Panoro Energy announces 1Q 2016 results

Published by Louise Mulhall, Editorial Assistant
Oilfield Technology, Wednesday, 25 May 2016 16:30

Panoro Energy has announced today the first quarter 2016 financial results and has provided the following updates:

First oil production on Aje, offshore Nigeria commenced in May 2016.

The two Aje wells have separately tested in excess of 5000 bpd each.

Cash balance of US$7.6 million as at March 31, 2016 and no debt.

Successful Equity Private Placement of new shares with gross proceeds of NOK 70 million (US$8.1 million) during February 2016, with Subsequent Offering of NOK10 million (US$1.2 million) completed in April 2016.

Operator continues to evaluate development plans and a possible exploration well at Dussafu, Gabon.

Mr. John Hamilton, CEO of Panoro, commented:

“We are extremely pleased to have reached first oil production at Aje, offshore Nigeria. This is a transformational milestone and establishes Panoro as a full cycle E&P company. In Gabon, we continue to see enormous potential upside at Dussafu where we are working on securing partners to drill an exploration well. We feel this well will be the catalyst to move the project forward and unlock its inherent value. Having achieved production at Aje, we have established a strong platform from which to grow Panoro and add value for our shareholders. Looking forward, our strategy is to now expand our portfolio by acquiring further high quality production and development assets in West Africa. ”

Adapted from a press release by Louise Mulhall

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/25052016/panoro-energy-announces-1q-2016-results/

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Mr. John Hamilton, CEO of Panoro, commented:

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