DNB starts Panoro with 'buy' as 'well-timed' 2021 acquisition paves way for growth

Panoro Energy ASA

26/09/2022 10:04

** DNB Markets initiates Panoro Energy  PENR.OL  with "buy"
saying its acquisition of Tullow Oil's  TLW.L  assets in Gabon
and Equatorial Guinea last year has laid the foundation for
growth
    ** The February 2021 acquisition was "exceptionally
well-timed", the brokerage says, laying the foundation for solid
production growth and fuelling free cash flow generation and
dividend capacity in the years ahead
    ** The company's Hibiscus/Ruche phase I in Gabon and
Equatorial Guinea is due to come on stream in Q3 2023, and DNB
believes Panoro will meet its 2023 production target, exceeding
12,500 barrels of oil equivalent per day (boed)
    ** The brokerage sees a 2022-2025 production compound annual
growth rate of 20%, reaching 14,000 boed by 2024
    ** DNB sets a target price of NOK 41, versus current price
of NOK 25.10
    ** Three analysts that cover the stock all rate it "strong
buy" or "buy"​ - Refinitiv data
 (Reporting by Ina Kreutz)
 ((ina.kreutz@thomsonreuters.com))