CREATING ONE OF THE WORLD'S LEADING INDEPENDENT LISTED AFRICAN E&Ps

2021 ANNUAL STATEMENT OF RESERVES| Page: ¹

ANNUAL STATEMENT OF RESERVES 2021

MARCH 2022

PANORO ENERGY

www.panoroenergy.com

DISCLAIMER

The information provided in this report reflects reservoir assessments, which in general must be recognised as subjective processes of estimating hydrocarbon volumes that cannot be measured in an exact way.

It should also be recognised that results of recent and future drilling, testing, production and new technology applications may justify revisions that could be material.

Certain assumptions on the future beyond Panoro's control have been made. These include assumptions made regarding market variations affecting both product prices and investment levels. As a result, actual developments may deviate materially from what is stated in this report.

The estimates in this report are based on third party assessments prepared by Netherland Sewell and Associates Inc. (NSAI) for Dussafu, by Gaffney Cline & Associates Limited (GaffneyCline) for the TPS assets and by TRACS International for Block G.

INTRODUCTION

Panoro's classification of reserves and resources complies with the guidelines established by the Oslo Stock Exchange and are based on the definitions set by the Petroleum Resources Management System (PRMS), sponsored by the Society of Petroleum Engineers/ World Petroleum Council/ American Association of Petroleum Geologists/ Society of Petroleum Evaluation Engineers (SPE/WPC/AAPG/SPEE) as issued in June 2018.

Reserves are the volume of hydrocarbons that are expected to be produced from known accumulations:

On Production
Approved for Development
Justified for Development

Reserves are also classified according to the associated risks and probability that the reserves will be actually produced.

1P	Proved reserves represent volumes that will be recovered with 90% probability
2P	Proved + Probable represent volumes that will be recovered with 50% probability
3P	Proved + Probable + Possible volumes that will be recovered with 10% probability.

Contingent Resources are the volumes of hydrocarbons expected to be produced from known accumulations:

In planning phase
Where development is likely
Where development is unlikely with present basic assumptions
Under evaluation

Contingent Resources are reported as 1C, 2C, and 3C, reflecting similar probabilities as reserves.

PANORO ASSETS PORTFOLIO

The Panoro portfolio reported here for year end 2021 is considered to comprise three assets with continuing operations with reserves and contingent resources, these are: Block G license in Equatorial Guinea, the Dussafu license in Gabon and the TPS Assets in Tunisia. The Aje field is held for sale and is not included in this report. A summary description of these assets with status as of year-end 2021 is included below. For additional background information on the assets, refer to the company's website. Unless otherwise specified, all reserves figures quoted in this report are net to Panoro's working interest.

BLOCK G: Offshore Equatorial Guinea Operator: Trident Energy, Panoro 14.25%

Panoro acquired a 14.25% interest in the Block G license in 2021nse in 2021.

The Block G license covers an area containing the Ceiba field and the Okume complex. The Okume complex consists of five separate oil fields. The fields in Block G started production in 2000-2002 and oil is produced through a number of wells either subsea or from fixed platforms and tied back to a FPSO.

Production from Block G during 2021 amounted to 10.9 MMbbls gross.

In March 2022 TRACS certified (3rd party) reserves and resources for the Block G licence. As of the end of December 2021, the Block G licence contained gross 1P Proved Reserves of 54.6 MMbbls in the Ceiba and Okume Complex fields. Gross 2P Proved plus Probable Reserves amounted to 92.5 MMbbls in the same fields. Gross 3P Proved plus Probable plus Possible Reserves in these fields amounted to 124.1 MMbbls.

In addition to these Reserves TRACS also certified gross unrisked 1C Contingent Resources of 39 MMbbls, gross unrisked 2C Contingent Resources of 146.4 MMbbls, and gross unrisked 3C Contingent Resources of 311.8 MMbbls in the Block G licence area.

These evaluations yield the following Reserves net to Panoro's working interest of 14.25%: 1P Proved Reserves of 7.78 MMbbls, 2P Proved plus Probable Reserves of 13.18 MMbbls and 3P Proved plus Probable plus Possible Reserves of 17.68 MMbbls. Additional unrisked Contingent Resources net to Panoro's working interest of 14.25% are 5.56 MMbbls 1C, 20.86 MMbbls 2C and 44.43 MMbbls 3C. These Reserves and Contingent Resources are Panoro's net working interest volumes before deductions for royalties and other taxes.

Panoro acquired an additional 10% interest in the Dussafu license in 2021nse in 2021.

Dussafu is a development and exploitation licence covering an area containing several oil fields, the most recent discovery being the Hibiscus North field. In 2014 an Exclusive Exploitation Authorisation (EEA) for an 850.5 km² area within the Dussafu PSC was awarded. The first field in the EEA area, Tortue, started oil production in 2018. The second set of fields, Ruche, Hibiscus and Ruche North East is scheduled to start oil production by the end of 2022.

