Panoro Energy Announces First Quarter 2016 Results and Provides Operations and Corporate Updates

Oslo, 25 May 2016 - Panoro Energy (“the Company” or “Panoro” with OSE Ticker: PEN) today announces the first quarter 2016 financial results and provides the following updates:

  • First oil production on Aje, offshore Nigeria commenced in May 2016
  • The two Aje wells have separately tested in excess of 5,000 bopd each
  • Cash balance of USD 7.6 million as at March 31, 2016 and no debt
  • Successful Equity Private Placement of new shares with gross proceeds of NOK 70 million (USD 8.1 million) during February 2016, with Subsequent Offering of NOK 10 million (USD 1.2 million) completed in April 2016
  • Operator continues to evaluate development plans and a possible exploration well at Dussafu, Gabon

Mr. John Hamilton, CEO of Panoro, commented: “We are extremely pleased to have reached first oil production at Aje, offshore Nigeria. This is a transformational milestone and establishes Panoro as a full cycle E&P company.  In Gabon, we continue to see enormous potential upside at Dussafu where we are working on securing partners to drill an exploration well. We feel this well will be the catalyst to move the project forward and unlock its inherent value. Having achieved production at Aje, we have established a strong platform from which to grow Panoro and add value for our shareholders. Looking forward, our strategy is to now expand our portfolio by acquiring further high quality production and development assets in West Africa.

Panoro will hold a conference call today at 9:30 a.m. CET, during which the Company will discuss the first quarter 2016 results. Participants are invited to ask questions about the first quarter report following the discussion. Participants are asked to dial-in five to ten minutes prior to the start time using the number and confirmation code below: 

Local – Oslo, Norway                                   +47 21 563 318                                  
Toll Free – Norway                                      800 19 457                                  
Local – New York, USA                                +1 212 999 6659                                  
Toll Free – USA                                             +1 866 966 5335                                  
Local – London, UK                                       +44 (0) 203 003 2666                                  
Toll Free – UK                                              0808 109 0700                                  
Password:                                                    Panoro                                  
 

For further information please contact:

Qazi Qadeer, Chief Financial Officer
Tel:         +44 203 405 1060
Email:    info@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 West Africa, namely the Dussafu License offshore southern Gabon, and OML 113 offshore western Nigeria. In addition to discovered hydrocarbon resources and reserves, both assets also hold significant exploration potential. For more information visit the Company's website at www.panoroenergy.com.

Contacts

  • Panoro Energy ASA