True Grit Investor
Value, special situations

Panoro Energy: Time To Defuse The Value Trap And Unlock Shareholder Value

Background

Panoro Energy (OTC:PESAF) experienced major transformation last year. Prior to the change, the small Norwegian oil E&P company had been on a quest to conquer two exciting frontier hydrocarbon exploration markets, Brazil and West Africa. After few years of adventures and lack of meaningful success, it had become apparent that the company had bit more than it could ever chew. It took a small shareholder revolt to point out the cold reality to the board and management of the company.

After cleaning the asset base by divesting the MKB onshore block in Congo and Manati gas field in Brazil, as well as decision to relinquish and impair all the remaining Brazilian offshore assets (BS3), Panoro was left...

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