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Group working interest production of 11,526 bopd in the first half represents a
26 per cent increase on the same period last year. Revenue for the first half
was USD 86 million and EBITDA USD 50.7 million. Panoro expects to realise the
majority of its 2025 crude oil liftings during the second half of the year.
Capital expenditures in 2025 are materially lower than last year, with the
majority of spend in the first half related to drilling activity on the Bourdon
prospect which has resulted in an estimated 25 million barrels gross oil
discovery and opportunity to establish a new development cluster on Panoro’s
Dussafu block offshore Gabon.
Panoro has today declared a Q2 cash distribution of NOK 80 million and continues
to purchase its own shares under the renewed share buyback programme.
John Hamilton, CEO of Panoro, commented:
"I am pleased to report that our financial and operational results for the first
half are in line with previously communicated expectations. Our flagship Dussafu
Block in Gabon continues to perform strongly and we have seen improvements in
Tunisia partially offsetting the unplanned downtime in Equatorial Guinea. We
expect Panoro’s revenue to step up materially in the second half as we sell the
majority of our 2025 crude oil entitlement.
Looking ahead, we have a pipeline of exciting organic growth opportunities. In
Gabon the Dussafu partnership is maturing the MaBoMo Phase 2 development
drilling programme towards final investment decision and incorporating the
Bourdon discovery into future plans. On the exploration side the Niosi and
Guduma blocks offshore Gabon have vastly increased our footprint in the same
play fairway that we have continued to successfully explore and develop at
Dussafu. In Equatorial Guinea Block EG-23 offers a significant discovered
resource base and attractive prospectivity in close proximity to existing
infrastructure.
The Board has today declared a Q2 cash distribution of NOK 80 million. We
initiated a new share buyback programme in June which will continue to enhance
our regular quarterly cash distributions in line with our previously
communicated shareholder returns policy."
Production Update
· Group working interest production averaged 11,526bopd in the first half (H1
2024: 9,168 bopd) and was 11,064 bopd in Q2
· Production in the period reflects:
· Continued strong production and high operational uptime at the Dussafu
Marin Permit offshore Gabon
· Recent workovers and well interventions at the TPS Assets in Tunisia
having positive impact on production
· Production at Block G offshore Equatorial Guinea continues to be impacted
by unplanned facilities related downtime at the Ceiba field (remedial works
expected to restore production in Q4)
· Full-year 2024 working interest production guidance range 11,000 to 12,000
bopd (from 11,000 to 13,000 bopd previously) after taking into account deferred
production in Equatorial Guinea
Financial Update
· Financial results for the first half reflect the Company’s expected and
previously communicated 2025 crude oil lifting schedule with the majority of
crude oil sales occurring in the second half of the year
· Reported revenue in the first half was USD 86 million (H1 2024: USD 142.8
million) of which USD 75.7 million was generated from the sale of 1,146,790
barrels at an average realised price of USD 65.99 per barrel after customary
fees and discounts
· EBITDA for the first half was USD 50.7 million (H1 2024: USD 77.8 million)
· Profit before tax for the first half was USD 10.7 million (H1 2024: USD 42.2
million) and net loss USD 1.9 million (H1 2024: net profit USD 24.2 million)
· Capital expenditures in the first half were USD 26.2 million (H1 2024: USD
47.8 million) and primarily relate to the successful Bourdon discovery well and
side-tracks offshore Gabon
· Full-year 2025 capital expenditure guidance is unchanged at USD 40 million
with lighter capital expenditure expected in the second half of the year
· Management expects total liftings in 2025 to be approximately 3.7 million
barrels
· Positive crude oil inventory was 751,487 barrels at 30 June 2025
· Cash at bank at 30 June was USD55.4million
· Gross debt outstanding at 30 June 2025 comprised solely of USD 150 million
senior secured notes
Cash Distribution and Share Buyback Programme
· In line with the Company’s previously communicated 2025 shareholder returns
policy, permitted returns for calendar year 2025 are set to a maximum amount of
USD 45 million (NOK ~500 million)
· Q2 cash distribution declared of NOK 80 million will bring cumulative 2025
cash distributions to NOK 240 million when paid on or around 8 September 2025.
Cash distributions are paid as a return of paid in capital
· As at market close on 20 August cumulative 2025 year-to-date share buybacks
were NOK 68.8 million
· On 30 May the Company cancelled 3,500,000 shares purchased under the
2024/2025 share buyback programme, corresponding to a 2.993 percent reduction of
Panoro’s share capital at the time
· On 2 June the Company initiated the 2025/2026 share buyback programme that
allows for the repurchase of up to NOK 100 million of outstanding share capital
Operations Update
Gabon - Dussafu Marin Permit (Panoro 17.5 per cent)
· Net working interest production in H1 was 6,587 bopd
· Uptime of the BW Adolo FPSO was 95.9 per cent and BW MaBoMo production
platform 99.3 per cent
· The operator BW Energy took over BW Adolo FPSO operations in May which is
expected to benefit the joint venture through scope for anticipated cost savings
and synergies
· MaBoMo Phase 2 development drilling programme (previously Hibiscus Ruche
Phase 2) being matured towards final investment decision (“FID”) with target of
first oil in H2 2026
· Significant new oil discovery with good reservoir and fluid quality
confirmed with the Bourdon exploration well and side-tracks during March and
April. The operator estimates the Bourdon discovery to hold approximately 56
million barrels of oil in place of which approximately 25 million barrels are
considered recoverable and will be developed following the BW MaBoMo blueprint
· Additional drilling targets have been identified in the vicinity of the
Bourdon discovery which may add further upside
Equatorial Guinea - Block G (Panoro 14.25 per cent)
· Net working interest production in H1 was 3,397 bopd
· Production has been impacted by facilities related downtime at the Ceiba
field. Remedial works are expected to restore production in Q4. The Okume field
continues to produce in line with expectations
· Numerous ongoing field life extension and asset integrity projects remain
ongoing
· The Joint Venture is evaluating the potential for future infill drilling
campaigns in the Okume Complex and Ceiba field
Tunisia - TPS Assets (Panoro: 49.0 per cent)
· Net working interest production in H1 was 1,542 bopd
· Recent well workovers and interventions have had a positive effect on
production
· New production opportunities include a workover campaign comprising ESP
replacement and well stimulations
· Detailed planning for development drilling campaign on the Rhemoura and
Guebiba fields
Exploration Portfolio
· EG-23 (Equatorial Guinea, Panoro 80.0 percent, operator): Initiated seismic
reprocessing and subsurface studies
· EG-01 (Equatorial Guinea, Panoro 56.0 percent, operator): Finalising
prospect inventory for possible drilling phase
· Niosi / Guduma Blocks (Gabon, Panoro 25.0 percent): Planning underway for
seismic data acquisition
· ER 376 (South Africa, Panoro 100 percent): awaiting approval of Exploration
Right application
Webinar Presentation
The company will hold a live webinar presentation at 09:00 a.m. CEST on Thursday
21 August 2025, 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 |21 August 2025, 09:00 .a.m. CEST |
|Time: | |
±------------±--------------------------------------------------------------+
|Registration:|https://attendee.gotowebinar.com/register/7642054862583135578 |
| | |
| |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: +44203 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, Block EG-01 and Block EG-23 offshore
Equatorial Guinea, the Dussafu Marin, Niosi Marin and Guduma Marin Licenses
offshore southern Gabon, the TPS operated assets in Tunisia and onshore
Exploration Right 376 in South Africa.
Visit us at www.panoroenergy.com.
Follow us on LinkedIn (Panoro Energy | LinkedIn)
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