Acquisition DNO Tunisia AS and Private Placement 28 June 2018
OSE Ticker PENOSE Ticker PEN
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DISCLAIMER
This presentation (the "Presentation") has been produced by Panoro Energy ASA (the "Company") with assistance from Sparebank 1 Markets AS (the "Manager") solely for information purposes. This Presentation has not been approved, reviewed or registered with any public authority or stock exchange. This Presentation is not a prospectus and does not contain the same level of information as a prospectus. The Presentation is strictly confidential before it has been made public by the Company and may not be reproduced or redistributed, in whole or in part, to any other person. To the best of the knowledge of the Company and its Board of Directors, the information contained in this Presentation is in all material respect in accordance with the facts as of the date hereof, and contains no material omissions likely to affect its import.
This Presentation includes, and is based on, among other things forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forwardlooking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources, reflect the current views with respect to future events and are subject to material risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or the Manager or any of their parent or subsidiary undertakings or any such person's officers or employees provide any assurance as to the correctness of such forward-looking information and statements.
AN INVESTMENT IN THE COMPANY INVOLVES SIGNIFICANT RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION. A NON-EXHAUSTIVE OVERVIEW OF RELEVANT RISK FACTORS THAT SHOULD BE TAKEN INTO ACCOUNT WHEN CONSIDERING AN INVESTMENT IN THE SHARES ISSUED BY THE COMPANY IS GIVEN IN THE SECTION RISK FACTORS. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS PRESENTATION. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THIS PRESENTATION.
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This Presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation in such jurisdiction. The distribution of this Presentation and the offering, subscription, purchase or sale of securities issued by the Company are in certain jurisdictions restricted by law. Persons into whose possession this Presentation may come are required by the Company and the Manager to inform themselves about and to comply with all applicable laws and regulations in force in any jurisdiction in or from which it invests in the securities issued by the Company or receives or possesses this Presentation and must obtain any consent, approval or permission required under the laws and regulations in force in such jurisdiction. The Company shall not have any responsibility or liability whatsoever for these obligations.
This Presentation is confidential and is being communicated in the United Kingdom to persons who have professional experience, knowledge and expertise in matters relating to investments and are "investment professionals" for the purposes of article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and only in circumstances where, in accordance with section 86(1) of the Financial and Services Markets Act 2000 ("FSMA") the requirement to provide an approved prospectus in accordance with the requirement under section 85 FSMA does not apply. Consequently, the Investor understands that the Offering may be offered only to "qualified investors" for the purposes of sections 86(1) and 86(7) FSMA, or to limited numbers of UK investors, or only where minima are placed on the consideration or denomination of securities that can be made available (all such persons being referred to as "relevant persons"). This Presentation is only directed at qualified investors and investment professionals and other persons should not rely on or act upon this Presentation or any of its contents. Any investment or investment activity to which this communication relates is only available to and will only be engaged in with investment professionals.
THE SHARES IN THE CONTEMPLATED PRIVATE PLACEMENT HAVE NOT AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS, UNLESS AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT OF 1933 (the "US Securities Act") IS AVAILABLE. ACCORDINGLY, ANY OFFER OR SALE OF SHARES WILL ONLY BE OFFERED OR SOLD (I) WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS, ONLY TO QUALIFIED INSTITUTIONAL BUYERS ("QIBs") AS WELL AS TO MAJOR U.S. INSTITUTIONAL INVESTORS UNDER SEC RULE 15A-6 TO THE UNITED STATES EXCHANGE ACT OF 1934 IN OFFERING TRANSACTIONS NOT INVOLVING A PUBLIC OFFERING AND (II) OUTSIDE THE UNITED STATES IN OFFSHORE TRANSACTIONS IN ACCORDANCE WITH REGULATION S UNDER THE U.S. SECURITIES ACT. ANY PURCHASER OF SHARES IN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OF U.S. PERSONS, WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND ACKNOWLEDGEMENTS, INCLUDING WITHOUT LIMITATION THAT THE PURCHASER IS A QIB.
This Presentation speaks as of 28 June 2018. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The Company does not intend, and does not assume any obligation, to update or correct any information included in this Presentation.
RISK FACTORS
An investment in the Shares involves a high level of risk. Several factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this Presentation.
The risk factors below are a non-exhaustive summary of the risk factors included in this Presentation, and no investor should make any investment decision without having reviewed and understood the risk factors associated with investing in the Shares. The order of appearance is not intended to indicate importance or likelihood of occurrence. References to the "Company" shall be read as Panoro Energy ASA and its subsidiaries.
