Closing of the divestment processes of its Brazilian subsidiary Rio das Contas (
The Company has decided to fully impair the BS-3 assets.
Panoro has initiated a formal sales process of the Company.
Fourth quarter 2013 highlights and subsequent events
· Net gas & condensate sales averaged 3,676 BOE/day in the fourth quarter, versus 3,741 BOE/day in the previous quarter
· EBITDA was
· The Aje joint venture initiated work on the Field Development Plan (FDP) for the initial phase of the development of this Nigerian oil and gas field based on an initial, two well development of the Cenomanian oil reservoirs
· Completed 3D seismic survey offshore
· Closing of the divestment processes of its Brazilian subsidiary Rio das Contas (
· Full impairment of BS-3 assets of
· Total number of employees have been reduced from 30 at the end of 2012 to 11 following the completion of the divestment of Rio das Contas
Panoro has initiated a formal sales process of the Company
Please find enclosed the fourth quarter report and the investor presentation. The presentation will be broadcasted live from KS-Agenda in
For further information please contact:
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
http://mb.cision.com/Public/399/9539686/a77909643a8d4533.pdf Fourth quarter 2013 report
http://mb.cision.com/Public/399/9539686/ac9d97f0f5cb15c6.pdf Fourth quarter 2013 presentation
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