Panoro Energy - Publication of 2019 Annual Statement of Reserves
Oslo, 30 April 2020 - Panoro Energy ASA (the “Company” or “Panoro” with OSE Ticker: PEN) is pleased to announce the release of its 2019 Annual Statement of Reserves (the “ASR”).
After taking account of 2019 production and removing Aje reserves that are classified as held for sale, the net reserves for Panoro’s producing oil fields have materially increased, compared to the end of 2018 (excluding Aje), by the following amounts:
- 1P reserves increase of 73%
- 2P reserves increase of 40%
- 3P reserves increase of 30%
As of 31 December 2019, the total reserves net to Panoro in million barrels of oil (“MMbbl") were:
- Proved (1P) reserves of 6.69 MMbbl
- Proved + Probable (2P) reserves of 9.62 MMbbl
- Proved + Probable + Possible (3P) reserves of 12.00 MMbbl
This represents a 2P reserves-replacement ratio of 480% (the ratio of reserves additions to production during the year).
Panoro’s classification of reserves and resources complies with the guidelines established by the Oslo Stock Exchange and are based on the definitions set by the Petroleum Resources Management System (PRMS), sponsored by the Society of Petroleum Engineers/World Petroleum Council/American Association of Petroleum Geologists/Society of Petroleum Evaluation Engineers (SPE/WPC/AAPG/SPEE) as issued in June 2018.
A copy of the 2019 Annual Statement of Reserves is available on our website at http://www.panoroenergy.com/investors/annual-statement-of-reserves/ and as an attachment to this release.
Enquiries
John Hamilton, Chief Executive Officer
Tel: +44 203 405 1060
Email: investors@panoroenergy.com
About Panoro Energy
Panoro Energy ASA is an independent E&P company based in London and listed on the Oslo Stock Exchange with ticker PEN. The Company holds high quality production, exploration and development assets in Africa, namely the Dussafu License offshore southern Gabon, OML 113 offshore western Nigeria, and the TPS operated assets, Sfax Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia.
For more information visit the Company's website at www.panoroenergy.com.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.