In an April 30 research note, Pareto Securities analyst Tom Erik Kristiansen reported that Panoro Energy ASA (PEN:OSE; 1PZ:FRA) increased reserves and resources in the Dussafu development block in Gabon in 2018.
Specifically, as of Dec. 31, 2018, Kristiansen noted, Proven and Probable Reserves at Panoro's Tortue discovery totaled 35.1 million barrels (35.1 MMbbl) gross, up 49% and in the midrange of guidance of 30–40 MMbbl.
Proven and Probable Contingent resources amounted to 51 million barrels of oil equivalent, also up, by 120%, and driven by higher volumes at Tortue and the discovery at Ruche North East. "This confirms the upside potential in the area with the volume estimate being fairly in line with our expectations," Kristiansen commented.
Due to the derisking from the boost in Gabon reserves and resources, the analyst noted, Pareto raised its net asset value on Panoro to NOK 23.5 per share.
Reserve estimates for the energy company's Tunisia assets remain the same.
Pareto has a Buy rating and a NOK 23 per share target price on Panoro, whose stock is now trading at around NOK 15.98.[NLINSERT]
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