• Panoro had already reported its 1Q22 production and the net debt as at the end of March. • The FY22 liftings are increasingly weighted towards 3Q22 and 4Q22 with planned liftings of 0.85 mmbbl in July, 0.7 mmbbl from August to September and 0.75 mmbl in December. Only 0.025 mmbbl will be lifted during 2Q22, resulting in our expectations of higher net debt at the end of June than at the end of March. • The company has managed inflationary pressures well and, with most items contracted in 2021, ....