Panoro Energy has reported strong Q3 production and financial performance.
Working interest production from Panoro's well diversified portfolio averaged just above 10,000 bopd in Q3, a new record for the Company. Revenue of USD 107.3 million in the period was also a new quarterly record and reflects the increased volumes of crude oil sold and higher oil price realisations. Q3 EBITDA and net profit were strong at USD 64.8 million and USD 27.9 million respectively.
Consistent with its commitment to delivering sustainable shareholder returns, Panoro has today declared a Q3 cash distribution of NOK 40 million (NOK 0.342 per share) to be paid as a return of paid in capital.
Having cumulatively paid NOK 140 million including the Q3 cash distribution, Panoro is moving towards its NOK 200 million targeted 2023 capital return, with the final 2023 cash distribution to be declared at its Q4 2023 results in February.
John Hamilton, CEO of Panoro, commented: 'The strong production and financial performance in Q3 underscores the high quality and cash generative potential of our diversified asset base, which we are continuing to translate into sustainable and material shareholder returns with the Q3 cash distribution declared today alongside our framework for shareholder returns in 2024. We are making good progress towards our organic production growth targets, and while we are experiencing some volume constraints arising from electrical issues with ESPs installed in wells at the Hibiscus field in Gabon we are confident that they will be resolved and the full production potential of those wells fully unlocked next year. With three production wells to come in Gabon, the three-well infill drilling campaign due to start in Q4 at Block G offshore Equatorial Guinea 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.'
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Source: Panoro Energy
