Panoro Energy: Fourth Quarter 2021 Trading and Financial Update
Oslo, 23 February 2022 - Panoro Energy ASA (“Panoro” or the “Company” with OSE Ticker: PEN) today announced that working interest production for 2021 more than tripled year-on-year to 7,582 bopd (pro-forma basis). The combination of higher year-on-year production and oil price resulted in record financial performance for Panoro, with pro-forma full-year revenue standing at USD 188.6 million and pro-forma EBITDA at USD 134.3 million. The Company is underpinned by a strong balance sheet with cash at end 2021 of USD 24.5 million (excluding USD 39.8 million of December 2021 lifting proceeds