Panoro Energy (PEN) Q2 2025 earnings summary

Executive summary

• H1 2025 production averaged 11,526 bopd, up 26% year-over-year and within guidance, with strong uptime in Gabon and positive interventions in Tunisia.

• H1 2025 revenue reached $86 million, with EBITDA of $50.7 million; net loss was $1.9 million, reflecting the crude oil lifting schedule and lower prices.

• Significant new oil discovery at Bourdon in Gabon, with 25 million barrels recoverable and further development potential.

• Shareholder returns policy maintained, with NOK 80 million quarterly cash distribution, cumulative NOK 580 million, and ongoing share buybacks.

• Portfolio expanded with Niosi and Guduma blocks in Gabon, and progress in Equatorial Guinea and Tunisia.

Financial highlights

• H1 2025 revenue: $86 million (H1 2024: $142.8 million); EBITDA: $50.7 million (H1 2024: $77.8 million); net loss after tax: $2 million.

• Oil sales: $75.7 million from 1,146,790 barrels at $65.99/bbl.

• Cash at bank at 30 June 2025: $55.4 million; gross debt: $146.7–$150 million.

• Net debt/TTM EBITDA at 0.92x as of 30/06/25.

• Share buybacks: NOK 115.2 million, 3.5 million shares cancelled.

Outlook and guidance

• Full-year 2025 production guidance: 11,000–12,000 bopd, with majority of liftings in H2.

• Capex guidance unchanged at $40 million, with $26.2 million spent in H1.

• Management expects total 2025 liftings of approximately 3.7 million barrels.

• Additional $80 million cash distribution anticipated in November/December.

• Focus on organic growth, reserve replacement, and shareholder returns.