Panoro Energy Announces Full Year 2019 Results
Publish Date: 26-Feb 07:30

Oslo, 26 February 2020 - Panoro Energy (the “Company” or “Panoro” with OSE ticker: “PEN”) today announces the full year 2019 financial results and corporate updates.

John Hamilton, CEO Panoro said: “Panoro has achieved exceptionally strong financial and production results in 2019, with many metrics being a record for the Company since the 2014/2015 board and management changes. The transformational Hibiscus oil discovery in Gabon is also the largest exploration success to date for the Company. The outlook for 2020 and beyond should see these positive trends continue, with material additional production to increase across the Company’s core assets, along with exciting exploration wells to be drilled. Panoro is committed to implement a balanced approach to both growth and returning capital to shareholders through a dividend policy. We anticipate that Panoro's shareholders will receive a very first dividend in the form of PetroNor shares upon completion of the Aje sale. Panoro also intends to distribute up to 50% of net profit in the form of dividend payments or share buybacks once Ruche Phase 1 production is fully on stream. We look forward to delivering on our strategy for the benefit of all our stakeholders.”

2019 Financial Highlights

2019 average net production approximately 2,371 bopd (2018: 1,315 bopd)
2019 Oil Sales and Other Revenue from continuing operations1 USD 48.2 million in line with guidance (2018: USD 3.5 million). (Note Nigeria now excluded from continuing operations)
2019 EBITDA from continuing operations of USD 25.9 million (2018: negative USD 3.8 million) in line with guidance. (Note Nigeria now excluded from continuing operations)
2019 Underlying Operating Profit before tax from continuing operations2 of USD 14.8 million (2018: loss of USD 3.7 million)
2019 reporting basis net profit before tax from continuing operations of USD 19.2 million (2018: loss of USD 4.3 million)
Year-end cash balances of USD 30.4 million including cash held for bank guarantee and external debt of USD 25.4 million
Successful completion of private placement in 4Q 2019 raising USD 16 million
Operational Highlights

Transformational exploration discovery at Hibiscus in Gabon
DTM-4H and DTM-5H wells successfully drilled and completed at Tortue field
Dussafu Ruche Phase 1 FID approved by JV partners
Workover operations underway in Tunisia to achieve 5,000 bopd gross production
Rig secured to drill well on Guebiba field, to be followed by Salloum West exploration well
Business Development Highlights

Agreement to divest OML 113 signed in 4Q 2019 for USD 10 million plus up to USD 25 million of contingent consideration
Farm-in agreement signed on 25 February 2020 for 12.5% Working Interest in Block 2B, offshore South Africa
Outlook and Guidance

Tortue Phase 2 production wells on track to commence in early March (two) and June (two)
Up to five exploration wells to be drilled during the year
Production operations activity in Tunisia at unprecedented levels
Annual net production guidance between 2,600 bopd to 3,100 bopd (excluding Aje)
11 international crude liftings guided, with smaller domestic sales in addition
2020 net capital expenditure guidance of USD 31 million, to be funded from existing resources
Dividend of PetroNor shares upon completion, and new strategy to return up to 50% of net profits following Ruche Phase 1 entering into production at end 2021


Liker godt denne presiseringen: Dividend of PetroNor shares upon completion, and new strategy to return up to 50% of net profits following Ruche Phase 1 entering into production at end 2021
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