Presentation

Panoro Energy is an Africa-focused E&P company with production, development and exploration assets on the African continent. The company produced ~7,700 bbl/day in Q2’21 and had 2P reserves of ~38.5 mill bbl at year-end 2020. The company is listed on the Oslo Stock Exchange.

In February 2021, Panoro announced the acquisition of Tullow Oil’s stake in the Dussafu block in Gabon, as well as producing fields offshore Equatorial Guinea.

The transaction increased the working interest in Dussafu to 17.5%. As of year-end 2020, 2P reserves were gross 105 mill boe, up 7.5x since the project was sanctioned driven by solid production and several exploration successes. The partners achieved first oil from the Tortue field ahead of time and budget in September 2018. Production in the first half of the year averaged 12,000 bbl/day and is expected to increase towards 15,000 bbl/day as the remaining two wells come online. First phase of Hibiscus/Ruche will comprise six wells and is expected to come online by YE’22. The second phase will include another six-seven wells expected to come online by 2024, bringing gross production to more than 40,000 bbl/day.

In addition to the increased WI in Dussafu, the Tullow transaction covers the Okume and Ceiba fields offshore Eq. Guinea. These are mature assets with a gross production of 32,000 bbl/day in 2020.

Lastly, Panoro also holds stakes in four producing fields and an exploration permit in Tunisia and is in the process of finalising the sale of the Aje field in Nigeria as well as the acquisition of Block 2B in South Africa.