Panoro energy asa (pen.ol)

TekBot · januar 27, 2022, 7:31am

Panoro Energy Announces Receipt of Government Approvals of the Sale of all its Interest in OML 113, offshore Nigeria

Oslo, 27 January 2022 - Panoro Energy ASA (“Panoro” or the “Company”) is pleased
to announce that all government approvals have now been received for the sale of
the shares of its fully-owned subsidiaries (the “Shares”) that hold 100% of the
…

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shares in Pan Petroleum Aje Limited (“Pan Aje”) (“the Transaction”) to PetroNor
E&P Limited (“PetroNor”). Pan Aje participates in the exploration for and
production of hydrocarbons in Nigeria and holds a 6.502% participating interest,
with 16.255% cost bearing interest, representing an economic interest of
12.1913% in Oil Mining Lease 113 (“OML 113”), which includes the Aje field.

Receipt of government approvals satisfies the last key condition precedent for
the completion of the Transaction. Panoro and PetroNor will now proceed with the
final steps to achieve completion of the Transaction, including the issuance of
new PetroNor shares for distribution to Panoro shareholders. It is expected
that the transaction will close within the next 90 days, and further information
will become available in the coming weeks.

John Hamilton, CEO of Panoro, commented:

“The receipt of government approvals in Nigeria is a major achievement and
enables us to now proceed swiftly to completion of the sale of Panoro’s interest
in OML 113 to PetroNor and unlock value for our shareholders. The divestment is
consistent with Panoro’s strategy to rationalise and high grade its upstream
portfolio, placing emphasis on the allocation of capital to short-cycle oil
production projects and focused exploration close to infrastructure hubs. The
transfer of ownership of OML 113 to PetroNor will allow Panoro to reduce and
optimise its capital expenditures while preserving the ability for our
shareholders to benefit from future gas successes through the distribution of
shares in PetroNor to its shareholders. Panoro is confident that PetroNor is
strategically well positioned to unlock the gas potential at Aje for the benefit
of all stakeholders.”

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)

Kilde

pleximus83 · januar 31, 2022, 4:34pm

TekBot · februar 3, 2022, 6:31am

Panoro Energy - Trading Statement and Operations Update

Oslo, 3 February 2022 - Panoro Energy ASA (“Panoro” or the “Company”) today
provides an update in advance of its full year 2021 results which are scheduled
for release on 23 February 2022. Information contained within this release is
…

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unaudited and may be subject to further review and amendment.

In 2021 Panoro’s working interest production more than tripled year-on-year to
approximately 7,600 bopd (proforma basis) while revenue increased almost five
-fold to approximately USD 118 million as higher oil prices combined with the
production uplift. The Company has line of sight on organic production growth
to in excess of 12,500 bopd during 2023 through the active production and
development work programmes underway and planned across the portfolio. Panoro is
committed to sustainable returns for shareholders through the oil cycle.

John Hamilton, CEO of Panoro, commented:

“2021 saw Panoro establish itself as a leading independent producer in Africa.
The acquisition of Tullow’s interests in Block G offshore Equatorial Guinea and
Dussafu Permit offshore Gabon has been a major milestone and transformed our
operational and financial profile, positioning the Company to generate
sustainable long-term value for our shareholders. Panoro today benefits from a
strongly cash generative, diversified low-cost and long-life oil production base
managed by a lean organisational structure. We have a busy year ahead working
with our partners and key stakeholders to further unlock the considerable
organic upside across our portfolio. Our growing cash flow will allow us to
start returning cash to shareholders, and at the same time positions us to
opportunistically capitalise on value accretive new business opportunities
should they arise.”

2021 Performance Update

· Full-year working interest production on a proforma basis averaged
approximately 7,600 bopd and reached levels well in excess of 8,500 bopd in
December, in line with guidance

· 2021 full-year reported revenue is expected to be approximately USD 118
million, generated from crude sales of approximately 1.6 million barrels in the
year and average realised oil price of USD 72 per barrel

· Cash at bank at 31 December 2021 was USD 24.5 million and gross debt USD 100
million. Year-end receivables from December liftings stood at USD 39.9 million
which will be received in full within the month of February (USD 30.8 million
received to date)

2022 Guidance and Outlook

· Working interest production is forecast to average 8,000 bopd to 9,000 bopd
in 2022, of which approximately 60% is attributed to Equatorial Guinea, 25% to
Gabon and 15% to Tunisia

· Towards the end of the year, Panoro expects to achieve approximately 10,000
bopd net following both the start-up of the Hibiscus/Ruche Phase 1 development
offshore Gabon and increasing activity in Equatorial Guinea

