Panoro Energy Reports $34.13M Operating Loss

West Africa focused exploration and production company Panoro Energy revealed Thursday a $34.13 million operating loss at the EBIT level, during the second quarter of 2015.

The company posted an operating loss of $2.19 million at the EBIT level during the same period last year and a $1.93 million loss during the first quarter of 2015. In spite of the losses, the company reported cash balance of $33.3 million as at June 30, 2015, compared to $36.1 million at March 31, 2015. Around $26 million of this cash is earmarked for the development of the Aje Cenomanian oil field, located in Nigeria, which is on schedule for first oil at the end of this year, according to Panoro’s second quarter 2015 results statement.

John Hamilton, CEO of Panoro, commented in a company statement:

"We are very encouraged by our ongoing drilling progress in Nigeria. Despite the challenging macro-economic environment for oil and gas, we are establishing a solid platform for 2016 and beyond. Going forward, we will continue to aggressively focus on project execution, cost control, maintaining financial discipline and positioning the company for growth to deliver value to our shareholders.”

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