Panoro Energy ASA: Panoro Energy Announces Third Quarter 2015 Results and Provides Operations and Corporate Updates
Panoro Energy (TICKER: PEN) ("Panoro" or the "Company") today announces
third quarter 2015 financial results and provides the following updates:
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Cash balance of USD 17.1 million as at September 30, 2015 and no debt
in comparison to the cash balance of USD 33.3 million at June 30, 2015
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Production drilling on Aje (Nigeria) Cenomanian oil development
completed during Q4 and first oil production targeted for end January
2016
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Upgrade of the Dussafu (Gabon) prospect inventory to Pmean
approximately 1 billion barrels, acquisition of site survey data and
selection of possible drilling site
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Interpretation of new 3D PSDM seismic on OML 113 in Nigeria underway;
results to be announced Q1 2016
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Net loss from continuing operations for the quarter ended September
30, 2015, of USD 1.7 million compared to USD 34.1 million in Q2 2015
A presentation on Dussafu exploration update will be available later
today on our website at www.panoroenergy.com/?page_id=65 .
Mr. John Hamilton, CEO of Panoro, said: “We are pleased with the
number of positive developments recently reported including key
operational milestones on the Aje project in Nigeria and progress on the
exploration potential at Dussafu in Gabon. We look forward to continue
rebuilding value for the benefit of all of our shareholders.”
Panoro will hold a conference call today at 10:00 a.m. CET, during which
the Company will discuss the third quarter 2015 results. Participants
are invited to ask questions about the third quarter report following
the discussion. Participants are asked to dial-in five to ten minutes
prior to the start time using the number and confirmation code below:
Local – Oslo, Norway
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+47 21 563 318
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Toll Free – Norway
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800 19 457
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Local – New York, USA
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+1 646 843 4608
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Toll Free – USA
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+1 866 966 5335
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Local – London, UK
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+44 (0) 203 003 2666
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Toll Free – UK
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0808 109 0700
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Password:
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Panoro
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About Panoro Energy
Panoro Energy ASA is an independent E&P company based in London and
listed on the Oslo Stock Exchange with ticker PEN. The Company holds
high quality exploration and development assets in West Africa, namely
the Dussafu License offshore southern Gabon, and OML 113 offshore
western Nigeria. Both assets have discoveries with approved Field
Development Plans. In addition to discovered hydrocarbon resources and
reserves, both assets also hold significant exploration potential. For
more information visit the Company's website at www.panoroenergy.com.
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View source version on businesswire.com: http://www.businesswire.com/news/home/20151118006822/en/
Copyright Business Wire 2015
Source: Business Wire
(November 19, 2015 - 1:26 AM EST)
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