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Panoro Energy Appoints New Executive Director

 Panoro Energy ASA has announced the appointment of Ms. Grace Reksten Skaugen to its Board of Directors, effective immediately. Ms. Skaugen has extensive experience working with a broad range of companies within the energy and global financial industries.

Ms. Skaugen is a board member and co-founder of the Norwegian Institute of Directors and holds several board positions in publicly listed companies including with the Swedish investment company Investor, Euronav NV and Lundin Energy as well as PJT Partners, a US boutique investment bank. She is a Trustee of the International Institute for Strategic Studies (IISS) in London. She was deputy chair of Statoil (now Equinor) from 2012 to 2015 and served on its board for thirteen years. Ms. Skaugen is a physicist by education and holds a PhD in laser physics from Imperial College in London.

Julien Balkany, CEO of Panoro, commented:

“On behalf of the Company, I am delighted to welcome Ms. Grace Reksten Skaugen to the Board of Panoro. Grace will be a valuable addition to our Board having experience with sustainability initiatives on the boards of public companies.  I look forward to working with Grace during such an exciting phase of growth for Panoro, particularly in her capacity as inaugural Chairperson of Panoro’s newly established Sustainability Committee which will embed the Company’s ESG performance and ambitions as well as reflect on other sustainability matters to the best of our ability through the energy transition.”     

Ms. Grace Reksten Skaugen, commented:

“I am pleased to be joining the Board of Panoro and am looking forward to working with Julien and rest of the Board on building a leading Africa focused production company and unlocking the full potential of Panoro’s high quality portfolio in order to create sustainable and meaningful value for Panoro’s stakeholders.”

Petrodel Resources Ltd. announces intention to develop the Tanga, Kimbiji and Latham Blocks
DUBAI, United Arab Emirates, May 24, 2022/ — Petrodel Resources Ltd. (‘Petrodel’), a leading energy company in the development of oil and gas reserves, has announced its intention to revive its operations in Tanzania.

Petrodel is the owner of the Tanga, Kimbiji and Latham licenses in Tanzania and were acquired in 2006. Petrodel’s primary interest is in the extraction of natural gas from all three fields. Petrodel’s former partners, Afren and Heritage Oil, are no longer involved, with Petrodel now the 100% owner of all three. 

Tanzania is home to sub-Saharan Africa’s second largest gas resources, with reserves estimated at 57.5 trillion cubic feet. Past uncertainty over the investment landscape has meant that these reserves have remained largely untapped. However, Petrodel believes investor confidence has improved following the coming to office of President Samia Suluhu Hassan.

Commenting on Petrodel’s decision, Michael J. Prest said:

“As we travel the energy transition journey, the current global demand and supply balance mark that the time is right to accelerate Petrodel’s operations in Tanzania, the combination of that and the positive sentiments coming from the new Tanzanian Government make further development of these prospects very real. I believe the stable investment platform being created by President Samia Hassan is a good omen for both Tanzania and Petrodel. We look forward to engaging with the Government to realise these opportunities.”

Petrodel will invest approximately USD 80 million to meet first well commitments in Tanga and a combined total of USD 20 million to complete final and additional seismic work in both Kimbiji and Latham to bring the fields into production. It is estimated that for the required infrastructure to be in place will take two years. Production and shipments of gas is expected to commence in 2025. All three fields will require significant labour forces and should provide much needed employment opportunities for the surrounding regions.
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