Panoro energy asa (pen.ol)

[Sjokk]

Sjekket VPS, står at den er under arbeid. De sa vel at aksjene skulle være på VPS 25 mars eller der omkring. Har vel sine ord i behold enn så lenge.

[TekBot]

PEN: Flaggemelding Panoro Energy ASA

Kistefos AS har i dag, den 26.3.21, forlenget terminavtaler i Panoro Energy ASA («Selskapet») på til sammen 8 828 104 aksjer, tilsvarende 7,83 % av de utstedte aksjene i Selskapet. Terminavtalene forfaller 28.6.21. Kistefos AS og nærstående eier til sammen 14 306 076 aksjer i Selskapet, samtlige på termin, tilsvarende 12,68 %. Forlengelsen av terminen medfører ingen endring i eierandelen. Eierandelene er hensyntatt 5 500 000 reparasjonsaksjer som Selskapet er i ferd med å utstede, se børsmelding fra Selskapet datert 16.03.2021.
…

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Kilde

[TekBot]

Panoro Energy: Updated Share Capital after Subsequent Offering

Oslo, 29 March 2021 - Reference is made to previous announcements of Panoro
Energy ASA (the “Company”) with respect to the completed Subsequent Offering.

…

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Subsequent Offering of 5,500,000 shares, has now been registered with the
Register of Business Enterprises. Following this registration, the registered
share capital of the Company is NOK 5,639,935.50, divided into 112,798,710
shares, each having a face value of NOK 0.05.

Enquiries

For further information, please contact:
Qazi Qadeer, Chief Financial Officer
Tel: +44 (0) 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 the Dussafu License offshore southern Gabon, OML 113 offshore western
Nigeria (held-for-sale, subject to completion), and the TPS operated assets,
Sfax Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia.
Subject to completion of certain conditions, Panoro has also farmed-into an
exploration Block 2B, offshore South Africa and acquired a producing interest in
Block G, offshore Equatorial Guinea.

Visit us at: www.panoroenergy.com
Linkedin: linkedin.com/company/panoro
-energy (https://www.linkedin.com/company/panoro-energy)

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

Kilde

[TekBot]

Panoro Energy - Completion of Acquisition

Oslo, 31 March 2021 - Panoro Energy ASA (“Panoro”) is pleased to announce the
completion of the acquisition by Panoro Energy Holding B.V. of all of the issued
share capital of Tullow Equatorial Guinea Limited (“TEGL”) from a subsidiary of
…

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Tullow Oil plc. TEGL holds a 14.25% non-operated working interest in Block G
which contains the Ceiba and Okume Complex assets, offshore Equatorial Guinea.
Net production to Panoro from these assets is expected to be approximately 5000
bopd in 2021.

John Hamilton CEO of Panoro said: “The acquisition of the Block G assets from
Tullow marks the first of two closing steps in our previously announced
transactions. Together, these transactions are transformational for Panoro,
increasing our production and reserves position by a factor of 3-4 times. We are
very pleased to be joining the Block G JV partnership. We would like to thank
the Ministry of Mines, Industry and Energy in Equatorial Guinea for their
excellent cooperation to date and we look forward to creating value together for
the country, the JV partners, and wider stakeholders.”

The completion consideration is US$88.8 million following customary adjustments.
The acquisition has been funded by a drawdown of US$55 million under the US$90
million debt facility arranged by Trafigura and with the Mauritius Commercial
Bank as mandated lead arranger and facility agent, and the balance from equity
funds.

In parallel, Panoro is continuing to further progress the completion conditions
related to its purchase of Tullow’s 10% working interest in Dussafu Marin
permit, offshore Gabon, and will update shareholders in due course.

Enquiries

John Hamilton, Chief Executive Officer
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 a producing interest in Block G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria (held-for
-sale, subject to completion), and the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia. Subject to
completion of certain conditions, Panoro has also farmed-into an exploration
Block 2B, offshore South Africa.

