Panoro Energy (Buy, TP: NOK41.00) - Production to trend higher in H2e
Q2 production was slightly weaker than expected, leaving downside risk to the 2024 guidance of 11–13kboed (we forecast 11.1kboed, no reliable consensus). However, production should trend up in H2, helped by incremental wells in Equatorial Guinea and Gabon. With 2025–2026e FCF yields of 35–40%, we still consider the investment case compelling and reiterate our BUY and NOK41 target price.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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