Operational Highlights

• Annual group production net to Panoro of 0.81 MMbbls with average daily rate of approximately 2,200 bopd.
• Average production of approximately 2,350 bopd for Q4 2020 due to improved production in Tunisia
• Production and lifting operations maintained and largely unaffected through the crisis
• Health and Safety systems and protocols proved resilient

Gabon

• Annual gross production of 5.2 MMbbls and average of 14,100 bopd (0.39 MMbbls and 1,060 bopd net to Panoro)
• Average daily production of approximately 13,500 bopd gross for the fourth quarter (~1,000 bopd net)
• At Dussafu, interpretation of seismic reprocessing completed, drilling of DHIBM-2 exploration well targeting Hibiscus Extension planned for Q2 2020
• Material cost and time savings through an alternative development plan for the Hibiscus/Ruche area using jack-up rigs in place of a wellhead platform
• USD 100 million gross in capital savings as compared to previous concept
• Break-even for next development phases of approximately USD 25 per barrel
• Two crude oil liftings in the fourth quarter, sold at an average USD 46 per barrel with core operating costs of around USD 20 per barrel

Tunisia

• Annual gross production of 1.4 MMbbls and average of 3,950 bopd (0.4 MMbbls and 1,160 bopd net to Panoro)
• Quarterly production of approximately 4,500 bopd gross on average for Q4 2020
• 5,000 bopd gross target achieved during October with current production ranging between 4,500 and 5,000 bopd
• Guebiba 10 side-track on production in lower Bireno interval with highly productive Douleb showing potential to be produced in the future
• Multiple workover activities performed during Q3 were finished during Q4, all completed safely and without incident

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Source: OilnewsKenya