Visit us at www.panoroenergy.com
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

Kilde

[TekBot]

Panoro Energy -March Crude Liftings Update including US$ 59 million from Sale of Cargo from Block G

Oslo, 7 April 2021 - Panoro Energy ASA (“Panoro”) is pleased to announce the
receipt of proceeds from a March crude lifting from its 14.25% working interest
in Block G which contains the Ceiba and Okume Complex assets, offshore
…

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Equatorial Guinea.

Approximately 903,000 barrels were sold by a Panoro subsidiary at US$ 65 per
barrel, realizing approximately US$ 59 million in cash net to Panoro. These will
be reflected as a receivable on the Q1 2021 balance sheet with cash inflows
realizing in Q2 2021. Panoro intends to provide revenue, production and
operating metrics on a pro-forma basis in our next operating and financial
update from January 1[st] to show the impact of the acquisitions from Tullow.

As Panoro lifts its own barrels in Block G, the next scheduled lifting is likely
in Q4 2021.

In March, Panoro also had the following international liftings, with cash to be
paid in April:

· Approximately 56,000 barrels in Dussafu (based on 7.5% working interest) at
~US$ 66 per barrel (130,000 barrels approx. based on increased stake in Dussafu
once acquisition of additional 10% working interest is completed)
· Approximately 96,000 barrels in Tunisia at ~US$ 60 per barrel

Enquiries

John Hamilton, Chief Executive Officer
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 a producing interest in Block G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria (held-for
-sale, subject to completion), and the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia. Subject to
completion of certain conditions, Panoro has also farmed-into an exploration
Block 2B, offshore South Africa.

Visit us at www.panoroenergy.com
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

Kilde

[strongbuy]

Aksjeanalyser.com har i dag sett nærmere på kanskje den aller billigste...

[TekBot]

Panoro Energy initiates 2021 drilling campaign offshore Gabon

Oslo, 19 April 2021 - Panoro Energy ASA (the “Company” or “Panoro” with OSE
ticker: “PEN”) has initiated its 2021 Gabon drilling campaign with the spudding
of the Hibiscus Extension well on the Dussafu Marin Permit. This will be
…

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followed by drilling at Tortue and Hibiscus North.

John Hamilton CEO of Panoro said: “We are now restarting an exciting phase of
operational activity in Gabon. Hibiscus Extension represents the largest
potential impact well this year for Panoro. The rig will then proceed to drill
the final production well at Tortue before drilling another exploration well at
Hibiscus North to further test the significant upside at Dussafu.”

Hibiscus and Tortue are two out of a total of six discovered fields within the
Dussafu Permit offshore Gabon. Panoro currently holds a 7.5% interest in the
license. Panoro has entered into an agreement to acquire an additional 10%
working interest in the Dussafu Permit, bringing its total ownership to 17.5%
following completion of the transaction.

Spud of Hibiscus Extension exploration well

Drilling has commenced on the Hibiscus Extension on the Dussafu Marin Permit
(“Dussafu”), offshore Gabon. This exploration well is being drilled with the
Borr Norve jack-up drilling rig, and is the first well in a 3-well campaign
planned on Dussafu during 2021.

The Hibiscus Extension well (“DHIBM-2”) is located about 56 km offshore Gabon in
119 m water depth. The well is planned as a vertical well to test structure, oil
and reservoir presence in what is believed to be a possible northerly extension
of the Gamba reservoir in the Hibiscus field. The DHIBM-2 well is positioned
approximately 3 km northwest of the Hibiscus discovery well (“DHIBM-1”) drilled
by the joint venture in 2019. The DHIBM-1 well and its appraisal sidetrack
established a 2P gross recoverable reserve of 46.1 MMbbls at the Hibiscus field.

The DHIBM-2 well is expected to take around 30 days to drill and log to a total
depth of 3,500 metres. In the event of success at DHIBM-2, one or two appraisal
sidetracks may be drilled to further delineate the field.

