Panoro Energy (Buy, TP: NOK38.00) - Exiting the year on a high
We forecast USD17m in Q3 EBITDA (no reliable consensus). While 2024 has been hampered by operational issues, we still see 2024 exit production of ~13kboed, with Dussafu already producing at a plateau of 40kboed (gross) in mid-November. Thus, with most hiccups hopefully over, we believe Panoro is well positioned for significant FCF expansion in 2025–2026e, supported by production growth and a decline in capex. We reiterate our BUY but have cut our target price to NOK38 (39), factoring in increased capex and slightly lowered production for 2024e.Panoro Energy is an international independent oil and gas company engaged in the exploration and production of oil and gas resources in Brazil and West Africa. In Brazil, Co. participates in a number of oil and gas licenses located in the Santos basin outside the south-east coast of Brazil and in the Camamu-Almada basin in the state of Bahia. In West Africa, Co. participates in a number of licences in Nigeria and Gabon. As of Dec 31 2013, Co.'s commercial production is from the Manati field in Brazil.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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