Panoro Energy

We've just released our Q3 trading and financial update, with some BIG news, including: - Our objective of reaching over 13,000 bopd working interest production by year-end has been achieved ahead of time. - Gross production at the Dussafu Marin Permit offshore Gabon has reached targeted levels of over 40,000 bopd. - Panoro today declares a Q3 2024 cash distribution of NOK 50 million to be paid in December as a return of paid in capital. John Hamilton, CEO of Panoro Energy, commented: "I am delighted to report that we have achieved our target production rate at both asset and group levels, ahead of time. These important milestones start to demonstrate the underlying developed production capacity across our high quality and diversified production assets. With further wells due onstream over the remainder of Q4, Panoro will further expand and diversify its producing well inventory which provides us with scope to sustain higher production capacity for an extended period of time." Q3 WEBCAST Please note that the company will hold a live webinar presentation at 09:00 a.m. CEST today, Wednesday 20 November 2023, during which management will discuss the results and operations followed by a Q&A session. The webinar presentation can be accessed through registering at this link: https://lnkd.in/d3XXfJtZ For ALL the details about Panoro Energy's Q3 results, please see link in comments ⬇️ ⬇️

BIG operations update today, ahead of Panoro Energy's Q3 results on 20 November. A couple of highlights: - Gross production at the Dussafu Marin Permit offshore Gabon has reached targeted levels of 40,000 bopd. - In Equatorial Guinea, the first of two planned infill wells was successfully put onstream at an initial gross rate in excess of 5,000 bopd on a restricted choke, in line with expectations. - As a result, Panoro’s group working interest production has averaged approximately 12,500 bopd in November to date, keeping the Company on track to achieve its year end target of over 13,000 bopd as production is reinstated from three further wells in Gabon and one additional infill well in Equatorial Guinea is brought onstream. - Drilling has commenced at the Akeng Deep infrastructure lead exploration well offshore Equatorial Guinea - Bourdon ILX well offshore Gabon to be drilled in early 2025. - Crude oil volumes lifted and sold in Q3 were 397,652 barrels at an average realised price after customary adjustments and fees of USD 80.21 per barrel, resulting in proceeds of USD 31.9 million For more details of this, and much more, click on the link in comments ⬇️ 🙂 ⬇️

Panoro Energy is pleased to announce that it has finalised terms and signed a Production Sharing Contract ("PSC") with the Government of Equatorial Guinea for offshore Block EG -23. Panoro now holds an 80 per cent participating interest and operatorship of Block EG-23. It is partnered by Gepetrol, which holds a 20 per cent participating interest. John Hamilton, CEO of Panoro, commented: "Block EG-23 is our second operated asset in country and aligns well with our infrastructure-led exploration and appraisal strategy, increasing our access to a large inventory of oil, gas and condensate discoveries, prospects and leads within tie back distance of existing production facilities. We look forward to extending our partnership with GEPetrol to leverage our collective core subsurface skill sets to unlock the substantial upside potential that exists on the block." Block EG-23 is located offshore Equatorial Guinea north of Bioko Island and adjacent to the producing Alba gas and condensate field. Panoro's technical evaluation indicates a range of plays exist on the block and has identified a number of prospects and leads in addition to the existing discoveries which, based on existing data, are estimated by the Ministry of Mines and Hydrocarbons to hold contingent resources of approximately 104 million barrels of oil and condensate and 215 billion cubic feet of gas. For further details, please check the URL in comments (below) #oilandgas #equatorialguinea

GOOD NEWS ON A FRIDAY: Panoro Energy is pleased to announce that the C-45 infill well has successfully been put onstream by the Block G operator, Trident Energy, at an initial gross rate in excess of 5,000 bopd on a restricted choke, in line with expectations. The well is the first of two planned infill wells at the producing Ceiba Field and Okume Complex offshore Equatorial Guinea. Drilling of the second planned infill well, OF-19, at the Okume Complex has now concluded and the well is expected onstream shortly. For more information, including news of a well to be drilled in Block S, check the link in comments. 😃 #equatorialguinea #oilandgas #