Success at the Hibiscus Extension well and sidetracks could significantly
increase the total reserves at Hibiscus. The Hibiscus/Ruche development project,
based on the already discovered reserve at Hibiscus, is currently planned to
consist of a converted jackup tied back to the FPSO with 12 development wells
drilled in two phases, with first oil in early 2023. The additional reserves at
Hibiscus, if proven by the DHIBM-2 well, would require additional wells and
possibly a converted jackup to fully develop the potential in the area.

Further Drilling at Dussafu

Following the DHIBM-2 well, the rig will move to drill a horizontal production
well, DTM-7H, at the Tortue field. This will complete the phase 2 development of
Tortue and, along with DTM-6H, will bring the total number of production wells
at Tortue up to six.

The joint venture has exercised an optional well slot with Borr and plans to
drill the Hibiscus North prospect, located approximately 6 km north-northeast of
the DHIBM-1 well. Hibiscus North is a separate 10 - 40 million barrel (operator
estimate) prospect that could be tied into the Hibiscus/Ruche development
project. The drilling of Hibiscus North will occur following the finalisation of
drilling and hook up of DTM-7H production well.

Enquiries

John Hamilton, Chief Executive Officer
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 a producing interest in Block G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria (held-for
-sale, subject to completion), and the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia. Subject to
completion of certain conditions, Panoro has also farmed-into an exploration
Block 2B, offshore South Africa.

Visit us at www.panoroenergy.com
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

Kilde

[sulzrox]

Panoro Completes Farm-in- to Block 2B, Offshore South Africa

Flott. Da er den i boks.
Tipper vi har svare i Q1 22 på brønnen.

https://newsweb.oslobors.no/message/530586

---

Edit:

Avtale baner vei for en av årets heteste letebrønner

[TekBot]

Panoro Energy - Publication of 2020 Annual Statement of Reserves

Oslo, 30 April 2021 - Panoro Energy ASA (the “Company” or “Panoro” with OSE
Ticker: PEN) is pleased to announce the release of its 2020 Annual Statement of
Reserves (the “ASR”).
…

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The Panoro portfolio reported here for year end 2020 comprises of two assets
with continuing operations and reserves, these are a 7.4997% working interest in
the Dussafu Permit in Gabon and a 29.4% working interest in the TPS Assets in
Tunisia.

After taking account of 2020 production, and as of 31 December 2020, the total
net working interest reserves for Panoro in million barrels of oil (“MMbbl”)
were:

· Proved (1P) reserves of 8.05 MMbbl
· Proved + Probable (2P) reserves of 12.30 MMbbl
· Proved + Probable + Possible (3P) reserves of 16.46 MMbbl

In February 2021 Panoro announced the acquisition of 14.25% working interest in
Block G in Equatorial Guinea and an additional 10% working interest in the
Dussafu Marin Permit in Gabon. The acquisition of Block G was completed in March
2021 and the acquisition of the additional 10% working interest in Dussafu is
pending completion.

Had the acquisitions completed on 31 December 2020, the total net working
interest reserves position of Panoro would have been as follows:

· Proved (1P) reserves of 21.49 MMbbl
· Proved + Probable (2P) reserves of 36.17 MMbbl
· Proved + Probable + Possible (3P) reserves of 51.59 MMbbl

These acquisitons, assuming completion, increase Panoro’s end 2020 net working
interest 2P reserves by 23.87 MMbbls, which is an approximate threefold
increase.

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.

A copy of the 2020 Annual Statement of Reserves is available on our website
at http://www.panoroenergy.com/investors/annual-statement-of-reserves/ and as an
attachment to this release.

Enquiries

John Hamilton, Chief Executive 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 a producing interest in Block G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria (held-for
-sale, subject to completion), the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa.

