Oslo, 21 May 2026 - Panoro Energy ASA ("Panoro" or the "Company") is pleased to
announce performance in line with previously communicated expectations for the
three months ended 31 March 2026.

The first quarter was defined by announcement of the transformational
acquisition of an additional 40.375 per cent interest in Block G offshore
Equatorial Guinea in February, just prior to the increase in global oil prices.

Group production averaged approximately 15,000 bopd on a pro forma basis while
the 2025 Annual Statement of Reserves confirmed a pro forma 2P reserves base of
around 84 MMbbls and 2P+2C of 169 MMboe, emphasising the increased scale and
materiality arising from the acquisition.

The Company has today declared a quarterly cash distribution of NOK 50 million
for payment in June as a return of paid in capital.

Julien Balkany, Executive Chairman of Panoro, commented:

"Panoro has started 2026 with strong strategic and well-timed momentum. The
announced acquisition of an additional interest in Block G is a transformational
step for the Company at an opportune moment, helping position us to deliver
group net production of 20,000 bopd during the course of 2027. This acquisition
will make Panoro a materially larger and more resilient business, strengthening
our capacity to generate cash flow through the cycle and deliver enhanced
shareholder returns.

Though our crude oil sales for Q1 were at a relatively low realised price of
USD 68.41 per barrel as our liftings occurred prior to the substantial increase
in benchmark prices driven by the escalation of events in the Middle East, we
are on track for a strong performance over the remainder of the year, with the
vast majority of our 2026 crude oil liftings set to occur in what we see as a
structurally higher oil price environment. More particularly, we are very
excited by the potential of Q2 having, on a pro forma basis, lifted almost
550,000 barrels since quarter end at a realised price of approximately USD 114
per barrel.

At the same time, our well diversified portfolio offers an exciting pipeline of
organic growth opportunities, starting with the MaBoMo Phase 2 drilling campaign
at our cornerstone Dussafu block offshore Gabon,development of the Bourdon
discovery, evaluating the new state-of-the-art seismic data we have recently
acquired covering the Niosi, Guduma and Dussafu blocks and progressing the
Estrella discovery at Block EG-23 which we have high-graded as a potential fast
-track development. With a strengthened reserves position, clear line of sight
to higher production and continued capital discipline, Panoro is well positioned
to create further value for shareholders. Panoro has today declared a quarterly
cash distribution of NOK 50 million, which will bring aggregate cash distributed
year-to-date to NOK 100 million when paid in June."

Q1 2026 Highlights

Transformational Acquisition of Additional Interest in Block G Announced in
February

  · Sets Panoro on path to achieve group net production of 20,000 bopd during
the course of 2027
  · Acquisition of an additional 40.375 per cent interest in Block G offshore
Equatorial Guinea for an initial cash consideration of USD 180 million
(effective date 1 January 2025 and will increase Panoro's interest in Block G to
54.625 per cent upon completion)
  · Aggregate deferred contingent consideration of up to USD 39.5 million
dependent on certain production and oil price thresholds
  · Purchased at USD 3.91 per 2P barrel (based on initial consideration), USD
2.40 per 2P+2C barrel
  · Financed through a USD 49 million Private Placement (completed at zero
discount to prior day closing price) and USD 150 million tap issuance within the
Company's existing bond framework (completed at 102.25 per cent of nominal
value), both multiple times oversubscribed
  · Completion expected during Q3 2026 (process for customary competition
clearance by the Central African Economic and Monetary Community (CEMAC) is
underway). No further regulatory approvals are pending or required and there are
no pre-emptive rights

