olivLaw · European equity research
Panoro Energy ASA PEN.OL
Norway · Euronext Oslo Børs · ISIN NO0010564701 · Vertical: Listed companies from Norway
Panoro Energy ASA is an independent exploration and production company listed in Oslo with producing assets in Equatorial Guinea and Gabon. Gross production in Block G and Dussafu, combined with the acquisition of an additional stake in Block G, frames its target of group production of 20000 bopd in 2027.
At the close of 06 Nov 2026, Panoro Energy ASA (PEN.OL) stock was 29.40 NOK (−1.67% on the day), with beta -0.15, 52-week range 19.02–36.05 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 39.4
- weak (30–45)
- Bollinger (20, 2)
- 29.45 – 34.23
- below the lower band · %B -0.01 · band width 15.0%
- SMA 50 / 200
- 31.01 / 29.12
- mixed trend
- MACD (12, 26, 9)
- -0.17 / 0.25
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.2% | −0.6% | −0.5 pp | — |
| 3 months | +7.7% | −4.2% | +11.9 pp | — |
| 6 months | −12.5% | +4.3% | −16.8 pp | — |
| Year to date | +45.5% | +7.5% | +38.0 pp | — |
| 1 year | +37.4% | +9.9% | +27.5 pp | −4.7% |
| 3 years | −2.3% | +49.8% | −52.2 pp | +12.7% |
| 5 years | +29.5% | +42.8% | −13.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 227.5 m | 285.1 m | 216.8 m |
| Revenue YoY | unavailable | +25.3% | −23.9% |
| Net income | 33.4 m | 60.7 m | -13.1 m |
| Net income YoY | unavailable | +81.8% | −121.6% |
| Diluted EPS | 0.28 | 0.52 | -0.12 |
| Diluted EPS YoY | unavailable | +85.7% | −123.1% |
| net % | 14.7% | 21.3% | -6.0% |
| Free cash flow | 12.0 m | 9.3 m | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 77.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 223.1 m USD
- Total assets
- 674.2 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.32x
- ROE
- -5.3%
- ROA
- -1.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 227.5 m | 285.1 m | 216.8 m | esef· 21 Oct 2026verified |
| Operating income | 93.6 m | 95.4 m | 29.7 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 39.7 m | 54.3 m | 48.3 m | esef· 21 Oct 2026verified |
| EBITDA | 133.3 m ≈ | 149.7 m ≈ | 78.1 m ≈ | esef· 21 Oct 2026derived |
| Pre-tax income | 74.3 m | 78.2 m | 3.9 m | esef· 21 Oct 2026verified |
| Income tax | 41.0 m | 17.6 m | 17.0 m | esef· 21 Oct 2026verified |
| Net income | 33.4 m | 60.7 m | -13.1 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.28 | 0.52 | -0.12 | esef· 21 Oct 2026verified |
| Dividend per share | 0.11 | 0.16 | — | esef· 08 May 2025derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 27.8 m | 72.9 m | 77.0 m | esef· 21 Oct 2026verified |
| Receivables | 31.4 m | 38.6 m | 33.0 m | esef· 21 Oct 2026verified |
| Current assets | 109.7 m | 153.1 m | 149.5 m | esef· 21 Oct 2026verified |
| Goodwill | 52.1 m | 52.1 m | 52.1 m | esef· 21 Oct 2026verified |
| Total assets | 612.4 m | 715.6 m | 674.2 m | esef· 21 Oct 2026verified |
| Accounts payable | 25.5 m | 28.6 m | 36.7 m | esef· 21 Oct 2026verified |
| Current liabilities | 115.3 m | 63.1 m | 113.2 m | esef· 21 Oct 2026verified |
| Equity | 236.0 m | 274.1 m | 223.1 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 115.1 m | 116.7 m | 109.1 m | esef· 21 Oct 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 79.9 m | 112.4 m | 74.4 m | esef· 21 Oct 2026verified |
| Capex | 67.8 m | 103.1 m | — | esef· 08 May 2025verified |
| Free cash flow | 12.0 m ≈ | 9.3 m ≈ | — | esef· 08 May 2025derived |
| Investing cash flow | -70.4 m | -108.7 m | -39.4 m | esef· 21 Oct 2026verified |
| Financing cash flow | -14.3 m | 41.3 m | -30.8 m | esef· 21 Oct 2026verified |
| Dividends paid | 13.2 m | 18.3 m | — | esef· 08 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.06 – 2.77 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)2.06 – 2.77 (Mid 2.37)
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -6.0% | 24 (vs peers) | 60% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.3x | 43 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial43/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial24/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PANORO ENERGY ASA (PEN.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 216.8 m USD in 2025; YoY growth -23.9%; net margin -6.0%; ROE -5.3%.
The estimated value range is 2.06–2.77 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -6.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for PEN.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Panoro Energy ASA is an independent exploration and production company listed in Oslo with producing assets in Equatorial Guinea and Gabon. Gross production in Block G and Dussafu, combined with the acquisition of an additional stake in Block G, frames its target of group production of 20000 bopd in 2027 1.
