Q1 2025 Panoro Energy ASA Earnings Call Transcript

May 21, 2025 / 07:00 AM GMT

Release Date Price: kr27.53

Transcript

Key Points

Positve

Panoro Energy ASA (PESAF) reported revenue of $19 million and EBDA of $15 million, in line with guidance.
The company achieved a 300% reserve replacement ratio, marking a 22% year-on-year increase in reserves.
Panoro Energy ASA (PESAF) has a strong balance sheet with $50 million in cash against gross debt following a $150 million bond issue.
The company announced an $80 million cash distribution as a return of paid-in capital, alongside completing a 100 million kroner share buyback program.
Positive developments in Gabon and Equatorial Guinea, including a significant discovery in the Borin area with 25 million barrels recoverable.

Negative

The first quarter had a light crude lifting schedule, impacting immediate revenue realization.
Production in Equatorial Guinea was below internal budget expectations, indicating operational challenges.
The company faces high cash tax payments, particularly noted in the first quarter for Equatorial Guinea.
CapEx guidance for 2025 has been slightly increased due to additional drilling activities, indicating higher expenditure.
The timeline for first oil from the Borin discovery is still a few years out, delaying potential revenue from this asset.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PENR.OL - Panoro Energy ASA
Q1 2025 Panoro Energy ASA Earnings Call
May 21, 2025 / 07:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning everybody. This is Jon Hamilton.

Thank you for participating in our first quarter 2025 conference call. I'm joined today by our CFO Kai Kairer, our technical director Richard Morton, our head of engineering, Kim Hansen, and actually some board members as well. So we're well represented here today. I'll take you through a few slides, and as usual, we will leave some time for some Q&A at the end. I do note that we do have our annual general meeting of shareholders following this, call. So, we will terminate the call, reasonably timely today to make sure that we, get prepared for the annual general meeting.

As a reminder, today's conference call contains certain statements that are or may be deemed to be

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