Oslo, 24 August 2017 - Panoro Energy (the "Company" or "Panoro" with OSE ticker:
"PEN") today announces the second quarter 2017 financial results and provides
the following updates:
Dussafu
· Completion of the divestment of a 25% working interest in Dussafu for USD
11.0 million in cash and a non-recourse loan of up to USD 12.5 million
· Development planning for two initial wells at Tortue with material
operational progress
· Competent Person's Report commissioned to update reserves and resources
estimates
· First oil expected in 2H 2018 at an anticipated initial gross rate of 15,000
bopd
· Approval of the development plan submitted by the operator
Aje
· Legal dispute ongoing with arbitration hearing anticipated in 1Q 2018
· Aje-5 intervention completed with production levels lower than anticipated
· Impairment charge of USD 26.0 million reflecting current circumstances
Corporate
· Cash and cash equivalents of USD 8.7 million as at 30 June 2017, not
including USD 1.5 million held as security of costs in relation to the ongoing
dispute on OML 113
· Post-period, the Company launched and completed an initial tender offer
available to all its shareholders to repurchase up to 1,000,000 shares for
approximately USD 510 thousand
Mr. John Hamilton, CEO of Panoro, commented: "Panoro is very pleased with the
significant progress achieved at Dussafu and the clear determination of the
operator to bring this field into production as soon as possible. Key contracts
have been advanced, and we see strong momentum building up every week. We intend
to provide the market with additional operational and technical information on
Dussafu in the very near future. Although the legal dispute at Aje continues,
and we share our investors' frustration, the Company is committed to act in the
best interest of shareholders."
Panoro will hold a conference call today at 09:00 a.m. CET, during which the
Company will discuss the second quarter 2017 results. Participants are invited
to ask questions about the second 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 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, please visit the Company's website
at www.panoroenergy.com.