Panoro energy asa (pen.ol)

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Panoro Energy – Dussafu Operations Update

Oslo, 17 October 2023 – Panoro Energy ASA (“Panoro” or the “Company”) is pleased to announce that at the Hibiscus field production has been re-instated at the DHIBM-3H well on electrical submersible pump (“ESP”). At the DHIBM-4H well, which has recently been producing on natural flow as previously communicated, the ESP has also been successfully re-started. Both wells had experienced surface electrical issues preventing operation of the downhole ESPs and are now being monitored to establish the optimal stabilised flow rates under ESP lift and ensure reliability of remedial work undertaken.

Current gross production on the Dussafu Marin Permit is at rates of up to 35,000 bopd from the four wells already drilled at the Hibiscus field in the current campaign and six wells at the Tortue field.
…

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At the Ruche field drilling and completion operations have been temporarily paused on the DRM-3H production well where, having been drilled to a depth of 5,351 metres and encountering oil in the regionally prolific Gamba reservoir, it has become evident that an alternative final casing design is required. To optimise utilisation of contracted rig capacity the partners have commenced drilling of the Hibiscus South exploration prospect (DHBSM-1) whilst additional casing material is being delivered.

Hibiscus South is located approximately 5 km south-west of the BW Mabomo production platform and has an estimated potential mid-case volume of 16 million barrels of oil in place (estimated 7 million barrels recoverable) in the Gamba reservoir. If successful, the well can be plugged back and the top-hole used for another production well. The well is expected to take around 30 days to drill. The partners plan to return to the DRM-3H well to undertake remaining drilling and completion operations later in the campaign.
Production from the block is expected to increase to approximately 40,000 bopd on a gross basis when six production wells in the current drilling campaign are completed and onstream.
Panoro holds a 17.5 percent working interest in the Dussafu Marin Permit.

John Hamilton, CEO of Panoro, commented:
“Panoro’s group-wide net working interest production is currently around 12,000 bopd following the re-start of production on ESP lift at the DHIBM-3H and DHIBM-4H wells on the Hibiscus field, and we remain on track to achieve production of 13,000 bopd net to Panoro when six new production wells are onstream.
Recognising that the Dussafu Marin Permit still holds considerable upside, the Hibiscus South prospect represents an attractive infrastructure led exploration opportunity that can be quickly put onstream in a success case.”

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

About Panoro Energy
Panoro Energy ASA is an independent exploration and production company based in London and listed on the main board of the Oslo Stock Exchange with the ticker PEN. Panoro holds production, exploration and development assets in Africa, namely interests in Block-G, Block S and Block EG-01 offshore Equatorial Guinea, the Dussafu Marin License offshore southern Gabon, the TPS operated assets, Sfax Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia, and interests in offshore exploration Block 2B and onshore Technical Co-operation Permit 218 in South Africa.

Visit us at www.panoroenergy.com.
Follow us on LinkedIn

Kilde

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Panoro Energy – Dussafu Operations Update

Oslo, 17 October 2023 – Panoro Energy ASA (“Panoro” or the “Company”) is pleased
to announce that at the Hibiscus field production has been re-instated at the
DHIBM-3H well on electrical submersible pump (“ESP”). At the DHIBM-4H well,
…

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which has recently been producing on natural flow as previously communicated,
the ESP has also been successfully re-started. Both wells had experienced
surface electrical issues preventing operation of the downhole ESPs and are now
being monitored to establish the optimal stabilised flow rates under ESP lift
and ensure reliability of remedial work undertaken.

Current gross production on the Dussafu Marin Permit is at rates of up to 35,000
bopd from the four wells already drilled at the Hibiscus field in the current
campaign and six wells at the Tortue field.

At the Ruche field drilling and completion operations have been temporarily
paused on the DRM-3H production well where, having been drilled to a depth of
5,351 metres and encountering oil in the regionally prolific Gamba reservoir, it
has become evident that an alternative final casing design is required. To
optimise utilisation of contracted rig capacity the partners have commenced
drilling of the Hibiscus South exploration prospect (DHBSM-1) whilst additional
casing material is being delivered.

Hibiscus South is located approximately 5 km south-west of the BW Mabomo
production platform and has an estimated potential mid-case volume of 16 million
barrels of oil in place (estimated 7 million barrels recoverable) in the Gamba
reservoir. If successful, the well can be plugged back and the top-hole used for
another production well. The well is expected to take around 30 days to drill.
The partners plan to return to the DRM-3H well to undertake remaining drilling
and completion operations later in the campaign.