RISKS RELATING TO THE COMPANY'S BUSINESS AND OPERATIONS
The Company's business, results of operations, value of assets, reserves, cash flows, financial condition and access to capital depend significantly upon and may be adversely affected by the level of oil and gas prices, which are highly volatile
- • Reserves and contingent resources are by their nature uncertain in respect of the inferred volume range
- •Developing a hydrocarbon production field requires significant investment
- • The Company is dependent on finding/acquiring, developing and producing oil and gas reserves that are economically recoverable
- •There are risks and uncertainties relating to the renewal of existing license in Nigeria
- • There are risks and uncertainties relating to extension or renewal of licenses being acquired from DNO
- • The Company's current or future development projects are associated with risks relating to delays, cost inflations, potential penalties and regulatory requirements
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• The Company's current production and expected future production is concentrated in a limited number of hydrocarbon fields
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• The Company's hydrocarbon production may be restricted, delayed or terminated due to a number of internal or external factors
- •The Company faces risks related to decommissioning activities and related costs
- • The Company's operations are dependent on compliance with obligations under licenses, joint operating agreements, unitization agreements and field development plans
- •The Company is subject to third-party risk in terms of operators and partners
- • The Company is subject to risks relating to capacity constraints and cost inflation in the service sector and lack of availability of required services and equipment
- • The Company may not have access to necessary infrastructure or capacity booking for the transportation of oil and gas, and all transportation involve risks
- •The Company is vulnerable to adverse market perception
- • The Company's ability to sell or transfer license interests may be restricted by regulatory consent requirements, provisions in its joint operating agreements including pre-emption rights, if any, or applicable legislation
- •The Company may not be able to sell license interests
- •The Company may be subject to liability under environmental laws and regulations
- • The Company's business and financial condition could be adversely affected if tax regulations for the petroleum industry are amended
- •The Company faces the risk of litigation or other proceedings in relation to its business
- •The Company will have guarantee obligations
- •The Company is exposed to political and regulatory risks
- • Maritime disasters, employee errors and other operational risks may adversely impact the Company's reputation, financial condition and results of operations
- • The Company must use substantial time, attention and resources with respect to integration of the business to be acquired from DNO
RISK FACTORS (CONT'D)
Investor Presentation
TRANSACTIONStructure & overview
STRATEGIC TRANSACTION WITH DNO AND PRIVATE PLACEMENT
PANORO IS ACQUIRING DNO TUNISIA IN A FIRST STEP TO BECOME A FULL-CYCLE TUNISIAN E&P PLAYER
- Panoro Energy ASA ("Panoro") has agreed to acquire DNO Tunisia AS from DNO ASA ("DNO")
- Panoro to purchase DNO subsidiary holding its Tunisian business for no cash consideration
- DNO Tunisia AS holds 3 offshore assets: Sfax Offshore Exploration Permit, Ras El Besh Concession, and Hammamet Offshore Permit.
- Each of those assets has existing oil discoveries and material exploration upside.
- Core asset is the very shallow-water Salloum discovery on the Sfax offshore exploration permit
- Tested at 1800 bbl/day and holds approx. 5 MMboe recoverable oil reserves
- Fast-track development contemplated
- Low-cost tie-back candidate to onshore facilities
- Permit process underway for extension/renewal (potential penalty of up to USD 12m if commitments not met)
- Panoro to raise up to approx. 10% through an equity Private Placement with DNO participating as a new investor
STRATEGIC TRANSACTION WITH DNO AND PRIVATE PLACEMENT (CONT'D)
KEY COMMERCIAL TERMS OF ACQUISITION, DNO SUBSCRIPTION AND USE OF PROCEEDS
KEY COMMERCIAL TERMS OF ACQUISITION
- Panoro to purchase DNO Tunisia AS (a Norwegian company holding DNO's business in Tunisia) for no cash consideration
