Petroleum Africa
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Wednesday, March 18, 2020
Panoro Energy states it is closely monitoring the developing COVID -19 situation globally and is fully focused to safeguard the health of its staff, contractors, and other stakeholders, while maintaining operating capability. “Coordinated actions have been taken to respond to government directives in Gabon, the UK and Tunisia to ensure preventative measures are taken whilst production is maintained, and ongoing well operations completed where possible,” a company statement read.
In Gabon, a scale back of activities is underway, resulting in a 40% reduction in capital expenditure for 2020 and a modest adjustment in guided production.
In Tunisia, production and development plans remain intact although these may experience some timing delays due to the COVID-19 pandemic.
John Hamilton, CEO Panoro Energy, said: “The safety of our people and operations is our absolute priority. With 25-30% of our high-quality oil production hedged in 2020, together with our significantly reduced capital expenditure budget, Panoro has taken steps to mitigate the impact of the recent dramatic collapse in oil prices. These actions have further strengthened our balance sheet. Our focus is on protecting our highly valuable reserves and resources and preserving cash until the extraordinary macro environment improves.”
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