Panoro Energy Announces Second Quarter 2018 Results and Provides Operations and Corporate Updates
Wednesday 22 August 2018
Panoro Energy announced the second quarter 2018 financial results and provided the following highlights:
Dussafu
- Second development well, DTM-3H, completed successfully
- Ruche North East well spudded; results expected in September
- FPSO Adolo has reached Gabon and is ready for installation and production start-up at Tortue field
- On schedule to achieve first oil in 2H2018 at an anticipated gross rate of 10,000 to 15,000 bopd (Operator's estimates)
Aje
- Current oil production operations continue
- JV partners focus on advancing the Turonian development plan
- License renewal granted for an additional 20 years
Corporate
- Acquisition of DNO Tunisia AS completed in July 2018, providing Panoro with high quality assets, a full operating organisation and USD 8.3 million in cash
- Successfully completed a substantially oversubscribed equity private placement in July 2018, raising USD 8.3 million in gross proceeds
- Healthy financial position with over USD 20 million in cash when aggregating cash available at June 30, 2018 with the proceeds from the equity private placement, and from the transaction with DNO