Panoro Energy Announces Third Quarter 2014 Results and Provides Operations and Corporate Updates
Panoro Energy ASA (TICKER: PEN) (“Panoro” or the “Company”) announced third quarter 2014 financial results and provided the following operations, corporate and strategic updates:
· Net loss from continuing operations was US$ 1.9 million, down from US$ 2.0 million in the previous quarter
· Strong cash balance with $52.5 million as of September 30, 2014
· New Board Elected at Extraordinary General Meeting of Shareholders
· Governmental approval of the Ruche Field Development Plan in Dussafu Permit in Gabon with Front End Engineering and Design Studies currently ongoing Processing of the outboard 3D seismic data on Dussafu with expected delivery of the final dataset in December
· Final Investment Decision taken for development of the Aje oilfield in Nigeria with first oil production expected by the end of 2015
· Termination of the corporate sales process
Mr. Jan Kielland CEO of Panoro, said: “We have had a number of very positive developments and reached some key operational milestones in our portfolio of assets that give us strong optimism for the future”.
The recently elected Board of Directors has decided to end the corporate sales process. With the assistance of Evercore, Panoro conducted a strategic review of the alternatives available to the Company, including but not limited to various corporate transactions (sale, merger, acquisition, combination) amongst others. During this process, several expressions of interest were received but the Board determined that they did not represent sufficient value in light of the Company’s exciting exploration and development assets and strong cash position.
Mr Kielland added: “The Company is fully committed to maximizing value. Although the corporate sale process has been formally terminated, the Board along with Management will remain fully dedicated to review and assess all potential options for the benefits of its shareholders”.