Vis børsmeldingen
production on a pro-forma basis was approximately 7,700 bopd.
On an IFRS Reporting Basis, gross revenues were USD 34.9 million, EBITDA USD
28.2 million and working interest production approximately 4,500 bopd in the
first half.
At 30 June 2021, cash at bank was USD 93.1 million (including USD 10 million
cash held for bank guarantee) and gross debt USD 104.3 million, resulting in a
net debt position of USD 11.2 million.
In Equatorial Guinea the first of three planned infill wells at the Okume
Complex was completed, encountering good quality oil saturated reservoir sands.
Drilling of the second well is underway and all three wells are expected
onstream in the fourth quarter.
In Gabon, completion and tie-in of the DTM-6H and DTM-7H production wells is
underway with production start-up expected in the fourth quarter. The DHBNM-1
Hibiscus North exploration well has made an oil discovery in the Upper Gamba
sandstone.
In Tunisia current gross production is above the 5,000 bopd level with a number
of well operations planned at El Ain and Cercina.
In South Africa the operator of Block 2B plans to spud the Gazania-1 exploration
well before year end.
Panoro continues to make progress towards the sale of its interest in OML 113
and the Aje field to PetroNor E&P. Due to Covid related delays the long stop
date was extended to allow additional time for the statutory approvals process
to complete. Upon completion Panoro will dividend shares in PetroNor E&P
received as consideration to shareholders.
Panoro expects working interest production to climb to a level of approximately
9,500 bopd by year end as the five new production wells in Equatorial Guinea and
Gabon start to contribute. Full year average working interest production on a
pro-forma basis is expected to be 7,900 to 8,400 bopd. Capital expenditures for
2021 (excluding acquisition costs) are expected to be USD 45 million, of which
USD 6.9 million was spent in the first half.
John Hamilton, CEO of Panoro, commented:
“The first half of 2021 will be seen as an inflection point for Panoro as the
step-change in production and financial contribution derived from our recent
acquisitions, together with the higher year-on-year oil prices, translates into
results. We are on a solid financial footing and are fully funded through an
organic growth programme that offers line of sight on achieving net production
of around 9,500 bopd by year end, as five new production wells come onstream in
Equatorial Guinea and Gabon, and an 18 to 24 month trajectory leading to net
production in excess of 12,000 bopd and the payment of cash dividends for
shareholders.”
Live Presentation Webcast Dial in Details
The Company will hold a live presentation at 09:00 a.m. CEST today, during which
management will discuss the results and operations of the period. After
conclusion of the discussion, participants will be invited to ask questions on
the results update.
The presentation can be accessed through registering at the link below and the
online access to the event will be equipped with features to ask live
questions. The audio Q&A feature will only be available for attendees who join
online. Joining instructions for participating online or through using local
dial-in numbers will be available upon completion of registration. The
presentation details are as follows:
±------------±--------------------------------------------------------------+
|Date and |25 August 2021, 09:00 .a.m. CEST |
|Time: | |
±------------±--------------------------------------------------------------+
|Registration:|https://attendee.gotowebinar.com/register/1866634710239287054 |
| | |
| | |
| | |
| |After registering, participants will receive a confirmation |
| |email containing information about joining the results |
| |presentation. |
| | |
| |Participants can use their telephone or computer microphone and|
| |speakers (VoIP). |
±------------±--------------------------------------------------------------+
Please join the event at least five minutes before the scheduled start time.
A replay of the webinar presentation will be available shortly after the event
is finished and will remain on our website (www.panoroenergy.com) for
approximately 7 days.
Enquiries
Qazi Qadeer, Chief Financial Officer
Tel: +44 203 405 1060
Email: investors@panoroenergy.com
About Panoro Energy
Panoro Energy ASA is an independent exploration and production company based in
London and listed on the main board of the Oslo Stock Exchange with the ticker
PEN. Panoro holds production, exploration and development assets in Africa,
namely a producing interest in Block-G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria (held-for
-sale, subject to completion), the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa.
Visit us at www.panoroenergy.com
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)
Financial Highlights and Key Metrics for Half Year 2021
±-----------------------------±-------------±-------------------------------+
| Metric | IFRS | Pro forma basis |
| | Reporting | |
| | Basis | |
±-----------------------------±-------------±-------------------------------+
|Net Production (approximate) |4,500 bopd |7,700 bopd |
±-----------------------------±-------------±-------------------------------+
|Gross revenue |USD 34.9 |USD 105.8 million |
| |million | |
±-----------------------------±-------------±-------------------------------+
|Number of liftings |5 Internationa|6 International |
| |l |4 Domestic |
| |4 Domestic | |
±-----------------------------±-------------±-------------------------------+
|EBITDA |USD 28.2 |USD 65.9 million |
| |million | |
| | | |
| |(Includes | |
| |overlift | |
| |reversal to | |
| |income of USD | |
| |25 million) | |
±-----------------------------±-------------±-------------------------------+
|EBIT |USD 66.6 |USD 100 million |
| |million | |
| | |(after DD&A on a historical |
| |(Gain on |basis. Following completion of |
| |acquisition |acquisitions, DD&A will be |
| |of additional |higher due to depletion of |
| |10% working |sizeable fair value uplift |
| |interest in |adjustments made on the purchase|
| |Dussafu |price allocation of business |
| |Permit |combinations) |
| |contributed | |
| |to USD 48.5 | |
| |million of | |
| |income | |
| |recognised | |
| |under IFRS 3) | |
±-----------------------------±-------------±-------------------------------+
|Cash balance (including USD 10|USD 93.1 |- |
|million held for bank |million | |
|guarantee) | | |
±-----------------------------±-------------±-------------------------------+
|Receivables from crude oil |USD 21.9 |- |
|sales |million | |
| | | |
| |(Almost USD | |
| |19.4 million | |
| |realised in | |
| |3Q) | |
±-----------------------------±-------------±-------------------------------+
|Gross Debt |USD 104.3 |- |
| |million | |
±-----------------------------±-------------±-------------------------------+
In February 2021, Panoro announced two transformational acquisitions of assets
in West Africa. On 31 March 2021, the acquisition of Tullow Equatorial Guinea
Limited (“TEGL”) (the “EG Transaction”) was completed and has been recognised in
the balance sheet of the Group in accordance with IFRS 3. The results of TEGL up
to 31 March 2021 have not been consolidated and have only been included from the
date of completion.