Performance Summary and Key Metrics

+----------------------------------------+--------------------+----------------+
|Metric                                  |IFRS Reporting Basis|Pro Forma Basis |
+----------------------------------------+--------------------+----------------+
|Group production                        |8,406 bopd          |14,851 bopd     |
+----------------------------------------+--------------------+----------------+
|Crude liftings                          |453,408 barrels     |785,908 barrels |
+----------------------------------------+--------------------+----------------+
|Average realised price1                 |USD 68.41 /bbl      |USD 68.23 /bbl  |
+----------------------------------------+--------------------+----------------+
|Proceeds from crude sales2              |USD 31 million      |USD 53.6 million|
+----------------------------------------+--------------------+----------------+
|Reported revenue                        |USD 34.9 million    |USD 57.4 million|
+----------------------------------------+--------------------+----------------+
|EBITDA                                  |USD 10.9 million    |USD 18.4 million|
+----------------------------------------+--------------------+----------------+
|Cash at 31/3/2026 (incl restricted cash)|USD 218.5 million   |n/a             |
+----------------------------------------+--------------------+----------------+
|Restricted cash at 31/3/2026            |USD 147.6 million   |n/a             |
+----------------------------------------+--------------------+----------------+
|Gross debt3                             |USD 305.6 million   |n/a             |
+----------------------------------------+--------------------+----------------+
|Capex                                   |USD 9.8 million     |n/a             |
+----------------------------------------+--------------------+----------------+
|2P reserves at 31/12/2025               |40.99 MMbbls        |83.79 MMbbls    |
+----------------------------------------+--------------------+----------------+
|2P+2C at 31/12/2025                     |97.39 MMboe         |169.09 MMboe    |
+----------------------------------------+--------------------+----------------+

Notes: 1) Average realised price after adjustments and customary fees. 2)
Proceeds from oil sales differs to total reported revenue which includes a gross
up for state profit oil in Gabon with a corresponding amount included as deemed
income tax for reporting purposes. 3) Gross debt reported on the balance sheet
includes accrued interest and un-amortised borrowing costs (including current
portion)

Production and Liftings

  · Group production and liftings both in line with previously communicated
expectations

  · Full-year 2026 Group production guidance (pro forma basis) is unchanged at
15,000 bopd to 17,000 bopd
  · Crude oil volumes lifted and sold in Q1 2026 occurred prior to the start of
the conflict in the Middle East and substantial increase in global oil prices
  · Crude oil liftings in Q2 benefiting from higher pricing and premium
differentials. Post period end the Company has lifted 142,778 barrels (546,278
barrels on a pro forma basis) at a price after adjustments and customary fees of
USD 109.25 per barrel (approximately USD 114 per barrel on a pro forma basis)
  · Next major liftings set to occur in July with approximately 1.1 million
barrels scheduled in Gabon and Equatorial Guinea (approximately 1.5 million
barrels on a pro forma basis)
  · Full-year 2026 aggregate liftings are expected to be in the range of 3.1 to
3.5 million barrels with around 80 per cent of crude sales for the year
occurring in H2 (5.1 to 5.5 million barrels on a pro forma basis)

Financial

  · The Company has undertaken an active approach towards the 2026 hedging
programme to mitigate oil price downside risk as well as to take advantage of a
higher forward price curvewith 1 million barrels currently protected (on a pro
forma basis less than 20 per cent of group full-year production guidance has
been exposed to hedging), through swaps and collars at a blended hedged price of
approximately USD 76.5/bbl. The cash settlements on realised hedges wereUSD 5.7
million for the three-month period ending31 March 2026 while the reported non
-cash unrealised loss on hedges of USD 22.9 million reflects the mark-to-market
valuation as oil prices increased throughout the quarter. These items, together
with the Company's lifting schedule, are principal factors driving the reported
loss before tax of USD 38.2 million and net loss of USD 43.3 million for Q1
  · Capital expenditure in Q1 primarily relates to the 3D seismic campaign
successfully completed offshore Gabon. Guidance for full-year 2026 (excluding
acquisition costs) based on current ownership of Block G is expected to be
approximately USD 55 million, the majority of which is in relation to the
upcoming MaBoMo Phase 2 drilling campaign. Incorporating the additional Block G
interest on a full-year pro forma basis would increase capital expenditure by
approximately 17 million to USD 72 million for the year

Shareholder Returns

  · For calendar year 2026 the Company's permitted shareholder distribution
capacity is USD 21.6 million (50 per cent of free cash flow to equity),
equivalent to approximately NOK 205 million based on prevailing foreign exchange
rates
  · Panoro has today declared a quarterly cash distribution of NOK 50 million
for payment in June as a return of paid in capital, and follows the quarterly
cash distribution of NOK 50 million paid in March 2026
  · The Board's prudent view over the remainder of 2026 is to assess its
distributions on a quarterly basis with due consideration for its capital
allocation options due to the announced Acquisition and its date of completion
as well taking account various factors, including but not limited to, realised
oil prices, operational performances, current and anticipated cash needs in a
range of market scenarios

