Panoro Energy ASA

Panoro Energy: Dussafu Marin Update

Oslo, 12 July 2022 - Panoro Energy ASA ("Panoro" or the "Company") with OSE

Ticker: "PEN") provides the following update on operations at the Dussafu Marin

Permit offshore Gabon (Panoro 17.5% working interest).

Gross production at the Dussafu Marin Permit for the first six months averaged

approximately 11,150 bopd and is in line with expectations. Second quarter

gross production averaged approximately 10,700 bopd from four wells, with the

remaining two wells shut in due to pre-communicated gas lift capacity

constraints. As previously guided there were no liftings of crude oil made by

Panoro during the second quarter.

Good progress continues to be made on the Hibiscus / Ruche Phase I development

project with conversion work on the Hibiscus Alpha offshore production unit

nearing completion and on schedule with sail away set for August.

Separately, Borr Drilling has notified the operator BW Energy that delivery of

the jack-up drilling rig Borr Norve may be re-scheduled towards the end of the

year due to the intention of a third-party operator in the region to exercise

its final remaining well options. On the basis that the third party exercises

its option the JV partners anticipate first oil from the Hibiscus Ruche Phase I

development would occur towards the end of the first quarter in 2023 compared to

the prior expectation of late 2022.

This announcement is subject to disclosure pursuant to section 5-12 of the

Norwegian Securities Trading Act.

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, OML 113 offshore western Nigeria (held-for

-sale, subject to completion), 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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