On an IFRS Reporting Basis, Panoro had gross revenues of
Panoro today also notes a target 2021 exit rate production of approximately 9,500 bopd, compared to current level of 8,000 bopd, and estimates that average production in 2023 will reach in excess of 12,000 bopd.
Financial Highlights
Metric | IFRS Reporting Basis | Pro-forma Basis |
---|---|---|
Net Production (approximate) | 2,400 bopd | 8,000 bopd |
Gross revenue | ||
Number of liftings |
2 International 2 Domestic |
3 International 2 Domestic |
EBITDA | ||
EBIT | USD 18.8 million(after DD&A on a historical basis. Following completion of acquisitions, DD&A expected to be higher due to depletion of fair value uplift on purchase price allocation). | |
Cash balance (including | To be reduced by approximately | |
Receivables from crude oil sales |
Substantial portion of the receivables realised in | |
Gross Debt |
To be increased by |
In
In order to provide insights into the performance of the Group's existing operations combined with the Company's aforementioned acquisitions in
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. For information on the assumptions used to prepare pro-forma information, please refer to note 7 of the published Q1 2021 Trading and financial update.
Operational Highlights
Production and lifting operations maintained and largely unaffected through the quarter
- Health and Safety systems and protocols proved resilient
Equatorial Guinea
Average first quarter production of approximately 30,200 bopd gross (4,300 bopd net)
- Prior to completion, one cargo under Panoro's entitlement was lifted from
Equatorial Guinea during the quarter, generating sales ofUSD 59.1 million - The Okume upgrade project is nearing completion, adding additional power, water injection and gas lift capacity necessary for further facilities de-bottlenecking and additional electrical submersible pumps (ESPs). In April, partners commenced the second phase of the planned ESP program and upgraded the G-19 flowline, which has significantly enhanced production from that well. A rig has also been contracted for the upcoming infill drilling campaign, which is expected to arrive in country during 2Q to drill the three wells planned on the Elon field this year
- Three new production wells are planned for the Elon field in 2021
Gabon
Average first quarter production of 13,600 bopd gross on average (1,020 bopd net increasing to 2,380 bopd following completion of 10% additional working interest)
- Material cost and time savings through an alternative development plan for the Hibiscus/Ruche area using jack-up rigs in place of a wellhead platform
USD 100 million gross in capital savings as compared to previous concept-
Break-even for next development phases of approximately
USD 25 per barrel -
One crude oil lifting in 1Q, sold at
USD 67 per barrel with cost of sales ofUSD 23 per barrel
Tunisia
Average first quarter production In
Tunisia of 4,543 bopd gross on average during the quarter (1,336 bopd net)- A lifting of 96,000 bbls net to Panoro was completed during the quarter achieving a price of approximately
USD 60 /bbl. Additional domestic liftings also supplemented the revenues for this period.
Corporate Highlights
Completion of acquisition from
Tullow Oil plc of a 14.25% working interest in Block G, offshoreEquatorial Guinea ("EG Transaction") with remaining additional 10% working interest in Dussafu Marin Permit, offshoreGabon expected to complete in 2Q- Equity private placement and subsequent offering during the quarter with net proceeds of
USD 77.1 million -
First drawdown of
USD 55 million under theUSD 90 million debt facility with Trafigura/MCB to partially fund the EG Transaction -
Completion of farm-in of 12.5% working interest in Block 2B, offshore
South Africa inApril 2021
Outlook and Guidance
Five new production wells to be completed during Q2 and Q3 (3 EG and 2 Gabon)
- Targeting 2021 exit rate production in excess of 9,500 bopd
-
Production growth activity in
Tunisia to continue with workovers planned at El Ain-3 and Cer-3 - Drilling of Hibiscus North exploration well in Q3
- Drilling of Gazania-1 exploration well in Block 2B by end of 2021
- Three international liftings expected in 2Q 2021
-
Dividend of
PetroNor shares to Panoro shareholders (upon completion of sale of Aje)
The Company will hold a live presentation at
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 Time: | |
---|---|
Registration: | https://attendee.gotowebinar.com/register/8707133050516680971 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). |
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
Tel: +44 203 405 1060
Email: investors@panoroenergy.com
About Panoro Energy
Visit us at www.panoroenergy.com
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