A RESILIENT FUTURE
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Slide 2 This presentation does not constitute an offer to buy or sell shares or other financial instruments of Panoro Energy ASA (“Company”). This presentation contains certain statements that are, or may be deemed to be, “forward-looking statements”, which include all statements other than statements of historical fact. Forward- looking statements involve making certain assumptions based on the Company’s experience and perception of historical trends, current conditions, expected future developments and other factors that we believe are appropriate under the circumstances. Although we believe that the expectations reflected in these forward-looking statements are reasonable, actual events or results may differ materially from those projected or implied in such forward-looking statements due to known or unknown risks, uncertainties and other factors. These risks and uncertainties include, among others, uncertainties in the exploration for and development and production of oil and gas, uncertainties inherent in estimating oil and gas reserves and projecting future rates of production, uncertainties as to the amount and timing of future capital expenditures, unpredictable changes in general economic conditions, volatility of oil and gas prices, competitive risks, counterparty risks including partner funding, regulatory changes and other risks and uncertainties discussed in the Company’s periodic reports. Forward-looking statements are often identified by the words “believe”, “budget”, “potential”, “expect”, “anticipate”, “intend”, “plan” and other similar terms and phrases. We caution you not to place undue reliance on these forward- looking statements, which speak only as of the date of this presentation, and we undertake no obligation to update or revise any of this information. DISCLAIMER Panoro Energy ASA | Q4 2024 Results
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WEBINAR HOUSEKEEPING – TIME FOR QUESTIONS Slide 3 › Please raise your hand to be unmuted for verbal questions. › Please continue to submit your text questions and comments using the Questions panel Your Participation Ask questions here Hand Raising Button Raising your hands for un-muting! Panoro Energy ASA | Q4 2024 Results
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HIGHLIGHTS Slide 4 2024 was a year of record financial performance Net debt at 31/12/2024* USD 73.0 million 31/12/23: USD 41.7 million Cash at bank at 31/12/24 USD 72.9 million 31/12/23: USD 27.8 million Gross debt at 31/12/24* USD 145.9 million 31/12/23: USD 69.5 million Q4 2024 HIGHLIGHTS FY 2024 HIGHLIGHTS BALANCE SHEET Q4 2024 Working Interest Production 12,053 bopd Q3 2024: 9,401 bopd Q4 2024 Reported Revenue USD 106.3 million Q3 2024: USD 36.0 million Q4 2024 EBITDA USD 50.8 million Q3 2024: USD 23.7 million FY 2024 Working Interest Production 9,950 bopd FY 2023: 8,471 bopd FY 2024 Reported Revenue USD 285.1 million FY 2023: USD 227.5 million FY 2024 EBITDA USD 152.2 million FY 2023: USD 135.1 million Q4 2024 Net Profit USD 32.5 million Q3 2024: USD 0.3 million FY 2024 Net Profit USD 56.9 million FY 2023: USD 33.4 million Cash distributions + buybacks calendar year ‘24 NOK 246 million Calendar year ’23: NOK 140 million * Gross debt / net debt reported on the balance sheet includes adjustment for un-amortised borrowing costs Note: results unaudited and subject to final reconciliation Panoro Energy ASA | Q4 2024 Results SHAREHOLDER DISTRIBUTIONS
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PRODUCTION TARGET OF >13,000 BOPD ACHIEVED Slide 5 1,284 2,660 4,070 3,944 4,347 3,712 4,798 6,502 4,843 3,871 3,420 3,620 3,535 3,481 3,455 3,268 4,060 3,566 1,164 2,010 2,320 1,932 1,777 1,562 1,335 1,491 1,540 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 FY 2025 Guidance GABON EQUATORIAL GUINEA TUNISIA Production targets have been achieved at both asset and group levels • 2025 W.I production guidance set at 11,000 bopd to 13,000 bopd - Factors in operator forecasts, planned routine maintenance and buffer for unplanned outages • Group production target of >13,000 bopd reached ahead of time in November - Dussafu gross production reached >40,000 bopd - Two infill wells onstream at Block G • 2025 expected unit cost of production: - USD 21 /bbl production opex - USD 3 /bbl non-recurring project costs 11,000 bopd to 13,000 bopd 12,053 bopd Q4 2024 9,950 bopd FY 2024 RECORD QUARTERLY & ANNUAL PRODUCTION Panoro Energy ASA | Q4 2024 Results Working Interest bopd
