Brief: Panoro Energy Achieves Payback For 2021 Equatorial Guinea Acquisition

Panoro Energy ASA

14/09/2022 09:27

Sept 14 (Reuters) - Panoro Energy ASA  PENR.OL :
    * PAYBACK ACHIEVED FOR 2021 EQUATORIAL GUINEA ACQUISITION
    * FOLLOWING ITS LIFTING OF 745,000 BARRELS OF OIL AT BLOCK G
OFFSHORE EQUATORIAL GUINEA IN JULY AND RECEIPT OF ITS RELATED
PAYMENT IN EXCESS OF USD 80 MILLION, CUMULATIVE NET CASH FLOW
GENERATED FROM PANORO'S PRODUCTION ENTITLEMENT AT BLOCK G HAS
EXCEEDED UPFRONT ACQUISITION COST OF USD 94 MILLION
    * NET WORKING INTEREST PRODUCTION AT BLOCK G IN FIRST HALF
OF 2022
AVERAGED 4,714 BARRELS OIL PER DAY, REPRESENTING APPROXIMATELY
60 PERCENT OF COMPANY'S TOTAL REPORTED PRODUCTION
    * NET 2P RESERVES ATTRIBUTED TO BLOCK G AT 31 DECEMBER 2021
STOOD
AT 13.2 MILLION BARRELS
    * MANAGEMENT EXPECTS THAT PANORO'S NET 2P RESERVES WILL
INCREASE
BY BETWEEN TWO TO THREE MILLION BARRELS AS A RESULT OF PSC
EXTENSION WHICH ALSO SUPPORTS NEXT PHASE OF PLANNED INVESTMENT
BY JOINT VENTURE PARTNERS WITH A THREE WELL PRODUCTION DRILLING
CAMPAIGN DUE TO COMMENCE IN SECOND HALF OF 2023

Source text for Eikon:  ID:nWkr527gWN 
Further company coverage:  PENR.OL 

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