Production from the block is expected to increase to approximately 40,000 bopd
on a gross basis when six production wells in the current drilling campaign are
completed and onstream.

Panoro holds a 17.5 percent working interest in the Dussafu Marin Permit.

John Hamilton, CEO of Panoro, commented:

“Panoro’s group-wide net working interest production is currently around 12,000
bopd following the re-start of production on ESP lift at the DHIBM-3H and DHIBM
-4H wells on the Hibiscus field, and we remain on track to achieve production of
13,000 bopd net to Panoro when six new production wells are onstream.

Recognising that the Dussafu Marin Permit still holds considerable upside, the
Hibiscus South prospect represents an attractive infrastructure led exploration
opportunity that can be quickly put onstream in a success case.”

Enquiries

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

About Panoro Energy

Panoro Energy ASA is an independent exploration and production company based in
London and listed on the main board of the Oslo Stock Exchange with the ticker
PEN. Panoro holds production, exploration and development assets in Africa,
namely interests in Block-G, Block S and Block EG-01 offshore Equatorial Guinea,
the Dussafu Marin License offshore southern Gabon, the TPS operated assets, Sfax
Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia, and
interests in offshore exploration Block 2B and onshore Technical Co-operation
Permit 218 in South Africa.

Visit us at www.panoroenergy.com.

Follow us on LinkedIn (Panoro Energy | LinkedIn)

Kilde

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Panoro Energy Announces Significant Oil Discovery Offshore Gabon

Oslo, 6 November 2023 - Panoro Energy ASA (“Panoro” or the “Company”) is pleased
to announce that the Hibiscus South well (DHBSM-1) has made a commercial oil
discovery on the Dussafu Marin Permit offshore Gabon (Panoro Energy 17.5 percent
…

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working interest).

Hibiscus South is located approximately five kilometres south-west of the BW
Mabomo production platform from where the well was drilled to a total depth of
6,002 metres by the Borr Norve jack-up drilling rig. Evaluation of well log data
and sample analysis confirms that the well intersected approximately 20 metres
of oil pay in an overall hydrocarbon column of approximately 26.5 metres in the
regionally prolific Gamba formation which is productive at the Tortue and
Hibiscus fields elsewhere on the block. The partners plan to return to the well
to complete it as a production well in early 2024.

Preliminary estimates of recoverable volumes at Hibiscus South are six to seven
million barrels of oil and in line with pre-drill expectations of approximately
16 million barrels of oil in place / seven million barrels recoverable.

John Hamilton, CEO of Panoro, commented:

“The Hibiscus South discovery underscores the substantial organic upside
potential that exists on the Dussafu Marin Permit offshore Gabon and is the
sixth oil discovery to be made on the block under Panoro’s participation,
representing an 86 percent success rate in the Gamba reservoir. In line with our
infrastructure led exploration and appraisal strategy we will leverage the
existing production infrastructure nearby to rapidly develop these new high
-margin barrels cost effectively as part of the current campaign.”

Enquiries

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

About Panoro Energy

Panoro Energy ASA is an independent exploration and production company based in
London and listed on the main board of the Oslo Stock Exchange with the ticker
PEN. Panoro holds production, exploration and development assets in Africa,
namely interests in Block-G, Block S and Block EG-01 offshore Equatorial Guinea,
the Dussafu Marin License offshore southern Gabon, the TPS operated assets, Sfax
Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia, and
interests in offshore exploration Block 2B and onshore Technical Co-operation
Permit 218 in South Africa.

Visit us at www.panoroenergy.com.

Follow us on LinkedIn (Panoro Energy | LinkedIn)

Kilde

[E24Bot]

BW Energy og Panoro Energy melder om «betydelig» oljefunn i Gabon

BW Energy og Panoro Energy melder om «betydelig» oljefunn i Gabon

[Jenni]

Kan noen forlate meg hvorfor denne er så jævla billig? Forward P/E på 2,17???

[sulzrox]

Skal prøve.

For det første må du alltid være forsiktig med utrekning av fremtidig PE.
Eks. Her fra analyse mars 2022.

