Panoro Energy ASA

Earnings Release • Aug 3, 2023

Panoro Energy - Recent Net Production Reaches Record Levels of up to 11,000 bopd

Panoro Energy - Recent Net Production Reaches Record Levels of up to 11,000 bopd

Trading Statement and Operations Update

Oslo, 3 August 2023 - Panoro Energy ASA ("Panoro" or the "Company") today

provides an update in advance of its Half Year 2023 results which are scheduled

for release on 24 August 2023. Information contained within this release is

unaudited and may be subject to further review and amendment.

Following completion of the first three out of six planned production wells at

the Hibiscus Ruche Phase I development offshore Gabon and acquisition of the 40

percent minority interest in the Tunisian business Panoro's working interest

production has recently reached record levels for the Company of up to 11,000

bopd. When all six new production wells at Hibiscus Ruche Phase I are onstream

net production is expected to exceed 13,000 bopd.

The three well infill campaign due to commence in late Q4 offshore Equatorial

Guinea is expected to deliver additional volume in 2024.

John Hamilton, CEO of Panoro, commented:

"We are pleased to have recently reached a record high of 11,000 bopd net to

Panoro. We are making good progress towards achieving our organic output targets

with the drill-bit. While Q2 revenue reflects our previously guided crude

lifting schedule the cash generative potential of Panoro's well diversified and

high quality production base will be evident in H2 when the majority of our

annual liftings and crude oil sales occur. We look forward to delivering strong

organic growth over the remainder of 2023 and beyond."

Corporate and Financial Update

· Recent group production has reached levels of up to 11,000 bopd, following

the third Hibiscus well and start up of the gas lift compressor

· Working interest production is expected to increase to in excess of 13,000

bopd when all six new Hibiscus Ruche Phase I wells are onstream

· Average full-year working interest production guidance narrowed to 9,500

-10,500 bopd, recognising the previously announced delayed start in Gabon first

oil and gas lift compression

· Working interest production averaged 8,093 bopd in Q2 and 7,211 bopd in the

first six months

· The Company recognises revenue when liftings of its crude oil entitlement

occur. As previously guided Panoro lifted and sold a limited volume of 52,830

barrels in Q2 as domestic sales in Tunisia resulting in revenue of USD 3.4

million

· Revenue from oil sales in the first six months stood at USD 63.0 million,

with an average realised price of $75.42 per barrel, and 835,750 barrels sold

· Management expects the majority of its 2023 crude oil liftings to occur in

the second half of the year.  Total crude liftings in 2023 are expected to be

approximately 3 million barrels

· Positive crude oil inventory of 645,000 barrels at 30 June

· Cash at bank at 30 June was approximately USD 32.1 million, which includes

advances of USD 17.4 million taken against high crude inventory position to

smooth working capital

· Amounts owing under reserve based loans at 30 June was USD 83.7 million

after principal drawdown in April of USD 15.3 million, following the refinancing

of the Tunisia senior secured facility previously in place into the Company's

RBL facility, in conjunction with completion of the Tunisia acquisition

Operations Update

Equatorial Guinea - Block G (Panoro 14.25%)

· Q2 working interest production 3,420 bopd / H1 working interest production

3,650 bopd

· Rig contracted for the next drilling campaign which is expected to commence

in Q4 2023 and comprise three infill production wells which are expected to be

put onstream in 2024 and deliver additional new production volumes

· Workovers including an electrical submersible pump ("ESP") conversion and

behind pipe perforations

· Ongoing field life extension and asset integrity projects including flowline

replacements

· Gas compression project at Okume

· Planning for future gas injection project to reduce routine flaring

Gabon - Dussafu Marin Permit (Panoro 17.5%)

· Q2 working interest production 2,660 bopd / H1 working interest production

1,980 bopd

· Three out of six new production wells at the Hibiscus Ruche Phase I

development safely drilled, completed and put onstream:

· DHIBM-3H well put onstream in early April at a gross rate of 6,000 bopd

· DHIBM-4H well put onstream in mid-June at a gross rate of 6,000 bopd

· DHIBM-5H well put onstream in late July at a gross rate of 6,000 bopd

· Drilling operations underway on the fourth new production well, DHIBM-6H

· Start up in late July of the new gas lift compressor on the BW Adolo FPSO

will support production from all six existing wells at the Tortue field and once

fully operational is expected to add approximately 3,000 bopd of gross

production.

· Total gross production at the Dussafu Marin Permit has recently been up to

30,000 bopd

Tunisia - TPS Assets (Panoro 49%)

· Q2 working interest production 2,010 bopd / H1 working interest production

1,590 bopd

· Completed the acquisition of the 40 percent minority interest Panoro did not

own in the Tunisian business in April

· Adds an estimated 2.96 million barrels of net 2P reserves (100 percent

oil) and 800 to 900 bopd of net production

· Recompletion of the GUE-03 well, GUE-14 well and GUE-10AST well safely

completed without incident

· New production opportunities include a workover campaign comprising ESP

replacement and stimulation of three wells at the Cercina field (CER-1, CER-6A

and CER-7) scheduled to commence in Q3

· Detailed planning for development drilling campaign on the Rhemoura and

Guebiba fields with operations expected to start mid 2024

Exploration

· At Block S offshore Equatorial Guinea the partners are planning to drill the

Kosmos Energy operated Akeng Deep exploration well in 2024 to test a play in the

Albian, targeting an estimated gross mean resource of approximately 180 million

barrels of oil equivalent in close proximity to existing infrastructure at Block

G

· At the Panoro operated Block EG-01 offshore Equatorial Guinea subsurface

studies based on existing seismic data are being undertaken to further define

and evaluate the prospectivity of the block

· Further exploration wells at Dussafu in Gabon are also being considered,

using the optional well slots under current contract

· Application for an Exploration Right covering part of TCP 218 located

onshore in Free State, South Africa, is currently in progress

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.

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