- Panoro to assume all existing permit interests, rights and unfulfilled work obligations
- Panoro to access a full operational and experienced organization with strong local knowledge and operating capabilities, as well as local offices, warehouses and drilling inventory
- Panoro to retain a cash balance of approx. USD 8.6m in DNO Tunisia AS at completion, reflecting DNO's partial contribution towards the remaining work obligations
- DNO to maintain exposure to the Sfax exploration permit through a deferred consideration of USD 1/bbl up to a maximum of USD 13.2m, paid through future net production at Sfax
- A Sale and Purchase Agreement is agreed (to be signed at market close); the transaction is expected to complete within 20 business days of announcement
DNO SUBSCRIPTION
- Up to 10% to be raised through an equity Private Placement
- DNO to subscribe for USD 4.15m (NOK equivalent) in Panoro shares, at a subscription price of 12.82 NOK/share
- DNO to keep maintain exposure to the Tunisian assets and support Panoro's ability to unlock value
- Lock-up for 6 months
- One year standstill agreement to not acquire more than 9.9% of Panoro's total share capital
- Remainder to be raised through a Private Placement targeting existing and new shareholders
USE OF PROCEEDS
- General corporate purposes, including:
- Dussafu Phase 2 capital spend (reserve-based loan facilities as well as pre-financing oil solutions provided by oil traders being considered in parallel)
- Working capital for Dussafu oil production
- Development of Tunisian portfolio
- Further business development opportunities
PANORO PORTFOLIO OVERVIEW
CORE ASSETS IN WEST AFRICA WITH PRODUCTION AND UPSIDE – SECURING A FOOTHOLD FOR FURTHER EXPANSION INTO TUNISIA
- Stable production of gross 3,000+ boe/day with occasional shutdowns
- 20 Mmboe (2P) net to Panoro
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Subject to license renewal, material upside in gas development
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Large development block with multiple discoveries and nearterm exploration prospects
- First oil scheduled for 2H 2018 at a expected rate of 10-15 kboe/day (gross)
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Partnered with BW Group (operator)
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Entry through DNO acquisition
- Attractive development and exploration acreage
- Existing operating organization
- Foothold secured, forming basis for further expansion
- Additional opportunities identified
TUNISIA OPPORTUNITY AND FURTHER GROWTH PLANS
GROWTH WHILST MAINTAINING A STRONG FINANCIAL DISCIPLINE AND ACTIVE PARTNERSHIP APPROACH
- Panoro has actively evaluated a number of M&A opportunities in recent years, together with multiple strategic partners and financial coinvestors
- Tunisia identified as a highly attractive jurisdiction and DNO transaction secures a foothold for Panoro
- Larger oil companies are exiting, creating opportunities for independents to grow in the country
- Panoro team has developed a deep understanding of the country and hydrocarbon industry, and built relationships with local stakeholders, regulators and potential partners
- Panoro is currently reviewing several other opportunities in Tunisia
- Strategically partnered for Tunisia with major international trading company
- In advanced discussions with well known respected Tunisian family office with oil and gas track record to partner and co-invest in Tunisian growth
Within the next two years, Panoro intends to complement its growth in Gabon and Nigeria by building a position as a full-cycle E&P company in Tunisia with material production and exploration
MILESTONES AND UPCOMING TRIGGERS
TEAM WITH STRONG A TRACK-RECORD OF VALUE-CREATION
EXECUTIVE MANAGEMENT TEAM
- Team with strong technical and operating capabilities, with extensive experience from the industry
- Strong track-record of building independents and creating value
- Two current Lundin Group company representatives on the Board of Directors
Investor Presentation
DNO TUNISIA Overview
TUNISIA OFFERS A FAVORABLE OPERATING ENVIRONMENT
OFFERS OPPORTUNITIES FOR GROWTH-ORIENTED INDEPENDENT E&P COMPANIES
- Tunisia has a strong rule of law and international MAP WITH O&G ACTIVITIES AND IMAGES support
- Considered to be the only full democratic regime in the Arab world
- Association agreement with the EU and has obtained status of a major non-NATO ally of the U.S.
