First quarter 2014
presentation (http://mbpublicbinaryproxy/Public/399/9585549/9212462ff8759
695.pdf)Panoro Energy ASA and its subsidiaries ("Panoro Energy" or
"Panoro" or "the Company") report EBITDA of USD -2.2 million for the
first quarter 2014. The Company completed the closing of the sales
transaction of the Brazilian subsidiary Rio das Contas during the
quarter and received USD 140 million. Proceeds were used to repay
outstanding bond leaving the Company debt free. The Joint Venture
received approval of the Field Development Plan for Aje and completed
the 3D seismic survey over the OML 113 license.
First quarter 2014 highlights and subsequent events
·
EBITDA was USD -2.2 million, down from USD 14.4 million in the previous
quarter
·
EBIT of USD 51.4 million, up from -32.0 million in Q4-13
·
Completed closing of the sales transaction of Rio das Contas
·
Repayment of bonds leaving the Company debt free
·
Approval of Field Development plan for Aje
·
Completion of 3D seismic survey over the OML 113 license
·
Partnership surrendered the BS-3 licenses
·
No more licenses in Brazil following the BS-3 exit and sale of Manati
(RdC)
·
Continued focus on cost reduction
·
Ongoing strategic sales process
Please find enclosed the first quarter report and the investor
presentation. The presentation will be broadcasted live from Hotel
Continental in Oslo from 08:30 CET May 15, and can be seen using the
following link :
http://webtv.hegnar.no/presentation.php?webcastId=19246903
For further information please contact:
Carl Peter Berg, VP Commercial and Investor Relations
Cell: +47 92805029
Email: carl.peter.berg@panoroenergy.com