Presentation

Panoro Energy is an Africa-focused E&P company with production and exploration assets in Tunisia, Gabon, Nigeria and South Africa. The company produced ~2,300 bopd in Q2’20 and had 2P reserves of ~9.6 mill barrels at the end of 2019. The company is listed on the Oslo Stock Exchange.

Panoro holds a 7.5% stake in the Dussafu block that holds 112 mill boe of gross 2P reserves. This is up 7.5x since the initial development was sanctioned driven by solid production and exploration success. The partners achieved first oil from the Tortue field ahead of time and budget in September 2018, after which gross production has been ramped-up to current gross levels of around 16,000 bopd from four wells. Completion of phase 2 is expected once COVID-19 restrictions allows for it, after which the field is expected to produce more than 20,000 bopd from six wells. Thereafter, the next phase of growth will come from the Hibiscus and Ruche developments. Reprocessed seismic indicates that Hibiscus could be three times the size previously guided, this would double the reserves at Dussafu. A successful appraisal at Hibiscus would push the est. NAV towards NOK 30/share, compared to the est. current value of NOK 21/share.

Panoro also holds stakes in five producing fields and an exploration permit in Tunisia, and is in the process of finalizing the sale of the Nigerian Aje field and acquisition of an exploration block in South Africa.