· Panoro remains on track to achieve in excess of 12,500 bopd net during 2023

· Expenditure on capital and other non-recurring projects in 2022 is expected
to be approximately USD 65 million, and includes approximately USD 6 million
carried forward from 2021 guidance in relation to ongoing development of the
Dussafu Marin Permit offshore Gabon (timing of spend) and USD 6 million in
relation to exploration drilling at Block 2B offshore South Africa (pre
-communicated deferral of well to H2 2022). The majority of planned 2022
expenditure is associated with the guided Hibiscus/Ruche field development and
drilling offshore Gabon

· Planned 2022 expenditure across the portfolio comprises:
· Equatorial Guinea:
· New production optimization and growth initiatives approved by the JV
· Well workovers including ESP conversions and acid stimulations
· Multiple integrity and maintenance projects
· A new gas compression project at Okume
· Long Lead Items for future drilling and completion projects

·
· Gabon:
· Construction and installation of Hibiscus Alpha Platform
· Installation of Hibiscus-Tortue pipeline
· Adolo FPSO modifications including additional gas lift capacity
· Drilling first production wells and start-up of Hibiscus field in Q4

·
· Tunisia:
· Multiple integrity and maintenance activity with a focus on the Cercina
field
· Subsurface remodelling work on the Guebiba field for a potential
drilling campaign in 2023
· Plans of Development in support of concession renewals at Rhemoura
(2023) and Cercina (2024)
· Cercina well scale treatment and stimulation campaign

·
· South Africa:
· Drilling of Gazania-1 exploration well

· Scheduled debt principal repayments in 2022 are approximately USD 26 million

· Panoro is finalising its 2022 lifting schedule with partners and will
provide further update at its 2021 full year results on 23 February. It is
currently anticipated that Panoro’s 2022 crude oil entitlement liftings will be
weighted towards the second half of the year

· On 27 January 2022 the Company announced receipt of government approvals for
the sale of its 12.1913% economic interest in OML 113 offshore Nigeria, which
includes the Aje field, to PetroNor E&P Limited (“PetroNor”). Receipt of
government approvals satisfies the last key condition precedent for the
completion of the transaction. Panoro and PetroNor will now proceed with the
final steps to achieve completion of the Transaction, including the issuance of
new PetroNor shares for distribution to Panoro shareholders

· Consistent with its strategy to create and deliver shareholder value, the
Panoro Board is committed to sustainable shareholder returns, balanced alongside
future organic and inorganic growth. The commitment to initiate sustainable cash
dividends, perhaps significantly earlier than mid-2023 guidance issued at the
time of the Tullow acquisitions, clearly demonstrates the Boards strong
alignment with shareholders and prioritisation of shareholder returns through
the oil cycle

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)

Kilde

OpenMindInvestor · februar 4, 2022, 11:05am

Fortsatt børsens billigste oljeselskap. Denne kan fort mangedobles. Selskapet tjener inn hele markedsverdien på et par år med dagens oljepriser

sulzrox · februar 4, 2022, 11:50am

Ser ut til vi kanskje skal stabilisere oss over langsiktig motstand område.
Kan også legge til at eg trur på 13kr i utbytte/tilbake kjøp frem mot 01.06.25 så lenge oljen holder seg over 70$.

TekBot · februar 16, 2022, 6:31am

Panoro Energy -Invitation to Fourth Quarter and 2021 Annual Results Presentation

Oslo, 16 February 2022 - The 4Q 2021 and annual results trading and financial
update to be announced on 23 February 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 webinar presentation at 09:00 a.m. CET on Wednesday
23 February 2022, during which management will discuss the results and
operations, followed by a Q&A session.

The webinar presentation can be accessed through registering at the link below
and the online event will be equipped with features to ask live questions.
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 23 February 2022, 09:00 .a.m. CET
Time:
Registration: https://attendee.gotowebinar.com/register/4748147927140769552
           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 ten 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 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 · februar 23, 2022, 6:02am

Panoro Energy: Fourth Quarter 2021 Trading and Financial Update

Oslo, 23 February 2022 - Panoro Energy ASA (“Panoro” or the “Company” with OSE
Ticker: PEN) today announced that working interest production for 2021 more than
tripled year-on-year to 7,582 bopd (pro-forma basis). The combination of higher
…
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year-on-year production and oil price resulted in record financial performance
for Panoro, with pro-forma full-year revenue standing at USD 188.6 million and
pro-forma EBITDA at USD 134.3 million. The Company is underpinned by a strong
balance sheet with cash at end 2021 of USD 24.5 million (excluding USD 39.8
million of December 2021 lifting proceeds received post period end) and a
conservative leverage profile.

