Panoro energy asa (pen.ol)

TekBot · februar 19, 2020, 6:30am

Panoro Energy (Oslo Ticker: PEN) - Invitation to Fourth Quarter results webcast 26 February 2020

Panoro Energy’s Q4 2019 report will be published on Wednesday, 26 February 2020
and will be available on our website http://www.panoroenergy.com at 07:30 a.m.
CET.
…

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The company will hold a live webcast presentation of the 4Q results at 09:00
a.m. CET on Wednesday 26 February 2020, during which management will discuss the
results and operations of the fourth quarter. After conclusion of the
discussion, participants will be invited to ask questions on the Q4 report.

The webcast can be accessed through the following link where a presentation will
be relayed in listen only mode. (http://view-w.tv/819-1577-23102/en)

Should the participants wish to ask questions, the audio of the webcast can be
accessed through the following calling numbers with the features to ask live
questions. Participants are requested to dial in five to ten minutes prior to
the start time using the numbers and password below:

Toll Free - Norway 800 19 457
Local - Oslo, Norway +47 2 156 3318
Toll Free - USA +1 866 966 5335
Local - New York, USA +1 212 999 6659

Toll Free - UK 0808 109 0700
Local - London, UK +44 (0) 203 003 2666
Password: Panoro

Participants dialling in from outside these countries may use the local UK or
USA number. A replay of the webcast will be available shortly after the event is
finished and will remain on our website for approximately 7 days.

Enquiries

Qazi Qadeer, Chief Financial Officer
Tel: +44 203 405 1060
Email: investors@panoroenergy.com

About Panoro Energy

Panoro Energy ASA is an independent E&P company based in London and listed on
the Oslo Stock Exchange with ticker PEN. The Company holds high quality
production, exploration and development assets in Africa, namely the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria, and the TPS
operated assets, Sfax Offshore Exploration Permit and Ras El Besh Concession,
offshore Tunisia.

For more information visit the Company’s website at www.panoroenergy.com.

Kilde

TekBot · februar 21, 2020, 3:09pm

Flaggemelding Panoro Energy

TekBot · februar 25, 2020, 6:31am

Panoro Energy Farms into South Africa Exploration License

Oslo, February 25, 2020, Panoro Energy ASA (the “Company” or “Panoro” with OSE
ticker: “PEN”) is pleased to announce that it has signed a Farm Out Agreement
(“FOA”) with a subsidiary of Africa Energy Corp. (“AEC”), part of the Lundin
…

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Group of Companies, which entails a wholly-owned subsidiary of Panoro acquiring
a 12.5% interest in Block 2B located in the Orange Basin, offshore the west
coast of South Africa. The exploration block has an exciting rift basin oil
play, with an existing oil discovery and near-term plans to drill the Gazania-1
well targeting best estimated gross prospective resources of 349 million
barrels* (“MMbbls”).

John Hamilton, CEO of Panoro, said: “This farm-in to Block 2B is in line with
Panoro’s renewed strategy of acquiring minority high-impact exploration
interests close to existing discoveries and with clear routes to
commercialisation. We are particularly excited to work together with Africa
Energy Corp, which has played an important role in opening up the offshore oil
and gas potential in South Africa. Exploration activity across Southern Africa
is gearing up for a very busy period, and we look forward to drilling the
identified prospects on this acreage.”

Under the terms of the FOA, Panoro will acquire a 12.5% interest and carry the
AEC subsidiary for up to $2.5 million of the well cost. The well is expected to
be spud as early as Q4 2020 depending on regulatory approvals and rig
availability. Panoro’s total share of drilling costs including the AEC carry is
estimated at approximately $5 million, which will be funded from existing
financial resources. Separately, AEC has announced a farm-out whereby Azinam
Limited will take a 50% share and operatorship in Block 2B.

Completion of the FOA is subject to consent of the Minister of Minerals and
Energy of South Africa and the Azinam farm-out becoming effective; the approval
process is anticipated to take approximately 6 months.

Block 2B contains the A-J graben, a typical rift basin, similar to others in
which major oil accumulations have been discovered by Africa Energy’s technical
team in Uganda and Kenya. The oil was generated in lacustrine source rocks that
are present in the deepest parts of the basin. The oil migrated and accumulated
in fluvial and lacustrine sandstone reservoirs around the basin flanks. There is
also significant potential in other rift grabens to the north and south of the A
-J graben and potential for significant gas discoveries in the shallower
sequences above the rift graben succession over the whole block.

