Panoro Energy ASA

Panoro Energy - Completion of Acquisition of Minority Share in Panoro's Tunisian Business

Oslo, 24 April 2023 - Panoro Energy ASA ("Panoro" or the "Company") is pleased

to report that following the press release of 18 April 2023, whereby Panoro

announced it had entered into a definitive agreement with Beender Tunisia

Petroleum Limited ("Beender") to purchase its 40 percent shareholding in Sfax

Petroleum Corporation AS ("SPC") for a total consideration of approximately USD

18.2 million in a mix of cash and shares (the "Acquisition"), all conditions

have been satisfied and the Acquisition has completed.

Further to the closing of the Acquisition, Panoro now owns 100 percent of SPC

(49 percent interest in the TPS assets and 87.5 percent interest in Sfax

Offshore Exploration Permit) which has consequently become a fully owned

subsidiary of Panoro.

The upfront cash consideration of USD 4.9 million cash has been paid and in

accordance with the previously announced terms of the Acquisition a share based

payment of USD 8.3 million will shortly be made by Panoro via the allotment and

issue of 2,945,035 new Panoro shares at an issue price of NOK 29.18 per share

(issue value NOK 85,936,092.12). A deferred cash consideration of USD 5 million

shall be paid by end 2023.

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 License offshore southern Gabon, the TPS operated assets,

Sfax Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia,

and interests in an exploration Block 2B, and Technical Co-operation Permit 218

in South Africa.

Visit us at www.panoroenergy.com.

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