Oslo, 10 March 2020, - Panoro Energy ASA (the "Company" or "Panoro" with OSE
ticker: "PEN") provides a corporate update in the current low oil price
environment:
· Panoro's producing assets in Gabon and Tunisia each have breakeven prices
under USD 25 per barrel based on current production levels. Such production
costs include field operating costs, royalties and an estimate of profit-sharing
based taxes, where applicable.
· In Gabon and Tunisia, Panoro is anticipating two liftings in the next four
weeks, with combined volume of approximately 140,000 barrels of oil (net). Under
the Company's existing hedging programme, around 30% of this planned lifting
volume is hedged at a Brent price of approximately USD 57 per barrel. In
addition, the Company has around 25% of its expected monthly production hedged
at a Brent minimum USD 55 per barrel for the rest of the calendar year. Further
hedges exist in 2021 at similar levels.
· Following these next two liftings, Panoro has no international liftings
planned until May 2020 and notes that the majority of its international crude
sale liftings are scheduled in the second half of 2020.
Mr. John Hamilton, CEO of Panoro Energy, said, "Oil prices have substantially
dropped recently as turbulence has spread in the financial markets. In Gabon and
Tunisia, we benefit from high quality oilfields with growing production output
and low operating costs. With our optimised corporate cost structure and
financial hedges in place, we are well positioned to weather the current storm.
We remain committed to financial discipline and are taking proactive initiatives
to mitigate the effects of the current downturn in oil price and market
sentiment."
Enquiries
John Hamilton, Chief Executive 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 visit the Company's website at www.panoroenergy.com.