Panoro Energy ASA ( (PESAF) ) has released its Q3 earnings. Here is a breakdown of the information Panoro Energy ASA presented to its investors.
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Panoro Energy ASA is an independent exploration and production company based in London, focusing on oil and gas assets in Africa, and is listed on the Oslo Stock Exchange under the ticker PEN.
In its third-quarter financial update for 2024, Panoro Energy has highlighted significant achievements, including surpassing its production targets and strategic advancements in its exploration and production activities across its key regions in Africa.
The company’s production figures reached new highs, with over 13,000 barrels of oil per day achieved ahead of schedule. In Gabon, production exceeded expectations with gross production surpassing 40,000 barrels per day. Meanwhile, Equatorial Guinea saw successful infill well operations, adding to its production capacity. Financially, Panoro reported a Q3 revenue of USD 36 million, with EBITDA at USD 23.7 million, although both figures reflected a decline from the previous quarter. The company also managed to secure significant crude oil liftings, maintaining a steady realized price per barrel.
Despite the drop in quarterly profits, Panoro continues to invest heavily in its assets, with capital expenditure rising due to expanded drilling activities. The company remains committed to shareholder returns, declaring a cash distribution and executing a share buy-back program.
Looking ahead, Panoro Energy is poised to continue its development activities with a stable outlook on capital expenditure for 2025 and ongoing exploration initiatives, indicating a strategic focus on expanding its production capabilities and asset portfolio.