GROWING IN GABON! Panoro Energy is pleased to announce that following the provisional award of a 25 per cent participating interest in exploration blocks Niosi Marin (previously G12-13) and Guduma Marin (previously H12-13) offshore shallow water Gabon, final terms have been agreed with the Government of Gabon and the Company has signed Production Sharing Contracts covering the two blocks. John Hamilton, CEO of Panoro, comments: "Panoro has been present in Gabon since 2008, during which time we have organically grown reserves and production at the Dussafu Marin Permit, developing an in-depth understanding of the hydrocarbon geology as evidenced by our 89 per cent E&A drilling success rate in the regionally prolific pre-salt Gamba formation.  Blocks Niosi and Guduma are a logical and contiguous extension of our footprint in a core area where we will be able to leverage our expertise to mature and high grade the exploration potential on the blocks in the coming years.  Panoro remains committed to growing its presence in Gabon and is delighted to further expand its partnership with the Gabonese Government and other key stakeholders.” Click the URL in the comments section for all the details about the Niosi and Guduma blocks. #gabon #oilandgas

DUSSAFU OPERATIONS UPDATE In the words of John Hamilton, CEO of Panoro: "We are pleased to have safely and successfully delivered the current production drilling campaign at Dussafu, which was expanded to eight wells in order to accommodate fast-track development of the two new discoveries which were announced during May 2024. With five out of the eight wells presently onstream, in addition to the six pre-existing wells at the Tortue field, we are moving to within touching distance of the targeted gross rate of 40,000 bopd from the block.  Our current focus is on fully transitioning all the new wells to conventional ESP systems and restoring production at the three shut-in wells, after which we will drill the exciting Bourdon prospect in line with our infrastructure lead exploration and appraisal strategy aimed at unlocking the substantial organic upside that exists on the block." Gross oil production at Dussafu during Q3 averaged approximately 27,465 bopd, the highest quarterly rate achieved since start-up of production on the block in 2018. Check out all the details: (Link in comments) #Gabon #oilandgas

Did you miss our 2024 half-year results earlier this week? Key highlights: - Revenue of USD 142.7 million (up 115 percent year-on-year) - EBITDA of USD 77.8 million (up 100 percent year-on-year) - Working interest production of 9,168 bopd (up 27 percent year-on-year) - Q2 cash distribution of NOK 50 See all the details here: https://lnkd.in/dK8zFrav

Panoro Energy – Invitation to Half Year 2024 Results Presentation The Half Year 2024 Report to be announced on Thursday 22 August will be available on our website https://lnkd.in/dwzTNDnx at 07:00 a.m. CEST. The company will hold a live webinar presentation at 09:00 a.m. CEST on Thursday 22 August 2024. The webinar presentation can be accessed through registering at this link: https://lnkd.in/d9EVRa7f Will you attend the webinar?

Panoro Energy today provides an update in advance of its Half Year 2024 results which are scheduled for release on 22 August 2024. In brief: -- Group working interest production in H1 averaged 9,168 bopd -- H1 revenue from crude oil sales was USD 135.2 million generated from the sale of 1,681,894 barrels at an average realised price of USD 80.40 per barrel -- Cash at bank at 30 June 2024 was USD 43.3 million -- The amount owing under the RBL at 30 June 2024 was USD 70.5 million Please check out these details and much, much more in today's update: https://lnkd.in/dX7p7sKf

Panoro Energy today provides an update on production and drilling activities at the Dussafu Marin Permit offshore Gabon. In brief: - Gross production at Dussafu in Q2 2024 was 21,184 bopd (3,707 bopd net working interest to Panoro) - Following the discovery in May of a north-eastern extension at the Hibiscus South field, the DHBSM-2H production well has successfully been drilled into the discovery, completed and was handed over to production operations without incident on 25 July. - The Dussafu partners have extended the contract for the Borr Norve jack-up drilling rig until February 2025. - The current campaign will therefore result in a total of 8 new production wells across the Hibiscus / Hibiscus South / Ruche fields (in addition to the 6pre-existing production wells at the Tortue field). The increased well inventory will allow for an extended production plateau for this current phase of the Hibiscus development. - The rig contract extension is also expected to include the drilling of a well to test the Bourdon Prospect, which has an estimated mid-case potential of 83 million barrels in place and 29 million barrels recoverable in the Gamba and Dentale formations. For all the details, click here: https://lnkd.in/dYS59ztq #oilandgas #gabon #explorationandproduction