Visit us at www.panoroenergy.com
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

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

Kilde

[TekBot]

Panoro Energy - Annual Report 2020

Oslo, 30 April 2021 - Panoro Energy ASA (the “Company” or “Panoro” with OSE
ticker: PEN) publishes its Annual Report and Accounts for the financial year
ended 31 December 2020, which is now available on the Company’s website
…

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(www.panoroenergy.com).

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 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 a producing interest in Block G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria (held-for
-sale, subject to completion), the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa.

Visit us at www.panoroenergy.com
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

Kilde

[TekBot]

Panoro Energy: Notice of Annual General Meeting 2021

Oslo, 4 May 2021 - Panoro Energy ASA, (“Panoro” or the “Company” with OSE
Ticker: PEN) today announces that the Annual General Meeting (“AGM”) scheduled
for 27 May 2021 will be held at 10am CEST at the Company’s offices located at
…

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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.A
link to the electronic system for registration of advance votes will be
available on our website. 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 online or telephonic participation.

Date and 27 May 2021, 10:00am CEST
Time:
Registration: https://attendee.gotowebinar.com/register/7128913851211391760

           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 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 a producing interest in Block G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria (held-for
-sale, subject to completion), the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa.

Visit us at www.panoroenergy.com
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

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

Kilde

[NidarosEsp1]

bare å lese seg opp på nytt selskap da:
avtale hvor Selskapets eierandeler i Ajefeltet i Nigeria skal selges til Petronor E&P Ltd.
I forbindelse med gjennomføring av
transaksjonen forventes at Selskapet som
vederlag vil motta aksjer i Petronor E&P Ltd.
med en verdi på opp til USD 10.000.000.
Selskapet har som intensjon å dele slike aksjer
ut som utbytte til Panoros aksjonærer.
Tidspunktet for gjennomføring av
transaksjonen er blant annet avhengig av
godkjennelser fra lokale myndigheter i Nigeria,
og er på tidspunktet for innkallingen derfor ikke
klarlagt

[Mcslu]

Hva innebærer dette for oss egentlig? Oppgjøret består av aksjer i Petronor til en verdi av opptil 10 mill, og dette deles ut som utbytte? Betyr det at vi får aksjer i petronor, eller vil utbyttet på 10 mill deles ut som penger?

[NidarosEsp1]

de lager sikkert en brøk på hvordan de fordeler disse utbytte aksjene. Så har man aksjer i Panoro før ett gitt tidspunkt så får man da x antall aksjer i Petronor.
Så kan man selge disse om man ikke har tro på kursen i denne aksjen.

[TekBot]

Hibiscus Extension Well Update

Oslo, 5 May 2021 - Panoro Energy ASA (the “Company” or “Panoro” with OSE Ticker:
PEN) announces that the DHIBM-2 Hibiscus Extension well did not encounter
hydrocarbons in the target Gamba reservoir.
…

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The Borr Norve jackup rig, currently drilling the DHIBM-2 well, has drilled
through the main targeted Gamba sandstone in a structurally high position but
logging results indicate that the Gamba is water wet and no hydrocarbon shows
were encountered to date. The well will be drilled and logged to a Total Depth
of 3,500 metres as planned. The rig will then move to drill the DTM-7H
production well at the Tortue field, followed by another exploration well on the
Hibiscus North prospect. The data acquired from the DHIBM-2 well will be
analysed and integrated into the larger Dussafu model to further refine the
extensive exploration prospect inventory.

The existing Hibiscus 2P gross recoverable reserves of 46.1 MMbbls established
by the DHIBM-1 well and its appraisal sidetrack, drilled in 2019, remain
unaffected and will form the core of the upcoming Hibiscus/Ruche development
project. Planning for this next phase remains on track.

John Hamilton CEO said, “We are clearly disappointed with the Hibiscus Extension
well result, which in a success case would have made the Hibiscus area even
bigger than the original discovery. However, we remain extremely confident on
the remaining exploration potential in this huge block. Plans now return to
focus on production growth at Tortue and the next phase at the Hibiscus Ruche
fields. Dussafu remains a highly valuable, long term asset and we look forward
to continuing to bring production online and explore for additional reserves.”