Fourth quarter 2021 revenue stood at USD 81.0 million (Q4 2020: USD 10.7
million) and EBITDA USD 42.2 million (Q4 2020 USD 2.9 million), further
emphasising Panoro’s increased scale and materiality. Panoro’s outlook remains
strong and is one of visible production growth and substantial free cash flow
generation.

John Hamilton, CEO of Panoro, commented:

“Our 2021 results emphasise the transformation of Panoro’s operational and
financial profile following the acquisition of Tullow’s interests in Block G
offshore Equatorial Guinea and Dussafu Marin Permit offshore Gabon. In 2022 we
will continue to work with our JV partners and key stakeholders to execute a
robust and cash generative business plan focused primarily on our core
production and development assets, positioning the Company to continue
delivering substantial long-term value for our shareholders through the oil
cycle whilst advancing our exciting pipeline of growth opportunities. We are
proceeding towards completion of the sale of OML 113 in Nigeria which will
result in the distribution of USD 10 million of PetroNor E&P shares to Panoro
shareholders and our unwavering commitment remains to initiate a sustainable and
meaningful cash dividend for shareholders at the earliest opportunity.”

Financial Highlights and Key Metrics for the year to December 2021

Metric IFRS Reporting Pro-forma Basis
Basis
Net Production 7,495 bopd 7,582 bopd
(approximate)
Gross revenue USD 119.7 USD 188.6 million
million
Number of 9 International 10 International
liftings 7 Domestic 7 Domestic
EBITDA USD 71.9 USD 134.3 million
million(Includes
overlift
reversal to
income of USD 25
million)
EBIT USD 82.1 USD 115.5 million(after DD&A on a historical
million(Gain on basis. Following completion of acquisitions,
acquisition of DD&A will be higher due to depletion of
additional 10% sizeable fair value uplift adjustments made
working interest on the purchase price allocation of business
in Dussafu combinations)
Permit
contributed to
USD 45.3 million
of income
recognised under
IFRS 3.
Reversal of
impairment
contributed a
further USD 13
million)
Cash balance USD 24.5 million -
Gross Debt USD 96.8 million -

· Working interest production on a proforma basis average 7,818 bopd in the
fourth quarter and on a full year basis averaged 7,582 bopd (2020: 2,200 bopd).
Following the start-up of new production wells at Block G offshore Equatorial
Guinea and the Dussafu Marin Permit offshore Gabon the company’s working
interest production reached levels in excess of 8,500 bopd in December, in line
with guidance
· Reported revenue for the year stood at USD 119.7 million (2020: USD 26.9
million), generated from crude sales of 1,579,000 barrels resulting in a
realised price of USD 72 per barrel. Pro-forma revenue was USD 188.6 million.
Pro-forma figures represent a non IFRS measure presented to illustrate certain
performance metrics on the basis the assets acquired from Tullow Oil were held
from the start of the year
· Reported EBITDA for the year stood at USD 71.9 million (2020: USD 6.0
million) while on a pro-forma basis EBITDA was USD 134.3 million
· Net profit for the year was USD 50.2 million (2020: net loss of USD 5.3
million), a record for the Company
· Cash flow from operations for the year stood at USD 43.1 million (2020: USD
0.5 million)
· Capital expenditures (excluding acquisition costs) during 2021 were USD 35.6
million the majority of which was related to drilling campaigns in Equatorial
Guinea and Gabon
· During the year, the Company completed 16 liftings (7 domestic and 9
international)
· At 31 December 2021 cash at bank stood at USD 24.5 million and gross debt
USD 96.8 million, resulting in a net debt position of approximately USD 72
million. Year-end receivables from December 2021 liftings stood at USD 39.8
million received post period end
· Consistent with its strategy to create and deliver shareholder value, the
Panoro Board is committed to sustainable shareholder returns, balanced alongside
future organic and inorganic growth. The commitment to initiate sustainable cash
dividends, perhaps significantly earlier than mid-2023 guidance issued at the
time of the Tullow acquisitions, clearly demonstrates the Boards strong
alignment with shareholders and prioritisation of shareholder returns through
the oil cycle

Operational Highlights

Equatorial Guinea - Block G (Panoro 14.25%)

