Panoro Energy ASA

Panoro Energy - Equatorial Guinea infill drilling campaign commences

Oslo, 22 January 2024 - Panoro Energy ASA ("Panoro" or the "Company") provides

the following update on operations offshore Equatorial Guinea.

At Block G the planned three-well infill drilling campaign has commenced

utilising the Island Innovator semi-submersible drilling rig. The first new

infill well is expected onstream around the end of Q1, with all three wells

expected onstream by mid-year. Panoro holds a 14.25 percent interest in Block G.

Partners in Block G are Trident Energy (operator), Kosmos Energy and GEPetrol.

Following completion of the Block G infill drilling campaign, the Island

Innovator rig will relocate to Block S where it will drill the Kosmos Energy

operated Akeng Deep infrastructure-led exploration ("ILX") well. The Akeng Deep

ILX well is intended to test a play in the Albian, targeting an estimated gross

mean resource of ~180 million barrels of oil in close proximity to existing

infrastructure at Block G. Panoro holds a 12 per cent interest in Block S.

Other partners in Block S are GEPetrol and Trident Energy who are delivering the

drilling program on behalf of the joint venture partners.

John Hamilton, CEO of Panoro, commented:

"We are pleased to have commenced the planned infill drilling campaign at Block

G which we expect to materially increase gross production at the Ceiba field and

Okume Complex from the 2023 average level of 25,000 bopd once all three new

wells are onstream. With the high-impact Akeng Deep infrastructure led

exploration well at Block S due to follow the infill drilling campaign, and work

underway evaluating prospectivity at the Panoro operated Block EG-01, we have an

exciting organic growth opportunity set available to us in Equatorial Guinea."

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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