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NOK 500 MILLION TARGET DISTRIBUTION IN 2025 Slide 6 Aligning shareholder returns policy with bond issue and adopting a calendar year distribution cycle going forward 500 50 30 23 80 80 80 157 0 50 100 150 200 250 300 350 400 450 500 2025 Permitted Distribution Q4 2024 Cash Distribution Share buybacks 2025 YTD Q1 2025 Cash Distribution Q2 2025 Cash Distribution Q3 2025 Cash Distribution Special Cash Distribution(s) & New Buyback programme NOK million • 60% increase in core quarterly cash distributions compared to 2024 levels • To be paid as a return of paid in capital • NOK 50m Q4 2024 core cash distribution • NOK 30m Q4 2024 special cash distribution • Cash distribution paid as return of paid in capital • Buyback programme extended to 2025 AGM • Subject to regulatory limitations intend to complete current buyback programme up to approved limit • Completion of current approved share buyback programme • Further share buyback programme subject to necessary approval at 2025 AGM • Special cash distribution(s) to be paid as a return of paid in capital and targeted for Q3 2025 Implied yield 15.5% based on current share price* (USD 45 million) Panoro Energy ASA | Q4 2024 Results 2025 KEY FACTORS • Based on realised oil price of USD 70 / bbl and current FX rates (the Board may consider revisions should oil prices be lower) • No material unplanned interruption to production operations at key assets • Standard bond maintenance covenants, incurrence tests and minimum liquidity requirements 2026 ONWARDS • Permitted distribution up to 50% of FCF to equity for calendar year 2026 onwards during bond tenor • No limitation if net cash pro forma post distribution * Based on Panoro’s closing share price and corresponding market capitalisation on 24 February 2025
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2024 SHAREHOLDER RETURNS Slide 7 Reconciliation of expected outcome to Panoro’s stated 2024 Shareholder Returns Policy 50 50 50 50 30 69 31 330 0 50 100 150 200 250 300 350 400 450 500 Target Returns Q1 2024 Cash Distribution Q2 2024 Cash Distribution Q3 2024 Cash Distribution Q4 2024 Cash Distribution Share buybacks to date Buyback headroom Expected total shareholder return NOK million 2024 KEY FACTORS • Target distribution under 2024 policy was set at between NOK 400 million to NOK 500 million based on average realised oil price of USD 85/bbl ‐ Average actual realised oil price in 2024 was USD 76.57/bbl (revenue delta of negative ~USD 30 million / ~NOK 335 million) 30 60 100 140 190 240 290 340 42088.6 81.2 78.3 86.7 83.7 83.0 84.6 79.8 74.6 60.0 65.0 70.0 75.0 80.0 85.0 90.0 0 50 100 150 200 250 300 350 400 450 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 NOK million NOK 400 to 500 million • 2,277,300 shares purchased up to 21/02/25 • VWAP of NOK 30.3920/sh • 1.9473% of Panoro’s share capital 2024 returns comprise: • Core cash distribution of NOK 200 million (NOK 50 million per quarter) • Up to NOK 100 million share buyback approved limit • NOK 30 million special cash distribution Special Core Cumulative cash distributions * Benchmark oil price: average Europe Brent price from US Energy Information Administration data Panoro Energy ASA | Q4 2024 Results CUMULATIVE CASH DISTRIBUTIONS TO DATE EXPECTED 2024 OUTCOME Benchmark oil price USD/bbl*
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60% 57% 25% 36% 35% 38% 4% 8% 12% 25% 0 20 40 60 80 100 120 Full Year 2023 Full Year 2024 2025 (guidance) Equatorial Guinea Gabon Tunisia E&A CAPITAL EXPENDITURE GUIDANCE – SIGNIFICANTLY LOWER SPEND IN 2025 DEBT PROFILE AND CAPEX Slide 8 Conservative leverage profile and focus on investments in producing assets * Cumulative external debt on the Balance Sheet as of 31 December 2024 was USD 145.9 million which includes the effect of un-amortised borrowing cost which is to be expensed over the life of the loan instrument • FY 2024 capex reflects high levels of development drilling activity in Gabon and Equatorial Guinea • 2025 capex as previously communicated and significantly lower than prior years USD 150 MILLION SENIOR SECURED BOND ISSUE USD 101 million USD 68 million USD 35 million • 5-year USD 150 million 10.25% bond • USD 300 million framework • Repaid RBL facility of USD 82.5 million with remainder available for general corporate purposes • Provides flexibility within capital structure, broadening and diversifying access to capital • Additional liquidity to support growth 25 25 25 75 0 20 40 60 80 100 120 140 160 Issued Q4 2024 Q4 2025 Q4 2026 Q4 2027 Q4 2028 Q4 2029 USD 150* million BOND AMORTISATION USD MM • Commences on 2nd anniversary Panoro Energy ASA | Q4 2024 Results ~USD 5 million of 2025 capex budget moved to December 2024 Planned 2025 capex includes: • Bourdon ILX well in Q1 offshore Gabon • Long lead items for future drilling programmes • Ongoing asset optimisation • Technical maturation of expanded E&A portfolio
