Panoro Energy (Buy, TP: NOK41.00) - 2024 likely a transition year
The underlying Q4 results were in line with our estimates, and the 2024 production guidance was lowered to 11k–13kboed (we expected 11.9kboed). The recent discovery at Hibiscus South could be 50–100% larger than the initial 6–7mmboe (gross) estimate, illustrating the strong prospectivity at the Dussafu licence. Negatively, we see a risk of higher 2024–2025 capex on the new rig needed for drilling in Equatorial Guinea. We reiterate our BUY, but have reduced our target price to NOK41 (42) on lowered estimates.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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