Presentation

Panoro Energy is an Africa-focused E&P company with production and exploration assets in Tunisia, Gabon, Nigeria and South Africa. The company recently announced the acquisition of Tullow’s stake in the Dussafu block in Gabon, as well as producing fields offshore Equatorial Guinea. This will bring production up from an average 2,200 bbl/day in 2020 to estimated 9,400 bbl/day in 2021. 2P reserves is also expected to increase from 13 mill bbl to about 39 mill bbl. Panoro is listed on the Oslo Stock Exchange with a market cap of USD 250m.

Panoro currently holds a 7.5% stake in the Dussafu block offshore Gabon, set to increase to 17.5% following the Tullow transaction. As of year-end 2020, 2P reserves are gross 105 mill boe, up 7.5x since the project was sanctioned driven by solid production and exploration success. The partners achieved first oil from the Tortue field ahead of time and budget in September 2018. Production in Q4’20 was gross 13,500 bbl/day, which is expected to increase towards 17,000 bbl/day as the remaining two wells come online.

In addition, the Hibiscus & Ruche development has progressed well during Covid-19 with drilling of the Hibiscus appraisal well expected to commence when restrictions allow for it. Seismic has indicated a potential doubling of the reserves, with the well result being an important trigger adding about NOK 10/share to our NAV if successful. First oil from the Hibiscus/Ruche development is expected in Q1'23e, bringing gross production to 40,000 bbl/day.

In addition to the increased WI in Dussafu, the Tullow transaction covers the Okume and Ceiba fields offshore Eq. Guinea. These are mature assets with a gross production of 32,000 bbl/day in 2020.

Lastly, Panoro also holds stakes in four producing fields and an exploration permit in Tunisia, and is in the process of finalising the sale of the Aje field in Nigeria as well as the acquisition of Block 2B in South Africa.