· Company working interest production in the fourth quarter averaged 4,333
bopd (30,404 bopd on a gross basis) and for the full year averaged 4,261 bopd
(29,904 bopd gross)
· In 2021 operator Trident Energy successfully drilled and completed two new
infill wells at the Okume Complex. Both wells encountered good quality oil
saturated sands. Both wells are onstream and producing well. A third infill well
in the 2021 drilling campaign showed promising reservoir sand targets but was
plugged due to downhole issues. The operator intends to re-enter the well in
the future with a revised design for the completion
· Further production growth activities are underway including additional
workover activity. Potential drilling of additional development wells is also
being planned for 2023 and beyond

Gabon - Dussafu Marin Permit (Panoro 17.5%)

· Company working interest production in the fourth quarter averaged 2,148
bopd (12,272 bopd on a gross basis) and for the year averaged 1,982 bopd (11,322
bopd gross)
· The Tortue field continued to produce from four wells during the quarter,
with the remaining two wells shut in due to pre-communicated gas lift capacity
constraints.
· The Hibiscus/Ruche Phase 1 development project is progressing on schedule
and within budget with first oil anticipated in Q4 2022

Tunisia - TPS Assets (Panoro 29.4%)

· Company working interest production in the fourth quarter averaged 1,337
bopd (4,547 bopd on a gross basis) and for the year averaged 1,339 bopd (4,553
bopd on a gross basis)
· At the Guebiba, Rhemoura and Cercina fields a number of well operations and
facilities upgrades to enhance and optimise production are ongoing
· A team comprising ETAP and Panoro staff are progressing a subsurface re
-modelling exercise for the Guebiba field and have just started a similar study
for the Rhemoura field. This is expected to lead to further field optimisation
and development drilling recommendations

Exploration and Other Assets

· In October 2021 Panoro was provisionally awarded a 25.0% non-operated
interest in exploration blocks G12-13 and H12-13 offshore shallow water Gabon.
Negotiations regarding the award are underway. Partners in the blocks will
include BW Energy (37.5% and operator) and VAALCO Energy (37.5%)
· In South Africa the Block 2B joint venture partners continue preparations
for drilling the Gazania-1 well. The well design and budget is being optimized
with a plan to drill the Gazania-1 well before the Exploration Right expires in
November 2022. Panoro holds a 12.5% interest in Block 2B
· Panoro continues to make progress towards the sale of its interest in OML
113 and the Aje field to PetroNor E&P. Post period end, it was announced on 27
January that all government approvals have now been received. This satisfies
the last key condition precedent for the completion of the sale. Panoro and
PetroNor are now proceeding with the final steps to achieve completion,
including the issuance of new PetroNor shares for distribution to Panoro
shareholders
· The Sfax Offshore Permit situation with the Tunisian authorities was
resolved during the fourth quarter. USD 6.3 million of the bank guarantee was
partially drawn to settle amounts due to historical non-fulfilment of a work
programme at Sfax Offshore by the previous operator. The remaining USD 3.6
million was cancelled and cash returned to Panoro. As part of the settlement,
the license period was renewed for a year

Outlook and Guidance

· Working interest production is forecast to average 8,000 bopd to 9,000 bopd
in 2022, of which approximately 60% is attributed to Equatorial Guinea, 25% to
Gabon and 15% to Tunisia
· Towards the end of the year, Panoro expects to achieve approximately 10,000
bopd net following both the start-up of the Hibiscus/Ruche Phase 1 development
offshore Gabon and increasing activity in Equatorial Guinea
· Panoro remains on track to achieve in excess of 12,500 bopd net during 2023
· Expenditure on capital and other non-recurring projects in 2022 is expected
to be approximately USD 65 million, and includes approximately USD 6 million
carried forward from 2021 guidance in relation to ongoing development of the
Dussafu Marin Permit offshore Gabon (timing of spend) and USD 6 million in
relation to exploration drilling at Block 2B offshore South Africa (pre
-communicated deferral of well to H2 2022). The majority of planned 2022
expenditure is associated with the guided Hibiscus/Ruche field development and
drilling offshore Gabon
· Planned 2022 expenditure across the portfolio comprises:

Equatorial Guinea:

·
· New production optimization and growth initiatives approved by the JV
· Well workovers including ESP conversions and acid stimulations
· Multiple integrity and maintenance projects
· A new gas compression project at Okume
· Long Lead Items for future drilling and completion projects

Gabon:

·
· Construction and installation of Hibiscus Alpha Platform
· Installation of Hibiscus-Tortue pipeline
· Adolo FPSO modifications including additional gas lift capacity
· Drilling first production wells and start-up of Hibiscus field in Q4

