Panoro Energy ASA

Regulatory Filings • Jul 29, 2024

Panoro Energy - Dussafu Operations Update

Panoro Energy - Dussafu Operations Update

Oslo, 29 July 2024 - Panoro Energy ASA ("Panoro" or the "Company") today

provides an update on production and drilling activities at the Dussafu Marin

Permit ("Dussafu") offshore Gabon in which Panoro has a 17.5 per cent working

interest.

John Hamilton, CEO of Panoro, commented:

"Our recent drilling successes announced in May, which resulted in material new

discoveries at extensions of the Hibiscus South and Hibiscus fields, have

prompted the Dussafu partners to expand the scope of the current campaign to

incorporate eight new production wells and prioritise these low-cost / high

-margin fast-track development opportunities. The extension of the Borr Norve

rig will also allow us to fully transition to conventional ESP systems at all

production wells and ensure that we drill the exciting high-impact Bourdon

prospect in the current campaign, in line with our infrastructure lead

exploration and appraisal strategy aimed at unlocking the substantial organic

upside that exists on the block."

Production

Gross production at Dussafu in Q2 2024 was 21,184 bopd (3,707 bopd net working

interest to Panoro) and includes the effect of 21 days planned annual

maintenance shut-down of the FPSO BW Adolo as previously communicated.

Gross oil production at Dussafu is expected to reach approximately 40,000 bopd

when all wells in the current campaign are completed and onstream.

Drilling update

Following the discovery in May of a north-eastern extension at the Hibiscus

South field (announced by the Company on 10 May 2024), the DHBSM-2H production

well has successfully been drilled into the discovery, completed and was handed

over to production operations without incident on 25 July.  The DHBSM-2H well

was drilled with the Borr Norve jack-up drilling rig and encountered good

quality oil saturated reservoir sands in the regionally prolific Gamba

reservoir.

This well is the first to be completed with the new conventional ESP system and

will be put onstream shortly after hook up and testing.

Rig contract extension and forward work plan

The Dussafu partners have also extended the contract for the Borr Norve jack-up

drilling rig until February 2025. With the delivery of all conventional ESP

systems (including spares) now secured the forward work plan is to successively

workover the previously drilled and completed wells, installing conventional ESP

systems, and drill one production well into the recently discovered northern

flank of the Hibiscus field (announced by the Company on 21 May 2024).

The current campaign will therefore result in a total of eight new production

wells across the Hibiscus / Hibiscus South / Ruche fields (in addition to the

six pre-existing production wells at the Tortue field). The increased well

inventory will allow for an extended production plateau for this current phase

of the Hibiscus development.

Bourdon Prospect

The rig contract extension is also expected to include the drilling of a well to

test the Bourdon Prospect which is located in a water depth of 115 metres

approximately 7 kilometres to the southeast of the BW Mabomo production facility

and 14 kilometres west of the BW Adolo FPSO. The Bourdon Prospect has an

estimated mid-case potential of 83 million barrels in place and 29 million

barrels recoverable in the Gamba and Dentale formations.

Enquiries

Qazi Qadeer, Chief Financial Officer

Tel: +44 203 405 1060

Email: investors@panoroenergy.com

About Panoro

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 and Block EG-01 offshore Equatorial Guinea,

the Dussafu Marin License offshore southern Gabon, the TPS operated assets, Sfax

Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia, and

onshore Technical Co-operation Permit 218 in South Africa.

Visit us at www.panoroenergy.com.

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