Per dags dato

For det andre er det mye som ikkje har gått på skinner dei siste 2 år. Og det tar tid å bygge oppat tilliten. (Kompressor. Pumper, krigs uro, tørre brønner, osv nok å ta tak i)

Pen kan bli flott den men det samme kan du sei om BWE. Men det er usikkert hva fremtiden bringer og spesielt for små sårbare selskaper.

[TekBot]

Panoro Energy - Trading Statement and Operations Update

Oslo, 16 November 2023 - Panoro Energy ASA (“Panoro” or the “Company”) today
provides an update in advance of its Third Quarter 2023 results which are
scheduled for release on 29 November 2023. Information contained within this
…

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release is unaudited and may be subject to further review and amendment.

John Hamilton, CEO of Panoro, commented:

“I am pleased to report strong performance in Q3. Revenue from oil sales set a
new quarterly record for the Company, reflecting the increased crude liftings
and high oil price realisations in the period. Our ongoing drilling campaign
offshore Gabon has continued to deliver excellent subsurface results which has
prompted the partners to expand the scope of and re-order the current
development campaign. This, together with maintenance work in the coming weeks,
means that we now expect average full-year group production net to Panoro to be
around 9,000 bopd. In Equatorial Guinea, the drilling rig is now in country and
we look forward to imminently commencing the planned infill drilling campaign.”

Corporate and Financial Update

· Q3 revenue was USD 103.4 million, a quarterly record for Panoro, generated
from the sale of 1,179,262 barrels at an average realised price of USD 87.65 per
barrel
· Revenue from oil sales for the first nine months was USD 166.4 million with
2,015,012 barrels sold at an average realised price of USD 82.58 per barrel
· In October (post period end) the Company completed a lifting of 380,405
barrels in Gabon at a realised oil price of around USD 88.88 per barrel
· Expected total crude liftings for full-year 2023 unchanged at approximately
3 million barrels
· Group working interest production averaged approximately 10,000 bopd in Q3
· Equatorial Guinea: ~3,620 bopd
· Gabon: ~4,070 bopd
· Tunisia: ~2,320 bopd

· Group working interest production has averaged over 11,000 bopd in Q4 to
date and has recently reached levels of up to 12,000 bopd
· Panoro remains on track to achieve group production of 13,000 bopd when six
new production wells in the current Gabon drilling campaign are onstream
· Recognising an expanded work programme in Gabon (separately announced) and a
period of further repair and maintenance over the coming weeks on electrical
submersible pumps (“ESPs”), average full-year 2023 working interest group
production guidance is around 9,000 bopd (noting full year guidance on crude
sales and liftings remains unchanged)
· Cash at bank at 30 September was USD 47 million, which includes advances of
USD 13.5 million taken against crude inventory position to smooth working
capital
· Scheduled principal repayment made in September of USD 13.2 million
resulting in amounts owing under reserve-based loans at 30 September of USD 70.5
million
· Details of Panoro’s 2024 shareholder returns policy will be provided at Q3
results
· 2024 group production guidance will be provided as usual in January

Production Operations Update

Equatorial Guinea - Block G (Panoro 14.25%)

· Rig contracted for the upcoming drilling campaign has arrived in country and
is undertaking two planned workovers before commencing drilling of three new
infill wells which are expected onstream in 2024 and will deliver additional new
production volumes

Gabon - Dussafu Marin Permit (Panoro 17.5%)

· Four production wells at the Hibiscus field have been safely drilled,
completed and put onstream in the current campaign to date
· The partners plan to fast-track the recent Hibiscus South oil discovery into
production, meaning the current drilling campaign offshore Gabon will now result
in a total of seven new production wells compared to previously communicated
plans for six new production wells (see separate announcement)

Tunisia - TPS Assets (Panoro 49%)

· New production opportunities include a workover campaign comprising ESP
replacement and stimulation of three wells at the Cercina field (CER-1, CER-6A
and CER-7) scheduled to commence in Q1 2024
· Detailed planning for development drilling campaign on the Rhemoura and
Guebiba fields with operations expected to start late 2024

