Oil & Gas

Panoro Energy, the Africa-focused exploration and production company, recorded its highest-ever production levels in 2025, marking a significant operational milestone. In an update issued ahead of the release of its full-year results, executive chairman Julien Balkany confirmed that average net production reached a record 10,263 barrels of oil per day (bopd), while crude oil liftings of approximately 3.1 million barrels aligned with previously stated expectations.

The production performance was driven by strong contributions across Panoro’s core African assets. Of the total average output, 5,813 bopd originated from Gabon, 2,919 bopd from Equatorial Guinea, and 1,530 bopd from Tunisia. This diversified production base underpinned the company’s stable operational performance throughout the year.

Looking ahead to 2026, Panoro is advancing several high-impact growth projects. Drilling activities are set to resume in Gabon with four new production wells under the MaBoMo Phase 2 programme, which are expected to lift gross production at the Dussafu field to its nameplate capacity of around 40,000 bopd.

In parallel, newly acquired state-of-the-art seismic data covering the Niosi, Guduma, and Dussafu blocks will support the identification of future drilling targets. In Equatorial Guinea, the Estrella discovery on Block EG-23 has been prioritised as a potential fast-track appraisal and development project, alongside continued asset integrity and field life extension initiatives.

Panoro also maintained stable production from the TPS Assets in Tunisia, where it holds a 49% interest, supported by ongoing workovers and planned optimisation campaigns. Financially, the company returned NOK 411 million (US$41.7 million) to shareholders through cash distributions and share buybacks, while ending 2025 with a strong cash position of approximately US$78 million.

According to Balkany, this solid financial footing positions Panoro well to execute its growth strategy and continue delivering value to shareholders.