Tunisia:

·
· Multiple integrity and maintenance activity with a focus on the Cercina
field
· Subsurface remodelling work on the Guebiba field for a potential drilling
campaign in 2023
· Plans of Development in support of concession renewals at Rhemoura (2023)
and Cercina (2024)
· Cercina well scale treatment and stimulation campaign

South Africa:

·
· Drilling of Gazania-1 exploration well

Live Presentation Webcast Dial in Details

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 23 February 2022, 09:00 .a.m. CET
Time:
Registration:
https://attendee.gotowebinar.com/register/4748147927140769552 (https://eur03.safe
links.protection.outlook.com/
           ?url=https%3A%2F%2Fattendee.gotowebinar.com%2Fregister%2F
           4748147927140769552&data=04%7C01%7Candy.dymond%40Panoroenergy.com%
7C628e6532e41c4da9ed7b08d9efad300a%7C31bf09
9aef85416eb36456132b12a112%7C1%7C0%7C637804349371805419%7CUnknown%
7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV
2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000&sdata=XMLQ6QVkkj9Sj1j
LnC3Ssc65DxVEkkbUY51LstfOZBE%3D&reserved=0)
           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).

Please join the event at least five minutes before the scheduled start time.

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)

Kilde

Fartin · februar 23, 2022, 11:43am

Kursmål 38 fra sp1m.

Mangedobles blir det vel ikke. Men at den kan går til 38 burde vel være greit i 2022?

Brennemo99 · februar 25, 2022, 9:42am

Er ikke 3mrd veldig lav mcap ? De omsetter jo snart for 3mrd ? Og de får snart 10 mill petronor aksjer og planlegger utbytte? Hvordan er deres omsetning , cash og resultat ifht andre aktører? Er det mye gjeld på panoro?

rosasky · februar 28, 2022, 11:49am

Ja, det er lav mcap.
Her er link til siste presentasjon fra Q4 rapport for 2021:

Brennemo99 · februar 28, 2022, 7:26pm

Takkar!

Forresten jeg kjøpte meg inn i Panoro før helgen… vil jeg da fortsatt kunne få petronor aksjer når utbytte på disse kommer?

AudunN · mars 2, 2022, 7:24am

Yes!

TekBot · mars 17, 2022, 1:30pm

Flaggemelding Panoro Energy

TekBot · mars 22, 2022, 6:31am

Panoro Energy - Appointment of Country Managers

Oslo, 22 March 2022 - Panoro Energy ASA (“Panoro” or the “Company”) is pleased
to announce the appointment of Country Managers. In addition to Sofiane Gaied,
who joined Panoro as Country Manager Tunisia in 2018, Ghislain Boukoubi has been
…

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appointed as Country Manager Gabon, and Antonino Edjang Ondo has been appointed
as Country Manager Equatorial Guinea.

Panoro’s Country Managers are nationals and permanent residents of the
respective countries of operation and are responsible for Panoro’s day-to-day
oil and gas operational activities, working with joint venture partners, host
governments and regulators to optimise production levels and asset performance,
capital and operational budgets and managing the allocation of resources to meet
the priorities of the business. Each Country Manager is also responsible for
implementation of social investments that Panoro may undertake in association
with joint venture initiatives or its own corporate social responsibility
undertakings. Biographies of Panoro’s Country Managers, who report to Panoro’s
Chief Executive Officer John Hamilton, are included below.

John Hamilton, CEO of Panoro, commented:

“I am delighted to welcome Ghislain Boukoubi and Antonino Edjang Ondo to Panoro,
who alongside Sofiane Gaied will ensure that Panoro has a permanent local
management presence in each country where we have production operations. It is
vital to Panoro’s long-term success that we attract and retain high calibre
local talent, helping to ensure that we have the platform in country to invest
in our assets, contribute positively to our host nations and communities and
engage constructively with our stakeholders and partners.”

Country Manager Biographies

Ghislain Boukoubi - Country Manager Gabon

Prior to joining Panoro Energy, Mr. Boukoubi held executive positions in non
-operated assets management, commercial and crude sales for the Gabon National
Oil Company. He also had worked internationally, including in the United States
of America where he was involved in numerous upstream oil and gas E&P
acquisitions and development projects.

Mr. Boukoubi has a Bachelor’s degree from the University of Oklahoma and a
Master’s degree from Colorado School of Mines. Mr. Boukoubi is a Gabonese
citizen and resides in Libreville, Gabon.

