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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.
Panoro’s 2024 shareholder returns policy is as follows:
- Target distribution for 2024 of between NOK 400 and 500 million comprised of:
- A core cash distribution paid on a quarterly basis, with first declaration at Q1 2024 results to be announced in May (for payment in June)
- A combination of share buybacks and special cash distribution at the discretion of the Board
- Amounts to be weighted towards the second half of the year as production milestones are achieved
- Cash distributions to be paid as a return of paid in capital
- The range will be dependent on:
- The timing and de-risking of the major production operations ongoing in both Gabon and Equatorial Guinea
- A realised oil price of USD 85 per barrel (representing the average 2024 oil price assumption of equity analysts) and current exchange rates
- The Board will consider upward or downward revisions of the framework as production de-risking occurs and should oil prices be higher or lower than USD 85 per barrel
Disclaimer
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.
