Panoro Energy ASA announced strong financial performance with revenue of US$60.7mn and EBITDA of US$35.6mn for the first three months
Following completion of the first new production well at the Hibiscus Ruche development offshore Gabon in early April and acquisition of the 40% minority interest in the Tunisian business, also in April, Panoro’s current working interest production is strong at rates of up to 8,500 bopd.
The company expects working interest production to increase to around 13,000 bopd when all six new Hibiscus Ruche wells are onstream. Additionally, in Equatorial Guinea the Block G partners have a rig contracted for the next drilling campaign which is expected to commence in Q4 2023 and comprise three infill production wells which are expected to be brought onstream in 2024 and deliver additional new volume.
John Hamilton, CEO of Panoro, commented, “Our existing platform of diversified and cash generative oil production continues to underpin the business which is apparent in our strong financial results for the first three months. We are also making good progress towards our organic production growth targets with our ongoing drilling programme set to significantly increase Panoro’s working interest oil production. Having paid Panoro’s inaugural quarterly cash dividend in March, the Board has today declared a quarterly cash dividend for payment in June. We remain fully committed to convert the strong fundamentals and cash generative potential of Panoro’s high-quality asset base into strong sustainable shareholder returns whilst maintaining our growth strategy and disciplined capital management.”
