Panoro Energy Announces First Quarter 2017 Results and Provides Operations and Corporate Updates
Oslo, May 24, 2017 - Panoro Energy (the “Company” or “Panoro” with OSE ticker: “PEN”) today announces the first quarter 2017 financial results and provides the following updates: Dussafu · Following completion of the divestment of a 25% working interest in Dussafu in April, BW Offshore has paid USD 11.0 million in cash plus some working capital adjustments and will provide a non-recourse loan of up to USD 12.5 million · First oil expected in 2H 2018 at an anticipated initial rate of 15,000 bopd Aje · Legal dispute still ongoing, with arbitration hearing anticipated