Oslo, 6 November 2025 - Panoro Energy ASA ("Panoro" or the "Company") is pleased
to provide an operations update in advance of its third quarter 2025 results
which are scheduled for release on 20 November 2025. Information contained
within this release is unaudited and may be subject to further review and
amendment.

Julien Balkany, Executive Chairman of Panoro, commented:

"Our flagship Dussafu block offshore Gabon continues to perform strongly. With
preparations underway for the four-well MaBoMo Phase 2 development drilling
campaign in 2026, and the Bourdon discovery being matured towards FID, the
bright outlook at Dussafu in coming years is one of active development and
extended production plateau. Group production in Q3 was influenced by planned
annual maintenance activities at Dussafu and also reflects stable output in
Tunisia partially offsetting the unplanned downtime in Equatorial Guinea, where
deferred volumes are in the process of being restored at Block G.

On the exploration side we are accelerating workstreams and seeing some positive
activities across our portfolio. On the Niosi and Guduma blocks offshore Gabon
that have vastly increased our footprint in the vicinity of Dussafu, we are
about to start acquiring new 3D seismic. In Equatorial Guinea, our promising
block EG-23 offers significant discovered resources with an extensive inventory
of prospective upside that are under evaluation and could be tied back to nearby
existing infrastructure.

We remain committed to capital discipline and converting the strong fundamentals
and cash generative potential of Panoro's portfolio into sustainable shareholder
returns while maintaining our growth strategy intact."

Production and Operations Update

  · Group working interest production in Q3 and for the first nine months of
2025 was:

Average W.I. production - bopd  Q3 2025  9M 2025
Gabon                           4,760    5,971
Equatorial Guinea               2,525    3,103
Tunisia                         1,526    1,537
Total                           8,811    10,611

  · Full-year 2025 working interest production expected to be just below 11,000
bopd

Gabon

  · Field delivery remains strong and steady at the Dussafu Marin Permit
offshore Gabon (Panoro 17.5 percent). Three weeks of planned annual maintenance
was completed on schedule during Q3, limiting production availability to 80
percent for the period
  · Final Investment Decision ("FID") taken for MaBoMo Phase 2 drilling
programme (previously Hibiscus Ruche Phase 2), comprising four planned
development wells. First oil targeted in H2 2026
  · Bourdon discovery being matured towards FID with an expected initial three
wells and a development cluster concept based on the MaBoMo blueprint
  · 3D seismic acquisition is due to commence shortly across the Niosi, Guduma
and Dussafu licenses with completion anticipated during Q1 2026

Equatorial Guinea

  · 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 towards recovery of deferred volumes is being made with partial
restoration of production at Ceiba achieved. The expectation is that production
will be normalised by Q1 2026
  · 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

Tunisia

  · 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

Crude oil liftings

  · Crude oil volumes lifted and sold in Q3 and for the first nine months of
2025 were in line with guidance:

                              Q3 2025          9M 2025
Volumes lifted                863,402 barrels  2,010,192 barrels
Average realised price after  USD 69.47 / bbl  USD 67.49 / bbl
adjustments and customary
fees
Proceeds from oil sales       USD 60 million   USD 135.7 million

Note: 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

  · Realised price of USD 69.47/bbl in Q3 represents a premium of ~1 percent
over the actual average Brent oil price in the same period
  · Panoro's next major crude oil lifting is set at approximately 950,000
barrels in Gabon scheduled in mid-November

Finance and shareholder returns

  · Cash at bank at 30 September 2025 was USD 44 million which includes advances
taken against future oil liftings of USD 15 million
  · Gross debt outstanding at 30 September 2025 comprised solely of USD 150
million senior secured notes
  · In line with the Company's previously communicated 2025 shareholder returns
policy, permitted distributions for calendar year 2025 are USD 45 million (NOK
~500 million) inclusive of all amounts returned year-to-date
  · As at market close on 5 November cumulative shareholder distributions made
by the Company year-to-date were NOK 320.8 million comprising cash distributions
of NOK 237.6 million and share buybacks of NOK 83.2 million. Cash distributions
are paid as a return of paid in capital

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 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.

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