Enquiries

John Hamilton, Chief Executive 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 a producing interest in Block G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria (held-for
-sale, subject to completion), the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa.

Visit us at www.panoroenergy.com
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

Kilde

[Kaisovski]

DRITT… Hadde skikkelig tro på Hibiscus

[TekBot]

Panoro Energy - Mandatory Notification of Voting Rights - 2021 AGM

In connection with the annual general meeting scheduled for 27 June 2021 (the
“AGM”), chairman of the board of directors Julien Balkany has received proxies
without voting instructions representing 3,279,181 shares and votes, equal to
…

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2.91% of all issued shares and votes. The proxies are valid only for the AGM.

In addition, Mr. Balkany controls, directly or indirectly, a total of 3,582,970
shares and votes which, together with received proxies, means that Mr. Balkany
controls 6,862,101 shares and votes, equal to 6%, at the AGM. Consequently, the
5% disclosure threshold has been crossed.

This information is subject to the disclosure requirements pursuant to section 4
-3 of the Securities Trading Act.

Oslo, Panoro Energy ASA

7 May 2021

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 a producing interest in Block G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria (held-for
-sale, subject to completion), the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa.

Visit us at www.panoroenergy.com
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

Kilde

[TekBot]

Flaggemelding PEN NO (Panoro Energy)

DNB Bank ASA, DNB Markets har gjennom to separate terminavtaler inngått 8. mars 2021 og 26. mars 2021 ervervet og solgt aksjer i Panoro Energy ASA. Hver for seg utgjorde ingen av disse terminhandlene en meldepliktig handel. Forventet levering av aksjene er 28. juni 2021 for begge terminavtaler.

I henhold til allmennaksjeloven § 4-2 annet ledd er det i dag 21. mai 2021 avtalt at DNB Bank ASA kan utøve rettigheter som aksjeeier for de ovennevnte aksjene frem til aksjene leveres til kjøper av aksjene under terminkontraktene. Avtalen omfatter 9.270.597 aksjer i Panoro Energy ASA.
…

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DNB-konsernet eier etter dette 13.735 aksjer i Panoro Energy ASA, tilsvarende 0.01 prosent av aksjekapitalen og innehar stemmeretter knyttet til 9.284.332 aksjer tilsvarende 8,23 prosent av antall stemmer i selskapet.

Kilde

[TekBot]

Panoro Energy - Updated Share Capital

Oslo, 26 May 2021 - Reference is made to the extraordinary general meeting held
3 March 2021. The 307,578 shares resolved and issued to Trafigura Ventures V
B.V. have now been registered with the Norwegian Register of Business
…

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Enterprises. Following the registration, the share capital of Panoro Energy ASA
is NOK 5,655,314.40 divided into 113,106,288 shares, each having a face value of
NOK 0.05.

Enquiries

For further information, please contact:
Qazi Qadeer, Chief Financial Officer
Tel: +44 (0) 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 a producing interest in Block G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria (held-for
-sale, subject to completion), the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa.

Visit us at www.panoroenergy.com
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

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

Kilde

[TekBot]

Panoro Energy: Q1 2021 Trading and financial update

Oslo, 27 May 2021 - Panoro Energy ASA (“Panoro” or the “Company” with OSE
Ticker: PEN) delivered on a pro-forma basis, record high revenues of USD 77.2
million in this year’s first quarter, with an EBITDA-result of USD 25.3 million,
…

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showcasing the scale effects of the Company’s announced acquisitions, which
either have been or are in process of being completed.

On an IFRS Reporting Basis, Panoro had gross revenues of USD 11.8 million,
EBITDA of USD 5.3 million and EBIT of USD 3.2 million in this year’s first
quarter.

