Fourth Quarter Report 2011
Panoro Energy ASA ("PEN" ticker code OSE) and its subsidiaries (“Panoro Energy” or “the Company”) report EBITDA of USD 2.5 million for the fourth quarter 2011. During the quarter, maintenance and repair work was completed on the platform risers at the Manati field, and three wells were drilled in the Mengo-Kundji-Bindi project onshore Congo-Brazzaville. Following the Brazilian petroleum authorities’ (“ANP”) approval of the transfer of operatorship for blocks BM-S-63, BM-S-71 and BM-S-72 to Vanco, the Company received USD 14.5 million for past cost, which was part of the farm-out agreement entered into with Vanco earlier in 2011.
Fourth Quarter Highlights and Subsequent Events
- Group net gas sales averaged 2,811 BOE/day in the fourth quarter versus 2,517 BOE/day in the previous quarter
- Group EBITDA was USD 2.5 million, up from USD 2.3 million in the previous quarter
- Completed inspections and repairs of platform risers on the Manati field
- Drilled three wells in Mengo-Kundji-Bindi, onshore Republic of Congo (Brazzaville)
- ANP approved transfer of operatorship for BM-S-63, BM-S-71 and BM-S-72 to Vanco, which triggered release of USD 14.5 million from escrow account
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 today, and can be seen using the following link http://webtv.hegnar.no/webcast.php?id=45002.
For further information please contact:
Anders Kapstad, CFO
Tel.: +47 23 01 10 01
Cell: +47 918 17 442
Email: anders.kapstad@panoroenergy.com
Jonas Gamre, Finance & Investor Relations Manager
Tel.: +47 23 01 10 02
Cell: +47 971 18 292
Email: jonas.gamre@panoroenergy.com