Production from the Tortue field during 2021 amounted to 4.1 MMbbls gross.

In March 2022 NSAI certified (3rd party) reserves and resources for the Dussafu licence. As of the end of December 2021, the Dussafu licence contained gross 1P Proved Reserves of 71.5 MMbbls in the Tortue, Ruche, Ruche North East and Hibiscus fields. Gross 2P Proved plus Probable Reserves amounted to 99.7 MMbbls in the same fields. Gross 3P Proved plus Probable plus Possible Reserves in these fields amounted to 131.3 MMbbls.

In addition to these Reserves NSAI also certified gross unrisked 1C Contingent Resources of 16.6 MMbbls, gross 2C Contingent Resources of 38.7 MMbbls, and gross 3C Contingent Resources of 66.8 MMbbls in the Dussafu licence area.

These evaluations yield the following Reserves net to Panoro's working interest of 17.5%: 1P Proved Reserves of 12.51 MMbbls, 2P Proved plus Probable Reserves of 17.44 MMbbls and 3P Proved plus Probable plus Possible Reserves of 22.97 MMbbls. Additional unrisked Contingent Resources net to Panoro's working interest of 17.5% are approximately 2.9 MMbbls 1C, 6.8 MMbbls 2C and 11.7 MMbbls 3C. These Reserves and Contingent Resources are Panoro's net working interest volumes before deductions for royalties and other taxes.

TPS ASSETS: Onshore and Offshore Tunisia Operator: TPS, Panoro 29.4%

The TPS Assets comprise five oil field concessions in the region of the city of Sfax, onshore and shallow water offshore Tunisia.se in 2021.

The concessions are Cercina, Cercina Sud, Rhemoura, El Ain/Gremda and El Hajeb/Guebiba.

The oil fields were discovered in the 1980's and early 1990's and have produced a total of around 57 million barrels of oil to date. The current production is stable at around 4,700 barrels of oil per day gross.

Production from the TPS assets amounted to 1.66 MMbbls gross, which is approximately 0.49 MMbbls net to Panoro's working interest share.

In March 2022 GaffneyCline assessed reserves and resources from the fields as of end December 2021. Gross field reserves amount to 1P Proved Reserves of 10.9 MMbbls, 2P Proved plus Probable Reserves of 17.7 MMbbls and 3P Proved plus Probable plus Possible Reserves of 23.1 MMbbls. Panoro's net working interest 1P Proved reserves are 3.22 MMbbls, 2P Proved plus Probable are 5.20 MMbbls and 3P Proved plus Probable plus Possible are 6.79 MMbbls.

In addition to these reserves, GaffneyCline also assessed gross 1C Contingent Resources of 1.6 MMbbls, 2C Contingent Resources of 5.3 MMbbls and 3C Contingent Resources of 10.0 MMbbls, all assigned to the Cercina oil field. Panoro's net working interest 1C Contingent Resource is 0.5 MMbbls, net working interest 2C Contingent Resource is 1.6 MMbbls and net working interest 3C Contingent Resource is 2.9 MMbbls. These Reserves and Contingent Resources are Panoro's net volumes before deductions for royalties and other taxes.

MANAGEMENT DISCUSSION AND ANALYSIS

Panoro uses the services of NSAI, TRACS and GaffneyCline for third party verifications of its reserves and resources.

All evaluations are based on standard industry practice and methodology for production decline analysis and reservoir modelling based on geological and geophysical analysis. The following discussions are a comparison of the volumes reported in previous reports, along with a discussion of the consequences for the year-end 2021 ASR:

Block G:

In 2021, Panoro acquired a 14.25% interest in the Block G license. Two infill wells were drilled and brought on stream in 2021 and a third infill well is expected to come online in 2022. In 2023 it is expected that a further 3 infill wells will be drilled in the Okume complex. The TRACS reserves report takes these field development plans into account.

Contingent resources in the Block G fields are associated with projects that have not yet been approved and potential production beyond the license expiry dates of the fields. Some of these contingent resources may be re-assigned as reserves if certain projects are approved or license terms extended.

Dussafu:

In 2021 Panoro acquired an additional 10% interest in the Dussafu license. The final 2 production wells at the Tortue field were brought online in 2021, to bring the total well count to 6. Lack of available gas lift capacity at the field meant that production in 2021 was mainly from 4 wells. This is being addressed in 2022 with additional gas lift capacity being installed. The next development phase, consisting of the development of the Ruche and Hibiscus fields, has commenced and is expected to start production by year end 2022. The NSAI reserves report takes these field development plans into account and assumes production from a total of 6 development wells in Tortue, and from a total of 12 wells in Hibiscus/Ruche phase 1 and phase 2.