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CRUDE LIFTINGS AND SALES Slide 9 2024 crude oil liftings were 35% higher year-on-year 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025E Q2 2025E Q3 2025E Q4 2025E Barrels 799,399 882,495 397,652 1,418,411 2024: 3.5 MMbbls at average realised price of USD 76.57/bbl 189,000 1,300,000 1,050,000 1,160,000 2025E: ~3.7 MMbbls* • Positive crude oil inventory was 80,639 barrels at 31/12/24 • Panoro’s entitlement volume from production in FY2024 was 3,168,875 barrels * Current forecast lifting schedule anticipated by management over remainder of 2025 remains subject to possible changes due to commercial and operational factors ~40% of 2024 liftings occurred in Q4 Panoro Energy ASA | Q4 2024 Results
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RECONCILIATION OF FULL YEAR 2024 CASH FLOW Slide 10 Robust financial position maintained 27.8 108.7 180.0 25.9 101.5 100.6 23.8 15.0 18.3 4.3 5.9 72.9 0 50 100 150 200 250 300 350 Cash at 31/12/2023 Net cash from operations Proceeds from loans and borrowings Proceeds from sale & lease back Investment in assets Repayment of senior secured loans Oil revenue advances Borrowing costs Distributions to shareholders Share buyback programme Cash outflow related to acquisitions & other minor items Cash at 31/12/2024 USD MM Events post period end: • A Gabon lifting of 190,265 barrels occurred in December 2024 for which proceeds of USD 13.5 million were received post period end in January 2025 • Equatorial Guinea cash tax payment of ~USD 18 million in respect of 2023 taxes will be made in Q1 2025 Panoro Energy ASA | Q4 2024 Results
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GABON OPERATIONS UPDATE Slide 11 Gross production has reached >40,000 bopd with high operational uptime Ownership DUSSAFU MARIN (PANORO 17.5%) • All eight new production wells in the expanded Hibiscus / Ruche campaign are now drilled and have conventional ESP systems installed • Tortue field continues to produce steadily from six pre- existing wells • Gross production reached 40,000 bopd in November and has consistently remained around this level since • Scope exists for FPSO nameplate capacity to be exceeded by approximately 10% • Bourdon prospect test well (DBM-1) is the last operation in the current campaign (result expected in Q1) • Borr Norve jack-up drilling rig will be released after the Bourdon well with no further drilling planned in 2025 Hibiscus South Extension (2024 discovery) • Estimated gross recoverable reserves 11 MMbbls Bourdon Prospect • ILX well currently operating • 29 MMbbls gross unrisked Hibiscus Northern Flank (2024 discovery) • Estimated gross recoverable reserves 12 MMbbls Q4 production 37,153 bopd • Highest quarterly average since inception Panoro Energy ASA | Q4 2024 Results
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EQUATORIAL GUINEA OPERATIONS UPDATE Two new Block G infill wells adding additional volume Slide 12 • The C-45 and OF-19 infill wells were drilled with the Noble Venturer drill ship • Encountered good quality oil saturated reservoir sands in un-swept zones of the Ceiba field and Okume Complex respectively • Both wells were put onstream in November • The Joint Venture is evaluating the potential for future infill drilling campaigns in the Okume Complex and Ceiba field Okume infill well Ceiba infill well BLOCK S (PANORO 12%) • Akeng Deep ILX well encountered oil zones in Upper Albian • Deemed sub-commercial BLOCK EG-01(PANORO 56%, operator) • Evaluation of prospects and leads underway based on existing 3D seismic data • Option to then enter a further two-year period and undertake to drill one exploration well Panoro Energy ASA | Q4 2024 Results Ownership BLOCK G (PANORO 14.25%)BLOCK G (Ceiba Field and Okume Complex) • Gross production in Q4 2024 averaged 28,491 bopd • Multiple asset optimisation projects being progressed • Flowline replacements • Gas compression at Okume • Planning for future gas injection to reduce flaring