Operations Update

Equatorial Guinea

  · Q1 2026 Group production 8,720 bopd pro forma basis (2,275 bopd IFRS basis)
  · As previously communicated, production at Block G offshore Equatorial Guinea
(Panoro 14.25 percent) has been impacted by unplanned facilities related
downtime at the Ceiba field
  · Progress is being made with partial restoration of production at Ceiba
achieved. Work will continue in 2026 to regain full potential and ensure
reliability
  · Numerous ongoing productive and asset integrity projects will continue
throughout 2026 and contribute to field life extension
  · The Joint Venture is evaluating the potential for future infill drilling
campaigns in the Okume Complex, using a conventional jack-up rig in shallow
water, and subsea infill wells at the Ceiba field
  · At Block EG-23 offshore Equatorial Guinea (Panoro 80 percent, operator)
seismic reprocessing and subsurface studies are ongoing with particular focus on
existing discoveries (some of which have been tested) and surrounding
prospectivity in shallow water depths of ~60 metres
    · Estrella discovery has been high-graded as a potential fast-track
development candidate within tie-back distance to existing infrastructure (early
concepts being evaluated)
    · Estrella-1 well discovered 60 metres net hydrocarbon pay in 2001 and was
tested at 6,780 bopd (48 - 50° API) and 48.7 MMscfd
    · Six further oil, gas and gas/condensate discoveries have been made on the
block
    · Independently assessed contingent resource estimates at 31/12/2025 include
initial recognition of Block EG-23 volumes (26.3 MMboe net to Panoro), with
seismic reprocessing studies focused on the Estrella, Rodo and other discoveries
and prospects ongoing to help define upside potential

Gabon

  · Q1 2026 Group production 4,579 bopd
  · Field delivery remains strong and steady at the Dussafu Marin Permit
offshore Gabon (Panoro 17.5 percent)
  · Workover of a well successfully completed in March to replace an electrical
submersible pump
  · The joint venture partners received government approval in April for an
amendment to the Dussafu Marin Production Sharing Contract ("PSC") offshore
Gabon which provides for a material time extension of the PSC up to the year
2053 (inclusive of three five-year option periods from 2038 onwards)
  · MaBoMo Phase 2 drilling schedule has been optimised:
    · Q3 2026: two appraisal wells in NW Hibiscus area
    · Q4 2026: commence drilling of four new production wells from MaBoMo
platform
    · First oil expected early 2027 (expect ~5,000 bopd per well)
    · Option to complete and bring onstream appraisal wells if successful later
in 2027

  · Will increase gross production to nameplate capacity of ~40,000 bopd when
all new wells are onstream
  · Bourdon the next planned production hub
    · ~25 MMbbls gross recoverable
    · To comprise an initial three wells and a cluster concept based on the
MaBoMo blueprint
    · Additional drilling targets identified in surrounding area offer
attractive upside

  · 3D seismic acquisition has been completed across the Niosi and Guduma
Exploration Blocks (Panoro 25 percent) and on Dussafu licenses which will help
maturing the already identified potential

Tunisia - TPS Assets

  · Q1 2026 Group production 1,552 bopd
  · Production has remained stable at the TPS Assets in Tunisia (Panoro 49
percent) where ongoing workovers and upcoming optimisation campaigns are
expected to positively impact production

Webinar

The company will hold a live webinar presentation at 09:00 a.m. CEST on Thursday
21 May 2026, during which management will discuss the results and operations,
followed by a Q&A session.

The webinar presentation can be accessed through registering at the link below
and the online event will be equipped with features to ask live questions.
Joining instructions for participating online or through using local dial-in
numbers will be available upon completion of registration. The webinar details
are as follows:

+-------------+---------------------------------------------------------------+
|Date and     |21 May 2026, 09:00 .a.m. CEST                                  |
|Time:        |                                                               |
+-------------+---------------------------------------------------------------+
|Registration:|https://attendee.gotowebinar.com/register/8552839723532956758  |
|             |                                                               |
|             |After registering, participants will receive a confirmation    |
|             |email containing information about joining the webinar.        |
|             |                                                               |
|             |Participants can use their telephone or computer microphone and|
|             |speakers (VoIP).                                               |
+-------------+---------------------------------------------------------------+

Please join the event at least ten minutes before the scheduled start time.

A replay of the webinar will be available shortly after the event is finished
and will remain on our website (www.panoroenergy.com) for approximately 7 days.

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.

Follow us on LinkedIn (https://www.linkedin.com/company/panoro-energy)
s 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.\
\
Follow us on LinkedIn (https://www.linkedin.com/company/panoro-energy)\