Panoro Energy ASA

Panoro Energy - Commencement of Operations on Gazania-1 Exploration Well Offshore South Africa

Oslo, 4 October 2022 - Panoro Energy ASA ("Panoro" or the "Company") notes that

Eco Atlantic as operator of Block 2B offshore South Africa (Panoro working

interest 12.5%), has today announced the arrival of the Island Innovator semi

-submersible drilling rig on Block 2B and the commencement of operations on the

Gazania-1 exploration well.

The Gazania-1 exploration well is being drilled in approximately 150 metres of

water and is located 25 kilometres offshore the Northern Cape in the Orange

Basin. The well is located up-dip of the AJ-1 oil discovery well drilled on the

block in 1988 and is targeting a gross prospective resource of over 300 million

barrels across multiple zones.

Panoro's joint venture partners and their working interests on Block 2B are Eco

Atlantic (50%, operator), Africa Energy Corp (27.5%) and Crown Energy AB (10%).

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 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.

Visit us at www.panoroenergy.com.

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