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TUNISIA OPERATIONS UPDATE TPS assets contain one of Tunisia’s largest oil producing concessions Slide 13 SFAX TPS ASSETS (CERCINA) • New production opportunities include perforation and stimulation activities on three further Cercina wells • The extension of Cercina Concession is in progress TPS ASSETS (GUEBIBA) • Detailed planning for future development drilling TPS ASSETS (RHEMOURA) • Initial approval received for the extension of Rhemoura Concession for an additional period of 16 years (official gazetting process ongoing) • Detailed planning for future development drilling • Panoro is joint operator alongside ETAP • Activity has been impacted by delays to regulatory processes but Panoro continues to see opportunities to ultimately restore production to historic levels • Continued good HSE performance • In January the El Ain-3 well was brought back on-line at ~200 bopd following a workover. The well had been shut-in since March 2024 • Detailed planning for development drilling campaign on the Rhemoura and Guebiba fields • Field extension processes underway Panoro Energy ASA | Q4 2024 Results Ownership TPS ASSETS (PANORO 49%)
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NEW BLOCKS ADDED IN GABON AND EQUATORIAL GUINEA Slide 14 Adding discovered resources and material prospectivity in close proximity to existing infrastructure • Surface area 600 km2 water depths 50 metres to 100 metres • 7 discoveries (4 oil / 2 gas / 1 gas condensate) some of which were tested • Gross discovered resources estimated at 104 MMbbls liquids and 215 bcf gas based on current data (140 MMboe) - Panoro 80% operated interest and partnered with GEPetrol (20%) - Initial 3-year period comprising subsurface studies based on existing data ALBA FIELD • >1.2 bn boe produced to date • Operated by Marathon • Largest producing field in country • Peak production >210 kboepd ZAFIRO FIELD • >1 bn bbls oil recovered to date • Developed by ExxonMobil • Peak production >250 kbopd PSC SIGNED FOR BLOCK EG-23 OFFSHORE EQUATORIAL GUINEA PSC’s SIGNED FOR NIOSI & GUDUMA BLOCKS OFFSHORE GABON • Combined surface area of 4,918 km2 and adjacent to Dussafu Marin and Etame Marin • Gamba and Dentale prospectivity (productive reservoirs at Dussafu and Etame) • Partners are Panoro 225%, BW Energy 37.5% (operator ) and VAALCO Energy 37.5% Panoro Energy ASA | Q4 2024 Results Niosi Marin • Initial period of five years with 3D seismic data and one well Guduma Marin • Initial period of three years with geological and geophysical studies
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35 4 39 29 112 30 0 20 40 60 80 100 120 140 160 180 2P at 31/12/2023 2024 discoveries Pro forma 2P at 31/12/2023 2C at 31/12/2023 Block EG-23 (discovered 2C) Dussafu ILX Other blocks EXCITING PIPELINE OF ORGANIC GROWTH OPPORTUNITIES Slide 15 DEVELOPED RESERVES IN PRODUCTION MMBBLS DISCOVERED RESOURCES MMBOE RESOURCE OPPORTUNITIES MMBOE COMMENTS • Expect 2024 reserve replacement of >100% from new discoveries made offshore Gabon • Substantial organic headroom in the portfolio ‐ Discovered reserves and resources ‐ ILX resource opportunities 2C to 2P conversion Scope for material reserve replacement through FID of incremental projects at producing assets In close proximity to existing infrastructure Multiple prospects in Dussafu EEA Expect 2024 reserve Replacement >100% Panoro Energy ASA | Q4 2024 Results Large inventory of resource opportunities for technical maturation Niosi PSC (Gabon) Guduma PSC (Gabon) Block EG-01 (Equatorial Guinea) Block EG-23 (Equatorial Guinea) ER 376 (South Africa)
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KEY MESSAGES Slide 16 2,200 7,580 7,500 8,471 9,950 ~12,053 11,000 to 13,000 bopd 14 56 64 68 101 35 0 20 40 60 80 100 0 2,000 4,000 6,000 8,000 10,000 12,000 2020 2021 2022 2023 2024 Q4 2024 2025E W.I production bopd Capex (excl acquisition costs) USD MM TRANSLATE STRONG FUNDAMENTALS INTO MATERIAL AND SUSTAINABLE SHAREHOLDER RETURNS CASH DISTRIBUTIONS & SHARE BUYBACKS* • Quarterly core cash distribution established • Ongoing share buybacks VISIBLE PRODUCTION GROWTH • Long life assets (100% oil) • Diversified across three countries and multiple fields • Future incremental development to maximise recovery ILX CATALYSTS & PORTFOLIO EXPANSION • Bourdon ILX well (Q1 2025) • New blocks added in Gabon and Equatorial Guinea • Diversified access to capital in support of growth Panoro’s outlook is one of higher production, lower capex, strong FCF generation, exciting organic growth catalysts and material shareholder returns * Subject to criteria set out in Panoro’s Shareholder Returns policy Lower capital intensity in 2025 • 65% decrease in annual capex expected in 2025 Panoro Energy ASA | Q4 2024 Results
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WEBINAR HOUSEKEEPING – TIME FOR QUESTIONS Slide 17 › Please raise your hand to be unmuted for verbal questions. › Please continue to submit your text questions and comments using the Questions panel Your Participation Ask questions here Hand Raising Button Raising your hands for un-muting! Panoro Energy ASA | Q4 2024 Results
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