Oslo, 2 May 2023 - Panoro Energy ASA ("Panoro" or the "Company") today provides
an update in advance of its Q1 2023 results which are scheduled for release on
24 May 2023. Information contained within this release is unaudited and may be
subject to further review and amendment.
Current group working interest production is strong at approximately 8,500 bopd,
in line with expectations, following the key milestone of first oil at the
Hibiscus Ruche Phase I development offshore Gabon on the Dussafu Marin Permit in
early April and the acquisition by Panoro of the 40 percent minority interest it
did not own in the Tunisian business also in April.
John Hamilton, CEO of Panoro, commented:
"We are very pleased to see our organic growth production materialising as
expected coupled with strong operational performance. Panoro is in its most
active phase of continual drilling activity which will see at least 10 wells
being drilled in our portfolio over the next 12 months and deliver a step
-increase in working interest production. We are on track to translate the
strong fundamentals and cash generative potential of Panoro's high-quality asset
base into sustainable shareholder returns whilst maintaining our growth strategy
and disciplined capital management."
Q1 2023 and Post Period Update
· Working interest production for Q1 averaged approximately 6,320 bopd, noting
the previously communicated shut-down of the FPSO for an extended period to
complete final tie-in work at Dussafu Marin, and some short-term restricted
production on other assets
· Production drilling continues offshore Gabon, with drilling of the second of
six new production wells underway. The new Gas Lift Compressor is expected to be
fully operational imminently to support production from all six existing wells
at the Tortue field, which will further increase production
· Average full-year production guidance of 9,500 to 11,500 bopd is maintained
with the range being dependent on timing of the start-up of each of the new
production wells at Dussafu Marin
· Production expected to increase to in excess of 13,000 bopd when all six new
Hibiscus Ruche Phase I wells are onstream
· In Equatorial Guinea the Block G partners have a rig contracted for the next
drilling campaign which is expected to commence in Q4 2023 and comprise three
infill production wells which are expected to be put onstream in 2024 and
deliver additional new volume
· Q1 revenue stood at approximately USD 60 million, generated from crude sales
of approximately 780,000 barrels at an average realised price of approximately
USD 76 per barrel after customary discounts and costs reflecting the wider oil
market backdrop. Crude volume lifted in the quarter was approximately 4 percent
higher than guided
· Cash at bank at 31 March was approximately USD 41 million
· Gross debt at 31 March was approximately USD 68 million after principal
repayments of approximately USD 12 million were made in the quarter resulting in
a net debt position at 31 March of approximately USD 27 million
· Acquisition post period of Beender Petroleum's minority share of Sfax
Petroleum Corporation added net 2P reserves of approximately 3 million barrels
of oil and net production of 800 - 900 bopd
· Full government ratification and approvals in Equatorial Guinea received for
EG-01 and Block S respectively
· Annual Statement of Reserves released confirming 92 percent organic 2P
Reserve replacement year-on-year
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
interests in offshore exploration Block 2B 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)