Panoro Energy today announces the second quarter 2018 financial results and provides the following highlights:

Dussafu

• Second development well, DTM-3H, completed successfully
• Ruche North East well spudded; results expected in September
• FPSO Adolo has reached Gabon and is ready for installation and production start-up at Tortue field
• On schedule to achieve first oil in 2H 2018 at an anticipated gross rate of 10,000 to 15,000 bopd (Operator's estimates)

Aje

• Current oil production operations continue
• JV partners focus on advancing the Turonian development plan
• License renewal granted for an additional 20 years

Corporate

• Acquisition of DNO Tunisia AS completed in July 2018, providing Panoro with high quality assets, a full operating organisation and USD 8.3 million in cash
• Successfully completed a substantially oversubscribed equity private placement in July 2018, raising USD 8.3 million in gross proceeds
• Healthy financial position with over USD 20 million in cash when aggregating cash available at June 30, 2018 with the proceeds from the equity private placement, and from the transaction with DNO

Mr. John Hamilton, CEO of Panoro, commented: 
“The positive momentum on our E&P portfolio has continued, reinforced by our transformational strategic entry into Tunisia. Tunisia provides us with a pipeline of new projects in a proven hydrocarbon fairway, while enhancing our operating capability. Dussafu continues to deliver exciting results and we look forward to first oil during the second half of 2018. Aje is now secured for an additional 20 years, and with our Aje JV partners we will be focussed on realising the potential of the Turonian reserves. Finally, Panoro’s financial position has been materially strengthened as we are actively considering Phase 2 at Dussafu and progressing our Tunisian growth plans.”