Oil was discovered and tested by Soekor in the A-J1 borehole drilled in 1988.
Thick reservoir sandstones were intersected between 2,985 metres and 3,350
metres. The well was tested and flowed 191 barrels of oil per day of 36 degree
API oil from a 10 metre sandstone interval at about 3,250 metres. A total of 37
million barrels of best estimate gross contingent resources have been attributed
to the discovery by AEC.

Using more recent 3D seismic data, significant upside potential has been
identified in six prospect areas at depths of up to 800 metres shallower than
the original well. The next proposed exploration well, Gazania-1, will be
drilled into the Gazania and Namaqualand prospects identified on 3D seismic data
with combined best estimate gross prospective resources of 349 MMbbls*.

The Block 2B Exploration Right is in the second exploration period, and an
application has been filed for entry into the third two-year period, which
includes a proposed commitment to drill one well.

A presentation detailing Block 2B is available on Panoro’s website
www.panoroenergy.com and as an attachment to this release.

These volumes are estimates of Africa Energy and have not been subject to
assessment by a qualified third party resource auditor.

This information is subject of the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Enquiries

Panoro Energy ASA +44 203 405 1060
John Hamilton, Chief Executive Officer investors@panoroenergy.com

About Panoro Energy

Panoro Energy ASA is an independent E&P company based in London and listed on
the Oslo Stock Exchange with ticker PEN. The Company holds high quality
production, exploration and development assets in Africa, namely the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria, and the TPS
operated assets, Sfax Offshore Exploration Permit and Ras El Besh Concession,
offshore Tunisia. For more information, please visit the Company’s website
at www.panoroenergy.com.

Kilde

sulzrox · februar 25, 2020, 2:15pm

Her er hva Panoro kjøper seg inn.

Ligger ein PDF dere kan opne på den siden.

Må legge til at Pareto skriv 20 - 25 kr per Panoro aksje hvis denne brønnen bli suksess.

Vi har nå to veldig spennende brønner som kan ha verdi over 30 kr tilsammen.

Arctic skriv:
Det pekes på at suksessen knyttet til prospektet tidligere er blitt indikert til å være over 50 prosent. Et betydelig funn kan fort være verdt 20 kroner per Panoro-aksje, ifølge meglerhuset.

TekBot · februar 26, 2020, 6:30am

Panoro Energy Announces Full Year 2019 Results

Oslo, 26 February 2020 - Panoro Energy (the “Company” or “Panoro” with OSE
ticker: “PEN”) today announces the full year 2019 financial results and
corporate updates.
…

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John Hamilton, CEO Panoro said: “Panoro has achieved exceptionally strong
financial and production results in 2019, with many metrics being a record for
the Company since the 2014/2015 board and management changes. The
transformational Hibiscus oil discovery in Gabon is also the largest exploration
success to date for the Company. The outlook for 2020 and beyond should see
these positive trends continue, with material additional production to increase
across the Company’s core assets, along with exciting exploration wells to be
drilled. Panoro is committed to implement a balanced approach to both growth and
returning capital to shareholders through a dividend policy. We anticipate that
Panoro’s shareholders will receive a very first dividend in the form of PetroNor
shares upon completion of the Aje sale. Panoro also intends to distribute up to
50% of net profit in the form of dividend payments or share buybacks once Ruche
Phase 1 production is fully on stream. We look forward to delivering on our
strategy for the benefit of all our stakeholders.”

2019 Financial Highlights

· 2019 average net production approximately 2,371 bopd (2018: 1,315 bopd)
· 2019 Oil Sales and Other Revenue from continuing operations[1 ]USD 48.2
million in line with guidance (2018: USD 3.5 million). (Note Nigeria now
excluded from continuing operations)
· 2019 EBITDA from continuing operations of USD 25.9 million (2018: negative
USD 3.8 million) in line with guidance. (Note Nigeria now excluded from
continuing operations)
· 2019 Underlying Operating Profit before tax from continuing operations[2] of
USD 14.8 million (2018: loss of USD 3.7 million)
· 2019 reporting basis net profit before tax from continuing operations of USD
19.2 million (2018: loss of USD 4.3 million)
· Year-end cash balances of USD 30.4 million including cash held for bank
guarantee and external debt of USD 25.4 million
· Successful completion of private placement in 4Q 2019 raising USD 16 million

