Panoro Energy ASA

Panoro Energy - Extension of Block G Production Sharing Contract Offshore Equatorial Guinea

Oslo, 9 May 2022 - Panoro Energy ASA ("Panoro" or the "Company") is pleased to

announce that the Ministry of Mines and Hydrocarbons of Equatorial Guinea and

the Joint Venture partners at Block G offshore Equatorial Guinea have agreed a

material time extension of the Production Sharing Contract ("PSC") until 31

December 2040 covering both the producing Ceiba and Okume Complex Fields. Prior

to the extension the PSC expiry for the Ceiba Field was 2029 and for the Okume

Complex field 2034. Management expects that Panoro's net 2P reserves will

increase by between 2 to 3 million barrels as a result of the PSC extension.

John Hamilton, CEO of Panoro, commented:

"Upon entering the Block G Joint Venture we had always identified an upside in

extending the PSC expiry dates to realise the full potential in the Ceiba and

Okume fields. On behalf of Panoro I would like to thank the Ministry and our

Joint Venture partners on the collaborative effort in delivering this important

agreement. The extension substantially increases Panoro's net 2P reserves in

Block G and creates the time in which to unlock the material resources we

believe to be present. We look forward to working with the Ministry and our

Joint Venture partners to responsibly invest and further develop Block G to

realise the full oil and gas potential of the block over the next 18 years."

The extension will support the next phase of investment by the Joint Venture

partners with further development drilling anticipated to commence in the second

half of 2023 to target material new production growth beyond our current

guidance. Further information on these wells will be communicated in due course

as planning is refined.

Panoro's full-year 2021 working interest (14.25%) production at Block G averaged

4,261 barrels oil per day on a proforma basis, accounting for approximately 56%

of Panoro's total production in the year. Trident Energy is operator of Block G

with a 40.375% working interest while Kosmos Energy holds a 40.375% working

interest and GEPetrol a 5.0% working interest.

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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