Oslo, 20 January 2020 - Panoro Energy ASA ("Panoro" or the "Company" with OSE
Ticker: "PEN") notes the announcement made today by our operating partner BW
Energy ("BWE") in connection with their contemplated IPO citing the public
release of the independent reserves auditor's reports addressed to BWE and
issued by Netherland, Sewell & Associates Inc. ("NSAI") certifying reserves for
Dussafu Marin Permit ("Dussafu"), offshore Gabon as of 30 September 2019.
The gross reserves from the NSAI reports remain the same as announced in our
press release of 30 October 2019 with:
· Proved (1P) reserves of 76.9 MMbbls
· Proved + Probable (2P) reserves of 112.4 MMbbls
· Proved + Probable + Possible (3P) reserves of 142.6 MMbbls
The reports contain additional details on Dussafu not previously provided. A
copy of the NSAI reports can be accessed from BW Energy's website at
www.bwenergy.no.
Enquiries
John Hamilton, Chief Executive Officer
Qazi Qadeer, Chief Financial Officer
Tel: +44 203 405 1060
Email: investors@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 Africa, namely the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria, and the TPS
operated assets, Sfax Offshore Exploration Permit and Ras El Besh Concession,
offshore Tunisia. For more information, please visit the Company's website at
www.panoroenergy.com.