- Close relationships with France and Italy, through extensive economic cooperation and past history
- Tunisia is an established oil & gas producer
- Production commenced in 1966 and current output is approximately 100,000 boe/day
- Low OPEX environment with significant presence from oil services providers in the country and region
- Many large IOCs with long country presence (ENI, Shell, Perenco, Petrofac, etc.) and recent entrants from growth-focused companies such as Carlyle-backed Mazarine Energy and others
- ETAP, the national oil company, is a professional counterparty and manages interest on behalf of the Tunisian State
SELECTED O&G COMPANIES IN TUNISIA (2015‐2018)
OVERVIEW OF DNO'S OPERATIONS IN TUNISIA TO BE ACQUIRED
DNO HOLDS TWO OFFSHORE PERMITS IN TUNISIA – HAS BEEN PRESENT SINCE 2010 AND WILL RETAIN UPSIDE
PERMITS
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1. Hammamet Offshore Exploration Permit 2
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OPERATING ORGANISATION
- • DNO has approximately 25 staff in Tunisia to transition and integrate into Panoro
- • Full experienced organisation with technical, operational and administrative capabilities
- •Office in Tunis and warehouse in Sfax
LOCATION OF ASSETS
OTHER
- • Substantial cost pool in Sfax exploration permit provides future tax benefit
- • Valuable exiting inventory for drilling activities (original purchase value USD ~6m; recognised on balance sheet at USD ~1.5 m)
1. SFAX OFFSHORE EXPLORATION PERMIT ("SOEP")
THREE EXISTING DISCOVERIES AND 250 MMBBLS OF EXPLORATION INVENTORY – ADJACENT TO EXISTING INFRASTRUCTURE
- Substantial 3,228 km2 exploration permit OVERVIEW OF PERMIT AND KEY DISCOVERIES offshore Tunisia
- 400 million barrels already produced in surrounding blocks
- Close to existing infrastructure and producing fields, with spare capacity in pipelines and facilities
- DNO acquired new seismic in 2014
- Three oil discoveries made on the SOEP permit:
- Salloum – 5 MMbbls (recoverable) – core asset
- Ras El Besh – 5 MMbbls (recoverable)
- Jawahra 10 MMbbls (recoverable)
- Current exploration inventory P50 volumes of 250 mmbbls unriskedrecoverable (estimated by previous operator)
1. SOEP (CONT'D) – SALLOUM DISCOVERY
5 MMBBLS OF LOW-COST OIL IN THE SALLOUM DISCOVERY – ADJACENT TO EXISTING INFRASTRUCTURE
- Discovered in 1991 by BG and 3D seismic in 2007 SALLOUM DISCOVERY
- Well tested 41°API oil at 1,848 bopd
- Covered by 60 km² of shallow water transition zone 3D seismic survey by CGG Veritas in 2007
- Survey shows that the Salloum structure is a three-way closure bounded by a major NW-SE fault, with an onshore extension
- • Shallow water (4 meters) offshore Sfax city and 2 km from the coast
- Potential for two deviated production wells drilled from onshore and tied back to Rhemoura field via 8km pipeline –very low CAPEX and OPEX
- Additional undrilled structure nearby to tie back in to this fast-track development
- Estimates indicates:
- Mid-case recoverable reserves approx. 5 MMbls
- Oil in place volumes suggest potential upside
- Advanced discussions for farm out to third party
1. SOEP (CONT'D) – OTHER DISCOVERIES
SEVERAL OTHER DISCOVERIES ON THE SFAX OFFSHORE EXPLORATION PERMIT
RAS EL BESH AND JAWAHRA FIELDS
- Ras El Besh was discovered in 1996 by Arco and tested at 612 bopd
- Jawhara was discovered in 1976 by Total and tested at 1,200 bopd
- Between the two fields there is an estimated 15 million barrels of oil recoverable
- A concept for a cluster development of the fields would allow a tie-back to existing infrastructure in the area
CHERGUI SOUTH DISCOVERY
- • The Chergui and Cercina adjacent producing fields extend into the Sfax Offshore Exploration Permit
- • Chergui-South well encountered oil and is interpreted as an extension of the Chergui field (operated by Petrofac)
- • Mean volumes of 62 bcf of gas and 12 million barrels of oil recoverable
1. SOEP (CONT'D) – FURTHER EXPLORATION POTENTIAL
A NUMBER OF PROSPECTS IDENTIFIED ON THE PERMIT, PROVIDING FURTHER UPSIDE POTENTIAL THROUGH EXPLORATION
EXPLORATION POTENTIAL
- The Permit is located within 2 prolific reservoir fairways
- Cretaceous carbonate platform and the El Garia fairways are almost superimposed
- Multiple exploration targets 13 prospects already identified over the permit
2. HAMMAMET EXPLORATION PERMIT
POSSIBLY RELINQUISHED IN 2018 BUT WILL ASSESS OPTIONS TO CONTINUE
- Relinquishment currently considered by PERMIT OVERVIEW Operator Medco
- Panoro evaluating possible future opportunities to retain Hammamet exploration permit
- Not considered core asset in portfolio (SOEP is main focus)
- In case of relinquishment, DNO Tunisia may need to pay approximately USD 2m penalty during 2018
PANORO'S BUSINESS PLAN FOR ASSETS
SOEP AND SALLOUM DISCOVERY IS CONSIDERED FOCUS AREA FOR FURTHER VALUE-CREATION
1. SOEP AND RAS EL BESH CONCESSION