Operational Highlights

· Transformational exploration discovery at Hibiscus in Gabon
· DTM-4H and DTM-5H wells successfully drilled and completed at Tortue field
· Dussafu Ruche Phase 1 FID approved by JV partners
· Workover operations underway in Tunisia to achieve 5,000 bopd gross
production
· Rig secured to drill well on Guebiba field, to be followed by Salloum West
exploration well

Business Development Highlights

· Agreement to divest OML 113 signed in 4Q 2019 for USD 10 million plus up to
USD 25 million of contingent consideration
· Farm-in agreement signed on 25 February 2020 for 12.5% Working Interest in
Block 2B, offshore South Africa

Outlook and Guidance

· Tortue Phase 2 production wells on track to commence in early March (two)
and June (two)
· Up to five exploration wells to be drilled during the year
· Production operations activity in Tunisia at unprecedented levels
· Annual net production guidance between 2,600 bopd to 3,100 bopd (excluding
Aje)
· 11 international crude liftings guided, with smaller domestic sales in
addition
· 2020 net capital expenditure guidance of USD 31 million, to be funded from
existing resources
· Dividend of PetroNor shares upon completion, and new strategy to return up
to 50% of net profits following Ruche Phase 1 entering into production at end
2021

[1 ]Discontinued Operations
Aje operations in Nigeria classified as discontinued operations following
divestment agreement, pending completion, and excluded from continuing
activities.

[2 ]Non-GAAP financial measures

From start of 2019 the Group has enhanced its disclosures and introduced the
reporting of Underlying Operating Profit/(Loss) before tax from continuing
operations, a Non-GAAP Financial Measure. Underlying Operating Profit/(Loss)
before tax is considered by the Group to be a useful additional measure to help
understand underlying operational performance. The definition and details of
this Non-GAAP measure can be found on page 7 of the fourth quarter 2019 report.

Panoro will hold a live webcast presentation of the results today at 09:00 a.m.
CET. The webcast can be accessed through the following link where a presentation
will be relayed in listen only mode. (view-w.tv/819-1577-23102/en). Questions
can also be submitted via this link and will be covered by management in the Q&A
session of the call.

Should the participants wish to ask questions on the call, the audio of the
webcast can be accessed through the following calling numbers with the features
to ask live questions.

Participants are asked to dial-in five to ten minutes prior to the start time
using the number and password below:

Toll Free - Norway 800 19 457
Local - Oslo, Norway +47 2 156 3318
Toll Free - USA +1 866 966 5335
Local - New York, USA +1 212 999 6659

Toll Free - UK 0808 109 0700
Local - London, UK +44 (0) 203 003 2666
Password: Panoro

Participants dialling in from outside these countries may use the UK or USA
number. A replay of the webcast will be available shortly after the event is
finished and will remain on our website for approximately 7 days.

Enquiries

Qazi Qadeer, Chief Financial Officer
Tel: +44 203 405 1060
Email: investors@panoroenergy.com

About Panoro Energy

Panoro Energy ASA is an independent E&P company based in London and listed on
the Oslo Stock Exchange with ticker PEN. The Company holds high quality
production, exploration and development assets in Africa, namely the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria, and the TPS
operated assets, Sfax Offshore Exploration Permit and Ras El Besh Concession,
offshore Tunisia.

For more information visit the Company’s website at www.panoroenergy.com.

Kilde

TekBot · februar 28, 2020, 9:57pm

Flaggemelding Panoro Energy ASA

TekBot · mars 2, 2020, 7:02am

PEN - Shareholder disclosure

TekBot · mars 5, 2020, 6:31am

Panoro Energy Starts Oil Production from Tortue Phase 2, offshore Gabon

Oslo, 5 March 2020 - Panoro Energy (the “Company” or “Panoro” with OSE ticker:
“PEN”) is pleased to announce the start of oil production from the Tortue Phase
2 field development project in the Dussafu Marin Permit, offshore Gabon. The
…

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Gamba well DTM-5H was successfully brought online as of 4[th] March, ahead of
schedule. The second well, DTM-4H, is scheduled to be onstream in the coming
week.

The Tortue Phase 2 development consists of four production wells, tied back to
the FPSO BW Adolo, with DTM-4H and DTM-5H wells being the first of two clusters.
The second cluster is currently being drilled and is scheduled to begin
production by June 2020. Panoro has a 7.5% non-operated working interest in the
Dussafu Marin Permit.

John Hamilton, CEO Panoro said: “We are very pleased for all stakeholders with
first oil from the Tortue Phase 2 development and look forward to the material
growth in Dussafu production.”

