Panoro Energy ASA

M&A Activity • Apr 4, 2024

Panoro Energy - Heads of Terms Agreed for Block EG-23 Offshore Equatorial Guinea

Panoro Energy - Heads of Terms Agreed for Block EG-23 Offshore Equatorial Guinea

Oslo, 4 April 2024 - Panoro Energy ASA ("Panoro" or the "Company") is pleased to

announce that it has reached an agreement with the Government of Equatorial

Guinea on the key terms and conditions for the award of offshore Block EG-23.

The Heads of Terms agreement signed by Panoro, GEPetrol (the national oil

company), and the Ministry of Mines and Hydrocarbons paves the way for a period

of exclusive negotiations to finalise a Production Sharing Contract ("PSC") for

Block EG-23 and development of a work programme and budget. Panoro envisages its

participating interest in Block EG-23 upon award of a PSC will be up to 80

percent initially.

Block EG-23 is located offshore Equatorial Guinea north of Bioko Island and

adjacent to the producing Alba gas and condensate field. Covering a surface area

of approximately 600 km2 in water depths ranging from 50 metres to 100 metres,

19 wells have been drilled on Block EG-23 to date resulting in seven hydrocarbon

discoveries (four oil, two gas and one gas/condensate), some of which have been

tested. The block was previously held by Marathon. Panoro's technical evaluation

indicates a range of plays exist on the block and has identified a number of

prospects and leads in addition to the existing discoveries.

Panoro envisages an initial work programme will be focused on re-processing

existing seismic data to mature prospects and leads to a drill-ready state with

an option to then enter a second stage which would entail drilling.

John Hamilton, CEO of Panoro, commented:

"We are grateful to the Government of Equatorial Guinea for this opportunity to

enter into a PSC for the highly prospective Block EG-23 and further grow our

business in Equatorial Guinea. The award of a PSC for Block EG-23, when

finalised, will be a complementary expansion of our existing acreage portfolio

in Equatorial Guinea. We look forward to partnering with GEPetrol to leverage

our collective core subsurface skill sets, increasing our exposure to a broad

range of play types, prospects and leads in the vicinity of existing

infrastructure."

Map of Block EG-23

[EG 23 map inserted]

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

interests in offshore exploration Block 2B 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)