Panoro Energy reports that financial and operational performance for the first half of 2023 is in line with its expectations.
Revenue for the first half of 2023 was USD 66.3 million (up 206 percent year-on-year) while EBITDA for the period was USD 38.9 million (up 87 percent year-on-year). Working interest production from Panoro’s diversified portfolio has recently reached levels of up to 11,000 bopd and is set to exceed 13,000 bopd upon completion of the current six-well production drilling campaign underway offshore Gabon.
During the second half of the year, Panoro expects to lift and sell over two million barrels of oil, the vast majority of the Company’s expected 2023 liftings, and commence the planned three-well infill drilling campaign in Equatorial Guinea, which is expected to deliver additional volume in 2024.
Panoro has today declared a Q2 cash dividend of NOK 0.342 per share (representing a cash payment to shareholders of NOK 40 million).
John Hamilton, CEO of Panoro, commented:
'We continue to make good progress towards delivering our organic output targets with the drill-bit, having achieved excellent results from the first three of six planned new production wells at the Hibiscus Ruche Phase I development in Gabon. In line with our previously communicated lifting schedule, we expect Panoro’s revenue to step up materially in the second half as we sell the vast majority of our 2023 crude oil entitlement. We remain fully committed to converting the strong fundamentals and cash generative potential of Panoro’s high-quality asset base into sustainable shareholder returns whilst maintaining our growth strategy and disciplined capital management. We are pleased to announce today the Board has declared a second quarter cash dividend for payment in September 2023 in alignment with our lifting schedule.'
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Source: Panoro Energy
