Panoro Energy ASA

Regulatory Filings • May 21, 2024

Panoro Energy - Significant Oil Discovery at Northern Flank of Hibiscus Field Offshore Gabon

Panoro Energy - Significant Oil Discovery at Northern Flank of Hibiscus Field Offshore Gabon

Oslo, 21 May 2024 - Panoro Energy ASA ("Panoro" or the "Company") is pleased to

announce that the DHIBM-7P pilot well has successfully made a significant new

oil discovery on the northern flank of the Hibiscus field, at the Dussafu Marin

Permit offshore Gabon. Preliminary evaluation indicates scope for a notable

increase to both in place volumes and recoverable reserves in the Hibiscus field

area. The partners plan to complete the well as a production well later in

2024.  Panoro holds a 17.5 per cent participating interest in the Dussafu Marin

Permit.

The DHIBM-7P pilot well was drilled with the Borr Norve jack-up rig to appraise

the northern flank of the Hibiscus field.  The well was drilled to a depth of

3,941 metres with evaluation of logging, sample and pressure data confirming

approximately 24 metres of net oil pay in an overall column of 37 metres

extending across the regionally prolific Gamba formation and underlying Dentale

formation.

The next rig operation will be to drill a production well (DHBSM-2H) at the

recently proved north-east extension of the Hibiscus South field (announced on

10 May 2024). The rig will then drill a production well at the Hibiscus field

into the newly proved northern flank and undertake well workovers (the order of

which will be dependent on optimising production and logistical considerations).

The current campaign is therefore now expected to result in a total of eight new

production wells across the Hibiscus / Hibiscus South / Ruche fields.

The Bourdon prospect test well (DBM-1) will be the last operation in the current

campaign, providing the aforementioned activities are performed within time

expectations.

John Hamilton, CEO of Panoro, commented:

"We are very pleased with the outcome of our latest drilling success, our second

such positive result in less than a month. Once the final data from the well

becomes available we will work to delineate the extent of this exciting new

discovery and provide an update on estimated reserves as soon as practically

feasible. What is apparent is that we have opened up another fast-track

development opportunity where we will leverage the existing production

infrastructure nearby to rapidly develop these high-margin barrels cost

effectively as part of the current campaign, and once again demonstrated how our

infrastructure led exploration and appraisal strategy can create material value

for our stakeholders."

Enquiries

Qazi Qadeer, Chief Financial Officer

Tel: +44 203 405 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 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)