SWOT
Strengths
- A producing portfolio with operated and non-operated interests in producing fields that generates oil revenue 1.
- A financial position management describes as conservative, with a conservative balance sheet and strict cost control 1.
- A commodity hedging programme covering part of the 2P oil reserves, meant to protect debt service 1.
Weaknesses
Opportunities
Threats
- Prolonged falls in oil prices could shrink the borrowing base and the capacity to fund new projects 1.
- Climate regulation and reluctance of banks to finance hydrocarbons could restrict access to capital 1.
- Changes to petroleum tax regimes or licence conditions imposed by local authorities could affect investment value 1.
Risks
- Oil and gas price volatilityhigh
Lower prices could reduce economically viable production, reserves and refinancing capacity, and uncertainty could complicate investment planning 1.
- Operational and environmental hazardshigh
Offshore operations carry risks of blowouts, spills and equipment failure that could cause material losses and extra costs 1.
- Licence expiry or onerous extensionsmedium
Licence terms are fixed and extensions are not assured and could come with onerous conditions 1.
- Decommissioning and guarantee obligationsmedium
Decommissioning costs are hard to forecast precisely, and guarantees given to partners or governments could weigh on the financial position 1.
- Currency and regulatory riskmedium
Operating across several jurisdictions exposes the company to currency controls, tax changes and restrictions that could affect liquidity 1.
Investment thesis
What would need to be true (bull case)
- If the additional Block G acquisition completes as planned, the attributable interest and production could rise materially in 2026 and 2027 1.
- Production from Dussafu and Block G, combined with capital discipline and moderate leverage, could support the 2027 group production goal 1.
- If new wells and equipment repairs at Ceiba perform as expected, operating output could return toward the potential of the fields 1.
What would break the thesis
- A fall in oil prices could sharply reduce profitability and limit funding for new investment given existing debt 1.
- Dependence on a few fields and recent technical problems could leave production exposed to outages that affect revenue 1.
- Climate regulation and financing restrictions could make access to capital harder over the medium term 1.
What to watch
- Completion of the 40.375% Block G acquisition from Kosmos Energysecond half of 2026
- Return of Ceiba output to full potential after subsea equipment repairs2026
- Results of the MaBoMo Phase 2 drilling campaign at Dussafu2026
- Reaching the group production target of 20000 bopd2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Panoro Energy ASA is an independent exploration and production (E&P) company listed on the Oslo Stock Exchange under ticker PEN, with production, development and exploration assets in North, West and Southern Africa 1. Its core producing assets include the Ceiba field and Okume Complex in Block G, where the company holds a 14.25% working interest 1. Gross production in Block G averaged 20376 bopd in 2025, while Dussafu, where the working interest is 17.5%, averaged approximately 33216 bopd 1.
At year end 2025 the company held cash of USD 77 million and debt of USD 147.4 million, and during the year it bought back own shares for USD 8.6 million 1. Revenue comes from oil production, and the gap between income and operating, tax and transport costs is central to profitability 1.
Segments
Market context
The market the company operates in depends on oil and gas prices, which have shown high volatility amid global economic uncertainty, trade risks and geopolitical conflict 1. Competition for exploration licences is intense, and the energy transition could reduce the appetite of banks and investors to finance hydrocarbon activities 1.
The company says it does not expect a material change in funding in the short to medium term, though it monitors the risk that banks and investors pull back from hydrocarbon financing 1. The environment is therefore shaped by competition, price volatility and climate-related regulatory pressure 1.
Trends
- Oil price volatilitymixed
Volatile oil and gas prices could reduce revenue and refinancing capacity, but elevated geopolitical risk has also supported periods of higher prices amid energy security concerns 1.
- Geopolitical tensions and conflictsmixed
The war in Ukraine and tensions in the Middle East have increased energy market volatility, but they have also raised project execution risk through supply chain disruption and inflationary pressure 1.
- Energy transition and climate regulationheadwind
Efforts to cut carbon emissions and shift investment toward renewables could limit financing for fossil fuel activities and raise compliance costs 1.
- Consolidation in Equatorial Guineatailwind
The acquisition of an additional 40.375% interest in Block G, expected to complete in the second half of 2026, could expand the company's production and attributable reserves 1.
Competitive position
The oil and gas industry is very competitive, with especially intense competition for the acquisition of prospective and producing licences 1. The company's competitive position depends on its geological, geophysical and engineering expertise, financial resources, and its ability to develop assets and acquire proven reserves 1.
The sources do not name direct competitors, so the comparison remains limited to the competitive factors listed by management 1.
- Kosmos EnergyKOS
Partner in Block G and Block EG-01, from which Panoro is acquiring an additional stake, indicating both a partnership and a rivalry for assets 1.
- West African offshore licence holders
Rivals competing for prospective licences, not named in the source, where competition is described as intense 1.
- Exploration companies in North and Southern Africa
Players competing for the same assets and resources in the regions where the company is present, per the general market description 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Panoro Energy ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.