Panoro Energy ASA

Panoro Energy - Dussafu Drilling Update

Oslo, 15 June 2023 - Panoro Energy ASA ("Panoro" or the "Company") is pleased to

announce that the DHIBM-4H 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 stabilised 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 second in a six-well production drilling campaign at the

Hibiscus and Ruche fields which is expected to deliver on a gross basis

approximately 30,000 barrels oil per day of new production when all wells are

completed and onstream around the end of the year. The Borr Norve rig has now

commenced drilling the third planned production well on the Hibiscus field,

DHIBM-5H.

The first new production well on the Hibiscus field, DHIBM-3H, was put onstream

in early April. Production from the well continues at a stabilised gross rate of

6,000 bopd from Gamba reservoir sands.

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

John Hamilton, CEO of Panoro, commented:

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

in our organic growth plan. With two wells now onstream at the Hibiscus field

Panoro's group production is moving towards the 10,000 bopd level, keeping us on

track to achieve group 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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