Panoro Energy Announces First Quarter 2020 Results and Provides Operations and Corporate Updates
Oslo, 28 May 2020 - Panoro Energy (the “Company” or “Panoro” with OSE ticker: “PEN”) today announces the first quarter 2020 financial results and subsequent events: Financial Highlights · Gross revenue from continuing operations[1] for 1Q 2020 of USD 3.4 million compared to USD 13.7 million for the previous quarter, due to fewer liftings (70% lower in volume) and lower oil prices · EBITDA from continuing operations of USD 0.3 million compared to USD 5.5 million for the fourth quarter of 2019 · Q1 2020 Net income before tax of USD 9 million principally from gains on crude oil