Panoro Energy ASA: Panoro Energy Announces First Quarter 2015 Results and Provides Operations and Corporate Updates
27 May 2015 - 3:11PM
Business Wire
Panoro Energy ASA (TICKER: PEN) ("Panoro" or the "Company")
today announced first quarter 2015 financial results and provided
the following operations and corporate updates:
· Cash balance of USD 36.1 million as of March 31, 2015 not
including unspent net cash in JV accounts of USD 2.8 million
· The Company is debt free
· Net loss from continuing operations was USD 1.9 million,
decreasing from USD 2.3 million in the previous quarter
· Appointment of John Hamilton as Chief Executive Officer (post
period)
· Nomination of Garrett Soden and Torstein Sanness to be
appointed to board of directors at the AGM on May 27, 2015
· Preliminary work on new seismic at Dussafu (Gabon) shows
encouraging exploration potential with 11 mapped structures
· Operations at Aje development (Nigeria) remain on schedule
with drilling anticipated to commence in Q3 2015
· New 3D seismic on OML 113 received, interpretation to
follow
Mr. John Hamilton CEO of Panoro, said: "I look forward to
working together with the management team and board to further
develop Panoro. The Company’s assets and balance sheet remain
robust despite the challenging macro environment in the oil and gas
sector. The Aje oil development is progressing well, and with the
new PSDM seismic data recently received, we look forward to
interpreting the upside in the OML 113 license area where we have
already identified a number of prospects including the exciting
syn-rift play identified in the neighbouring
license. Similarly, our initial review of new PSDM data at
Dussafu in Gabon supports material prospectivity beyond the
existing discovered resource base."
Panoro will hold a conference call today at 10:00 a.m. CET,
during which the Company will discuss the 2015 first quarter
results. The participants are invited to ask questions on the 1Q
report after conclusion of 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 +47 21 563 318 Toll Free
– Norway 800 19 457 Local – New York, USA +1 646 843 4608
Toll Free – USA +1 866 966 5335 Local – London, UK
+44 (0) 203 003 2666 Toll Free – UK 0808 109 0700
Password: Panoro
For further information please contact:
Qazi Qadeer, Chief Financial Officer
Tel: +44 203 405 1084
Cell: +44 798 169 0670
Email: qazi.qadeer@panoroenergy.com
This information was brought to you by Cision
http://news.cision.com
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150526006360/en/
Panoro Energy ASAQazi Qadeer, Chief Financial OfficerTel:
+44 203 405 1084Cell:
+44 798 169 0670qazi.qadeer@panoroenergy.com