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Panoro Energy
Panoro Energy (PEN) investor relations material
Panoro Energy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
Acquired a 40.375% interest in Block G, Equatorial Guinea, for $180 million, boosting 2P reserves by 110% and 2025 production by over 80%, with closing expected in summer 2026; deferred contingent consideration up to $39.5 million based on production and oil price thresholds.
Acquisition funded by an oversubscribed $50 million equity private placement at no discount and a $150 million bond tap; all approvals secured except for CEMAC anti-competition clearance.
Q4 2025 revenue was $67.3 million, EBITDA $27.6 million; full-year 2025 revenue $216.8 million, EBITDA $97.5 million, with a net loss of $14.6 million compared to a $60.7 million profit in 2024.
Strong operational performance across Equatorial Guinea, Gabon, and Tunisia, with record production in 2025 and robust reserve replacement.
Shareholder distributions since March 2023 total ~30% of market cap, with NOK 411 million distributed in 2025.
Financial highlights
FY 2025 revenue was $216.8 million, EBITDA $97.5 million, and net cash from operations $73.3 million; capital expenditure was $39.5 million.
Cash at year-end 2025 was $77 million, including $25 million advances against future oil liftings; gross debt $147.3 million to $150 million.
Q4 2025 loss before tax was $8.1 million after $16.1 million impairments, mainly from Block S exploration.
Free cash flow yield implied at 21% for 2025; 50% of FCF to equity distributed.
Share buybacks and distributions in 2025 totaled NOK 411 million.
Outlook and guidance
2026 group production expected to average 15,000–17,000 bopd, rising to 20,000 bopd by 2027; 2026 liftings guidance: 3.1–3.5 million barrels (current), 5.1–5.5 million barrels (pro forma).
2026 capital expenditure guidance: $55 million (excluding acquisition), $72 million with full Block G interest.
Distribution capacity for 2026 is capped at $21–21.6 million due to bond terms; estimated at ~NOK 205 million.
Hedging program in place for 500,000 barrels at minimum $66/bbl, targeting at least 50% of 2026 sales.
How does Block G acquisition enhance strategic control?
What is the timeline for Estrella discovery appraisal?
How will capex needs affect 50% FCF distribution?
Block G acquisition financing surplus use?
Block G production full recovery timeline?
2026 shareholder returns policy flexibility?
Deferred contingent consideration triggers
Block G 30% recovery factor strategy
Post-2026 shareholder return capacity
Partial view of Summaries dataset, powered by Quartr API
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Next Panoro Energy earnings date
Q1 202621 May, 2026
Panoro Energy
Next Panoro Energy earnings date
Q1 202621 May, 2026
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Frequently asked questions
Panoro Energy, through its subsidiaries, engages in the exploration, development, and production of oil and gas in North and West Africa. Panoro Energy operates as a independent oil company. The Company holds high quality exploration and production assets featuring oil production from fields in Equatorial Guinea, Gabon, Tunisia and Nigeria. Panoro lists its shares on the Oslo Stock Exchange with ticker PEN.
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