Panoro Energy ASA

Panoro Energy Initiates Share Buy-back Program

Oslo, 23 May 2024 - The Board of Directors of Panoro Energy ASA ("Panoro" or the

"Company") (OSE: PEN) has approved the launch of a share buy-back program that

allows the Company to repurchase up to NOK 100 million of its outstanding common

shares.

Panoro has put in place an agreement with Arctic Securities AS ("Arctic"), for

the repurchase of the Company's common shares in open market transactions on the

OSE. Under this agreement, Arctic will make its own trading decisions

independently of, and uninfluenced by, Panoro, subject to instructions provided

by Panoro in the agreement.

In order to comply with the European Market Abuse Regulation, the Company has

provided the following required information: (i) under the repurchase program,

as may be effected under the Arctic agreement, the Company may repurchase up to

NOK 100 million of its common shares during the period from May 23, 2024 until

September 30, 2024 (subject also to a maximum limit of 11.7 million shares, to

be approved in the General Meeting today), and (ii) the purpose of the buy-back

program is to reduce the number of common shares of the Company outstanding and

to provide a return to Company shareholders. The number of shares acquired per

day shall not exceed 25% of the average daily trading volume in the 20 trading

days preceding the relevant purchase date.

The Company cannot predict how many shares will be repurchased, if any, under

the agreement with Arctic, or the timing of any repurchase or the price that

will be paid for any shares repurchased under the agreement.

The buy-back program will be completed in accordance with Regulation (EU)

2016/1052. This information is subject of the disclosure requirements pursuant

to section 5-12 of the Norwegian Securities Trading Act and article 5 of the

European Market Abuse Regulation.

Enquiries

Qazi Qadeer, Chief Financial Officer

Tel: +44 203 405 1060

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 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.

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