Second quarter report 2013

Panoro Energy ASA and its subsidiaries (“Panoro Energy” or “the Company”) report EBITDA of USD 3.4 million for the second quarter 2013. During the quarter, the Company announced divestment of its Brazilian subsidiary Rio das Contas for USD 140 million plus contingent earn-out, and sale of its interest in OML 113 in Nigeria for USD 30 million.

Second quarter 2013 highlights and subsequent events

  • Group net gas sales averaged 2,997 BOE/day in the second quarter versus 3,955 BOE/day in the previous quarter
  • Group EBITDA was USD 3.4 million, down from USD 8.0 million in the previous quarter
  • Agreement signed to divest Brazilian subsidiary Rio das Contas for USD 140 million plus contingent earn-out of up to USD 20 million
  • Agreement signed to divest OML 113 in Nigeria for USD 30 million
  • Completed divestment of the MKB assets in Congo

Please find enclosed the fourth quarter report and the investor presentation. The presentation will be broadcasted live from Hotel Continental in Oslo from 08:30 CET August 8, and can be seen using the following link: http://webtv.hegnar.no/presentation.php?webcastId=6456344

For further information please contact:

Carl Peter Berg, VP Commercial and Investor Relations
Cell: +47 928 05 029
Email: carl.peter.berg@panoroenergy.com

Contacts

  • Panoro Energy ASA