Panoro Energy (PEN) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was $19 million, EBITDA $15.3 million, and production averaged 12,000 barrels per day, all in line with guidance.

• 2P reserves increased 22% year-over-year to 42.3 million barrels, with a reserve replacement ratio over 300%.

• Major oil discovery at Bourdon offshore Gabon, estimated 25 million barrels recoverable, not yet included in annual reserves.

• Shareholder returns remain a focus, with NOK 80 million cash distribution declared for Q1 2025 and cumulative distributions reaching NOK 500 million.

• Strong balance sheet maintained with over $50 million in cash and $150 million in gross debt.

Financial highlights

• Q1 2025 revenue: $19 million; EBITDA: $15.3 million; production: 12,000 barrels per day.

• Net loss for Q1 2025 was $13.1 million, with basic and diluted EPS of -$0.11.

• Cash at bank at 31 March 2025: $51.8 million; gross debt: $150 million in senior secured notes.

• Share buyback program completed with 3.5 million shares repurchased, pending cancellation.

• Accumulated cash distributions since inception total NOK 500 million.

Outlook and guidance

• 2025 production guidance remains 11,000–13,000 barrels per day.

• 2025 capex guidance increased to $40 million following the Bourdon discovery.

• 2026 capex expected to be similar to 2025, in the $30–$40 million range.

• Shareholder distributions for 2025 targeted at NOK 500 million, with flexibility for further buybacks or special distributions.

• Next major oil lifting expected in early July 2025.