Exploration and Appraisal

· At the Dussafu Marin Permit offshore Gabon the Hibiscus South exploration
well has made a new oil discovery. Preliminary estimates of recoverable volumes
are six to seven million barrels of oil (in line with pre-drill expectations)
· The Dussafu partners have agreed to drill the Bourdon Prospect (“Prospect
B”), which has an estimated mid-case potential of 29 million barrels recoverable
oil in the Gamba and Dentale formations, in the current campaign
· At Block S offshore Equatorial Guinea the partners are planning to drill the
Kosmos Energy operated Akeng Deep exploration well in 2024 to test a play in the
Albian, targeting an estimated gross mean resource of approximately 180 million
barrels of oil equivalent in close proximity to existing infrastructure at Block
G

Enquiries

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

About Panoro Energy

Panoro Energy ASA is an independent exploration and production company based in
London and listed on the main board of the Oslo Stock Exchange with the ticker
PEN. Panoro holds production, exploration and development assets in Africa,
namely interests in Block-G, Block S and Block EG-01 offshore Equatorial Guinea,
the Dussafu Marin License offshore southern Gabon, the TPS operated assets, Sfax
Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia, and
interests in offshore exploration Block 2B and onshore Technical Co-operation
Permit 218 in South Africa.

Visit us at www.panoroenergy.com.

Follow us on LinkedIn (Panoro Energy | LinkedIn)

Kilde

[TekBot]

Panoro Energy - Dussafu: Production Growth and Expanded Work Programme

Oslo, 16 November 2023 - Panoro Energy ASA (“Panoro” or the “Company”) today
provides an update on production and the planned drilling schedule at the
Dussafu Marin Permit offshore Gabon.
…

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Highlights

· Gross average Q3 production of 23,257 bopd represents a new quarterly high
for Dussafu as new wells were brought onstream
· During Q4 to date (October 1 until November 15) gross production is
averaging approximately 30,000 bopd, with production ranges in the period of up
to 39,000 bopd as production was restored on ESP at the DHIBM-3 and DHIBM-4
wells
· Gross average production for Q4 is expected to be approximately 25,000 bopd
to 30,000 bopd as a period of further repair and maintenance will be undertaken
over the coming weeks on the electrical systems and ESPs which the Operator
believes are required for longer term optimisation
· The partners plan to fast-track the recent Hibiscus South oil discovery into
production, meaning the current drilling campaign offshore Gabon will now result
in a total of seven new production wells compared to previously communicated
plans for six new production wells
· Gross production is expected to increase to 40,000 bopd when all wells in
the current campaign are onstream
· The partners have agreed that the remaining rig option will be utilised to
drill the Bourdon Prospect (“Prospect B”) which has an estimated mid-case
potential of 29 million barrels recoverable oil in the Gamba and Dentale
formations

John Hamilton, CEO of Panoro, commented:

“The better than expected well results at the Hibiscus field and the recent
discovery at Hibiscus South have prompted the Dussafu partners to expand the
scope of the current campaign to incorporate seven new production wells and re
-order the drilling sequence to optimise utilisation of remaining contracted rig
time. By introducing a well at the Bourdon prospect into the current campaign we
will continue to test the substantial organic upside potential identified on the
block, in line with our infrastructure lead exploration and appraisal strategy.”

Background

Hibiscus Field

To date the partners have successfully drilled and completed four production
wells on the Hibiscus field, each of which was put onstream at rates of between
6,000 bopd and 6,500 bopd. The results of these wells have confirmed excellent
reservoir quality in the Gamba sandstones with potential positive implications
for recoverable oil volumes.

In light of this, the partners have elected to accelerate development of the
Hibiscus field in the current campaign and will next spud the DHIBM-7H
production well which is expected to be completed and put onstream in January.

Fast-track Development of Hibiscus South Discovery

The partners plan to return to the Hibiscus South well (DHBSM-1) in early 2024
and re-use the upper section of the well to drill a production section into the
newly discovered oil bearing zones in the Gamba reservoir. Hibiscus South is
located around 5 kilometres south-west of the BW Mabomo production facility with
preliminary estimates for recoverable volumes at six to seven million barrels on
a gross basis.

Ruche Field

Operations were temporarily paused on the DRM-3H production well on the Ruche
field in mid-October where, having been drilled to a depth of 5,351 metres and
encountering oil in the Gamba reservoir, it become evident that an alternative
final casing design is required. The Ruche Phase I development will therefore
now comprise one production well compared to the previously planned two wells,
the additional well on the Hibiscus field now being prioritised for the second
Ruche well rig slot.