Enquiries

John Hamilton, Chief Executive Officer
Tel: +44 203 405 1060
Email: investors@panoroenergy.com

About Panoro Energy

Panoro Energy ASA is an independent E&P company based in London and listed on
the Oslo Stock Exchange with ticker PEN. The Company holds high quality
production, exploration and development assets in Africa, namely the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria, and the TPS
operated assets, Sfax Offshore Exploration Permit and Ras El Besh Concession,
offshore Tunisia.

For more information visit the Company’s website at www.panoroenergy.com.

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Kilde

TekBot · mars 9, 2020, 6:31am

Panoro Energy Starts Oil Production from the second Tortue Phase 2 well, offshore Gabon

Oslo, 9 March 2020 - Panoro Energy (the “Company” or “Panoro” with OSE ticker:
“PEN”) is pleased to announce the commencement of oil production from the DTM-4H
well, the second in the cluster of two wells brought online within the Tortue
…

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Phase 2 field development project in the Dussafu Marin Permit, offshore Gabon.
The first well DTM-5H started producing last week, as announced on 5 March 2020.
Following the addition of the two wells, the overall field production continues
to stabilise, with current output at approximately 20.0 kbopd gross.

The Tortue Phase 2 development consists of four production wells, tied back to
the FPSO BW Adolo, with DTM-6H and DTM-7H wells the next two wells currently
being drilled and are scheduled to begin production by June 2020. Panoro has a
7.5% non-operated working interest in the Dussafu Marin Permit.

Enquiries

John Hamilton, Chief Executive Officer
Tel: +44 203 405 1060
Email: investors@panoroenergy.com

About Panoro Energy

Panoro Energy ASA is an independent E&P company based in London and listed on
the Oslo Stock Exchange with ticker PEN. The Company holds high quality
production, exploration and development assets in Africa, namely the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria, and the TPS
operated assets, Sfax Offshore Exploration Permit and Ras El Besh Concession,
offshore Tunisia.

For more information visit the Company’s website at www.panoroenergy.com.

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Kilde

TekBot · mars 10, 2020, 6:30am

Panoro Energy Provides Corporate Update

Oslo, 10 March 2020, - Panoro Energy ASA (the “Company” or “Panoro” with OSE
ticker: “PEN”) provides a corporate update in the current low oil price
environment:
…

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· Panoro’s producing assets in Gabon and Tunisia each have breakeven prices
under USD 25 per barrel based on current production levels. Such production
costs include field operating costs, royalties and an estimate of profit-sharing
based taxes, where applicable.
· In Gabon and Tunisia, Panoro is anticipating two liftings in the next four
weeks, with combined volume of approximately 140,000 barrels of oil (net). Under
the Company’s existing hedging programme, around 30% of this planned lifting
volume is hedged at a Brent price of approximately USD 57 per barrel. In
addition, the Company has around 25% of its expected monthly production hedged
at a Brent minimum USD 55 per barrel for the rest of the calendar year. Further
hedges exist in 2021 at similar levels.
· Following these next two liftings, Panoro has no international liftings
planned until May 2020 and notes that the majority of its international crude
sale liftings are scheduled in the second half of 2020.

Mr. John Hamilton, CEO of Panoro Energy, said, “Oil prices have substantially
dropped recently as turbulence has spread in the financial markets. In Gabon and
Tunisia, we benefit from high quality oilfields with growing production output
and low operating costs. With our optimised corporate cost structure and
financial hedges in place, we are well positioned to weather the current storm.
We remain committed to financial discipline and are taking proactive initiatives
to mitigate the effects of the current downturn in oil price and market
sentiment.”

Enquiries

John Hamilton, Chief Executive Officer
Tel: +44 203 405 1060
Email: investors@panoroenergy.com

About Panoro Energy

Panoro Energy ASA is an independent E&P company based in London and listed on
the Oslo Stock Exchange with ticker PEN. The Company holds high quality
production, exploration and development assets in Africa, namely the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria, and the TPS
operated assets, Sfax Offshore Exploration Permit and Ras El Besh Concession,
offshore Tunisia.

For more information visit the Company’s website at www.panoroenergy.com.

