Panoro Energy ASA

Investor Presentation • Nov 20, 2024

SUSTAINABLE FOUNDATIONS, A RESILIENT FUTURE

Panoro Energy Q3 2024 RESULTS 20 NOVEMBER 2024

DISCLAIMER

This presentation does not constitute an offer to buy or sell shares or other financial instruments of Panoro Energy ASA ("Company"). This presentation contains certain statements that are, or may be deemed to be, "forward-looking statements", which include all statements other than statements of historical fact. Forwardlooking statements involve making certain assumptions based on the Company's experience and perception of historical trends, current conditions, expected future developments and other factors that we believe are appropriate under the circumstances. Although we believe that the expectations reflected in these forward-looking statements are reasonable, actual events or results may differ materially from those projected or implied in such forward-looking statements due to known or unknown risks, uncertainties and other factors.

These risks and uncertainties include, among others, uncertainties in the exploration for and development and production of oil and gas, uncertainties inherent in estimating oil and gas reserves and projecting future rates of production, uncertainties as to the amount and timing of future capital expenditures, unpredictable changes in general economic conditions, volatility of oil and gas prices, competitive risks, counterparty risks including partner funding, regulatory changes and other risks and uncertainties discussed in the Company's periodic reports.

Forward-looking statements are often identified by the words "believe", "budget", "potential", "expect", "anticipate", "intend", "plan" and other similar terms and phrases. We caution you not to place undue reliance on these forwardlooking statements, which speak only as of the date of this presentation, and we undertake no obligation to update or revise any of this information.

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HIGHLIGHTS

~1.4 million barrels of crude oil lifted / to be lifted and sold in Q4 points toward 2024 becoming a year of record financial performance

Q3 2024 HIGHLIGHTS
	Q3 2024 Working Interest Production 9,401 bopd	Q3 2024 Reported Revenue USD 36.0 million	Q3 2024 EBITDA USD 23.7 million	Q3 2024 Capital Expenditure USD 27.3 million
	Q2 2024: 8,729 bopd	Q2 2024: USD 73.9 million	Q2 2024: USD 39.1 million	Q2 2024: USD 20.5 million
9M 2024 HIGHLIGHTS
	9M 2024 Working Interest Production 9,244 bopd	9M 2024 Reported Revenue USD 178.8 million	9M 2024 EBITDA USD 101.4 million	9M 2024 Capital Expenditure USD 75.1 million
	9M 2023: 8,152 bopd	9M 2023: USD 173.5 million	9M 2023: USD 103.7 million	9M 2023: USD 47.0 million

BALANCE SHEET
Cash at bank at 30/09/24 USD 18.7 million	Gross debt at 30/09/24* USD 70.5 million	Net debt at 31/09/2024* USD 51.8 million	Oil Revenue Advances at 30/09/2024 USD 10.4 million
30/06/24: USD 43.2 million	30/06/24: USD 70.5 million	30/06/24: USD 27.2 million	30/06/24: zero

* Excludes accrued interest of USD 2.4 million at 30 September 2024 which was paid in early October offset by un-amortised borrowing costs of USD 1.6 million

SHAREHOLDER RETURNS

Distributions in line with Panoro's stated 2024 Shareholder Returns Policy

• Q3 2024 cash distribution of NOK 50 million declared for payment in December
• To be paid as a return of paid in capital

NOK million

• Cumulative cash pay out including Q3 2024 cash distribution is NOK 340 million

QUARTERLY CORE CASH DISTRIBUTIONS TRANSACTIONS UNDER THE APPROVED SHARE BUYBACK PROGRAMME

• Share buyback programme for up to NOK 100 million extended to end 2024
• 1,281,500 shares purchased up to and including 15 November 2024 at a VWAP of NOK 31.8821 per share
• Corresponds to 1.1 % of Panoro's share capital

NOK million

PRODUCTION TARGET OF >13,000 BOPD ACHIEVED

Production targets have been achieved at both asset and group levels

Working Interest bopd

Production ramp up

• Current W.I production has reached >13,000 bopd
• Dussafu gross production reached >40,000 bopd
  • Three further workovers for ESP installation planned during Q4
• Ceiba field infill well at Block G onstream at >5,000 bopd (gross)
  • Okume Complex infill well completed and starting production
• Full year average production is expected to be ~10,000 bopd
  • Factors in later start-up of new infill wells offshore Equatorial Guinea in Q4

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CRUDE LIFTINGS AND SALES

Panoro expects to lift a materially higher volume of crude oil in 2024

• Positive crude oil inventory was 527,609 barrels at 30/09/24
• Panoro's entitlement volume from production in the first 9 months of 2024 was 2,200,945 barrels
• 9M 2024 average price realisation USD 80.4 /bbl
• Hedges in place covering 490,000 barrels from remaining Q4 liftings at an average floor price of USD 70.9 /bbl (mix of collars and swaps)

Panoro Energy ASA | Q3 2024 Results * Current forecast lifting schedule anticipated by management over remainder of 2024 remains subject to possible changes due to commercial and operational factors

DEBT PROFILE AND CAPEX

Panoro maintains a conservative leverage profile and continues to invest in organic production and reserves growth

* Cumulative external debt in the Balance Sheet as of 30 September 2024 was USD 71.2 million which includes effects of accrued interest to period end, offset by un-amortised borrowing cost which is to be expensed over the life of the loan instrument.

