Panoro Energy ASA (OTC:PESAF, OSL:PEN) said its net production has reached 11,000 barrels of oil per day (bopd) from its share of the Dussafu Marin offshore Gabon and after acquiring the remaining 40% minority interest in its Tunisian business.
Ahead of its full interim results release later in the month, the company said it had US$32.1 million cash at bank at the end of June, which includes advances of US$17.4 million taken against high crude inventory position to smooth working capital.
With an average of 7,211 bopd produced in the first six months, rising to 8,093 bopd in the second quarter, and 835,750 barrels sold at an average realised price of $75.42 per barrel, revenue of US$63.0 million was made in the first half.
With net production expected to exceed 13,000 bopd once all six new production wells at Hibiscus Ruche Phase I are onstream, Panoro chief executive John Hamilton said: "We are making good progress towards achieving our organic output targets with the drill-bit."
An infill drilling campaign offshore Equatorial Guinea is due to begin towards the end of the year, which is expected to deliver additional volume in 2024.
For full-year 2023, guidance for the average working interest production was narrowed to 9,500-10,500 bopd.
"While Q2 revenue reflects our previously guided crude lifting schedule the cash generative potential of Panoro’s well diversified and high quality production base will be evident in H2 when the majority of our annual liftings and crude oil sales occur," said Hamilton.
“We look forward to delivering strong organic growth over the remainder of 2023 and beyond.”
Hamilton and the management team expect the majority of its 2023 crude oil liftings to occur in the second half of the year. Total crude liftings in 2023 are expected to be approximately 3 million barrels.