Oslo, 7 August 2025 - Panoro Energy ASA ("Panoro" or the "Company") is pleased
to provide an operations update in advance of its H1 2025 results which are
scheduled for release on 21 August 2025. Information contained within this
release is unaudited and may be subject to further review and amendment.
John Hamilton, CEO of Panoro, commented:
"Our working interest production in the first half is within guidance and
reflects strong performance at our flagship Dussafu block in Gabon, continued
improvements at our Tunisia operations partially offsetting the unplanned
downtime in Equatorial Guinea. In line with our previously communicated lifting
schedule, we expect Panoro's revenue to step up materially in the second half as
we sell the majority of our 2025 crude oil entitlement.We initiated a new share
buyback programme in June which will continue to enhance our regular quarterly
cash distributions in line with our previously communicated shareholder returns
policy."
Production Update
· Group working interest production in H1 and Q2 2025 was:
Average W.I. production - bopd H1 2025 Q2 2025
Equatorial Guinea 3,397 3,136
Gabon 6,587 6,336
Tunisia 1,542 1,592
Total 11,527 11,065
· Continued strong production and high operational uptime at the Dussafu Marin
Permit (Panoro 17.5 percent) offshore Gabon
· Production at Block G offshore Equatorial Guinea (Panoro 14.25 percent)
continues to be impacted by unplanned facilities related downtime at the Ceiba
field (remedial works expected to restore production in Q4)
· Recent workovers and well interventions at the TPS Assets in Tunisia (Panoro
49 percent) having positive impact on production
· Full-year 2024 working interest production guidance range 11,000 - 12,000
bopd (from 11,000 - 13,000 bopd previously) after taking into account deferred
production volumes in Equatorial Guinea
Crude oil liftings
· Crude oil volumes lifted and sold in H1 and Q2 2025 were in line with
guidance:
H1 2025 Q2 2025
Volumes lifted 1,146,790 barrels 957,347 barrels
Average realised price after USD 65.99 / bbl USD 65.22 / bbl
adjustments and customary
fees
Proceeds USD 75.7 million USD 62.4 million
· Post period end in July a lifting of 650,000 barrels was completed offshore
Equatorial Guinea at a realised price after customary adjustments and fees of
USD 70.3 per barrel
· Full-year 2025 liftings expected to be ~3.7 million barrels (unchanged)
Finance and shareholder returns
· Cash at bank at 30 June 2025 was approximately USD 50.9 million which
includes advances taken against future oil liftings of USD 20 million
· Gross debt outstanding at 30 June 2025 comprised solely of USD 150 million
senior secured notes
· In line with the Company's previously communicated 2025 shareholder returns
policy, permitted distributions for calendar year 2025 are USD 45 million (NOK
500 million) inclusive of all amounts returned year-to-date
· As at market close on 1 August cumulative shareholder distributions made by
the Company year-to-date were NOK 228.8 million comprising cash distributions of
NOK 160 million and share buybacks of NOK 68.8 million. Cash distributions are
paid as a return of paid in capital
· On 30 May the Company cancelled 3,500,000 shares purchased under the
2024/2025 share buyback programme, corresponding to a 2.993 percent reduction of
Panoro's share capital at the time
· On 2 June the Company initiated the 2025/2026 share buyback programme that
allows for the repurchase of up to NOK 100 million of outstanding share capital
Enquiries
Qazi Qadeer, Chief Financial Officer
Tel: +44203 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 interests in Block-G, Block S, Block EG-01 and Block EG-23 offshore
Equatorial Guinea, the Dussafu Marin, Niosi Marin and Guduma Marin Licenses
offshore southern Gabon, the TPS operated assets in Tunisia and onshore
Exploration Right 376 in South Africa.
Visit us at www.panoroenergy.com.
Follow us on LinkedIn (https://www.linkedin.com/company/panoro-energy)