Oslo, 7 May 2025 - Panoro Energy ASA ("Panoro" or the "Company")is pleased to provide an operations update in advance of its Q1 2025 results which are scheduled for release on 21 May 2025. Information contained within this release is unaudited and may be subject to further review and amendment.

John Hamilton, CEO of Panoro, commented:

"I am pleased to report first quarter production performance was in line with guidance at 12,000 bopd. In April we published our 2024 Annual Statement of Reserves which confirmed a 309 per cent organic reserve replacement ratio and 20 per cent year-on-year increase in Group 2P oil reserves at year end, underscoring the high quality and strong growth potential of our well diversified asset base.

In Gabon we were delighted to announce a material new oil discovery with the Bourdon well in March and subsequent successful side-track in April. These results have opened up the exciting possibility for the partners to establish a new development hub incorporating Bourdon and other nearby prospects as we have done successfully at the Tortue and Hibiscus developments elsewhere on the block.

We remain committed to converting the strong fundamentals and cash generative potential of Panoro's portfolio into sustainable shareholder returns in line with Panoro's communicated policy, whilst maintaining our growth strategy and disciplined capital management."

Production Update

• Group working interest production in Q1 was approximately 12,000 bopd:
  • Gabon: 6,841 bopd (Q4 2024: 6,502 bopd)
  • Equatorial Guinea: 3,661 bopd (Q4 2024: 4,060 bopd)
  • Tunisia: 1,492 bopd (Q4 2024: 1,491 bopd)

• Gross production at the Dussafu block offshore Gabon (Panoro 17.5 percent) averaged 39,089 bopd during Q1
• Production at Block G offshore Equatorial Guinea (Panoro 14.25 percent) impacted by unplanned downtime at the Ceiba field
• Recent workovers and well interventions in Tunisia demonstrating positive impact on production
• Full-year 2024 working interest production guidance unchanged at 11,000 bopd to 13,000 bopd

Crude oil liftings

• As previously guided Q1 lifting volumes were minimal with 181,434 barrels sold at an average realised price after customary adjustments and fees of USD 70 per barrel, resulting in proceeds of USD 12.7 million
• Post period end a lifting of 933,136 barrels was completed offshore Gabon in mid April at an average realised price after customary adjustments, effect of hedging and fees of  approximately USD 66 per barrel, resulting in proceeds of USD 61.7 million
• Panoro's next major lifting is expected to occur in early July
• Full-year 2025 liftings expected to be ~3.7 million barrels (unchanged)

Finance and shareholder returns

• Cash at bank at 31 March was approximately USD 52.1 million which includes advances taken against future oil liftings of USD 16 million
• Gross debt outstanding at 31 March comprised solely of USD 150 million 10.25 per cent senior secured notes
• Under the approved share buyback programme as at market close on 2 May 2025 the Company had purchased a total of 3,180,300 shares at a weighted average price of NOK 28.9019 per share, corresponding to 2.7195 per cent of Panoro's share capital
• In March the Company paid a NOK 80 million quarterly cash distribution, an increase of 60 per cent compared to 2024 levels. Cash distributions are paid as a return of paid in capital
• In line with the Company's previously communicated 2025 shareholder returns policy, permitted distributions for calendar year 2025 are USD 45 million (NOK equivalent) inclusive of all amounts returned year-to-date

2024 Annual Statement of Reserves

• In April the Company reported a 22 per cent year-on-year increase in net 2P reserves and an organic reserve replacement ratio in 2024 of 309 per cent
• After taking account of 2024 production of 3.6 MMbbls the total net working interest reserves for Panoro expressed in MMbbls as of 31 December 2024 were:
  • 1P reserves of 29.54  MMbbls (31 December 2023: 23.22 MMbbls)
  • 2P reserves of 42.27 MMbbls (31 December 2023: 34.67 MMbbls)
  • 3P reserves of 57.01 MMbbls (31 December 2023: 46.52 MMbbls)

• 2P reserves at 31 December 2024 reflect an organic reserve addition of 11.2 MMbbls primarily in relation to the Hibiscus South Extension and Hibiscus North Flank discoveries made during 2024 offshore Gabon, stronger than expected well performance across the Hibiscus area offshore Gabon and re-classification of certain contingent resources at Block G offshore Equatorial Guinea in line with the operator's planning. This represents a 309 percent organic reserve replacement ratio of volumes produced during the year
• In addition to stated reserves Panoro also has a 2C contingent resource base of 25.6 MMbbls

Significant Oil Discovery Offshore Gabon

• On 7 March the Company announced that a significant new oil discovery had been made at the Bourdon prospect, located on the Dussafu block offshore Gabon
• The well was drilled to a total depth of 4,135 metres with the Borr Norve jack-up rig. Evaluation of logging and pressure data confirmed that approximately 34 metres of net oil pay in an overall column of 45 metres has been encountered in the prolific Gamba reservoir formation. This is the largest hydrocarbon column discovered to date at Dussafu
• On 22 April the Company announced that an appraisal side-track well encountered approximately 11 metres of net oil pay in a gross column of approximately 35 metres in the Gamba reservoir formation. Based on preliminary analysis of data the operator estimates the Bourdon discovery to hold approximately 56 million barrels of oil in place of which approximately 25 million barrels are considered recoverable
• The discovery is located approximately 13 kilometres west of the BW Adolo FPSO and 9 kilometres southeast of the MaBoMo production facility

Enquiries

Qazi Qadeer, Chief Financial Officer
Tel: +44 203 405 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 S, 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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