Panoro Energy ASA

Panoro Energy - Timing Change for Equatorial Guinea Drilling Campaign

Oslo, 9 February 2024 - Panoro Energy ASA ("Panoro" or the "Company") provides

an update on the drilling campaign offshore Equatorial Guinea that commenced on

Block G in January.

Upon recommendation of the Operator, Trident Energy, the joint venture has

decided to terminate the current rig contract. The joint venture is of the view

that the rig is not operationally in a condition to safely drill the wells. The

Operator is, on behalf of the joint venture, evaluating alternative options that

will allow for the recommencement and safe completion of the intended drilling

campaign (including the Kosmos operated Akeng Deep exploration well) at the

earliest opportunity, potentially during Q2 subject to rig availability and

terms of alternative options.

John Hamilton, CEO of Panoro, commented:

"The joint venture will not compromise on safety, which is of paramount

importance, and has acted decisively and responsibly in taking this course of

action. Based on our current estimates, the pause in drilling is not expected

to affect Panoro's shareholder distributions, financial and operational targets

for the year. The postponement of the drilling campaign results in a more

beneficial phasing of capital expenditures on a group-wide basis."

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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