- Currently, to drill exploration well plus deeper well extension (cost of USD 12m stipulated in commitment)
- Permit and ongoing commitment in process of being amended and extended/renewed from December 2018
- Panoro plans to re-evaluate drilling objectives
- Already identified farm out partner
- Excellent opportunity to develop Salloum discovery, tie-in to existing onshore TPS (OMV/ETAP) facility
- Ras El Besh Concession: No commitments outstanding and valid until September 2038
2. HAMMAMET EXPLORATION PERMIT
- Possibly being relinquished by operator Medco
- Cost to DNO Tunisia of approx. USD 2m (budgeted in 2018)
- Asset is likely non-core for Panoro
Investor Presentation
EXISTING ASSETSUpdate
DUSSAFU MARIN (GABON)
LARGE DEVELOPMENT BLOCK WITH MULTIPLE DISCOVERIES AND EXPLORATION PROSPECTS
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LICENSE
- Four pre-salt oil discoveries with upside/appraisal potential
- 850 km2 exclusive exploitation area (EEA), valid for 20 years
- Panoro's oil discoveries in Ruche (2011) and Tortue (2013) were step change in the success rate of identifying oil-bearing structures
- Panoro 2014 3D seismic campaign over entire EEA
CURRENT ACTIVITY
- Phase 1 Tortue development underway
- Drilling Phase 1 commenced late January
- First oil scheduled for 2H 2018
- Phase 1 consists of 2 development wells plus 1 appraisal sidetrack
DUSSAFU
EIGHT CONSECUTIVE SUCCESSFUL WELL PENETRATIONS (2011-2018)
PRODUCTION FORECAST, TORTUE PHASE 1 AND 2 (4 WELLS)
Average Barrels of Oil per day
1. From preliminary NSAI report December 2018 Figures are Gross Reserves after economic cut-off, before royalty, production sharing with Gabon government and exercise of any back-in rights or participation of GOC
TORTUE JUST THE BEGINNING…
Ruche Area EEA Discoveries and Prospects
- Potential to be World Class asset
- In total 13 robust prospects and over 14 leads identified within the Ruche EEA area
- All have potential for inclusion in FDP once drilled
- Prospects A and B alone have combined P50 of 482 MMboe of gross unrisked prospective resources
- Four main prospects have been matured into potential drilling targets
Four potential exploration targets already covered by site survey
RUCHE NORTH EAST TO BE DRILLED 2018
ROBUST 4-WAY DIP CLOSED STRUCTURE TO THE NORTH EAST OF RUCHE FIELD
Seismic line through Ruche and Ruche North East
3D view looking west
- •Very robust prospect just 4 km northeast of Ruche field
- •Gamba and Dentale 4-way closure
- •Good salt coverage and low seal risk
- •Size similar to the Ruche field (mid case 10 MMbbls)
from other discoveries
Part of potential 3 well appraisal plan to evaluate the greater Ruche area
OML 113 AJE LICENSE OVERVIEW
HISTORY AND STATUS
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- Geologically and geographically unique in Nigeria
- One of many Cretaceous oil discoveries along the Transform Margin
- Fields along this trend include Jubilee and Sankofa in Ghana
- Aje has been producing oil since May 2016
- Currently producing from Cenomanian and Turonian reservoirs, through FPSO
- Significant gas and oil resources to be developed in the Turonian
- The Aje field producing around 400 boe/day net to Panoro
- Regular crude liftings
- Recent arbitration settled January 2018
- License renewal due June 2018
MAY 2016 AJE FIELD COMMENCED COMMERCIAL PRODUCTION
AJE RECENT DEVELOPMENTS
- • Production remains stable at over 3000 bbl/day, with occasional operation shutdowns
- • FDP for Phase 2 gas development submitted to DPR (regulator)
- • Application for license renewal submitted (current term expires June 2018), progress could take a number of months beyond expiry
- • Certified the total gross recoverable reserves at Aje as follows:
- Proved (1P) reserves of 78.2 MMboe
- Proved + Probable (2P) reserves of 127.1 MMboe
- Proved + Probable + Possible (3P) reserves of 215 MMboe
- • AGR TRACS has calculated Panoro's net entitlement, as follows:
- Proved (1P) reserves of 12.1 MMboe
- Proved + Probable (2P) reserves of 20.0 MMboe
- Proved + Probable + Possible (3P) reserves of 30.9 MMboe
- • JV payable position being repaid through oil revenues
Investor Presentation
APPENDIX
Tunisia is a North African country bordering the Mediterranean Sea and Sahara Desert. Tunisia is a unitary semi-presidential representative democratic republic. It is considered to be the only full democracy in the Arab World. It has a high human development index. It has an association agreement with the European Union and has obtained the status of major non-NATO ally of the United States. In addition, Tunisia is also a member state of the United Nations and a state party to the Rome Statute of the International Criminal Court. Close relations with Europe – in particular with France and with Italy– have been forged through economic cooperation, privatisation and industrial modernization.