Panoro today also notes a target 2021 exit rate production of approximately
9,500 bopd, compared to current level of 8,000 bopd, and estimates that average
production in 2023 will reach in excess of 12,000 bopd.John Hamilton, CEO
Panoro, commented: “The first quarter of 2021 is the most significant in our
history. Through the acquisition announced in February, Panoro is transformed.
We can now point to a diversified production business across three countries, a
long-term reserves and contingent resource foundation, and an extensive
exploration portfolio. The resultant cash flow and strong balance sheet ensure
Panoro is fully financed through its organic growth plans, and positioned to pay
cash dividends in 2023. In the near term, we can look forward to five new
production wells coming on stream, and two exploration wells to be drilled. We
look forward to updating shareholders on this exciting growth trajectory.”

Financial Highlights

±-------------±-------------------------------------±-------------+
| Metric |IFRS Reporting Basis |Pro-forma |
| | |Basis |
±-------------±-------------------------------------±-------------+
|Net Production|2,400 bopd |8,000 bopd |
|(approximate) | | |
±-------------±-------------------------------------±-------------+
|Gross revenue |USD 11.8 million |USD 77.2 |
| | |million |
±-------------±-------------------------------------±-------------+
| Number of |2 International |3 Internationa|
| liftings |2 Domestic |l |
| | |2 Domestic |
±-------------±-------------------------------------±-------------+
| EBITDA |USD 5.3 million |USD 25.3 |
| | |million |
| | |(reduced by |
| | |the effect of |
| | |USD 31.1 |
| | |million over |
| | |lift position |
| | |in EG |
| | |recognised at |
| | |fair value |
| | |which will |
| | |unwind in |
| | |coming |
| | |quarters with |
| | |inventory |
| | |accumulation) |
±-------------±-------------------------------------±-------------+
| EBIT |USD 3.2 million |USD 18.8 |
| | |million(after |
| | |DD&A on a |
| | |historical |
| | |basis. |
| | |Following |
| | |completion of |
| | |acquisitions, |
| | |DD&A expected |
| | |to be higher |
| | |due to |
| | |depletion of |
| | |fair value |
| | |uplift on |
| | |purchase |
| | |price |
| | |allocation). |
±-------------±-------------------------------------±-------------+
| Cash balance |USD 54.6 million |To be reduced |
|(including USD| |by |
| 10 | |approximately |
| million held | |USD 14 |
| for bank | |million |
| guarantee) | |related to |
| | |completion of |
| | |acquisitions |
±-------------±-------------------------------------±-------------+
| Receivables |USD 71.4 million (including USD 59.1 |Substantial |
|from crude oil|million related to Block G, Equatorial|portion of |
| sales |Guinea) |the |
| | |receivables |
| | |realised in |
| | |April 2021 |
±-------------±-------------------------------------±-------------+
| Gross Debt |USD 74 million |To be |
| | |increased by |
| | |USD 35 |
| | |million |
| | |following |
| | |completion of |
| | |Dussafu |
| | |Transaction |
±-------------±-------------------------------------±-------------+

In February 2021, Panoro announced two transformational acquisitions of assets
in West Africa. On 31 March 2021, the acquisition of Tullow Equatorial Guinea
Limited (“TEGL”) (the “EG Transaction”) was completed and has been recognised
in the balance sheet of the Group in accordance with IFRS 3. The results of TEGL
for the first quarter 2021 have not been consolidated and will be included from
the date of completion. The second transaction of acquisition of an additional
10% working interest in Dussafu permit (the “Dussafu Transaction”) has not
completed as of the reporting date of 31 March 2021 and as such has not been
included in the balance sheet or the income statement of the Group.

In order to provide insights into the performance of the Group’s existing
operations combined with the Company’s aforementioned acquisitions in West
Africa, certain unaudited key information has been prepared and included in the
highlights on a pro-forma basis after including the results and operations of
both transactions from 1 January 2021.

The pro-forma information above is prepared for indicative purposes only and
should not be construed as past performance of the Group or be seen as a forward
-looking guidance. The purpose of this information is solely to provide
illustration and highlight the key metrics of the business on an indicative
basis after considering potential acquisitions. For information on the
assumptions used to prepare pro-forma information, please refer to note 7 of the
published Q1 2021 Trading and financial update.

