Panoro Energy ASA ( (PESAF) ) has released its Q1 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, primarily focused on oil and gas assets in Africa, and is listed on the Oslo Stock Exchange under the ticker PEN.
In its first-quarter 2025 financial report, Panoro Energy ASA highlighted a mixed performance with a notable decline in revenue and net income compared to the previous quarter, yet maintained steady production levels across its key assets in Gabon, Equatorial Guinea, and Tunisia.
The company reported a significant drop in revenue to USD 19.0 million from USD 106.3 million in Q4 2024, primarily due to a scheduled reduction in oil liftings. Despite this, Panoro maintained its production guidance for the year at 11,000 to 13,000 barrels of oil per day (bopd). The quarter also saw a net loss of USD 13.1 million, contrasting with a profit in the previous quarter, attributed to lower sales volumes and increased operational expenses.
Strategically, Panoro announced a significant oil discovery at the Bourdon prospect offshore Gabon, which is expected to bolster future production. The company also completed a NOK 100 million share buyback program and declared a cash distribution to shareholders, aligning with its 2025 shareholder returns policy.
Looking ahead, Panoro Energy remains focused on optimizing its production and capitalizing on new discoveries to enhance shareholder value, while navigating the challenges posed by fluctuating oil prices and operational costs.