Panoro Energy ASA, Company Intelligence Report


#42085

58pages

GlobalData

$ 1000

In Stock


Panoro Energy ASA (Panoro Energy) is a Norway-based company primarily engaged in exploration, development and production of crude oil and natural gas in Brazil and West Africa. The company was formed through the merger of Norse Energy’s former Brazilian business and Pan Petroleum in June 2010. The company holds a balanced portfolio of production, development and exploration assets in Brazil and West-Africa. It holds production, development and exploration assets in Santos and Camamu-Almada basins in Brazil. The company owns a 10% interest in the Manati field, various interests in BS-3 project in Brazil, 10% interest in Camarao Norte, and 20% interest in Sardinha field. Panoro Energy has been generating production only from the Manati field, Brazil’s largest non-associated gas field. 

Scope

  • Investment Thesis: This section highlights the companies new ventures, liquidity issues, assets analysis, hedging, new projects details, capex funding, geographical results of oil and gas operations, and other related analysis.
  • Goals and Strategies: Provide highlights on their existing and upcoming challenges with the possible strategies.
  • SWOT: This section highlights the companies internal strength, weakness, opportunities and threats to better understand their position in the market
  • Production and Development profile: This section highlights the companies’ forecasted crude oil and natural gas production from their existing and upcoming assets. It also covers the detailed information and analysis on the producing and development assets.
  • Exploration and M&A trends: This section includes exploration assets information resulted due to new discoveries, new drilling and other activities. Additionally, M&A section highlights the companies’ recent assets transactions, joint ventures, acquisition, and divestment activities during the specified period.
  • Financial Forecast and Valuation: This section highlights the detailed financial forecast of the companies for coming five years. This section also provides intrinsic value of the companies’ by using different valuation techniques.
  • Peer Group: This section compares peer group performance with the main companies on the basis of share prices, financial ratios, operational and financial parameters and other related activities.
Reasons to buy

The report will enhance the decision- making capability in a more rapid and time sensitive manner. It will allow you to -

  • Provide detailed analysis to those who are interested in knowing the companies’ existing and future business strategies.
  • Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
  • Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
  • Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
Table of Content:

1 Table of contents 2

1.1 List of Tables 4
1.2 List of Figures 5

2 Panoro Energy ASA, Company Overview 6

3 Panoro Energy ASA, Key Events for 2011 9


4 Panoro Energy ASA, Key Highlights 10
4.1 Manati Field to Provide Secured and Long Term Cash Flows 10
4.2 Business Combination With Pan Petroleum to Form a Strong E&P Independent To Focus on South Atlantic; More M&A Activities Expected 12
4.3 Panoros Existing Resource Base Can Deliver Sustained Growth 14

5 Panoro Energy ASA, SWOT Analysis 16
5.1 Strengths 16
5.1.1 Manati Field, a Consistent Producer 16
5.1.2 Strong Ownership Interests in Majority of Upcoming Assets 16
5.2 Weaknesses 16
5.2.1 Brazilian Group Generating Negative Returns on its capital 16
5.3 Opportunities 17
5.3.1 Approval for Development of BS-3 could Provide Significant Potential in Medium Term 17
5.3.2 Moving Towards Oil through the Development of Upcoming Assets 17
5.3.3 Further Potential in Near Manati Field, the Camamu-Almada Basin 18
5.3.4 Mengo-Kundji-Bindi, a Prospective Asset 18
5.4 Threats 19
5.4.1 Low Production from West Africas Operations Could Disappoint Investors 19

6 Panoro Energy ASA, Goals and Strategies 20
6.1 Optimizing Its Asset Portfolio Through Divestiture as Well as Acquisitions 20
6.2 Restructuring its Balance Sheet to Improve Liquidity Poistion 20

7 Panoro Energy ASA, Production Overview 22
7.1 Production Profile 22
7.2 Brazil Production Overview 24
7.2.1 The Camamu-Almada Basin 24
7.2.2 The Santos Basin 25
7.3 West Africa 27
7.3.1 Nigeria the Aje Field 27
7.3.2 Mengo-Kundji-Bindi 29

8 Panoro Energy ASA, Development and Exploration Overview 30
8.1 Development Profile 30
8.1.1 Sardinha Filed, Brazil 30
8.1.2 Camarao Norte, Brazil 31
8.1.3 Cavalo Marinho Field, Brazil 31
8.1.4 Coral Field, Brazil 31
8.1.5 Estrela do Mar field, Brazil 31
8.1.6 Aje Field, Nigeria 32
8.1.7 Mengo-Kundji-Bindi Production Sharing Contract, Congo 34
8.2 Exploration Profile 35
8.2.1 Round 9 Exploration Blocks, Brazil 35
8.2.2 Dussafu Marin Production Sharing Contract, Gabon 35
8.2.3 Nigeria-Sao Tome & Principe Joint Development Zone JDZ Block 3 36

9 Panoro Energy ASA, M&A Highlights 37

10 Panoro Energy ASA, Outlook 38

11 Panoro Energy ASA, Production and Financial Statements Forecast 39
11.1 Income Statement (20102014) 41
11.2 Balance Sheet (20102014) 42
11.3 Cash Flow Statement (20102014) 43
11.4 Financial Ratios 44

12 Panoro Energy ASA, Valuation 46
12.1 Net Asset Value 46

13 Panoro Energy ASA, Peer Comparision 50
13.1 Share Price Performance 50
13.2 Operational and Financial Performance 51
13.3 Key Financial and Operational Ratio 53

