Panoro Energy Provides 2022 Operations Update

  • Equatorial Guinea (Panoro: 14.25%)
    • Q1 2022 working interest production averaged approximately 4,968 bopd (gross production 34,866 bopd)
    • Operator Trident Energy is undertaking a workover programme at the Okume Complex and has completed the Okume upgrade project which will improve process reliability, power generation and fluid handling / injection capabilities
    • Ceiba export hose replacement completed
    • Various routine maintenance and upgrade projects progressed during quarter
    • Planning for possible future drilling activity underway
  • Gabon (Panoro: 17.5%)
    • Q1 2022 working interest production averaged approximately 2,030 bopd (gross production 11,600 bopd)
    • Production in the period reflects a 12-day planned annual maintenance shut-down which was pre-communicated by the operator BW Energy
    • Development of the Hibiscus / Ruche Phase I project is on track
  • Tunisia (Panoro: 29.4%)
    • Q1 2022 working interest production was stable throughout the first quarter and averaged approximately 1,304 bopd (gross production 4,435 bopd)
    • The TPS team are about to embark on an extensive workover campaign to replace two ESP’s in addition to further production enhancement operations
    • New production opportunities include the completion of the Douleb reservoir in GUE-10AST and perforation and stimulation activities on three further Cercina wells
  • South Africa (Panoro: 12.5%)
    • Rig contracted to drill the Gazania-1 exploration well in the fourth quarter
    • Expected to mobilise from the North Sea in August for a 45-day passage to South Africa
  • Sale of Nigerian asset
    • Government approvals for the sale of Panoro’s 6.502% interest in OML 113 to PetroNor E&P were received in January, satisfying the last key condition precedent for the sale
    • Panoro and PetroNor E&P are proceeding towards completion, including the issuance of new PetroNor E&P shares for distribution to Panoro shareholders. The long stop date for completion of the transaction has been extended to 30 June 2022

Outlook and guidance

  • Full year 2022 average working interest production guidance is unchanged at 8,000 bopd to 9,000 bopd in 2022, of which approximately 60% is attributed to Equatorial Guinea, 25% to Gabon and 15% to Tunisia
  • Panoro remains on track to achieve approximately 10,000 bopd net working interest production around year end following both the start-up of the Hibiscus/Ruche Phase 1 development offshore Gabon and activities in Equatorial Guinea, increasing to an expected rate in excess of 12,500 bopd during 2023
  • Consistent with its strategy to create and deliver shareholder value, the Panoro Board is committed to sustainable shareholder returns and initiating a cash dividend at the earliest opportunity, the key determining factors being capital expenditures and timing of crude oil liftings

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