English

Panoro Energy Announces Fourth Quarter 2015 Results and Provides Operations and Corporate Updates

Report this content

Thursday, 25 February 2016 - Panoro Energy (Oslo TICKER: PEN) ("Panoro" or the "Company") today announces the fourth quarter 2015 financial results and provides the following updates:

  • Cash balance of USD 10.9 million as at 31 December 2015 and no debt
  • Successful Equity Private Placement of new shares with gross proceeds of NOK 70 million during February 2016 (subject to shareholders’ approval); subsequent offering planned for up to NOK 10 million
  • Production drilling on Aje (Nigeria) Cenomanian oil development completed during Q4 and first oil production targeted for end of March 2016
  • Interpretation of new 3D PSDM seismic on OML 113 in Nigeria has improved understanding of oil resources at Aje and yielded exploration prospects
  • Dussafu block (Gabon) Prospect B high graded with estimated 237 MMbbl P50 gross unrisked prospective resources
  • Net loss from continuing operations for the quarter ended 31 December 2015, of USD 1.6 million compared to USD 1.7 million in Q3 2015

Mr. John Hamilton, CEO of Panoro, commented: “Significant operational progress was made during Q4 and subsequently into 2016 on the final phases of the development of the Aje oilfield, offshore Nigeria.  We look forward to achieving first oil production by the end of March.  This transformational milestone, combined with the recent successful private placement, positions Panoro to achieve its true potential and deliver value despite the current challenging environment”.

Panoro will hold a conference call today at 10:00 a.m. CET, during which the Company will discuss the fourth quarter 2015 results. Participants are invited to ask questions about the fourth quarter report following the discussion. Participants are asked to dial-in five to ten minutes prior to the start time using the number and confirmation code below: 

Local – Oslo, Norway                                  +47 21 563 318
Toll Free – Norway                                      800 19 457
Local – New York, USA                               +1 646 843 4608
Toll Free – USA                                           +1 866 966 5335
Local – London, UK                                     +44 (0) 203 003 2666
Toll Free – UK                                             0808 109 0700
Password:                                                  Panoro

For further information please contact:

Qazi Qadeer, Chief Financial Officer
Tel:         +44 203 405 1060
Email:    info@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 exploration and development assets in West Africa, namely the Dussafu License offshore southern Gabon, and OML 113 offshore western Nigeria. Both assets have discoveries with approved Field Development Plans. In addition to discovered hydrocarbon resources and reserves, both assets also hold significant exploration potential. For more information visit the Company's website at www.panoroenergy.com.

Subscribe

Documents & Links