Sofiane Gaied - Country Manager Tunisia

Mr. Gaied has over 25 years experience in the Tunisian upstream oil and gas
sector. Prior to Panoro Energy, Mr. Gaied held the position of Business Support
Manager in OMV Tunisia with responsibilities of Portfolio, Planning and
Management. Previously, Mr. Gaied held senior finance and commercial roles at
Cairn Energy Tunisia, Winstar Resources Ltd, ENI Tunisia and at ETAP (Tunisia’s
National Oil Company).

Mr. Gaied graduated in Finance from the High Institute of Commercial Studies -
Carthage - Tunisia in 1993. He is also a Chartered Accountant. Mr. Gaied is both
a Tunisian and French citizen and resides in Tunis, Tunisia.

Antonino Edjang Ondo - Country Manager Equatorial Guinea

Prior to joining Panoro Energy, Mr. Ondo was Social Investment Manager at Noble
Energy Equatorial Guinea, a Chevron Company. Prior to this, Mr. Ondo held
various positions at Marathon Oil Equatorial Guinea in support of its large
scale upstream production and gas processing and liquefaction operations. During
his time at Noble Energy and Marathon, Mr. Ondo’s contribution was recognised
with several leadership awards for his contribution to overall performance.

Mr. Ondo holds an MBA from Capella University and a professional license in
project management from Project Management Institute. He is Equatoguinean,
speaks Spanish, English and French and resides in Malabo, Equatorial Guinea.

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)

Kilde

TekBot · mars 29, 2022, 5:32am

Panoro Energy - Publication of 2021 Annual Statement of Reserves

Oslo, 29 March 2022 - Panoro Energy ASA (“Panoro” or the “Company”) is pleased
to announce the release of its 2021 Annual Statement of Reserves (the “ASR”).

…

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Highlights

· After taking account of 2021 production of 2.8 MMbbls the total net working
interest reserves for Panoro expressed in million barrels of oil (“MMbbls”) as
of 31 December 2021 were:
· Proved (1P) reserves of 23.50 MMbbls (31 December 2020: 8.05 MMbbls)
· Proved + Probable (2P) reserves of 35.82 MMbbls (31 December 2020: 12.30
MMbbls)
· Proved + Probable + Possible (3P) reserves of 47.45 MMbbls (31 December
2020: 16.46 MMbbls)

· The year-on-year increase in reserves is primarily attributable to the
acquisition of a 14.25% interest in Block G (Equatorial Guinea) and additional
10.00% interest in Dussafu Marin (Gabon) from Tullow Oil which completed during
the year
· Panoro’s 2P reserves at 31 December 2021 also reflect an organic reserves
addition of 2.4 MMbbls in relation to various development and production
optimisation projects undertaken across the portfolio. This represents an 86%
reserve replacement ratio of volumes produced during the year
· In addition to stated reserves Panoro also has a 2C contingent resource base
of 29.3 MMbbls
· Based on the mid-point of 2022 production guidance (set at 8,000 to 9,000
bopd) the Company’s 2P reserves life is 11.5 years. Taking into account 2C
contingent resources Panoro’s reserves and resource life is 21.0 years

A copy of the 2021 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.

International petroleum consultants TRACS International carried out an
independent assessment of Block G in Equatorial Guinea, Netherland Sewell &
Associates Inc carried out an independent assessment of Dussafu Marin in Gabon
and Gaffney Cline & Associates carried out an independent assessment of the 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 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 · april 28, 2022, 4:01pm

Panoro Energy Announces Publication of 2021 Annual Report

Oslo, 28 April 2022 - Panoro Energy ASA (“Panoro” or the “Company” with OSE
ticker: PEN) has today published its Annual Report and Accounts for the
financial year ended 31 December 2021.
…

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The report is attached in the European Single Electronic Format (ESEF) and as a
PDF file which is also available on the Company’s website 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: +44 203 405 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

TekBot · mai 3, 2022, 5:30am

Panoro Energy: Notice of Annual General Meeting 2022

Oslo, 3 May 2022 - Panoro Energy ASA, (“Panoro” or the “Company” with OSE
Ticker: PEN) today announces that the Annual General Meeting (“AGM”) scheduled
for 25 May 2022 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.

Proposed appointment of a new Director to the Board

In addition to recommending the re-election of the current Board for a period of
one year, the Nomination Committee proposes a sixth member, Grace Reksten
Skaugen, be appointed to the Board.