Kilde

TekBot · mars 18, 2020, 6:31am

Panoro Energy Announces Impact of Coronavirus (COVID-19) on Operations and Corporate Update

Oslo, 18 March 2020 -Panoro Energy ASA (the “Company” or “Panoro”) today
provides a corporate and core operations update in response to the Coronavirus
(COVID-19) pandemic and concurrent low oil price environment.
…

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· Panoro Energy has been closely monitoring the developing Coronavirus (COVID
-19) situation globally and is fully focused to safeguard the health of its
staff, contractors, and other stakeholders, whilst maintaining operating
capability. Coordinated actions have been taken to respond to government
directives in Gabon, the UK and Tunisia to ensure preventative measures are
taken whilst production is maintained, and ongoing well operations completed
where possible.
· In Gabon, a scale back of activities is underway, resulting in a 40%
reduction in capital expenditure for 2020 and a modest adjustment in guided
production.
· In Tunisia, production and development plans remain intact although these
may experience some timing delays due to the COVID-19 pandemic.
· Group net production guidance range for 2020 reduced by approximately 6%,
now at 2,500-2,900 bopd (versus previous guidance of 2,600 - 3,100 bopd).
· The Company’s cash position and financial liquidity are solid and are
further strengthened by the deferred capital expenditure.

John Hamilton, CEO Panoro Energy, said: “The safety of our people and operations
is our absolute priority. With 25-30% of our high-quality oil production hedged
in 2020, together with our significantly reduced capital expenditure budget,
Panoro has taken steps to mitigate the impact of the recent dramatic collapse in
oil prices. These actions have further strengthened our balance sheet. Our focus
is on protecting our highly valuable reserves and resources and preserving cash
until the extraordinary macro environment improves.”

Deferment of expenditure in Gabon

In an attempt to limit the spread of Coronavirus (COVID-19), international
travel restrictions currently in place are limiting the ability to move
essential personnel, subcontractors and equipment to and from Gabon. With these
controls, and the increasing global restriction on movement, it is likely to
affect the planned timing of the DTM-7H well and the subsequent firm exploration
well. The major supplier contracts provide for certain termination rights under
exceptional circumstances. As a precaution, the Dussafu JV has for the same
reason also taken the decision not to exercise the options for additional
exploration wells.

Further, in response to recent commodity volatility and price uncertainty, the
Dussafu JV has decided to temporarily postpone the commencement of the Ruche
Phase 1 Development process until conditions improve.

The revised capital spending program for 2020 amounts to approximately USD 13
million net to Panoro, of which about USD 3 million was spent as at end of
February. The downward revised program represents a 40% reduction to the
Company’s previously announced net capital expenditure program of approximately
USD 21 million for Dussafu in 2020.

Dussafu daily operations continue to perform in line with expectations with four
wells (DTM-2H, DTM-3H, DTM-4H and DTM-5H) producing into the FPSO BW Adolo at a
current gross production rate of approximately 20,000 barrels of oil per day.
The DTM-6H well is nearing conclusion of its drilling and completion operations.
This well is scheduled to be brought online by June.

Based on current assumptions, Dussafu gross production for 2020 is projected to
be 16,000-18,500 barrels of oil per day assuming the DTM-7H well is postponed
until a later date. This represents a reduction of approximately only 10% in the
production range previously guided. Operating costs per barrel are expected to
be approximately USD 15 -17 per barrel, compared to USD 21 per barrel on average
for 2019.

Tunisian production activities remain intact

The TPS assets are currently producing in excess of 4,000 bopd gross, with the
previously announced work over activities in the final stages of completion.
Tunisia, like other jurisdictions, is also experiencing the effect of the global
pandemic, in restricted movement of personnel and services. Based on Panoro’s
current assessment, the expected production growth to 5,000 bopd gross remains
on track, albeit with some potential for delays due to these increasing
restrictions. Panoro remains committed to its further Tunisian activities and
will monitor the effects of the global pandemic on their planning.

Financial and hedging

Panoro held cash balances as at the end of February of USD 27 million (including
restricted cash held for the bank guarantee towards Sfax Offshore Exploration
Permit). As previously announced, Panoro has a hedging position for
approximately 25-30% of its 2020 production, and its lifting schedule is
weighted towards 2H20. Break even for production operations is less than USD 25
per barrel and cost control measures are in place. As a result, when combined
with the capex reductions as detailed above, Panoro’s balance sheet remains
strong despite the low oil price environment.

Panoro will continue to closely monitor this fast-moving and exceptional
situation and will provide operational and corporate updates, as appropriate.

