Panoro Energy ASA

Panoro Energy - Crude Oil Lifting Update

Oslo, 20 September 2023 - Panoro Energy ASA ("Panoro" or the "Company") today

provides an update on its 2023 crude oil liftings.

The Company has completed its scheduled September lifting of approximately

650,000 barrels in Equatorial Guinea at a realised price of approximately USD

92.25 per barrel, subject to final reconciliation and after customary price

adjustment and associated fees.

This follows aggregate liftings of 524,296 barrels in Gabon and Tunisia earlier

in Q3, which brings the total volume lifted by Panoro in Q3 to approximately

1,174,296 barrels at an average realised price of approximately USD 88 per

barrel.

As a result, year-to-date crude liftings are approximately 2,010,046 barrels at

an average realised price of approximately USD 82.79 per barrel.

The Company expects to lift approximately 965,000 barrels during Q4 in Gabon and

Tunisia, which includes a lifting of 380,000 barrels in Gabon previously assumed

to occur in the last week of September which is now scheduled for early October.

Full year 2023 crude oil liftings are expected to total approximately 3 million

barrels, unchanged from guidance.

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

interests in offshore exploration Block 2B and onshore Technical Co-operation

Permit 218 in South Africa.

Visit us at www.panoroenergy.com.

AI Terminal