Panoro Energy Q1 2025: Key Takeaways

Still a cash machine in the making

Panoro’s Q1 was a light quarter in terms of reported revenue – only one small lifting took place – but operationally, the company remains firmly on track. Guidance was reiterated, reserves were up, and management expressed continued confidence in delivering on its full-year cash distribution plans. SpareBank 1 Markets highlighted that Panoro may reach a net cash position by 2027 even while maintaining a ~17% yield this year. DNB Carnegie added that consistent execution in 2025 could be enough to trigger a re-rating.

We’ve covered Panoro in more depth previously and it’s a core holding in our Gullinbursti Dividend Portfolio. Below is a summary of the key points from the Q1 earnings call, including management commentary on operations, capital allocation, and what lies ahead.

🔹 Earnings Call Index

• Production and reserve update

• Bourdon discovery and EG-23 potential

• Capex increase and forward programme

• Q2 lifting, cash flow and distributions

• Capital strategy and balance sheet philosophy

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Production & Reserves

Q1 production held steady at ~12,000 bopd, with output from Gabon (6,841 bopd) and Tunisia (1,492 bopd) offsetting temporary downtime in Equatorial Guinea (3,661 bopd). CEO John Hamilton opened with a reminder that full-year guidance remains unchanged at 11,000–13,000 bopd.

“We produced about 12,000 barrels a day in line with our guidance... based on our 2P reserves, we’ve got a reserve to production ratio of ten years.”

The 2P reserves rose to 42.3 million barrels after a 22% YoY increase and a 309% organic replacement ratio—driven by performance at Hibiscus and upgrades in Equatorial Guinea.

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🛢️ Bourdon & EG-23