Enquiries

John Hamilton, Chief Executive Officer
Tel: +44 203 405 1060
Email: investors@panoroenergy.com

About Panoro Energy

Panoro Energy ASA is an independent E&P company based in London and listed on
the Oslo Stock Exchange with ticker PEN. The Company holds high quality
production, exploration and development assets in Africa, namely the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria, and the TPS
operated assets, Sfax Offshore Exploration Permit and Ras El Besh Concession,
offshore Tunisia. For more information visit the Company’s website at
www.panoroenergy.com.

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Kilde

Mulig · april 19, 2020, 10:30pm

Noen tanker om denne fremover?

TekBot · april 30, 2020, 2:33pm

Panoro Energy - Annual Report 2019

Oslo, 30 April 2020 - Panoro Energy ASA (the “Company” or “Panoro” with OSE
ticker: PEN) publishes its Annual Report and Accounts for the financial year
ended 31 December 2019, which is now available on the Company’s website
…

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(www.panoroenergy.com).

There are no major changes compared to the 2019 net results presented in the
Company’s Q4 2019 report.

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Enquiries
Qazi Qadeer, Chief Financial Officer
Tel: +44 20 3405 1060
Email: investors@panoroenergy.com

About Panoro Energy
Panoro Energy ASA is an independent E&P company based in London and listed on
the Oslo Stock Exchange with ticker PEN. The Company holds high quality
production, exploration and development assets in Africa, namely the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria, and the TPS
operated assets, Sfax Offshore Exploration Permit and Ras El Besh Concession,
offshore Tunisia. For more information, please visit the Company’s website
at www.panoroenergy.com.

Kilde

sulzrox · mai 4, 2020, 7:22am

Outlook

Production in Gabon for 2020 is now expected to average 15,000-16,500 bopd
(gross), with the 10% reduction in range due to the uncertain timing of hooking
up the successfully completed DTM-6 well. The well was expected to be connected
in June but, given the COVID-19 restrictions, the timing of this activity is
estimated to occur later this year. Current production is approximately 17,500
bopd (gross), with operating costs decreased from 2019 levels to USD16-18 per
barrel.

Production in Tunisia is steady at approximately 4,000 bopd (gross), and the
Company is on track to bring on the anticipated additional production as soon as
the COVID-19 operational restrictions lessen. Operating costs remain under $15
per barrel.

Hedging

Panoro has hedged 20,286 barrels per month (equivalent to approximately 667
barrels per day) for the entire calendar years of 2020 and 2021. These are
predominantly costless collars with a floor of USD 55 per barrel and a cap of
around USD 61 per barrel. The hedges are settled on a monthly basis on the
average of Dated Brent during the calendar month.

As additional Brent price protection, Panoro has additional hedges in place of
24,000 barrels for each of March and July 2020 to coincide with planned
liftings. These were done as costless collars and swaps with a floor at
approximately USD 62 per barrel.

For the first quarter, hedge income of approximately USD 1.2 million was
recognized, resulting in an average realized price per barrel sold (including
hedging) of USD 57 per barrel (note: hedging income is recognized in the P&L
after EBIT and not reported as part of revenue and EBITDA).

As at March 31, the mark-to market value of the Company’s remaining hedge
positions is USD 9 million net to Panoro.

Financials

As at 31 March, Panoro held USD 24 million in cash (including the USD 10 million
held against the bank guarantee for Sfax Offshore). Debt as at end March was USD
23 million, with USD 2.1 million having been repaid in Q1.

Remaining capital expenditure to be spent this year in Gabon is approximately
USD 5 million. As announced, in Tunisia any material capital expenditure is
paused pending return to a normal environment for conducting drilling
operations. Material cost cutting initiatives at the operating and corporate
level have been achieved with further reduction underway.

Panoro’s break even costs (operating costs plus all taxes) at the asset level
are on average below USD 25 per barrel, and with modest corporate costs, Panoro
is well positioned to withstand these adverse market conditions.

https://newsweb.oslobors.no/message/504456

Når viss oljeprisen snur så kan PEN ha potensial til å gå høgt. (+50)

TekBot · mai 20, 2020, 5:31am

Panoro Energy (Oslo Ticker: PEN) - Invitation to First Quarter results webinar 28 May 2020

Panoro Energy’s Q1 2020 report will be published on Thursday, 28 May 2020 and
will be available on our website http://www.panoroenergy.com at 07:30 a.m. CET.

…
Vis børsmeldingen

The Company will hold a live webinar presentation of the 1Q results at 09:00
a.m. CET on Thursday 28 May 2020, during which management will discuss the
results and operations of the first quarter. After conclusion of the discussion,
participants will be invited to ask questions on the Q1 report.

