Oslo, 25 May 2016 - Panoro Energy ("the Company" or "Panoro" with OSE Ticker:
PEN) today announces the first quarter 2016 financial results and provides the
following updates:
· First oil production on Aje, offshore Nigeria commenced in May 2016
· The two Aje wells have separately tested in excess of 5,000 bopd each
· Cash balance of USD 7.6 million as at March 31, 2016 and no debt
· Successful Equity Private Placement of new shares with gross proceeds of NOK
70 million (USD 8.1 million) during February 2016, with Subsequent Offering of
NOK 10 million (USD 1.2 million) completed in April 2016
· Operator continues to evaluate development plans and a possible exploration
well at Dussafu, Gabon
Mr. John Hamilton, CEO of Panoro, commented: "We are extremely pleased to have
reached first oil production at Aje, offshore Nigeria. This is a
transformational milestone and establishes Panoro as a full cycle E&P company.
In Gabon, we continue to see enormous potential upside at Dussafu where we are
working on securing partners to drill an exploration well. We feel this well
will be the catalyst to move the project forward and unlock its inherent value.
Having achieved production at Aje, we have established a strong platform from
which to grow Panoro and add value for our shareholders. Looking forward, our
strategy is to now expand our portfolio by acquiring further high quality
production and development assets in West Africa. "
Panoro will hold a conference call today at 9:30 a.m. CET, during which the
Company will discuss the first quarter 2016 results. Participants are invited to
ask questions about the first quarter report following 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: +44 203 405 1060
Email: info@panoroenergy.com
About Panoro Energy
Panoro Energy ASA is an independent E&P company based in London and listed on
the Oslo Stock Exchange with ticker PEN. The Company holds high quality
production, exploration and development assets in West Africa, namely the
Dussafu License offshore southern Gabon, and OML 113 offshore western Nigeria.
In addition to discovered hydrocarbon resources and reserves, both assets also
hold significant exploration potential. For more information visit the Company's
website at www.panoroenergy.com.