Panoro Energy tightens its loss

Panoro Energy, an independent exploration and production company, has narrowed its loss in the third quarter of 2015 when compared to the same period last year. 

The total net loss in the third quarter of 2015 was $1.8 million, compared to a net loss of $2.2 million in the corresponding period last year.

The company’s EBIT for the third quarter 2015 was $1.7 million, when compared to $1.8 million in 3Q 2014.

The exploration and production company had no operating revenues in the third quarter of 2015.

In its 3Q 2015 report on Thursday, the company said its President and Chief Operating Officer, Nishant Dighe, will depart from his position effective November 30, 2015. Dighe will continue as an advisor to Panoro for a transitional period.

Aje field

Panoro recently reported the completion of well operations on the Aje field on the OML 113 license offshore Nigeria. Commercial production is expected to start at the end of January 2016.

According to the company’s 3Q report, remaining activities to bring the project to first oil are the installation of the subsea equipment and the hook up and commissioning of the FPSO, the Front Puffin, which is completing refurbishment in Singapore.