Oslo, 16 November 2017 - Panoro Energy (the "Company" or "Panoro" with OSE
ticker: "PEN") today announces the third quarter 2017 financial results and
provides the following updates:
Dussafu
· Material operational progress on initial two well development at Tortue
field
· First oil expected in 2H 2018 at an anticipated initial gross rate of up to
15,000 bopd
· Competent Person's Report commissioned to update independent reserves
estimates; results expected within two months
Aje
· Significant measures taken to resolve the dispute and discussions underway
on full settlement
· During an interim period of approximately one year, all spending at Aje
shall be limited to proceeds from sale of crude
Corporate
· Cash and cash equivalents of USD 6.8 million as at September 30, 2017, not
including USD 1.5 million held as security of costs in relation to the ongoing
dispute on OML 113. USD 1 million to be received by year-end completing the
Dussafu sale transaction
· Share buy-back completed on August 14, 2017, purchasing 1,000,000 own shares
for USD 0.5 million
Mr. John Hamilton, CEO of Panoro, commented: "The Dussafu development is now
entering the implementation phase, with in-field operations due to commence in
January 2018. Panoro continues to be confident with the operational capability
of the operator to bring this field into production as soon as possible. We
intend to provide the market an updated independent reserves report in the very
near future. At Aje, material steps have been taken towards a final legal
settlement of the ongoing dispute, and the JV is now focused on moving forward,
with a common goal of realizing the potential at OML 113."
Panoro will hold a conference call today at 09:30 a.m. CET, during which the
Company will discuss the third 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) 20 3003 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.