Oslo, 24 April 2024 - Panoro Energy ASA ("Panoro" or the "Company") is pleased
to announce the release of its 2023 Annual Statement of Reserves (the "ASR").
Highlights
Panoro's total net working interest reserves as of 31 December 2023 were:
Proved (1P) reserves of 23.22 MMbbls (31 December 2022: 23.41 MMbbls)
Proved + probable (2P) reserves of 34.67 MMbbls (31 December 2022: 35.61 MMbbls)
Proved + Probable + Possible (3P) reserves of 46.52 MMbbls (31 December 2022:
48.65 MMbbls)
The year-on-year movement in Panoro's 2P reserves at 31 December 2023 reflects
production in the year of (3.1) MMbbls and revisions to previous estimates of
(2.0) MMbbls largely being offset by acquisitions and new discoveries of 3.0
MMbbls and 1.2 MMbbls respectively. As a result Panoro achieved an overall
reserve replacement ratio of 70 per cent in 2023.
In addition to stated reserves Panoro also has a 2C contingent resource base of
28.5 MMbbls (31 December 2022: 23.9 MMbbls).
International petroleum consultants Netherland Sewell & Associates Inc carried
out an independent assessment of Block G in Equatorial Guinea, Dussafu Marin in
Gabon and TPS assets in Tunisia.
Panoro's classification of reserves and resources complies with the guidelines
established by the Oslo Stock Exchange and are based on the definitions set by
the Petroleum Resources Management System (PRMS), sponsored by the Society of
Petroleum Engineers/World Petroleum Council/American Association of Petroleum
Geologists/Society of Petroleum Evaluation Engineers (SPE/WPC/AAPG/SPEE) as
issued in June 2018.
Enquiries
Qazi Qadeer, Chief Financial Officer
Tel: +44 203 405 1060
Email: investors@panoroenergy.com
About Panoro Energy
Panoro Energy ASA is an independent exploration and production company based in
London and listed on the main board of the Oslo Stock Exchange with the ticker
PEN. Panoro holds production, exploration and development assets in Africa,
namely interests in Block-G, Block S and Block EG-01 offshore Equatorial Guinea,
the Dussafu Marin License offshore southern Gabon, the TPS operated assets, Sfax
Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia, and
onshore Technical Co-operation Permit 218 in South Africa.
Visit us at www.panoroenergy.com.
Follow us on LinkedIn (https://www.linkedin.com/company/panoro-energy)