Panoro Energy ASA

Earnings Release • Apr 3, 2023

Panoro Energy - Dussafu Drilling Update

Panoro Energy - Dussafu Drilling Update

Oslo, 3 April 2023 - Panoro Energy ASA ("Panoro" or the "Company") is pleased to

provide the following update on successful drilling operations at the Hibiscus

Ruche Phase I development at the Dussafu Marin Permit offshore Gabon (Panoro

17.5 percent working interest).

The DHIBM-3H production well has been successfully 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 will now be put onstream in the coming days.

The 20-kilometre pipeline connection between the BW MaBoMo production facility

installed at the Hibiscus field and the FPSO BW Adolo moored at the producing

Tortue field has been commissioned and all facilities and infrastructure are

ready to receive oil from the new Hibiscus Ruche wells as they are drilled and

completed. Commissioning and start-up of the new gas lift compressor to support

production from all six existing wells at the producing Tortue field will follow

first oil activities on the FPSO BW Adolo.

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

water depth and is the first 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. The Borr Norve rig has now commenced drilling the second

planned production well on the Hibiscus field, DHIBM-4H.

John Hamilton, CEO of Panoro, commented:

"The successful completion of this first production well is a key milestone in

our material organic growth plan towards production of 12,500 bopd net to Panoro

when all six new Hibiscus Ruche Phase I wells are onstream. We are in the most

active period of continual drilling in Panoro's history that will see at least

10 wells drilled in Gabon and Equatorial Guinea over the next 12 to 15 months

and unlock significant potential in our diversified portfolio of producing

assets."

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 (pending approval) and Block EG-01 (pending

ratification), 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.

Follow us on LinkedIn (https://www.linkedin.com/company/panoro-energy)