Q2 2024 Panoro Energy ASA Earnings Call Transcript
Key Points
- Production increased by a material percentage compared to last year.
- Revenue more than doubled compared to the previous period last year.
- Net profit significantly exceeded last year's figures.
- Announced a NOK50 million quarterly dividend, consistent with past quarters.
- Reserves in Dussafu increased by 23.1 million barrels due to successful drilling programs.
- Lower production in the second quarter due to an extended shutdown in Gabon at Dussafu.
- Slightly behind timing-wise on production targets, expected to be below the bottom end of guidance range.
- Regulatory delays in Tunisia impacting the timing of workovers and production activities.
- Higher drilling costs and expanded drilling program in Gabon putting upward pressure on CapEx guidance.
- Slight slippage in Equatorial Guinea drilling program, impacting production numbers.
Good morning, everyone, and thank you for participating. Greetings from Oslo. This is John Hamilton, Chief Executive of Panoro. And I'm joined this morning by my colleague Qazi Qadeer, our CFO; and Richard Morton, our Technical Director. As usual, I'll take you through the presentation of our first-half results and some operational updates, and we will open up for some questions as well towards the end, if there are any.
As a reminder, today's conference call contains certain statements that are, or may be deemed to be forward-looking statements, which include all statements other than statements of historical fact. Forward-looking statements involve making certain assumptions based on the company's experience and perception of historical trends, current conditions, expected future development, and other factors that we believe are appropriate under the circumstances.
Although we believe the expectations reflected in these forward looking statements are reasonable, actual events or results may differ materially from those
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
