Panoro Energy - Successful Dussafu Appraisal Wells

Oslo, 15 October2026- Panoro Energy ASA ("Panoro" or the "Company") provides an
update on drilling operations at the Dussafu Marin Permit offshore Gabon in
which Panoro holds a 17.5 per cent participating interest.

The joint venture has concluded the drilling of two open water wells to appraise
the North-West Hibiscus area. The first well successfully encountered a 16metre
oil column in high-quality Gamba reservoir sands adjacent to the Hibiscus field.
A second well, drilled as a side-track from the main well bore, successfully
confirmed the extension of theHibiscus structure with the presence of a 30 metre
oil column in high-quality Gamba sands within an as-yet undeveloped area of the
Hibiscus field. Based on the Operator's preliminary assessment, this represents
an aggregate estimate of recoverable oil of approximately 8-9 million barrels.

The Borr Prospector 5 jack-up drilling rig is now mobilising to the MaBoMo
production platform from where itwillshortly commence theplanned MaBoMo Phase 2
drilling campaign which will comprisefournew production infill wells in the
Hibiscus andHibiscus South fields. The first new production well is expected
onstream in early 2027.As a result of the successful appraisal wells the joint
ventureis assessing the addition of a fifth newproduction well onto the end of
the MaBoMo Phase 2 drilling campaign in the Hibiscus field. This fifth well is
expected to drain an additional volume of at least6mmbls of oil.

Eric d'Argentré, Chief Operating Officer & President, commented:

"The two latest successful appraisal wells further demonstrate the quality of
the Hibiscus area and the substantial organic upside that remains within the
Dussafu block. By leveraging the existing MaBoMo infrastructure, we are able to
move quickly from subsurface success to development, with the addition of a
fifth well to the Phase 2 campaign which will take gross Dussafu production back
to nameplate capacity of 40,000 bopd. This is a clear example of our
infrastructure-led E&A strategy in action, rapidly and cost-effectively
converting discovered barrelsintoflowing production, cash flowand sustainedvalue
creation for all of our stakeholders."

Enquiries

Qazi Qadeer, Chief Financial Officer
Tel: +44203 405 1060
Email:investors@panoroenergy.com

About Panoro Energy

Panoro Energy ASA is an independent exploration and production company based in
London and listed on the main board of the Oslo Stock Exchange with the ticker
PEN. Panoro holds production, exploration and development assets in Africa,
namely interests in Block-G, Block EG-01 and Block EG-23 offshore Equatorial
Guinea, the Dussafu Marin, Niosi Marin and Guduma Marin Licenses offshore
southern Gabon, the TPS operated assets in Tunisia and onshore Exploration Right
376 in South Africa.

Visit us at www.panoroenergy.com.

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