Panoro Energy has announced strong first quarter operational and financial performance. Panoro group working interest production was in line with expectations at 9,605 bopd. Reported revenue was USD 68.9 million, EBITDA USD 38.7 million and net profit USD 12.1 million.
Consistent with its commitment to delivering sustainable shareholder returns, Panoro has today declared a Q1 2024 cash distribution of NOK 50 million and has initiated a share buy-back program that allows the Company to repurchase up to NOK 100 million of its issued shares.
Drilling results in Gabon have continued to yield positive results, most recently with oil being successfully discovered at a north-east extension of the Hibiscus South field and northern flank of the Hibiscus main field. In Equatorial Guinea, following the contract award in April for the Noble Venturer drill ship, infill drilling is set to recommence in June.
John Hamilton, CEO of Panoro, commented:
'Our strong Q1 results are in line with previously communicated guidance and illustrate the good progress we are making towards our organic growth targets. With further development wells to come in Gabon, infill drilling offshore Equatorial Guinea set to recommence in June and two high impact E&A wells planned on the Bourdon and Akeng Deep prospects, in Gabon and Equatorial Guinea respectively, we have a very exciting organic growth pipeline.
We are pleased to announce that the Board has today, alongside the core cash distribution for the quarter, also approved the immediate launch of a material share buy-back program as we believe there is a significant gap between the intrinsic value of our core assets and our share price. This is in line with our 2024 shareholder returns policy and further demonstrates Panoro’s commitment to converting the strong fundamentals of our high-quality and diversified asset base into sustainable shareholder returns, whilst maintaining our growth strategy and disciplined capital management.'
Click here for Q1 2024 Presentation 23 May 2024
Click here for full announcement
Source: Panoro Energy
