Panoro Energy calls all 13½% and 12% senior secured bonds due 2018

By Tali Rackner

Norfolk, Va., March 28 - Panoro Energy ASA plans to redeem all of its 13½% senior secured bonds due 2018 and all of its 12% senior secured bonds due 2018, according to a notice from bond trustee Norsk Tillitsmann ASA.

The notes will be redeemed at 106 plus accrued interest on April 4.

Panoro also announced that the Brazilian Petroleum Agency approved the replacement of the parental guarantee of the company with the parental guarantee of GeoPark Ltd. as an extraordinary item in its board meeting on March 26. This allows the complete transfer of Panaro's shares in its Brazilian subsidiary, Rio das Contas, to GeoPark Brasil Exploracao e Producao de Petroleo e Gas Ltda. to take place.

Panoro is an Oslo, Norway-based company that engages in the exploration and production of oil and gas resources in Brazil and West Africa.

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