Bourdon (Prospect B) Well

The Bourdon Prospect is located in a water depth of 115 metres approximately 7
kilometres to the southeast of the BW Mabomo production facility and 14
kilometres west of the BW Adolo FPSO.The Prospect has an estimated mid-case
potential of 83 million barrels in place and 29 million barrels recoverable in
the Gamba and Dentale formations. The well is to be drilled in the current
campaign, utilising the 8[th] and final rig slot, the timing of which will be
dependent on sequencing of the remaining production wells and arrival of
additional casing materials.

Enquiries

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

About Panoro Energy

Panoro Energy ASA is an independent exploration and production company based in
London and listed on the main board of the Oslo Stock Exchange with the ticker
PEN. Panoro holds production, exploration and development assets in Africa,
namely interests in Block-G, Block S and Block EG-01 offshore Equatorial Guinea,
the Dussafu Marin License offshore southern Gabon, the TPS operated assets, Sfax
Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia, and
interests in offshore exploration Block 2B and onshore Technical Co-operation
Permit 218 in South Africa.

Visit us at www.panoroenergy.com.

Follow us on LinkedIn (Panoro Energy | LinkedIn)

Kilde

[sulzrox]

Og fra meldinga i dag så har dei forsatt problem med pumper.
Produksjonen i 2024 kommer til å bli lavere enn forventa. Kun ca 3/4

[Jenni]

Dette virker fortsatt som en utrolig billig aksje. Disse problemene med pumper kan jo ikke være et kronisk problem

Kuppet i Gabon tror jeg og er totalt overdrevet mtp risiko.

[sulzrox]

Pumpe probleme er nok litt større en som så.
Dei kommer til å trekke først 1 pumpe for å finne årsaken til probleme. Så er det stor sannsynlighet at dei må trekke alle å fikse hva som er problemet. Ikkje bra.

Men heldigvis har vi over halvparten av produksjonen fra andre steder. Men produksjonen i 2024 kommer til å bli 10 til 20% lavere enn forventa.

[Jenni]

Det må være jævla dyrt (og tidkrevende) å fikse de pumpene om man skal tro markedet her.

[aTinyHorse]

Det er tapt produksjon som prises inn, samt usikkerhet rundt hvor lenge det vil ta, selve reparasjonen er nok ikke en stor del av kostnaden.

[Jenni]

Spekulerer i «aksjedrap»

Altså: Det spekuleres i at største aksjonær i BW Group, Andreas Sohmen-Pao, er ansvarlig for den negative guidingen for Dussafu-feltet, hvor Panoro er medeier. BW Energy ble skilt ut fra BW Offshore i 2020 og notert på Oslo Børs. BW Group eier 39,5 prosent, men utbyttepolitikken kan bringe det over 40 prosent, utløsende tilbudsplikt. Oslo Børs avslo unntakssøknaden! ABG fremhever svak guiding for Dussafu-feltet, men påpeker at rapporterte tall var over forventning. Komisk!

[TekBot]

Panoro Energy - Invitation to Third Quarter 2023 Results Presentation

Oslo, 22 November 2023 - The third quarter 2023 trading and financial update to
be announced on Wednesday 29 November 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
29 November 2023, 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 |29 November 2023, 09:00 .a.m. CET |
|time: | |
±------------±--------------------------------------------------------------+
|Registration:|https://attendee.gotowebinar.com/register/1498705151863473246 |
| | |
| |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 interests in Block-G, Block S and Block EG-01 offshore Equatorial Guinea,
the Dussafu Marin License offshore southern Gabon, the TPS operated assets, Sfax
Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia, and
interests in offshore exploration Block 2B and onshore Technical Co-operation
Permit 218 in South Africa.

Visit us at www.panoroenergy.com
Follow us on Linkedin (Panoro Energy | LinkedIn)

Kilde

[TekBot]

Panoro Energy - Third Quarter 2023 Trading and Financial Update

Oslo, 29 November 2023 - Panoro Energy ASA (“Panoro” or the “Company”) is
pleased to report strong Q3 production and financial performance.

…

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Working interest production from Panoro’s well diversified portfolio averaged
just above 10,000 bopd in Q3, a new record for the Company. Revenue of USD 107.3
million in the period was also a new quarterly record and reflects the increased
volumes of crude oil sold and higher oil price realisations. Q3 EBITDA and net
profit were strong at USD 64.8 million and USD 27.9 million respectively.

