Trident Energy has canceled Panoro Energy ASA's (PEN:OSE; 1PZ:FRA) rig contract in Equatorial Guinea (EG), according to Auctus Advisors analyst Stephane Foucaud in a February 9 research note. This was stopped due to underlying safety concerns that the Blow Out Preventers were inadequate.
"We understand that there are suitable rig(s) available that are being considered as potential alternatives," Foucaud wrote, and he noted that "The three well drilling campaign (followed by the drilling of the high-impact Akeng Deep prospect) could restart during 2Q24."
The report also pointed out that any impacts to costs were most likely limited, as the rig had only been in operation since January 22, 2024.
"A one-quarter delay in the production ramp-up in EG does not impact Panoro’s production guidance range of 11-14 mbbl/d. We now forecast 12.2 mbbl/d (12.7 mbbl/d previously), with the difference being deferred to 2025," Foucaud wrote, reiterating his NOK47 target price, which is US$4.46.
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Disclosures for Auctus Advisors, Panoro Energy ASA, February 9, 2024
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