Panoro Energy (Buy, TP: NOK41.00) - Growth timeline pushed out
The Q4 trading update was slightly weaker than we expected, implying the production growth timeline has been pushed out somewhat. We believe this is mainly due to the sharp production decline in Equatorial Guinea during 2022, with Q4 production ~20% below the Q1 level. However, we have made fairly limited estimate changes and expect the 2023 dividend guidance to be unchanged. We reiterate our BUY but have cut our target price to NOK41 (42) on our reduced 2023e production.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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