Consistent with its commitment to delivering sustainable shareholder returns,
Panoro has today declared a Q3 cash distribution of NOK 40 million (NOK 0.342
per share) to be paid as a return of paid in capital.

Having cumulatively paid NOK 140 million including the Q3 cash distribution,
Panoro is moving towards its NOK 200 million targeted 2023 capital return, with
the final 2023 cash distribution to be declared at its Q4 2023 results in
February.

John Hamilton, CEO of Panoro, commented:

“The strong production and financial performance in Q3 underscores the high
quality and cash generative potential of our diversified asset base, which we
are continuing to translate into sustainable and material shareholder returns
with the Q3 cash distribution declared today alongside our framework for
shareholder returns in 2024. We are making good progress towards our organic
production growth targets, and while we are experiencing some volume constraints
arising from electrical issues with ESPs installed in wells at the Hibiscus
field in Gabon we are confident that they will be resolved and the full
production potential of those wells fully unlocked next year. With three
production wells to come in Gabon, the three-well infill drilling campaign due
to start in Q4 at Block G offshore Equatorial Guinea and two high impact E&A
wells planned on the Bourdon and Akeng Deep prospects, in Gabon and Equatorial
Guinea respectively, we have a very exciting organic growth pipeline.”

Corporate and Financial Update

Production performance

· Group working interest production averaged 10,000 bopd in Q3 and comprised:
· Equatorial Guinea: ~3,620 bopd
· Gabon: ~4,070 bopd
· Tunisia: ~2,320 bopd

· Group working interest production had been averaging over 11,000 bopd in Q4
and reached levels of up to 12,000 bopd prior to the current electrical
submersible pump (“ESP”) diagnostic, repair and replacement work now in progress
at the Hibiscus field
· Panoro remains on track to achieve group production of 13,000 bopd when six
new production wells in the current Gabon drilling campaign are onstream
· Recognising the already communicated amended work programme in Gabon and
aforementioned work on ESPs at the Hibiscus field, average full-year 2023
working interest group production guidance is around 9,000 bopd

Financial performance

· Reported revenue in Q3 was USD 107.3 million (Q2: USD 5.7 million)
· Q3 EBITDA was USD 64.8 million (Q2: USD 3.3 million) with profit before tax
of USD 46.7 million (Q2: USD 10.0 million loss before tax) and net profit for
the period of USD 27.9 million (Q2: 13.4 million net loss)
· Year-to-date reported revenue for the first nine months was USD 173.7
million (9M 2022: USD 117.8 million)
· EBITDA for the first nine months was USD 103.7 million (9M 2022: USD 89.2
million) with profit before tax of USD 61.2 million (9M 2022: USD 44.4 million)
and net profit of USD 28.8 million (9M 2022: 13.9 million)
· During Q3 the Company lifted and sold 1,179,262 barrels of oil at an average
realised price of USD 87.65 per barrel
· Consequently, the aggregate volume lifted and sold by the Company in the
first nine months was 2,015,012 barrels of oil at an average realised price of
USD 82.58 per barrel
· In Q4 to date the Company has lifted and sold an aggregate volume of 554,813
barrels in Gabon and Tunisia at an average realised price of approximately USD
86.20 per barrel
· Expected total crude liftings for full-year 2023 are approximately 3 million
barrels, although the final scheduled 2023 lifting currently expected to occur
around year end may, depending on logistical factors, occur in early January
· Receivable in relation to DMO sales in Tunisia was USD 18.1 million at 30
September. USD 1.3 million of this balance was received in October
· Reported cash at bank at 30 September was USD 47 million, which includes
advances of USD 13.5 million taken against crude inventory position to smooth
working capital. Excluding oil revenue advances cash at bank at 30 September was
USD 33.5 million
· Scheduled principal repayment made in September of USD 13.2 million
resulting in amounts owing under reserve-based loans at 30 September of USD 70.5
million
· Panoro’s resultant net debt position at 30 September was USD 35.8 million
(based on cash at bank of USD 33.5 million excluding oil revenue advances)
· 2024 operational guidance for the Company will be provided as usual in
January

Q3 2023 cash distribution

· Panoro today declares a Q3 2023 cash distribution of NOK 40 million (NOK
0.342 per share)
· Panoro expects to declare a final 2023 cash distribution at its Q4 2023
results scheduled for 22 February 2024
· Cash distribution to be paid as a return of paid in capital

