Oslo, 21 January 2026 - Panoro Energy ASA ("Panoro" or the "Company") provides
an operational and financial update in advance of its full year 2025 results
which are scheduled for release on 25 February 2026. Information contained
within this release is unaudited and may be subject to further review and
amendment.

Julien Balkany, Executive Chairman of Panoro, commented:

"Our average net production was 10,263 bopd for the full year, and is a new
record high for Panoro. Our crude oil liftings of around 3.1 million barrels
were in line with previously communicated expectations. In accordance with our
2025 shareholder returns policy the Company distributed a total of NOK 411
million to shareholders in the calendar year, with quarterly cash distributions
amounting to NOK 320 million complemented with NOK 91 million through share
buybacks. This brings the cumulative cash returned to shareholders through
distributions and buybacks since March 2022 to NOK 795 million or approximately
36 per cent of Panoro's market cap.

Looking ahead, we enter 2026 with significant exciting growth projects underway.
As planned, we will resume drilling in Gabon with four new production wells at
MaBoMo Phase 2 which we expect will increase gross production at Dussafu to the
nameplate capacity of around 40,000 bopd when all wells are onstream. Once
processed and analysed the new state-of-the-art seismic data we have recently
acquired covering the Niosi, Guduma and Dussafu blocks will allow us to confirm
future high-impact drilling targets and further unlock the considerable upside
potential of those blocks. In Equatorial Guinea we have high-graded the Estrella
discovery on Block EG-23 as a potential fast-track appraisal and development
project that could be tied back to existing infrastructure, and have an
extensive inventory of additional prospects under evaluation.

With healthy cash position at 2025 year-end of approximately USD 78 million, we
continue to be well positioned to deliver on our organic and external growth
strategy coupled with our shareholder returns policy in order to maximise value
for all our stakeholders."

2025 Performance

Production

  · Group working interest production in Q4 and full-year 2025 was:

Average W.I. production - bopd  Q4 2025  FY 2025
Equatorial Guinea               2,374    2,919
Gabon                           5,343    5,813
Tunisia                         1,511    1,530
Total                           9,228    10,263

  · 2026 production guidance will be provided at the Company's full year 2025
results on 25 February 2026

Crude Oil Liftings

  · Crude oil volumes lifted and sold in Q4 and full-year 2025 were in line with
previously communicated expectations:

                              Q4 2025            FY 2025
Volumes lifted                1,050,138 barrels  3,060,330 barrels
Average realised price after  USD 60.66 / bbl    USD 65.14 / bbl
adjustments and customary
fees
Proceeds                      USD 63.7 million   USD 199.4 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

  · Panoro's anticipated lifting schedule for 2026 is being finalised with
partners and the Company will provide an update at its full year 2025 results on
25 February 2026

Finance

  · Cash at bank at 31 December 2025 was approximately USD 77.6 million which
includes advances taken against future oil liftings of USD 25 million
  · Gross debt outstanding at 31 December 2025 comprised solely of USD 150
million senior secured notes

Shareholder Returns

  · In accordance with the previously communicated 2025 shareholder returns
policy, during calendar year 2025 the Company distributed a total of NOK 411
million to shareholders, comprising:
    · cash distributions of NOK 320 million (paid quarterly as a return of paid
in capital) and