Petroleum Africa
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Monday, November 23, 2020
Panoro Energy reported total revenues of $7.59 million in Q3 2020, with positive EBITDA of $2.45 million. Numerous operational initiatives are expected to increase Panoro’s net production in the upcoming quarters, and seismic reprocessing at Dussafu has confirmed potential for a threefold increase in hydrocarbon volumes at the Hibiscus field offshore Gabon.
John Hamilton, CEO of Panoro, commented: “We are starting to see a return to the production growth story at Panoro. The recent increase in Tunisia, growing total gross production more than 25% to 5,000 bopd, is highly encouraging, and we remain confident that we can unlock further upside potential in the TPS concessions. In Gabon, we are expecting to resume production drilling during the first half of 2021. Combined with revised lower cost developments at Dussafu in Gabon, this latest progress underlines the joint-venture partners ability to favorably optimize our low operating cost assets.”
For the full update and the link to the results presentation visit the Company’s website at www.panoroenergy.com.
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