2024 shareholder returns policy

· Consistent with our 2023 framework, Panoro continually takes into account
its capital and exploration projects alongside a range of other factors
including the macro environment, current oil prices, exchange rates, cash flow
profile of the asset base, lender considerations, balance sheet and liquidity
requirements of the business. Consistent with its strategy to create and deliver
shareholder value, the Board of Panoro has approved the adoption of a 2024
shareholder returns policy
· Target distribution for 2024 of between NOK 400 and 500 million comprised
of:
· A core cash distribution paid on a quarterly basis, with first declaration
at Q1 2024 results to be announced in May (for payment in June)
· A combination of share buybacks and special cash distribution at the
discretion of the Board
· Amounts to be weighted towards the second half of the year as production
milestones are achieved
· Cash distributions to be paid as a return of paid in capital

· The range will be dependent on:
· The timing and de-risking of the major production operations ongoing in
both Gabon and Equatorial Guinea
· A realised oil price of USD 85 per barrel (representing the average 2024
oil price assumption of equity analysts) and current exchange rates

· The Board will consider upward or downward revisions of the framework as
production de-risking occurs and should oil prices be higher or lower than USD
85 per barrel

Liability management and capital allocation

· Panoro will continue to make its scheduled debt principal repayments during
2024. Should oil price realisations exceed USD 85 per barrel acceleration of
debt repayment through additional repayments is anticipated
· In line with its strategy Panoro will continue to selectively undertake
exploration and appraisal activities that can offer meaningful upside with a
modest financial exposure and will maintain an opportunistic stance in pursuit
of value accretive acquisitions in the future

Production operations update

Equatorial Guinea - Block G (Panoro 14.25%)

· Rig contracted for the upcoming drilling campaign has arrived in country and
is undertaking two planned workovers before commencing drilling of three new
infill wells which are expected onstream in 2024 and will deliver additional new
production volumes
· Numerous field life extension and asset integrity projects continued at the
Ceiba and Okume Complex fields during the period

Gabon - Dussafu Marin Permit (Panoro 17.5%)

· Four production wells at the Hibiscus field have been safely drilled,
completed and put onstream in the current campaign to date. Each new well was
put onstream at gross rates of between 6,000 bopd and 6,500 bopd. The results of
these wells have confirmed excellent reservoir quality in the Gamba sandstones
with potential positive implications for recoverable oil volume
· In light of these encouraging subsurface results, the partners have elected
to accelerate development of the Hibiscus field in the current campaign and plan
to spud the DHIBM-7H production well in 2024
· Following the previously communicated electrical integrity issues with ESPs
on the Hibiscus field, full production on ESP was re-started in mid-October with
subsequent production ranges of up to almost 40,000 bopd achieved. In order to
resolve the continuing electrical integrity issues over the longer term a
programme of diagnosis, repair and replacement of the ESPs is underway
· The partners plan to fast-track the recent Hibiscus South oil discovery into
production, meaning the current drilling campaign offshore Gabon will now result
in a total of seven new production wells compared to previously communicated
plans for six new production wells

Tunisia - TPS Assets (Panoro 29.4%)

· New production opportunities include a workover campaign comprising ESP
replacement and stimulation of three wells at the Cercina field (CER-1, CER-6A
and CER-7) scheduled to commence in Q1 2024
· Detailed planning for development drilling campaign on the Rhemoura and
Guebiba fields with operations expected to start late 2024

Exploration and appraisal

· At the Dussafu Marin Permit offshore Gabon the Hibiscus South exploration
well has made a new oil discovery. Preliminary estimates of recoverable volumes
are six to seven million barrels of oil (in line with pre-drill expectations)
· The Dussafu partners have agreed to drill the Bourdon Prospect (“Prospect
B”), which has an estimated mid-case potential of 29 million barrels recoverable
oil in the Gamba and Dentale formations, in the current campaign
· At Block S offshore Equatorial Guinea the partners are planning to drill the
Kosmos Energy operated Akeng Deep exploration well in 2024 to test a play in the
Albian, targeting an estimated gross mean resource of approximately 180 million
barrels of oil equivalent in close proximity to existing infrastructure at Block
G
· At the Panoro operated Block EG-01, offshore Equatorial Guinea, subsurface
studies based on existing seismic data are being undertaken to further define
and evaluate the prospectivity of the block
· Application for an Exploration Right covering part of TCP 218 located
onshore in Free State, South Africa, is currently in progress

