Oslo, 7 April 2021 - Panoro Energy ASA ("Panoro") is pleased to announce the
receipt of proceeds from a March crude lifting from its 14.25% working interest
in Block G which contains the Ceiba and Okume Complex assets, offshore
Equatorial Guinea.
Approximately 903,000 barrels were sold by a Panoro subsidiary at US$ 65 per
barrel, realizing approximately US$ 59 million in cash net to Panoro. These will
be reflected as a receivable on the Q1 2021 balance sheet with cash inflows
realizing in Q2 2021. Panoro intends to provide revenue, production and
operating metrics on a pro-forma basis in our next operating and financial
update from January 1[st] to show the impact of the acquisitions from Tullow.
As Panoro lifts its own barrels in Block G, the next scheduled lifting is likely
in Q4 2021.
In March, Panoro also had the following international liftings, with cash to be
paid in April:
· Approximately 56,000 barrels in Dussafu (based on 7.5% working interest) at
~US$ 66 per barrel (130,000 barrels approx. based on increased stake in Dussafu
once acquisition of additional 10% working interest is completed)
· Approximately 96,000 barrels in Tunisia at ~US$ 60 per barrel
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 exploration and production company based in
London and listed on the main board of the Oslo Stock Exchange with the ticker
PEN. Panoro holds production, exploration and development assets in Africa,
namely a producing interest in Block G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria (held-for
-sale, subject to completion), and the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia. Subject to
completion of certain conditions, Panoro has also farmed-into an exploration
Block 2B, offshore South Africa.
Visit us at www.panoroenergy.com
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)