| Monthly Average bopd |
Percentage Available to
Contractor as Cost Recovery Oil |
| 0-5000 |
55% |
| 5001-10000 |
50% |
| >10000 |
40% |
| Monthly Average bopd Contractor |
|
ETAP |
| $0 - 5000$ |
42.5% |
57.5% |
| 5001-10000 |
32.5% |
67.5% |
| >10000 |
25% |
75% |
TOP SHAREHOLDERS
| # |
S
ha
ho
l
d
re
e
r |
#
S
ha
re
s |
(
)
% |
| 1 |
J
U
L
I
E
N
B
A
L
K
A
N
Y
A
N
D
A
S
S
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A
T
E
D
I
N
V
E
S
T
M
E
N
T
C
O
M
P
A
N
I
E
S |
2
3
2
3
5
6
5 |
%
5,
5
4 |
| 2 |
F
2
F
U
N
D
S
A
S |
2
3
1
6
0
0
0 |
5,
4
5
% |
| 3 |
S
T
O
R
E
B
R
A
N
D
V
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K
S
T
V
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P
A
P
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R
F
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D |
1
5
0
6
1
7
5 |
3,
5
4
% |
| 4 |
D
A
N
S
K
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I
N
V
E
S
T
N
O
R
G
E
V
E
K
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1
4
4
6
4
7
9 |
3,
4
0
% |
| 5 |
K
L
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K
S
J
E
N
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E |
1
4
0
8
6
6
7 |
3,
3
1
% |
| 6 |
K
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M
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N
A
L
L
A
N
D
S
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N
S
J
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N
S
K
A
S
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E |
1
0
0
8
6
6
7 |
2,
3
7
% |
| 7 |
P
A
N
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A
S
A |
1
0
0
0
0
0
0 |
2,
3
5
% |
| 8 |
N
O
R
D
N
E
T
B
A
N
K
A
B |
7
4
2
7
0
3 |
1,
7
5
% |
| 9 |
N
O
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T
L
I
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S
F
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S
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K
R
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N
G
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6
3
2
9
0
3 |
1,
4
9
% |
1
0 |
S
V
O
R
E
N
S
T
E
I
N
A
R |
5
4
4
0
0
0 |
%
1,
2
8 |
1
1 |
K
A
M
P
E
N
I
N
V
E
S
T
A
S |
5
1
4
4
0
0 |
%
1,
2
1 |
1
2 |
G
S
S
S
S
S
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A
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N
D
P
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K
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A
T
R
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K
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N
T
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A |
5
0
0
7
3
7 |
%
1,
1
8 |
1
3 |
O
G
M
A
T
H
I
A
S
H
L
D
I
N
A
S |
5
0
0
0
0
0 |
%
1,
1
8 |
1
4 |
O
C
G
S
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D
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A
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T
A
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M
A
N
A
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T
A |
4
8
5
0
0
0 |
%
1,
1
4 |
1
5 |
S
S
V
E
L
I
K
A |
4
4
0
0
7
2 |
%
1,
0
4 |
1
6 |
S
/
S
D
A
N
K
E
B
A
N
K
A |
4
1
3
8
1
7 |
%
0,
9
7 |
1
7 |
M
E
G
A
R
O
N
A
S |
4
0
0
0
0
0 |
%
0,
9
4 |
8
1 |
L
A
R
S
E
N
O
I
L
G
A
S
A
S
& |
8
3
6
4
1
9 |
8
%
0,
6 |
9
1 |
Å
S
Ø
N
D
R
E
B
R
O
G
R
D
A
S |
3
2
8
8
4
5 |
0,
%
7
6 |
2
0 |
D
A
N
S
K
E
B
A
N
K
A
S |
3
2
0
0
0
6 |
0,
%
7
5 |
Contact Details:
PANORO ENERGY
78 Brook StreetLondon W1K 5EFUnited Kingdom Tel: +44 (0) 203 405 1060 Fax: +44 (0) 203 004 1130 [email protected]