Panoro Energy ASA

Panoro Energy - Dussafu Drilling Update

Oslo, 20 July 2023 - Panoro Energy ASA ("Panoro" or the "Company") is pleased to

announce that the DHIBM-5H 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 formation

and has been put onstream at a rate of approximately 6,000 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 third 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 operations on the fourth planned

production well on the Hibiscus field, DHIBM-6H.

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

John Hamilton, CEO of Panoro, commented:

"The completion of the third Hibiscus well is another significant step forward

in our organic growth plan, keeping us on track to achieve production of 13,000

bopd net to Panoro when all six new Hibiscus Ruche Phase I wells are onstream."

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.

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