Panoro Energy ASA (OSE:PEN) reported steady operational performance in advance of its third-quarter 2025 results, scheduled for release on November 20, highlighting continued strong field delivery at the Dussafu Marin block offshore Gabon and progress toward new development phases across its West African portfolio.

The London-based independent exploration and production company holds production, exploration and development assets in four African countries: the Dussafu Marin, Niosi Marin and Guduma Marin Licenses offshore southern Gabon; interests in Block-G, Block S, Block EG-01 and Block EG-23 offshore Equatorial Guinea; the TPS operated assets in Tunisia; and onshore Exploration Right 376 in South Africa.

Group working interest production averaged 8,811bpd in Q3 2025, compared with 10,611bpd for the first nine months of the year. The company said quarterly volumes reflected planned maintenance at Dussafu and temporary facilities-related downtime at Block G in Equatorial Guinea, partly offset by stable output from the TPS assets in Tunisia.

At Dussafu, Panoro confirmed final investment decision for the four-well MaBoMo Phase 2 development programme, with first oil targeted in the second half of 2026. The Bourdon discovery is being progressed toward a separate FID based on a similar cluster development concept.

“Our flagship Dussafu block offshore Gabon continues to perform strongly. With preparations underway for the four-well MaBoMo Phase 2 development drilling campaign in 2026, and the Bourdon discovery being matured towards FID, the bright outlook at Dussafu in coming years is one of active development and extended production plateau,” Panoro Executive Chairman Julien Balkany commented.

“Group production in Q3 was influenced by planned annual maintenance activities at Dussafu and also reflects stable output in Tunisia partially offsetting the unplanned downtime in Equatorial Guinea, where deferred volumes are in the process of being restored at Block G.”

Panoro also said 3D seismic acquisition is scheduled to begin shortly across the Niosi, Guduma and Dussafu licences, with completion expected in Q1 2026, to further refine subsurface understanding near the producing area.

In Equatorial Guinea, Panoro said work is underway to restore deferred production from the Ceiba field, with a return to normal operating levels expected by Q1 2026, subject to facilities performance. On Block EG-23, subsurface analysis and seismic reprocessing continue, with the Estrella discovery and nearby structures being assessed for potential tie-back development. The company noted that Estrella-1 encountered hydrocarbon pay and recorded test flow rates in 2001, and that several additional historical discoveries on the block are under evaluation.

“On the exploration side we are accelerating workstreams and seeing some positive activities across our portfolio. On the Niosi and Guduma blocks offshore Gabon that have vastly increased our footprint in the vicinity of Dussafu, we are about to start acquiring new 3D seismic,” said Balkany. “In Equatorial Guinea, our promising block EG-23 offers significant discovered resources with an extensive inventory of prospective upside that are under evaluation and could be tied back to nearby existing infrastructure.”

Production from the TPS assets in Tunisia remained stable, with workovers and optimisation programmes expected to support near-term output.

Panoro lifted 863,402 barrels in Q3 at an average realised price of $69.47/bbl, in line with guidance and slightly above average Brent pricing for the period. A lifting of approximately 950,000 barrels is scheduled in mid-November.

The company reported $44mn in cash at 30 September 2025, including $15mn in advances against future liftings, and $150mn in senior secured notes outstanding. Under its 2025 shareholder returns framework, Panoro said permitted annual distributions total $45mn, with NOK320.8mn returned year-to-date through capital distributions and share buybacks.