14 Panoro Energy ASA, Key Risks 54
14.1 Exploration and Development In West Africa 54
14.2 Permits and Licences In Brazil 54
14.3 Drilling risks in new and emerging shale resource plays 54
14.4 Competition 54
14.5 Fluctuations in oil and natural gas prices 54

15 Appendix 55
15.1 Methodology 55
15.1.1 Coverage 55
15.1.2 Secondary Research 55
15.1.3 Primary Research 56
15.2 Data Sources 56
15.2.1 Company Source 56
15.2.2 SEC/Other Regulatory Filings 56
15.2.3 Agency Reports 56
15.2.4 Other Sources 56
15.3 Methodology for Company Valuation 56
15.4 Expert Panel Validation 57
15.5 Units of Measure 57
15.6 About GlobalData 57
15.7 Disclosure 58
15.8 Disclaimer 58
Table 1: Panoro Energy ASA, Asset Portfolio, 2011 7
Table 2: Panoro Energy ASA, Net Sales From Manati Field Contract, 20072010 10
Table 3: Panoro Energy ASA, The Asset Portfolio of Merged Entity, 2011 12
Table 4: Panoro Energy ASA, The Resource Potential, MMboe, 2009 14
Table 5: Panoro Energy ASA, Upstream Growth Profile, MMboe, 20102020 23
Table 6: Panoro Energy ASA, Development and Exploration Asset, 2011 30
Table 7: Panoro Energy ASA, Significant Asset Transactions, 20092010 37
Table 8: Panoro Energy ASA, Forecast Production, 20102020 39
Table 9: GlobalData, Price Forecasts, 20112014 39
Table 10: Panoro Energy ASA, Income Statement, $m, 20102014 41
Table 11: Panoro Energy ASA, Balance Sheet, $m, 20102014 42
Table 12: Panoro Energy ASA, Cash Flow Statement, $m, 20102014 43
Table 13: Panoro Energy ASA, Profitability Ratios, 20102014 44
Table 14: Panoro Energy ASA, Other Financial Ratios, 20102014 45
Table 15: GlobalData, Price Forecast, 20112014 46
Table 16: Panoro Energy ASA, Net Asset Value, 2011 47
Table 17: Panoro Energy ASA, Prospective Acreage & Non Proven Reserves, 2011 48
Table 18: Panoro Energy ASA, NPV of Crude Oil, 2011 48
Table 19: Panoro Energy ASA, NPV of Natural Gas, 2011 48
Table 20: Panoro Energy ASA, NPV of Total Oil and Natural Gas, 2011 48
Table 21: Panoro Energy ASA, Sensitivity Analysis on Fair Value, $/share, 2011 49
Table 22: Panoro Energy ASA Vs. Peer Group, Operational and Financial Performance, 2009 51
Table 23: Panoro Energy ASA and its Peer Group Comparison, Financial Ratios, 2009 53
Figure 1: Panoro Energy ASA, Operations Map, 2011 6
Figure 2: Panoro Energy ASA, Financial & Operational Overview, 20082010 8
Figure 3: Panoro Energy ASA, The Manati Field Production, boe/day, 20082020 11
Figure 4: Panoro Energy ASA, Pre and Post Merger Leverage Comparison, Q3, 2010 13
Figure 5: Panoro Energy ASA, Expected Production From BS-3 Project. Aje Field and MKB, MMboe, 20112020 15
Figure 6: Panoro Energy ASA, Operating and Net Income Margins, %, 2007Q3,2010 17
Figure 7: Panoro Energy ASA, Total Production By Type, MMboe, 20082020 18
Figure 8: Panoro Energy ASA, Debt Payment Schedule, $m, 20112018 21
Figure 9: Panoro Energy ASA, Total Production By Assets, MMboe, 20082020 22
Figure 10: Panoro Energy ASA, Total Production by Type, MMboe, 20082020 23
Figure 11: Panoro Energy ASA, The Manati Field Total Production Estimates, MMboe, 20082020 25
Figure 12: Panoro Energy ASA, The Cavalo Marinho Field Total Production Estimates, MMboe, 20142020 26
Figure 13: Panoro Energy ASA, The Estrela do Mar Field Total Production Estimates, MMboe, 20142020 27
Figure 14: Panoro Energy ASA, The Aje Field Total Production Estimates, MMboe, 20142020 28
Figure 15: Panoro Energy ASA, The Mengo-Kundji-Bindi Field Total Production Estimates, MMboe, 20112020 29
Figure 16: Panoro Energy ASA, The Santos Basin, Brazil, Operation Map, 2011 32
Figure 17: Panoro Energy ASA, The Aje Field, Nigeria, Operation Map, 2011 33
Figure 18: Panoro Energy ASA, The Mengo-Kundji-Bindi, Congo, Operation Map, 2011 34
Figure 19: Panoro Energy ASA, The Dussafu Marin Production Sharing Contract, Gabon, 2011 35
Figure 20: Panoro Energy ASA, Total NPV/Share Contribution, 2011 47
Figure 21: Panoro Energy ASA, NPV Split of Commodity Mix by Asset, 2011 49
Figure 22: Panoro Energy ASA and Peer Group, Relative Share Price Performance Index , June 20092010 50
Figure 23: Panoro Energy ASA and its Peers, Per Boe Parameters, 2009 52
Figure 24: Panoro Energy ASA and its Peers, Total Reserves & Production, MMboe, 2009 52