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Panoro Energy / Pareto Securities E&P Independents Conference

Panoro on their big acquisition, oil price effects and dividend plans.

The Africa-based E&P operator Panoro Energy was one of the over 20 presenting companies at our 16th annual E&P Independents Conference.

The company was along with the rest of the E&P sector severly hit by the oil price decline in March and April last year. Since bottoming out at around 20 dollars in April, the oil price has now climbed back above 60 dollars.

- If you would have asked me two to three months ago if I could see oil at 60 dollar I would have said it’s fantasyland. Everything works so much better at todays levels. Everything is back up, the equity markets have realized that the oil sector is actually a good sector to be in now that oil prices are high and the companies turn cash generative. We have very low operating costs, so the margin just goes up immediately. As soon as the oil price goes up, its straight to the bottom line, Hamilton says to Pareto TV.

Just recently Panoro did an acquisition of assets in Equitorial Guinea and Gabon, that multiplied the size of Panoro by 3-4 times.

In the interview Hamilton tells more about the acquisition, dividend plans, outlook and gives a sneak peak at his presentation on our E&P conference.  

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