The webinar presentation can be accessed through registering at the link below
and the online access to the event will be equipped with features to ask live
questions. The audio Q&A feature will only be available for attendees who join
online. Joining instructions for participating online or through using local
dial-in numbers will be available upon completion of registration. The webinar
details are as follows:

Date and 28 May 2020, 09:00 .a.m. CET
Time:
Registration: https://attendee.gotowebinar.com/register/1351966501308431631
After registering, participants will receive a confirmation
email containing information about joining the webinar.
           Participants can use their telephone or computer microphone and
           speakers (VoIP).
Please join the event at least five minutes before the scheduled start time.

A replay of the webinar will be available shortly after the event is finished
and will remain on our website (www.panoroenergy.com) for approximately 7 days.

Enquiries

Qazi Qadeer, Chief Financial Officer
Tel: +44 203 405 1060
Email: investors@panoroenergy.com

About Panoro Energy

Panoro Energy ASA is an independent E&P company based in London and listed on
the Oslo Stock Exchange with ticker PEN. The Company holds high quality
production, exploration and development assets in Africa, namely the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria, and the TPS
operated assets, Sfax Offshore Exploration Permit and Ras El Besh Concession,
offshore Tunisia.

For more information visit the Company’s website at www.panoroenergy.com.

Kilde

slugger · mai 20, 2020, 6:23pm

Lite prat om PEN her nå for tiden. Q1-rapport neste uke. Kan fort komme noen hyggelige overraskelser der. Ikke det at oljeprisen ikke påvirker dem også, men det er hva som ligger foran oss i terrenget som er viktig. Flott avslutning i dag og det ser ut som den er etablert godt over 9 som indikerer fortsatt opptur. Mitt skip er lastet med osv.

TekBot · mai 25, 2020, 5:30am

Panoro Energy: Notice of Annual General Meeting 2020

Oslo, 25 May 2020 - Panoro Energy ASA, Panoro Energy (“Panoro” or the “Company”
with OSE Ticker: PEN) today announced that the Annual General Meeting (“AGM”)
scheduled for 18 June 2020 will be held at 12:00 noon at the Company’s offices
…
Vis børsmeldingen

located at Schjødt law-firm, Ruseløkkveien 14, Oslo, Norway.

The formal notice of the AGM is attached to this release and can also be
downloaded from our website at www.panoroenergy.com.

Due to the extraordinary situation with Covid-19, shareholders are strongly
encouraged not to attend the AGM in person, but rather provide electronic votes
or voting proxies.

As usual for the Company’s general meetings, shareholders may provide votes
prior to the AGM via the electronic VPS system or by submission of a proxy.

The electronic system for registration of advance votes can be accessed at the
following
. Proxy forms are attached to the calling notice.
The Company has arranged for shareholders to be able to call in to the AGM and
as such participate in the meeting and have the possibility to raise questions
to the Company’s representatives. Please register your participation for this
event using the details below. Joining instructions will be emailed to the
participants once registration information is submitted. The audio Q&A feature
will only be available for attendees who register and join the event online.
Please note that it is not possible to cast votes via telephone participation.

Date and 18 June 2020, 12:00 noon CET
Time:
Registration: https://attendee.gotowebinar.com/register/5014859747045575182
           After registering, participants will receive a confirmation
           email containing information about joining the event.

           Participants can use their telephone or computer microphone and
           speakers (VoIP).
Please join the event at least five minutes before the scheduled start time.

The registration will also be available on our website at www.panoroenergy.com.

Enquiries

For further information, please contact:
Investors: investors@panoroenergy.com

About Panoro Energy

Panoro Energy ASA is an independent E&P company based in London and listed on
the Oslo Stock Exchange with ticker PEN. The Company holds high quality
production, exploration and development assets in Africa, namely the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria, and the TPS
operated assets, Sfax Offshore Exploration Permit and Ras El Besh Concession,
offshore Tunisia.