RECONCILIATION OF CASH FLOW FOR 9M 2024

Robust financial position maintained

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GABON OPERATIONS UPDATE

Gross production has reached >40,000 bopd with high operational uptime

Ownership DUSSAFU MARIN (PANORO 17.5%)

• Hibiscus South Extension and Hibiscus Northern Flank discoveries both onstream with lead times <6 months from discovery
  • Hibiscus South Extension well (DHBSM-2H) onstream in July
  • Hibiscus Northern Flank well (DHIBM-7H) onstream in October
• All eight new production wells in the expanded Hibiscus / Ruche campaign are now drilled
• Workover / ESP replacement programme on track
  • Hibiscus well DHIBM-4H workover successfully completed in November and production being re-started
  • Three further workovers for ESP installation planned during Q4
  • All wells will have conventional ESP systems installed by year-end
• Tortue field continues to produce steadily from six pre-existing wells
• Contract for Borr Norve jack-up rig extended until February 2025
• Bourdon prospect test well (DBM-1) will be the last operation in the current campaign in early 2025

EQUATORIAL GUINEA OPERATIONS UPDATE

Two new Block G infill wells adding additional volume

Ownership BLOCK G (PANORO 14.25%)

• C-45 infill well successfully put onstream at initial restricted gross rate of >5,000 bopd
  • Targeting un-swept oil zone in the Ceiba field
• OF-19 infill well at the Okume Complex has been drilled and completed
  • Starting up production
• Noble Venturer drill ship relocated to Block S to spud the Akeng Deep infrastructure lead exploration well (currently drilling)

Image from Noble Corporation.

TUNISIA OPERATIONS UPDATE

TPS assets contain one of Tunisia's largest oil producing concessions

Ownership TPS ASSETS (PANORO 49%)

• Panoro is joint operator alongside ETAP
• Activity has been impacted by delays to regulatory processes but Panoro continues to see opportunities to ultimately restore production to historic levels
• Continued good HSE performance
• Focus is on maturing new production opportunities
• Ongoing operations include routine workovers to replace ESPs, well stimulations and detailed planning for development drilling campaign on the TPS fields
• Field extension processes underway

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HIGH IMPACT ILX WELLS IN CURRENT CAMPAIGNS

Firm infrastructure led E&A ("ILX") wells in the Equatorial Guinea and Gabon drilling campaigns offer large potential upside at modest financial exposure

EQUATORIAL GUINEA – AKENG DEEP

• Operated by Kosmos Energy
• Well to test deeper Albian prospect
• Tie-back distance to FPSO
• 180 MMbbls gross unrisked (mean)
• Positive read across to Panoro operated Block EG-01 in success case

GABON - BOURDON

DUSSAFU MARIN (PANORO 17.5%)

• Bourdon Prospect
• Mid-case oil in place 83 MMbbls
• 29 MMbbls estimated recoverable in Gamba and Dentale formations
• Well understood play where Panoro has strong track record of success

HIGHLIGHTS

• Infrastructure led E&A strategy around core production hubs
• Short lead times to monetisation in success cases
• Low breakeven thresholds
• Leverage Panoro's core subsurface expertise

NEW BLOCKS IN GABON AND EQUATORIAL GUINEA

Adding discovered resources and material prospectivity in close proximity to existing infrastructure

• Surface area 600 km²water depths 50 metres to 100 metres
• 7 discoveries (4 oil / 2 gas / 1 gas condensate) some of which were tested
• Gross discovered resources estimated at 104 MMbbls liquids and 215 bcf gas based on current data (140 MMboe)
  • Panoro 80% operated interest and partnered with GEPetrol (20%)
  • Initial 3-year period comprising subsurface studies based on existing data

• Combined surface area of 4,918 km² and adjacent to Dussafu Marin and Etame Marin
• Gamba and Dentale prospectivity (productive reservoirs at Dussafu and Etame)
• Partners are Panoro 225%, BW Energy 37.5% (operator ) and VAALCO Energy 37.5%

Niosi Marin

• Initial period of five years with 3D seismic data and one well

Guduma Marin

• Initial period of three years with geological and geophysical studies

KEY MESSAGES

Panoro's outlook is one of higher production, lower capex, strong FCF generation, exciting organic growth catalysts and material shareholder returns

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Contact details

78 Brook Street London W1K 5EF United Kingdom Tel: +44 (0) 203 405 1060 Fax: +44 (0) 203 004 1130

Visit us at: panoroenergy.com