Operational Highlights

·
Production and lifting operations maintained and largely unaffected through the
quarter

· Health and Safety systems and protocols proved resilient

Equatorial Guinea

·
Average first quarter production of approximately 30,200 bopd gross (4,300 bopd
net)

· Prior to completion, one cargo under Panoro’s entitlement was lifted from
Equatorial Guinea during the quarter, generating sales of USD 59.1 million
· The Okume upgrade project is nearing completion, adding additional power,
water injection and gas lift capacity necessary for further facilities de
-bottlenecking and additional electrical submersible pumps (ESPs). In April,
partners commenced the second phase of the planned ESP program and upgraded the
G-19 flowline, which has significantly enhanced production from that well. A
rig has also been contracted for the upcoming infill drilling campaign, which is
expected to arrive in country during 2Q to drill the three wells planned on the
Elon field this year
· Three new production wells are planned for the Elon field in 2021

Gabon

·
Average first quarter production of 13,600 bopd gross on average (1,020 bopd net
increasing to 2,380 bopd following completion of 10% additional working
interest)

· Material cost and time savings through an alternative development plan for
the Hibiscus/Ruche area using jack-up rigs in place of a wellhead platform
· USD 100 million gross in capital savings as compared to previous concept
· Break-even for next development phases of approximately USD 25 per barrel
· One crude oil lifting in 1Q, sold at USD 67 per barrel with cost of sales of
USD 23 per barrel

Tunisia

·
Average first quarter production In Tunisia of 4,543 bopd gross on average
during the quarter (1,336 bopd net)

· A lifting of 96,000 bbls net to Panoro was completed during the quarter
achieving a price of approximately USD 60/bbl. Additional domestic liftings also
supplemented the revenues for this period.

Corporate Highlights

·
Completion of acquisition from Tullow Oil plc of a 14.25% working interest in
Block G, offshore Equatorial Guinea (“EG Transaction”) with remaining additional
10% working interest in Dussafu Marin Permit, offshore Gabon expected to
complete in 2Q

· Equity private placement and subsequent offering during the quarter with net
proceeds of USD 77.1 million
· First drawdown of USD 55 million under the USD 90 million debt facility with
Trafigura/MCB to partially fund the EG Transaction
· Completion of farm-in of 12.5% working interest in Block 2B, offshore South
Africa in April 2021

Outlook and Guidance

·
Five new production wells to be completed during Q2 and Q3 (3 EG and 2 Gabon)

· Targeting 2021 exit rate production in excess of 9,500 bopd
· Production growth activity in Tunisia to continue with workovers planned at
El Ain-3 and Cer-3
· Drilling of Hibiscus North exploration well in Q3
· Drilling of Gazania-1 exploration well in Block 2B by end of 2021
· Three international liftings expected in 2Q 2021
· Dividend of PetroNor shares to Panoro shareholders (upon completion of sale
of Aje)

The Company will hold a live presentation at 09:00 a.m. CEST today, during which
management will discuss the results and operations of the period. After
conclusion of the discussion, participants will be invited to ask questions on
the results update.

The 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
presentation details are as follows:

±------------±-------------------------------------------------------------+
| Date and | 27 May 2021, 09:00 .a.m. CEST |
| Time: | |
±------------±-------------------------------------------------------------+
|Registration:|https://attendee.gotowebinar.com/register/8707133050516680971 |
| | |
| |After registering, participants will receive a confirmation |
| |email containing information about joining the results |
| |presentation. Participants can use their telephone or computer|
| |microphone and speakers (VoIP). |
±------------±-------------------------------------------------------------+

A replay of the webinar presentation 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 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 a producing interest in Block-G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria (held-for
-sale, subject to completion), the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa.

Visit us at www.panoroenergy.com
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

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