Oslo, Norway – Panoro Energy ASA recently held its Q1 2024 Earnings Conference Call, with Chief Executive Officer John Hamilton and Technical Director Richard Morton among the featured speakers. The call, which included notable participants like Christoffer Bachke from Clarksons and Stephen Foucaud from Auctus Advisors, highlighted the company’s performance and future outlook.

During the conference call, Hamilton emphasized the importance of forward-looking statements and provided an overview of the company’s recent announcements, which are detailed on their website. The discussion also covered the first quarter results, including liftings, revenue, EBITDA, and cash flow, all of which aligned with expectations outlined in previous trading updates.

One of the key highlights of the call was the announcement of a shareholder distribution framework, which includes a share buyback of up to NOK100 million and a cash distribution of NOK50 million. This initiative aligns with Panoro Energy ASA’s commitment to delivering value to shareholders through sustainable dividends and distributions.

The discussion also delved into production updates, with insights provided on the quarterly production bar chart, reserve replacement, lifting plans for the year, and ongoing activities in Gabon and Equatorial Guinea. Successes in drilling activities, such as the discoveries in the Hibiscus South extension and Northern flank, were highlighted as significant developments for the company.

Looking ahead, the focus remains on increasing production levels, optimizing well performance, and exploring new prospects like the Bourdon prospect. The company anticipates potential upside to its 13,000 barrels per day target, driven by positive drilling results and strong reservoir quality in key areas.

Hamilton addressed inquiries about capital expenditures, explaining that while Q1 CapEx in Gabon was front-loaded due to ongoing activities, there are remaining budget allocations for the year. The company aims to optimize production efficiency while managing costs effectively to drive sustainable growth and returns for shareholders.

In closing, the Panoro Energy ASA team expressed gratitude to participants for their engagement during the conference call and encouraged further inquiries via email for unanswered questions. As the company continues its strategic initiatives and operational activities, stakeholders can expect ongoing updates and progress reports in line with its commitment to transparency and shareholder value.