Panoro Energy ASA

Regulatory Filings • Sep 13, 2023

Panoro Energy - Dussafu Drilling Update

Panoro Energy - Dussafu Drilling Update

Oslo, 13 September 2023 - Panoro Energy ASA ("Panoro" or the "Company") is

pleased to announce that the DHIBM-6H production well at the Hibiscus Ruche

Phase I development offshore Gabon has successfully been drilled, completed and

handed over to production operations without incident. The well encountered good

quality oil saturated reservoir sands in the regionally prolific Gamba reservoir

and has been put onstream at a rate of approximately 6,500 bopd, in line with

expectations.

The well was drilled with the Borr Norve jack-up drilling rig in 116 metres

water depth and is the fourth in a six-well production drilling campaign at the

Hibiscus and Ruche fields which is expected to bring total oil production on the

Dussafu Marin Permit up to approximately 40,000 bopd on a gross basis when all

wells are completed and onstream.

The Borr Norve rig has now commenced drilling the DRM-3H production well on the

Ruche field.

Current gross production from the Dussafu Marin Permit is approximately 26,500

bopd, which Panoro estimates is up to 8,000 bopd to 10,000 bopd below current

potential owing to issues with electrical supply to the ESP's (electrical

submersible pumps) with the DHIBM-4H well currently flowing naturally at

approximately 2,800 bopd and DHIBM-3H well temporarily not producing. Work to

expedite return to production for these wells is ongoing.

Panoro holds a 17.5 percent working interest in the Dussafu Marin Permit.

John Hamilton, CEO of Panoro, commented:

"We have achieved excellent results at each of the four new production wells

drilled at the Hibiscus field and with focus now shifting to development of the

nearby Ruche field where two production wells are planned, we remain on track to

achieve production of 13,000 bopd net to Panoro when all six new Hibiscus Ruche

Phase I wells are onstream. The subsurface has consistently met or in some cases

exceeded our expectations which is encouraging for potential upside to reserve

estimates at the Hibiscus field."

Enquiries

Qazi Qadeer, Chief Financial Officer

Tel: +44 203 405 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)