Panoro Energy ASA
OSE:PEN
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Panoro Energy ASA
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Panoro Energy ASA
Panoro Energy ASA operates as an independent exploration and production company, which explores, produces, transports, and markets oil and natural gas. The company is headquartered in Oslo, Oslo. The company went IPO on 2010-06-08. The firm reports two segments: The West African segment holds the following assets: the Dussafu Marin exploration licence located in Gabon, and the OML113-Aje exploration license in Nigeria, as well as The Corporate and others segment consists of head office and service company operations. The firm has offices in Oslo, Norway; London, the United Kingdom; and Rio de Janeiro, Brazil. Panoro Energy ASA operates through its owned subsidiaries based in Brazil, the United Kingdom, Cyprus, the Netherlands, Tunisia, Nigeria, Gabon and the Cayman Islands.
Panoro Energy ASA operates as an independent exploration and production company, which explores, produces, transports, and markets oil and natural gas. The company is headquartered in Oslo, Oslo. The company went IPO on 2010-06-08. The firm reports two segments: The West African segment holds the following assets: the Dussafu Marin exploration licence located in Gabon, and the OML113-Aje exploration license in Nigeria, as well as The Corporate and others segment consists of head office and service company operations. The firm has offices in Oslo, Norway; London, the United Kingdom; and Rio de Janeiro, Brazil. Panoro Energy ASA operates through its owned subsidiaries based in Brazil, the United Kingdom, Cyprus, the Netherlands, Tunisia, Nigeria, Gabon and the Cayman Islands.
Major Acquisition: Panoro announced a transformational deal to acquire an additional 40.375% stake in Block G offshore Equatorial Guinea from Kosmos Energy, with a headline consideration of $180 million and expected completion in summer 2026.
Production Impact: The acquisition is expected to increase Panoro’s pro forma 2025 production by about 80% and more than double its 2P reserves.
Funding: The deal will be funded through a successful $50 million private placement (closed with no discount and oversubscribed) and a planned $150 million bond tap.
Financial Performance: 2025 revenue was $216 million, slightly down year-on-year, with strong cash flow from operations at $73 million and EBITDA of $98 million.
Shareholder Returns: Panoro announced a NOK 50 million cash distribution for the quarter, maintaining a multi-year program that has returned 30% of its market cap since March 2023.
Guidance: 2026 production guidance (pro forma for the acquisition) is 15,000–17,000 barrels per day, with projected sales volumes of 5.1–5.5 million barrels for the year.
Operational Updates: Recovery programs are underway at the Ceiba and Okume fields, with further development and drilling planned to boost production toward 30,000 barrels per day in five years.
