Panoro Energy (Buy, TP: NOK42.00) - Poised for a strong H2e
The Q1 results were broadly in line with our expectations, and we see no changes to our investment case as the Gabon development is progressing as planned, with the production and capex guidance maintained for 2023. While Q2e is set to be soft on higher QOQ capex and limited revenues, we believe investors should focus on the strong prospects for H2e, where continued progress in Gabon should de-risk the case along with a solid recovery in revenues from its back-end loaded lifting schedule. We reiterate our BUY and NOK42 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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