OSLO, Norway, May 23, 2019 /PRNewswire/ -- Panoro Energy (the
"Company" or "Panoro" with OSE ticker: "PEN") today announces the
first quarter 2019 financial results and subsequent events:
Highlights
- Gross Revenue for the first quarter 2019 of USD 19.9 million and strong EBITDA of
USD 11.3 million
- Underlying operating profit before tax( Note 1) of
USD 7.8 million on an adjusted basis
compared to reporting basis net income before tax of USD 3.5 million
- Q1 net group production (prior to royalty and tax) of
approximately 2,600 bopd, a 6-fold increase in net production from
Q1 2018 to Q1 2019
- Cash balances, including cash held for bank guarantee for Sfax
Offshore Exploration Permit (SOEP), at USD
18.1 million and debt of USD 28.2
million
Tunisia
- Current TPS gross daily production of approximately 4,300 bopd,
initial progress made towards near term objective of increasing
production by 15-20% during Q3 2019
- At TPS, targeting gross production of 5,000 bopd by the end of
2019, with additional production opportunities identified
- On-going discussions with Tunisian authorities in relation to
drilling at SOEP, with Salloum West
exploration prospect proposed to be drilled during Q4 2019
Dussafu
- Q1 average gross production rate over 12,500 bopd
- Current average gross production in excess of 12,000 bopd
- Tortue field gross 2P reserves increased by approximately 50%
to 35.1 MMbbls
- Phase 2 planning activities advanced with drilling of
development and exploration wells due to commence in July 2019
- Hibiscus Updip prospect selected as first exploration well of
the campaign
Aje
- Stable oil production at approximately 400 bopd net to Panoro
during Q1 2019
- JV partners continue to focus on advancing the Turonian
development plan
John Hamilton, CEO of Panoro,
commented: "A robust set of first quarter 2019 financial
results underlines the substantial transformation achieved by
Panoro Energy within the last year, and which now include for the
first time the contribution of our Tunisian transaction completed
in December 2018. Current oil
production is up six-fold from a year ago, with Dussafu's
performance higher than expectation. Looking forward, we have
an exceptionally busy operational programme which will include
drilling multiple new production and exploration wells, as well as
promising workover activities. We remain on track to deliver
significant organic growth and continue to review new opportunities
for the benefit of shareholders."
(Note 1) Non-GAAP financial measures
As of the first quarter 2019, the Group has enhanced its
disclosures and introduced the reporting of Underlying Operating
Profit/(Loss) before tax, a Non-GAAP Financial Measure. Underlying
Operating Profit/(Loss) before tax is considered by the Group to be
a useful additional measure to help understand underlying
operational performance. The definition and details of this
non-GAAP measure can be referred to on page 7 of the first quarter
2019 report.
Panoro will hold a conference call today at 09:00 a.m. CET, during which the Company will
discuss the first quarter 2019 results. Participants are invited to
ask questions following the discussion.
Participants are asked to dial-in five to ten minutes prior to
the start time using the number and password below:
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Local - Oslo,
Norway
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+47-21-563-318
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Toll Free –
Norway
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800-19-457
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Local – New York,
USA
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+1-212-999-6659
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Toll Free –
USA
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+1-866-966-5335
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Local – London,
UK
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+44 (0)
20-3003-2666
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Toll Free –
UK
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0808-109-0700
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Password:
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Panoro
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Participants dialling in from outside these countries may use
the UK or USA number. A replay of
the audio will be available shortly after the call is finished and
will remain on our website for approximately 7 days.
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.
Enquiries:
Qazi Qadeer, Chief Financial
Officer
Tel: +44-203-405-1060
Email: investors@panoroenergy.com
For more information visit the Company's website
at www.panoroenergy.com.
This information was brought to you by Cision
http://news.cision.com
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The following files are available for download:
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https://mb.cision.com/Main/399/2823077/1050296.pdf
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PEN announces 1Q 2019
results
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https://mb.cision.com/Public/399/2823077/a01e2b103ab91bd9.pdf
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PEN First Quarter
Report 2019
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