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Kilde

slugger · mai 26, 2020, 10:21pm

Straks 10-tallet igjen. Blir spennende på torsdag

TekBot · mai 28, 2020, 5:31am

Panoro Energy Announces First Quarter 2020 Results and Provides Operations and Corporate Updates

Oslo, 28 May 2020 - Panoro Energy (the “Company” or “Panoro” with OSE ticker:
“PEN”) today announces the first quarter 2020 financial results and subsequent
events:
…
Vis børsmeldingen

Financial Highlights

· Gross revenue from continuing operations[1] for 1Q 2020 of USD 3.4 million
compared to USD 13.7 million for the previous quarter, due to fewer liftings
(70% lower in volume) and lower oil prices
· EBITDA from continuing operations of USD 0.3 million compared to USD 5.5
million for the fourth quarter of 2019
· Q1 2020 Net income before tax of USD 9 million principally from gains on
crude oil hedges
· Q1 2020 net group production from continuing operations of approximately
2,042 bopd (Q4 2019 average net production: 1,921 bopd)
· Cash balances of USD 24.2 million at quarter end (31 December 2019: USD 30.5
million) including cash held for bank guarantee
· Debt of USD 23.4 million (31 December 2019: USD 25.4 million), with USD 2.1
million having been repaid in the quarter

Operational Highlights

· Production and lifting operations maintained and unaffected through crisis
· Health and Safety systems and protocols proved resilient
· Capital expenditure materially reduced through the deferment of drilling
activities in Gabon
· Gabon annual production guidance revised down due to impact of COVID-19 on
well drilling and completion activities
· Tunisian gross production increased by 15% as compared to Q4 2019 to
approximately 4,000 bopd in current quarter with further increase targeted in
Q3
· Rig secured to drill well on Guebiba field, to be followed by Salloum West
exploration well

Corporate Highlights

· Hedging strategy proving effective in period of extremely volatile and low
oil prices
· Farm-in agreement signed on 25 February 2020 for 12.5% Working Interest in
Block 2B, offshore South Africa

Outlook and Guidance

· Current 2020 net production guidance of 2,300-2,600 bopd due to announced
revision in Gabon
· In Gabon, production from DTM-6H (drilled but not tied in) and DTM-7H (to be
drilled) to be brought on as soon as conditions permit
· Production growth activity in Tunisia at unprecedented levels, with further
increase expected in Q3 2020
· Dividend of PetroNor shares upon completion of sale of Aje

John Hamilton, CEO of Panoro, commented: “Decisive actions taken both prior to
and during the ongoing crisis have put Panoro in a stable and resilient
position. Our focus has been on protecting our highly valuable assets whilst
remaining financially prudent until the dislocated macro environment
improves. With 25-30% of our high-quality oil production hedged in 2020 and
2021, together with our significantly reduced capital expenditure budget, Panoro
has taken steps to mitigate the impact of the recent dramatic collapse in oil
prices. With some of the conditions easing recently, we are taking further
actions towards resumption of some well activity in Tunisia, and await further
improvements ahead of our planned growth in Gabon.”

[(1)]Discontinued Operations
Aje operations in Nigeria classified as discontinued operations following
divestment agreement, pending completion, and excluded from continuing
activities.

The Company will hold a live webinar presentation of the 1Q results at 09:00
a.m. CET today, during which management will discuss the results and operations
of the first quarter. After conclusion of the discussion, participants will be
invited to ask questions on the Q1 report.

The webinar presentation can be accessed through registering at the link below
and the online access to the event will be equipped with features to ask live
questions. The audio Q&A feature will only be available for attendees who join
online. Joining instructions for participating online or through using local
dial-in numbers will be available upon completion of registration. The webinar
details are as follows:

Date and 28 May 2020, 09:00 .a.m. CET
Time:
Registration: https://attendee.gotowebinar.com/register/1351966501308431631
           After registering, participants will receive a confirmation
           email containing information about joining the webinar.

           Participants can use their telephone or computer microphone and
           speakers (VoIP).
Please join the event at least five minutes before the scheduled start time.

A replay of the webinar will be available shortly after the event is finished
and will remain on our website (www.panoroenergy.com) for approximately 7 days.

Enquiries

Qazi Qadeer, Chief Financial Officer
Tel: +44 203 405 1060
Email: investors@panoroenergy.com

About Panoro Energy
Panoro Energy ASA is an independent E&P company based in London and listed on
the Oslo Stock Exchange with ticker PEN. The Company holds high quality
production, exploration and development assets in Africa, namely the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria, and the TPS
operated assets, Sfax Offshore Exploration Permit and Ras El Besh Concession,
offshore Tunisia.

For more information visit the Company’s website at www.panoroenergy.com.

Kilde

slugger · mai 28, 2020, 6:05am

Herlig lesing! Bordet er dekket og kursen videre staket ut. Det blir rett nord fra dagens ståsted