Research Report
Streetwise Reports (3/1/21)
How the acquisition is expected to positively impact Panoro Energy is discussed in a Pareto Securities report.
In a Feb. 23 research note, analyst Tom Erik Kristiansen reported that Pareto Securities raised its target price on Panoro Energy ASA (PEN:OSE; 1PZ:FRA) to NOK30 from NOK21 because the full accretive effect of the company's recent acquisition is yet to be realized. Panoro's current share price is NOK18.
Kristiansen highlighted the benefits of the transaction to the Norway-headquartered oil and gas company, a Pareto Securities Top Pick in the exploration and production (E&P) space.
One, its recently acquired producing assets from Tullow will increase Panoro's production fourfold, to 9,400 barrels of oil per day (9.4 Mboe/d) this year. Production is expected to grow another 30% to more than 12 Mboe/d in 2023 and 2024. The new Ceiba and Okume fields (14.25% working interest) in Equatorial Guinea and the Dussafu block (10% working interest) in offshore Gabon boosted Panoro's Proven and Probable reserves threefold, to 39 million barrels.