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Dividend policy

While investing to add capital value for shareholders remains an integral part of Panoro’s strategy the Company is also committed to a sustainable shareholder returns policy, whilst preserving sufficient cash balances to fund its ongoing capital expenditure and repayment of its debt.

Taking its capital projects into account and a range of other factors including the macro environment, current oil prices, cash flow profile of the asset base, balance sheet and liquidity requirements of the business the Board of Panoro has approved the adoption of a shareholder returns policy. Accordingly, the Company will commence dividend payments in 2023.

Panoro’s 2023 shareholder returns policy is as follows:

  • USD 20 million core dividend paid on a quarterly basis in cash weighted towards H2 and subject to average oil price realisation remaining above USD 80 per barrel after the effects of any hedging
  • Target distribution for 2023 of USD 30 million subject to higher oil price realisation of USD 90 per barrel being achieved for the year after the effects of any hedging. As operating and capital costs for 2023 are largely fixed, this USD 10 per barrel price increment offers scope for significant additional free cash flow, providing for an up to USD 10 million additional capital return in the form of a cash payment, share buyback or combination thereof in addition to the core dividend
  • Should an average oil price realisation of USD 100 per barrel be achieved for the year after the effects of any hedging, Panoro will seek to return to shareholders a substantial portion of the excess free cash flow generated during the calendar year either as a discretionary special dividend, share buyback or combination thereof in addition to any core dividend and additional capital return
  • The NOK equivalent dividend will be determined by prevailing currency exchange rates around the time of declaration
  • At all times, the discretionary use of share buybacks will be evaluated in combination with dividends, using the previously approved authorities. The buy-back resolution will be proposed for renewal at the May 2023 AGM


The information provided in these historical presentations is not current and is provided only for your convenience. The management statements were current as of the date of the presentation, but may have changed since that date and should not be construed as the current opinion of Panoro Energy. The information regarding future financial performance and results, production growth, and the other information which is not historical fact contained in these presentations is forward-looking information that involves risks and uncertainties, including, but not limited to, market factors, the market price of natural gas and oil, results of future drilling and marketing activity together with future production and costs.

Panoro Energy ASA is an independent E&P company listed on the main board of the Oslo Stock Exchange with ticker PEN.

The Company holds high quality exploration and production assets in Africa with oil production from fields in Equatorial Guinea, Gabon and Tunisia.

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