Panoro Energy Announces Third Quarter 2016 Results

Panoro Energy Announces Third Quarter 2016 Results

Panoro Energy (“the Company” or “Panoro” with OSE ticker: PEN) announced the third quarter 2016 financial results and provided the following updates:

First lifting and sale of crude in September 2016, proceeds received in October 2016

Cash balance of USD 3.5 million as at 30 September 2016 and no debt. In addition, net oil revenues of USD 3.0 million received in October 2016 million (USD 3.5 million in revenue before taxes and royalty)

Remediation work on Aje-5 well scheduled to commence in December 2016

Aje oil production guidance at a range of 7,000 to 9,000 bopd gross remains unchanged, pending resolution of all current mechanical issues

Mr. John Hamilton, CEO of Panoro, commented:

“The first lifting of Aje crude was another important milestone for our Nigerian project. Resolution of mechanical issues at Aje are now underway and on track to be fully resolved by the beginning of Q1 2017. We note our partner Harvest’s recent announcement concerning a possible disposal at Dussafu and we welcome all progress on this important asset.”

Panoro Energy 3rd Quarter Report 2016, Operations and Corporate Updates

Source/ More : Panoro Energy

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