Panoro Energy Announces First Quarter 2019 Results and Provides Operations and Corporate Updates
Oslo, May 23, 2019 - Panoro Energy (the “Company” or “Panoro” with OSE ticker: “PEN”) today announces the first quarter 2019 financial results and subsequent events: Highlights · Gross Revenue for the first quarter 2019 of USD 19.9 million and strong EBITDA of USD 11.3 million · Underlying operating profit before tax( Note 1) of USD 7.8 million on an adjusted basis compared to reporting basis net income before tax of USD 3.5 million · Q1 net group production (prior to royalty and tax) of approximately 2,600 bopd, a 6-fold increase in net production from Q1 2018 to Q1 2019