Julien Balkany (Panoro Energy) July 10 update Julien Balkany (Panoro Energy): "We approached 2019 with a desire to focus above all on Gabon and Tunisia, two countries that are strategic in our eyes and have strong oil potential.
The Norwegian oil and gas company Panoro Energy ASA made a major discovery in 2018 during an exploration drilling on the Dussafu offshore field off Gabon. By having a world-class asset in Gabon, the company has made the choice to invest significantly. Julien Balkany, Chairman of the Board of Directors of Panoro Energy, confirms an intensive drilling campaign with between six and eight exploration, appraisal and production wells to be drilled in the near future. To this must be added the 2 acquisitions made in Tunisia in 2018, which demonstrate Panoro Energy's commitment to significantly increase hydrocarbon production in two countries considered strategic by the company.
Panoro Energy in Gabon: a strategic and long-term investment
Panoro Energy has been active in Gabon's upstream oil sector for nearly 10 years and its perseverance paid off with the start of production at the Dussafu field off the country's coast in the third quarter of 2018. This production start was the logical continuation of a successful drilling campaign with an exploration well and an appraisal well on the said permit. These offshore wells, successfully drilled, have strengthened Panoro Energy, under the leadership of its president, Julien Balkany, to take the strategic decision to strengthen and expand its activities in Africa. Gabon is considered to be one of the highly strategic countries, along with Tunisia, where Panoro Energy plans to increase its production.
For 2019 and 2020, Julien Balkany explains that the Norwegian company will concentrate its investments in Gabon, in particular, in order to significantly increase hydrocarbon production there. "We will conduct an intensive drilling campaign," the president said in an interview with the newspaper Entreprendre, before adding: "We plan to drill between 2019 and 2020 at least six wells and a maximum of eight wells. Specifically, between 2 and 4 exploration wells and 4 production wells.
The oil company to increase its acquisitions in Africa and diversify in Tunisia
Already present for several years in Nigeria, the oil juniore listed on the Oslo stock exchange continues its expansion and enters the Maghreb. After buying the Norwegian company DNO Tunisia As in the summer of 2018, granting it rights to the offshore operating licences of Hammamet and Sfax Offshore as well as the Ras El Bech concession, Panoro Energy doubled the stake and completed the acquisition of OMV Tunisia Upstream GmbH, a subsidiary of OMV (major Austrian oil company) producing in partnership with ETAP on the so-called TPS concessions, adjoining the Sfax offshore licence. Julien Balkany is enthusiastic about the synergies and very strong complementarities between the TPS concessions and the adjacent Sfax Offshore permit, the latter having strong exploration potential and on which Panoro hopes to drill the Salloum West well in 2019.
"At the same time, we remain very active and on the lookout for new organic development opportunities as well as external growth. We want to strengthen our position on the continent with the immediate objective of generating value for our shareholders, thanks to the know-how and dynamism of our teams," explains Julien Balkany. Very active in recent years, the oil company, whose CEO is John Hamilton, has seen its share price soar on the Oslo stock exchange, doubling in value in 2018 and rising by more than 50% since 1 January 2019. An impressive stock market performance that earned Julien Balkany re-election as Chairman of the Board of Directors of Panoro Energy by a unanimous vote of the shareholders in May 2019; a rare enough fact to be highlighted, demonstrating the unequivocal approval and renewed confidence of shareholders in the members of the Board of Directors and the management team in place.
Source: https://www.journalducameroun.com/julien-balkany-panoro-energy-nous-avons-aborde-2019-avec-une-volonte-de-nous-concentrer-avant-toute-chose-sur-le-gabon-et-la-tunisie-deux-pays-strategiques-a-nos-yeux-et-ayant-un-fort-pote/