Webinar presentation

The company will hold a live webinar presentation at 09:00 a.m. CEST today,
Wednesday 29 November 2023, 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 |29 November 2023, 09:00 .a.m. CEST |
|Time: | |
±------------±--------------------------------------------------------------+
|Registration:|https://attendee.gotowebinar.com/register/1498705151863473246 |
| | |
| |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 interests in Block-G, Block S and Block EG-01 offshore Equatorial Guinea,
the Dussafu Marin License offshore southern Gabon, the TPS operated assets, Sfax
Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia, and
interests in offshore exploration Block 2B and onshore Technical Co-operation
Permit 218 in South Africa.

Visit us at www.panoroenergy.com.

Follow us on LinkedIn (Panoro Energy | LinkedIn)

Kilde

[TekBot]

Panoro Energy - Key Information on Cash Distribution

Oslo, 29 November 2023 - The board of directors of Panoro Energy ASA (“Panoro”
or the “Company”) today declares a cash distribution of NOK 0.342 per share
(representing a cash distribution to shareholders of NOK 40 million).
…

Vis børsmeldingen

Distribution amount: NOK 0.342 per share

Declared currency: NOK

Last day of trading including right: 6 December 2023

Ex-distribution date: 7 December 2023

Record date: 8 December 2023

Payment date: On or about 15 December 2023

Date of approval: 28 November 2023

Distributions will be paid in NOK

The cash distribution will be paid as a return of paid in capital

Enquiries

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

About Panoro Energy

Panoro Energy ASA is an independent exploration and production company based in
London and listed on the main board of the Oslo Stock Exchange with the ticker
PEN. Panoro holds production, exploration and development assets in Africa,
namely interests in Block-G, Block S and Block EG-01 offshore Equatorial Guinea,
the Dussafu Marin License offshore southern Gabon, the TPS operated assets, Sfax
Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia, and
interests in offshore exploration Block 2B and onshore Technical Co-operation
Permit 218 in South Africa.

Visit us at www.panoroenergy.com.

Follow us on LinkedIn (Panoro Energy | LinkedIn)

Kilde

[Kaisovski]

BWE burde lære litt av Panoro når det kommer til IR og generell kommunikasjon.

[TekBot]

Financial calendar

Financial calendar for Panoro Energy ASA

FINANCIAL YEAR 2023
…

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24.04.2024 - Annual Report

FINANCIAL YEAR 2024

22.08.2024 - Half-yearly Report
23.05.2024 - Annual General Meeting

The Company holds a webcast presentation each quarter to discuss the results and operations. Event details are announced ahead of each quarterly update. The schedule for quarterly updates is as follows:

FINANCIAL YEAR 2023
22.02.2024 – Trading and Financial Update – Q4 and Annual Results

FINANCIAL YEAR 2024
23.05.2024 – Trading and Financial Update – Q1
20.11.2024 – Trading and Financial Update – Q3

The information presented quarterly is also available on our website www.panoroenergy.com

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

This information is published pursuant to the requirements set out in the Continuing obligations.

Kilde

[TekBot]

Panoro Energy - Ex Cash Distribution Today

Oslo, 7 December 2023 - The shares in Panoro Energy ASA will be traded ex cash
distribution (NOK 0.342 per share) as from today, 7 December 2023.

…

Vis børsmeldingen

The payment date will be on or around 15 December 2023.

Enquiries

Qazi Qadeer, Chief Financial Officer

Tel: +44 203 405 1060

Email: investors@panoroenergy.com

About Panoro Energy

Panoro Energy ASA is an independent exploration and production company based in
London and listed on the main board of the Oslo Stock Exchange with the ticker
PEN. Panoro holds production, exploration and development assets in Africa,
namely interests in Block-G, Block S and Block EG-01 offshore Equatorial Guinea,
the Dussafu Marin License offshore southern Gabon, the TPS operated assets, Sfax
Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia, and
onshore Technical Co-operation Permit 218 in South Africa.

Visit us at www.panoroenergy.com.

Follow us on LinkedIn (Panoro Energy | LinkedIn)

Kilde