Panoro Energy ASA (TICKER: PEN) ("Panoro" or the "Company") today announced
fourth quarter 2014 financial results and provided the following operations and
corporate updates:
· Cash balance of USD 40.9 million as of December 31, 2014 not including
unspent net cash in JV accounts of USD 5.6 million.
· No interest bearing debt.
· Net loss from continuing operations was USD 2.3 million, increasing from USD
1.9 million in the previous quarter due to one-off redundancy charges.
· Processing of the outboard 3D seismic data on Dussafu with expected
interpretation and prospect inventory to be available by end of 1Q 2015.
· Final Investment Decision taken for development of the Aje oilfield in
Nigeria with first oil production expected by the end of 2015.
· Continuing efforts to reduce G&A including closure of Oslo office.
Mr. Nishant Dighe CEO of Panoro, said: "Our balance sheet strength makes Panoro
distinctive amongst its peer group and will enable us to continue to reposition
the company for future success and unlock shareholder value. Given the
challenging environment anticipated for 2015, management will be focused on
controlling costs, ensuring effective project execution and maintaining capital
discipline. On Dussafu, whilst work on the new 3D seismic is at an early stage,
we are very excited that the initial interpretation of the data is confirming
unrisked prospective resources which are significantly larger than the existing
discoveries."
Panoro will hold a conference call today at 11:00 a.m. CET, during which
Management will discuss Panoro's 2014 fourth quarter results. The participants
are invited to ask questions on the 4Q report after conclusion of the
discussion. Participants are asked to dial in five to ten minutes prior to the
start time using the number and confirmation code below:
Local - Oslo, Norway +47 21 563 318
Toll Free - Norway 800 19 457
Local - New York, USA +1 212 999 6659
Toll Free - USA +1 866 966 5335
Local - London, UK +44 (0) 203 003 2666
Toll Free - UK 0808 109 0700
Password: Panoro
For further information please contact:
Qazi Qadeer, Chief Financial Officer
Tel: +44 20 3405 1084
Cell: +44 798 169 0670
Email: qazi.qadeer@panoroenergy.com (carl.peter.berg@panoroenergy.com)