Panoro Energy ASA (OTC:PESAF, OSL:PEN) declared a second-quarter dividend as first-half results were in line with its expectations and revenue is expected to "step up materially" in the second half.
Revenue for the first six months of 2023 was US$66.3 million, a 206% increase year-on-year as flagged earlier in the month, while underlying profits (EBITDA) for the period rose 87% to US$38.9 million.
Underlying operating profit before tax, adjusting for certain non-cash and unrealised gain/loss, was US$15.6 million compared to a loss of US$7.8 million last time.
With working interest production recently hitting 11,000 barrels of oil per day and set to exceed 13,000 bopd upon completion of the current six-well production drilling campaign underway offshore Gabon, the company said it expects to lift and sell over two million barrels of oil in the second half of the year.
This will represent the vast majority of its expected 2023 listings.
It will also begin the planned three-well infill drilling campaign in Equatorial Guinea, which is expected to deliver additional production volume in 2024.
Panoro has declared a second-quarter cash dividend of NOK 0.342 per share (US$0.032, £0.026), which the company said was in line with its lifting schedule.
Chief executive John Hamilton said: “We continue to make good progress towards delivering our organic output targets with the drill-bit, having achieved excellent results from the first three of six planned new production wells at the Hibiscus Ruche Phase I development in Gabon.
“In line with our previously communicated lifting schedule, we expect Panoro’s revenue to step up materially in the second half as we sell the vast majority of our 2023 crude oil entitlement."
Hamilton also added that the board remains “fully committed to converting the strong fundamentals and cash generative potential of Panoro’s high-quality asset base into sustainable shareholder returns whilst maintaining our growth strategy and disciplined capital management".
As mentioned earlier in the month, cash was US$31.8 million at the end of June, including advances of US$17.4 million taken against high crude inventory position to smooth working capital, while net debt stood at US$50.4 million.