Panoro Energy ASA

Hello, good morning and welcome everybody. I'm Qazi Qadir, Panora's Chief Financial Officer. Thank you for joining us. This is our third quarter and first nine months of 2025 trading and results update. We have this morning released a press release and an accompanying presentation, which we'll go through now, which shows the progress we've made during the course of the year. Joining me on this call today are Panoro's Executive Chairman, Julian Balcony, and our Chief Operating Officer and President, Eric D'Argentre. As a reminder, today's conference call contains certain statements that are and 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 companies' 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 the expectations reflected in the forward-looking statements are reasonable, actual events or results may differ materially from those projected or implied in such forward-looking statements due to unknown or known risks, uncertainties, and other factors And for your reference, our press release is available on our website, noronresry.com. Next slide, please. So we have our chairman, Julian Balkany here, who's going to take you through the key messages.

Thank you, Cathy. Good morning, everyone. Before we move to our Q3 results and operation update, I would like to say a few key words on the business, our recent achievement, and our objectives. In terms of production and reserves, within the last five years, we have rapidly grown through both organic and external growth, and today we have a stable and well-diversified production and reserve base across three African countries. In 2026, we will actively continue developing our assets at Dusafu, with first Mabomo phase 2 drilling, as well as progressing the Bordeaux discovery to FID. Moving on to exploration and appraisal, we have an exciting portfolio that will provide us with some very good catalysts. We have strategically positioned our E&A portfolio with block EG23 in Equatorial Guinea and New Zealand Guduma offshore Gabon, close to existing infrastructure, so that in a success case, we can seek to rapidly and cost-effectively monetize any discoveries. As an example of this, in the Hibiscus South and other discoveries we made in the last 2SAPU drilling campaign, when numerous that were put on stream within six months of discovery at the finding and development cost of just five dollars per bar on the corporate side i want first to come back and address the recent announcement that our friend and very dear colleague john hamilton long time panel of ceo that usually works you through the quarterly result has taken a temporary leave of absence for family reasons. John has our full support and best wishes during those difficult times. While John is absent, let me reassure you that under my leadership, we have an extremely talented, focused and committed management that provide continuity in the delivery of our strategy and an entire team of colleagues who are experts in their respective fields and very excited by the potential of our assets. It brings me now to Panoro DNA that has been acquisition, which has over the years played a major role in our growth story. In order for us to achieve our ambition and increase our size and scale, we will remain focused on M&A opportunities and are constantly evaluating new accretive deals that will deliver immediate free cash flow to the company and create shareholder value. Our successful bond issuance last year has diversified our access to capital and support our overall growth strategy. Underpinning all this and our core objective remains to maximize shareholder return. And I clearly want to re-emphasize that shareholder return is at the center of all decision-making in Panoro. Since March 2023, including through the declared cash distribution of 80 million NOC, we have returned in total around 33%, one third of our current market cap to shareholders. It demonstrates a strong commitment to create value for all our shareholders while maintaining a very disciplined approach. I will now hand back over to Kazi, who will take you through options we received.

Thank you very much, Julian. And on this slide, you will see that we have assembled the highlights for this quarter and the year-to-date numbers. For the first nine months, we are showing a revenue of almost $150 million and EBITDA of $70 million. CAPEX is just under $30 million, the majority of which was incurred in the early part of 2025 in relation to the successful Boton discovery of Sjogabon. Then we have the third quarter of revenue, which was $63.5 million EBITDA of 19.3. It should be noted that Q3 EBITDA includes a non-cash effect of negative $14 million worth of inventory movement arising from the expensing of Q2 inventory buildup which was lifted and sold in Q3. So you would expect to see swings like that if liftings happen quarter on quarter. On the balance sheet, we have around $44 million in cash at bank at September 30, $150 million of gross debt and net debt to trailing 12-month EBITDA ratio of about 1.04x. We have maintained a very solid and good balance sheet throughout this period. On the right, we have announced quarterly cash distribution of $80 million, which will be paid as a return of paid-in capital. Once paid, that will bring us to a cumulative cash distribution of 660 million since March 2023. And including all share buybacks to date, we have returned approximately 790 million kronas to the shareholders, which again, as Julian mentioned earlier, around 33% of our current market cap. On the next slide, that brings up our distributions for 2025. We have followed our policy for the calendar year 2025 to distribute 80 million NOC quarterly in cash distributions, and that honors our commitment. what we set out at the start of the year. Year to date, we have purchased 83 million kronas worth of our own shares from the market. As of close yesterday, we have been out of the market in the recent weeks because of close periods, but we still have some room left this year. If you look at the right, we have a limit of 500 million kronas of total distribution in the calendar year 2025, which is about $45 million. It's a key figure that we distribute in Norwegian kronas. As you can see, we have some headroom over the remainder of the year and have adhered to our quarterly schedule, again, underlying our commitment to shareholder distributions. That covers a bit of production update. In terms of group production, we break it down by quarter so everybody can see what is going on at our assets and broader trends over time. DUSAFU continues to perform brilliantly with all wells available and performing in line or even ahead of expectations. The Q3 rate doesn't quite tell the story as in the period the operator successfully completed three weeks of planned annual maintenance, which limited production availability to about 80% in the quarter. You can see in the graph what impact this has on our group production in the gray shaded box. Tunisia has been quite steady, but in EG the previously communicated downtime at the Sabre field has impacted group production over the last two quarters. As a result, we expect group production for full year 2025 to average slightly below 11,000 barrels of oil per day. CapEx guidance for 2025 is unchanged at $40 million for the full year. On the next slide, we'll talk about the liftings a little bit. Those that are familiar with our business know that while we produce oil every day, we do not sell oil every day. It is sold in parcels over different dates throughout the course of the year. We keep this slide updated each quarter and refine as necessary with the logistical and commercial factors that drive our lifting allocation format. Our lifting in the first three quarters have been in line with our expectations. The first nine months we have lifted and sold just over two million barrels at an average oil price of 67.49 per barrel. In Q3, we realized a premium of around 1% over the average Brent oil price of the period, selling 863,000 barrels or thereabouts, which is in line with previously communicated guidance at almost $69.5 per barrel. In Q4, we expect to lift around 1.1 million barrels of oil. It could be a bit higher as well, given that we We have some inventory available to be lifted at the end of the year. Notwithstanding, this Q4 remains our busiest quarter from a lifting perspective with around 35 percent to 2025 lifting occurring in the period. We have already lifted around 950,000 barrels in the bond during mid-November, so the vast majority of Q4 has already locked in. On the next slide, this is a busy slide, but it summarizes a few key points. But just taking it from the top right, there is a reconciliation on our top left. Rather, there's a reconciliation of our cash at the start of the year and cash at September. On the left, we show our bond amortization, noting that we do not have any repayment during the year and it only starts in the late part of 2026. On the right we have our capital expenditure guidance for the year. As I said you know it is going to be in line with previously communicated US dollar 40 million for the year. As everybody knows we had a very heavy capex last year. This year it's around $40 million. We have just spent up to $30 million in September, and we are in line to meet our target of $40 million. I will now hand over to my colleague, Eric Dojantre, who is going to take you through the operations. Thank you.