Panoro Energy ASA

Regulatory Filings • May 10, 2024

Panoro Energy – Oil Confirmed at Hibiscus South Extension

Oslo, 10 May 2024 – Panoro Energy ASA ("Panoro" or the "Company") is pleased to announce that the DHBSM-2P pilot well has successfully encountered oil and confirmed a north-eastern extension of the Hibiscus South field at the Dussafu Marin Permit offshore Gabon, further increasing recoverable reserves. Panoro holds a 17.5 per cent participating interest in the Dussafu Marin Permit.

The DHBSM-2P pilot well was drilled with the Borr Norve jack-up rig to test a north-eastern extension of the Hibiscus South field. The well was drilled to a depth of 5,130 metres with evaluation of logging, sample and pressure data confirming approximately 25 metres of net oil pay in an overall column of 35 metres in the regionally prolific Gamba formation. Preliminary volume estimates comprise gross recoverable reserves of five to six million barrels of oil and approximately 14 million barrels of oil in place. The partners plan to complete the well as a producer later in 2024.

Map showing north-east extension of Hibiscus South

John Hamilton, CEO of Panoro, commented:

"The subsurface at Dussafu Marin has a long history of delivering positive results which is reflected in Panoro's 88 per cent success rate in the Gamba reservoir. We are very pleased with the outcome of our latest drilling success, which has proved an extension of the Hibiscus South field and added new reserves, opening 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"

Enquiries

Qazi Qadeer, Chief Financial Officer Tel: +44203 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 Cooperation Permit 218 in South Africa.

Visit us at www.panoroenergy.com.

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