Panoro has successfully raised US$ 70 million (equivalent to approximately NOK 593 million) in gross proceeds through the Private Placement of 38,276,451 new shares in the Company. The Private Placement was multiple times oversubscribed at a price per Offer Share of NOK 15.50, representing a 2% discount to the last closing price and equivalent to the 30-day VWAP. The Private Placement received strong interest from both existing and new investors, including high quality institutional investors in the Nordics and internationally.

The net proceeds from the Private Placement will be used to partially finance the acquisitions in Equatorial Guinea and Gabon announced on 9 February 2021, and related fees and expenses as well as for general corporate purposes. In the event that one or both acquisitions do not close, the net proceeds will (in whole or in part) be used for general corporate purposes.

Julien Balkany, Chairman of Panoro, commented: 
“On behalf of Panoro Energy, I would like to thank our existing shareholders and new investors for their outstanding robust support and endorsement of the announced transformational acquisitions. We are delighted to have generated such strong demand in this significantly oversubscribed equity raise. We are committed to establish Panoro as one of the world’s leading independent E&P companies focussed on Africa and to maximise value for all our shareholders”  

KeyFacts Energy: Panoro Energy Gabon country profile