Ms. Skaugen is a board member and co-founder of the Norwegian Institute of
Directors. She holds several board positions in listed companies including the
Swedish investment company Investor, Euronav Tankers and Lundin Energy as well
as PJT Partners, a US investment bank. She is a Trustee of the International
Institute for Strategic Studies (IISS) in London. She was deputy chair of
Statoil (now Equinor), from 2012 to 2015 and served on its board for thirteen
years. Ms. Skaugen is a physicist by education and holds a PhD in laser physics
from Imperial College in London.

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

TekBot · mai 9, 2022, 5:32am

Panoro Energy - Extension of Block G Production Sharing Contract Offshore Equatorial Guinea

Oslo, 9 May 2022 - Panoro Energy ASA (“Panoro” or the “Company”) is pleased to
announce that the Ministry of Mines and Hydrocarbons of Equatorial Guinea and
the Joint Venture partners at Block G offshore Equatorial Guinea have agreed a
…

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material time extension of the Production Sharing Contract (“PSC”) until 31
December 2040 covering both the producing Ceiba and Okume Complex Fields. Prior
to the extension the PSC expiry for the Ceiba Field was 2029 and for the Okume
Complex field 2034. Management expects that Panoro’s net 2P reserves will
increase by between 2 to 3 million barrels as a result of the PSC extension.

John Hamilton, CEO of Panoro, commented:

“Upon entering the Block G Joint Venture we had always identified an upside in
extending the PSC expiry dates to realise the full potential in the Ceiba and
Okume fields. On behalf of Panoro I would like to thank the Ministry and our
Joint Venture partners on the collaborative effort in delivering this important
agreement. The extension substantially increases Panoro’s net 2P reserves in
Block G and creates the time in which to unlock the material resources we
believe to be present. We look forward to working with the Ministry and our
Joint Venture partners to responsibly invest and further develop Block G to
realise the full oil and gas potential of the block over the next 18 years.”

The extension will support the next phase of investment by the Joint Venture
partners with further development drilling anticipated to commence in the second
half of 2023 to target material new production growth beyond our current
guidance. Further information on these wells will be communicated in due course
as planning is refined.

Panoro’s full-year 2021 working interest (14.25%) production at Block G averaged
4,261 barrels oil per day on a proforma basis, accounting for approximately 56%
of Panoro’s total production in the year. Trident Energy is operator of Block G
with a 40.375% working interest while Kosmos Energy holds a 40.375% working
interest and GEPetrol a 5.0% working interest.

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)

Kilde

TekBot · mai 10, 2022, 2:35pm

Panoro Energy - Mandatory Notification of Voting Rights - 2022 AGM

TekBot · mai 25, 2022, 5:32am

Panoro Energy: First Quarter 2022 Trading and Financial Update

Oslo, 25 May 2022 - Panoro Energy ASA (“Panoro” or the “Company” with OSE
Ticker: PEN) is pleased to report that working interest production for the first
three months averaged 8,300 bopd, a new quarterly record for the Company.
…
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Operational and financial performance in the quarter were in line with guidance.
The Company is underpinned by a robust balance sheet with cash at end March 2022
of USD 29.4 million and a conservative leverage profile. With a period of
sizeable crude oil liftings set to commence in July and limited production
hedged the Company is well positioned to capitalise on the elevated oil price
environment.

John Hamilton, CEO of Panoro, commented:

“Our first quarter production performance is our best ever quarter and is within
our full year average guidance range of 8,000 to 9,000 barrels oil per day. Our
revenue, which is recognised as liftings occur, is also in line with our
expectations. July will see the commencement of a much more active lifting
schedule and as previously guided we anticipate the majority of Panoro’s crude
liftings, and therefore revenue, will occur in the second half of the year. We
remain committed to initiating a sustainable and meaningful dividend for
shareholders at the earliest opportunity. With active and ambitious work
programmes underway at each of our producing assets and an exciting exploration
well planned in South Africa later in the year we are making good progress
towards unlocking the strong organic growth potential of our high quality and
well diversified asset base.”

Financial Highlights

· The Company recognises revenue when liftings of its crude oil entitlement
occur. In line with previously communicated guidance Panoro lifted and sold
128,500 barrels in the period at an average realised price of USD 108 per barrel

