Panoro Energy ASA

Regulatory Filings • Jan 9, 2023

Panoro Energy - Development Drilling Commences on Schedule at Dussafu Marin

Panoro Energy - Development Drilling Commences on Schedule at Dussafu Marin

Oslo, 9 January 2023 - Panoro Energy ASA ("Panoro" or the "Company") provides

the following update on operations at the Dussafu Marin Permit offshore Gabon

(Panoro 17.5% working interest).

Production drilling at the Hibiscus Ruche Phase I development commenced in early

January with first oil expected during March 2023, in line with previously

communicated guidance. At the Tortue field installation of the new gas lift

compressor is underway onboard the FPSO BW Adolo and is also progressing

according to previously communicated plans.

John Hamilton, CEO of Panoro, commented:

"The Hibiscus Ruche Phase I development is an important component of Panoro's

organic production growth outlook. With the production facilities and flowlines

successfully installed, commencement of the Hibiscus Ruche Phase I production

drilling programme in early January together with the imminent commissioning of

the new gas lift compressor at the producing Tortue field keeps us on track to

achieve our targeted 2023 peak rate of 12,500 barrels oil per day during the

course of the year."

The Borr Norve jack-up drilling rig arrived on location in late December and

spud the first production well, DHIBM-3H, during the first week of January. The

well, targeting the regionally prolific Gamba sandstone reservoir on the

Hibiscus field, is the first in a multi-well 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. Installation of flexible pipelines and risers, completing the 20

kilometre connection between the BW MaBoMo production facility and the FPSO BW

Adolo, has also been completed.

At the producing Tortue field, the new gas lift compressor unit to support

production from the six existing Tortue wells was received onboard the BW Adolo

in December with installation work ongoing. Final commissioning and start-up of

the compressor is expected in the first quarter as guided.

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 a producing interest in Block-G, 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

participation interest in an exploration Block 2B, offshore South Africa and

Technical Co-operation Permit 218 onshore South Africa.

Visit us at www.panoroenergy.com.

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