Panoro Energy Reports Steady Q1 2025 Output, Backed by Gabon Oil Discovery

Independent exploration and production company Panoro Energy has announced that it produced an average of approximately 12,000 barrels of oil per day (bpd) during Q1 2025. The quarter was marked by a significant new oil discovery at the Bourdon prospect on the Dussafu block, offshore Gabon.

The well encountered approximately 34m of net oil play in a 45m oil column in the Gamba reservoir – the largest hydrocarbon column found to date at Dussafu. A follow-up appraisal side-track confirmed an additional 11m of net oil play, supporting operator estimates of around 56 million barrels of oil in place, of which 25 million barrels are considered recoverable.

“[Panoro Energy’s] Q1 performance was in line with guidance, and we achieved good operational momentum into 2025. Group production was steady quarter-on-quarter at ~12,000 bpd, with 2P reserves having increased by 22% year-on-year and further exploration success with the Bourdon discovery, offshore Gabon,” stated John Hamilton, CEO, Panoro Energy.

The find has prompted Panoro Energy to raise 2025 capital expenditure guidance from $35 million to $40 million.

In Q1 2025, Panoro Energy’s working production averaged approximately 12,000 barrels of oil per day (bpd). Gabon led output at 6,841 bpd, followed by Equatorial Guinea at 3,661 bpd and Tunisia at 1,491 bpd.

Gross production at Dussafu averaged 39,089 bpd in Q1, while output from Block G in Equatorial Guinea averaged 25,689 bpd. Workovers in Tunisia lifted gross production to approximately 3,500 bpd. Full year production guidance remains unchanged at 11,000-13,000 bpd.

According to Panoro Energy’s Q1 2025 Trading and Financial Update, the company declared a Q1 2025 cash distribution of NOK 80 million (~$7.8 million) and confirmed the completion of its NOK 100 million (~$9.8 million) share buyback program.

The Dussafu discovery is located 13km from the BW Adolo FPSO and 9km from the MaBoMo production facility, positioning it well for future tie-backs and development. The success of the Bourdon well has also prompted Panoro Energy to increase its full-year 2025 capital expenditure guidance from $35 million to $40 million.