· Consequently, revenue from oil sales for the first three months was USD 13.9
million with total reported revenue for the period standing at USD 16.2 million.
EBITDA for the first three months was USD 16.0 million
· Management expects the majority of its crude oil liftings to occur in the
second half of the year, starting with July (approximately 850,000 barrels),
followed by September (approximately 700,000 barrels) and December
(approximately 750,000 barrels), all subject to possible changes due to
operational and commercial factors
· At 31 March cash at bank stood at USD 29.4 million and gross debt USD 89.1
million after scheduled principal repayments of USD 8.1 million were made in the
quarter, resulting in a net debt position of approximately USD 59.7 million
· Capital expenditures for 2022 (excluding acquisition costs) are expected to
be approximately USD 65 million, of which USD 10.9 million was spent in the
first three months and the majority of which is in relation to the Hibiscus /
Ruche Phase I development
· Management is implementing a hedging programme to coincide with the
Company’s lifting schedule and maximise its exposure to the prevailing high oil
price environment. In addition to the limited historical hedges in place over
600 bopd in 2022 (costless collars with a USD 56/bbl floor and USD 65.5/bbl
ceiling) the Company has entered into swaps covering 200,000 barrels at a price
of USD 104.5/bbl around its July liftings

Operational Highlights

Equatorial Guinea - Block G (Panoro 14.25%)

· Company working interest production in the first three months averaged 4,968
bopd (34,866 bopd on a gross basis)
· Uptime of 99% was achieved at the Ceiba FPSO in Q1 2022 as a result of
facilities investments made by the JV in prior periods
· The operator of Block G, Trident Energy, is undertaking a workover programme
at the Okume Complex and has completed the Okume upgrade project which will
improve process reliability, power generation and fluid handling / injection
capabilities
· Replacement of the Ceiba export hose has been completed and various routine
maintenance and upgrade projects progressed during the quarter
· On 9 May, post period end, the Company announced that the Ministry of Mines
and Hydrocarbons of Equatorial Guinea and the Joint Venture partners at Block G
offshore Equatorial Guinea have agreed a material time extension of the
Production Sharing Contract (“PSC”) until 31 December 2040 covering both the
producing Ceiba and Okume Complex Fields. Prior to the extension the PSC expiry
for the Ceiba Field was 2029 and for the Okume Complex field 2034. Management
expects that Panoro’s net 2P reserves will increase by between 2 to 3 million
barrels as a result of the PSC extension
· The extension will support future phases of investment with a three-well
development drilling programme now expected to commence in H2 2023

Gabon - Dussafu Marin Permit (Panoro 17.5%)

· Company working interest production in the first three months averaged 2,030
bopd (11,600 bopd on a gross basis)
· Production in the period reflects a 12-day planned annual maintenance shut
-down which was pre-communicated by the operator BW Energy
· The Hibiscus/Ruche Phase 1 development project is progressing

Tunisia - TPS Assets (Panoro 29.4%)

· Company working interest production in the first three months averaged 1,304
bopd (4,435 bopd on a gross basis)
· The TPS team are undertaking an extensive workover campaign to replace two
ESPs in addition to further production enhancement opportunities
· New production opportunities include completion of the Douleb reservoir in
the GUE-10AST well and perforation and stimulation activities on three Cercina
wells

Exploration and Other Assets

· In South Africa the Block 2B joint venture has contracted a semi-submersible
rig to drill the Gazania-1 exploration well, which is expected to spud in
September 2022. The Island Innovator drilling rig is now expected to mobilise
from the North Sea in July. The Gazania prospect is seven kilometres up-dip from
the existing A-J1 oil discovery from 1988 that flowed light sweet crude oil to
surface. Panoro holds a 12.5% interest in Block 2B
· Panoro continues to make progress towards the sale of its interest in OML
113 and the Aje field to PetroNor E&P. The long stop date has been extended to
30 June to accommodate procedural steps to completion. Upon completion Panoro
will dividend shares in PetroNor E&P received as consideration to shareholders

Outlook and Guidance

· Full year 2022 average working interest production guidance is unchanged at
8,000 bopd to 9,000 bopd in 2022, of which approximately 60% is attributed to
Equatorial Guinea, 25% to Gabon and 15% to Tunisia
· Panoro remains on track to achieve approximately 10,000 bopd net working
interest production around year end following both the start-up of the
Hibiscus/Ruche Phase 1 development offshore Gabon and activities in Equatorial
Guinea, increasing to an expected rate in excess of 12,500 bopd during 2023
· Consistent with its strategy to create and deliver shareholder value, the
Panoro Board is committed to sustainable shareholder returns and initiating a
meaningful cash dividend at the earliest opportunity, which will be influenced
principally by the completion of major crude oil liftings for the Company

Live Presentation Webcast Dial in Details

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 25 May 2022, 09:00 a.m. CEST
Time:
Registration: https://attendee.gotowebinar.com/register/3573161424449914640
           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).
Please join the event at least five minutes before the scheduled start time.

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)

Kilde