In June 2021, the transaction to acquire an additional 10% working interest in
Dussafu permit (the “Dussafu Transaction”) was completed. No results up to the
completion date of 9 June 2021 have been included in the consolidated income
statement of the Company’s Half Year results ending 30 June 2021. The fair value
of the acquired assets and liabilities in connection with the Dussafu
Transaction have been included as of the acquisition date in Panoro’s statement
of financial position. Under the requirements of IFRS 3 “Business Combinations”
any excess of fair value of net assets acquired over the consideration paid is
recognised in the income statement as gain on acquisition of business, which was
USD 48.5 million for this transaction. Such gain has arisen due to significant
increase in oil prices between effective date and completion date of the Dussafu
Transaction.
In order to provide insights into the performance of the Group’s existing
operations combined with the Company’s aforementioned acquisitions in West
Africa, certain unaudited key information has been prepared and included in the
highlights on a pro-forma basis after including the results and operations of
both transactions from 1 January 2021 and up to the respective completion
dates.
The pro-forma information above is prepared for indicative purposes only and
should not be construed as past performance of the Group or be seen as a forward
-looking guidance. The purpose of this information is solely to provide
illustration and highlight the key metrics of the business on an indicative
basis after considering potential acquisitions.
Operational Highlights
Equatorial Guinea
·
Average first half production of approximately 29,700 bopd gross (4,200 bopd net
on a pro forma basis)
· The Okume upgrade project is expected to be completed in the fourth quarter
and will contribute additional power, water injection and gas lift capacity
necessary for further de-bottlenecking of the facilities and additional
electrical submersible pumps (ESPs)
· In April 2021 one ESP conversion was completed with additional ESP
conversions planned following completion of the Okume upgrade project
· Drilling of the first of three planned infill wells in the Okume Complex
completed, encountering good quality oil saturated reservoir sands. The rig now
moved to the second well location. All three wells are expected onstream in the
fourth quarter
· The partners are now focussed on defining further production growth
activities in 2022 and beyond, comprising additional development drilling and
workover activity
· One crude lifting in March of 903,168 barrels sold at USD 65 per barrel
Gabon
·
Average first half production of approximately 12,000 bopd gross (2,100 bopd net
on a pro forma basis)
· Successful completion of the DTM-7H Tortue production well
· Three crude oil liftings in 1H, sold at an average USD 70 per barrel with
operator reported production cost (excluding royalties) of USD 27.50 per barrel
· Post period end the DHBNM-1 Hibiscus North exploration well has made an oil
discovery in the Upper Gamba sandstone. Drilling operations will continue to
test secondary targets in the deeper Dentale Formation after which logging
operations will be undertaken and a side-track drilled to delineate the
discovery
Tunisia
·
Average first half production In Tunisia of 4,535 bopd gross on average during
the quarter (1,333 bopd net)
· The El Ain field is now producing on a continuous basis following an ESP
installation in the EL AIN-3SD well. Workovers of CER-3 and GUE-2 to replace
failed ESPs were also completed during the quarter
· Two international liftings of 202,000 bbls net to Panoro were completed
during the six months ended 30 June 2021, achieving an average price of USD 67
per barrel. Additional domestic liftings also supplemented the revenues for this
period
· Joint study in progress with partner ETAP to update subsurface models and
plan further development of the Guebiba Field
Corporate Highlights
·
Completion of acquisition from Tullow Oil plc of a 14.25% working interest in
Block G, offshore Equatorial Guinea (“EG Transaction”) and the acquisition of an
additional 10% working interest in Dussafu Marin Permit, offshore Gabon
(“Dussafu Transaction”)
· Equity private placement and subsequent offering during the quarter with net
proceeds of USD 77.1 million
· USD 90 million debt facility with Trafigura/MCB fully drawn down and used to
fund the EG Transaction and the Dussafu Transaction
· Completion of farm-in of 12.5% working interest in Block 2B, offshore South
Africa in April 2021
Outlook and Guidance
·
Five new production wells to be brought onstream during 2H 2021 (three in
Equatorial Guinea and two in Gabon)
· Working interest production expected to climb to approximately 9,500 bopd by
year end as new wells start to contribute
· Production growth activity in Tunisia to continue with a number of workovers
planned
· Hibiscus North exploration well result expected in Q3
· Drilling of Gazania-1 exploration well in Block 2B expected to commence by
end of 2021
· Three international liftings expected in 4Q 2021 (none in 3Q 2021)
· Dividend of PetroNor shares to Panoro shareholders (upon completion of sale
of Aje)
----Ends----
Kilde
