Other pages in section
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 2025 shareholder returns policy is as follows:
- The Company is aligning its shareholder returns policy with the November 2024 senior secured bond issue and adopting a calendar year distribution cycle
- The permitted distribution amount for calendar year 2025 is NOK 500 million (USD 45 million) with:
- NOK 23 million having been used up to 21 February 2025 to purchase Panoro shares under the approved buyback programme
- NOK 80 million paid during March in respect of the Q4 2024 cash distribution declared at Panoro’s Q4 2024 results
- NOK 80 million paid as a core quarterly cash distribution for each of Q1, Q2 and Q3 2025
- Up to NOK 157 million will therefore form the balance of shareholder returns over the calendar year and will consist of:
- A combination of share buybacks and special cash distribution(s) at the discretion of the Board
- Any special cash distribution is expected to be weighted towards Q3 2025
- Cash distributions will be paid as a return of paid in capital
- The targeted shareholder returns over the remainder of 2025 are based on an average realised oil price of USD 70 per barrel, current FX rates and no material unplanned interruption to production operations. The Board may consider revisions to the phasing and/or level of distributions should there be material variance in respect of these factors
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.