The remaining fields in Dussafu (Walt Whitman, Moubenga and Hibiscus North) and extensions to the other fields are classified as Contingent Resources. A decision to develop these fields will trigger a re-assignment of these resources as reserves and a possible re-determination of their volumes.

TPS:

Minor modifications were made to TPS reserves based on 2021 well performance and potential identified for additional drilling at the Rhemoura field. There are Contingent Resources associated with the Cercina field in the TPS assets. These resources may be re-assigned as reserves if a development decision is taken to drill certain un-drilled compartments within the Cercina field.

ASSUMPTIONS:

The commerciality and economic tests for the Dussafu reserves volumes were based on an average oil price over the field life of USD73/Bbl.

The commerciality and economic tests for the TPS assets reserves volumes were based on an average oil price over the life of the field of USD76/Bbl.

The commerciality and economic tests for the Block G assets reserves volumes were based on an average oil price over the life of the field of USD73/Bbl.

2P Reserves Development	(MMBOE)
Balance (previous ASR –31 December 2020)	12.3
Production 2021	(2.8)
Acquisitions since previous ASR	23.9
New developments since previous ASR	2.4
Balance (revised ASR) as of 31 December 2021	35.8

Panoro'stotal 1P working interest reservesat end of 2021 amount to 23.50 MMbbls. Panoro's 2P reserves amount to 35.82 MMbbls and Panoro's 3P reserves amount to 47.45 MMbbls.

Panoro's Contingent Resource base includes discoveries of varying degrees of maturity towards development decisions. By the end of 2021, Panoro's assets contained a total un-risked 2C working interest volume of approximately 29.3 MMbbls.

29 March 2022

John Hamilton CEO

ANNEX RESERVES STATEMENT

AS OF 31 DECEMBER 2021

		1P (Low Estimate)			2P (Base Estimate)			3P (High Estimate)
		Liquids	Gas	Total	Net	Liquids	Gas	Total	Net	Liquids	Gas	Total	Net
	Interest %	MMbbls	Bcf	MMBOE	MMBOE	MMbbls	Bcf	MMBOE	MMBOE	MMbbls	Bcf	MMBOE	MMBOE
	ON PRODUCTION
Dussafu	17.5	19.17	-	19.17	3.35	26.78	-	26.78	4.69	36.60	-	36.60	6.41
TPS	29.4	8.74	-	8.74	2.57	14.25	-	14.25	4.19	18.45	-	18.45	5.42
Block G	14.25	41.02	-	41.02	5.85	67.16	-	67.16	9.57	89.62	-	89.62	12.77
Total		68.92	-	68.92	11.77	108.19	-	108.19	18.45	144.67	-	144.67	24.60

	APPROVED FOR DEVELOPMENT
Dussafu	17.5	52.30	-	52.30	9.15	72.87	-	72.87	12.75	94.68	-	94.68	16.57
Block G	14.25	5.40	-	5.40	0.77	12.67	-	12.67	1.80	19.19	-	19.19	2.73
Total		57.69	-	57.69	9.92	85.54	-	85.54	14.56	113.87	-	113.87	19.30

JUSTIFIED FOR DEVELOPMENT
TPS	29.4	2.21	-	2.21	0.65	3.43	-	3.43	1.01	4.66	-	4.66	1.37
Block G	14.25	8.16	-	8.16	1.16	12.70	-	12.70	1.81	15.26	-	15.26	2.17
		10.37	-	10.37	1.81	16.12	-	16.12	2.82	19.92	-	19.92	3.54

TOTALS Total Reserves 136.99 - 136.99 23.50 209.86 - 209.86 35.82 278.46 - 278.46 47.45

Small rounding differences may arise due to rounding to the nearest MMBOE.

RESERVES DEVELOPMENT

2P Reserves Development	(MMBOE)
Balance (previous ASR – 31 December 2020)	12.3
Production 20211	(2.8)
Acquisitions since previous ASR 2	23.9
New developments since previous ASR 3	2.4
Balance (revised ASR) as of 31 December 2021	35.8

Represents TPS, Dussafu and Block G production in 2021 on a pro-forma basis
Acquisition of Block G and 10% of Dussafu as of end 2020
Additional projects in TPS and Block G

CONTINGENT RESOURCES SUMMARY

Asset	2C MMBOE (as of YE2020)	2C MMBOE (as of this report)
Dussafu	2.7	6.8
TPS	1.6	1.6
Block G	-	20.9
Totals	4.3	29.3

COMPANY ADDRESSES

Panoro Energy ASA c/o Advokatfirma Schjødt, Ruseløkkveien 14, P.O. box 1444 Solli, 0201 Oslo, Norway

Panoro Energy Ltd 78 Brook Street London W1 K 5EF United Kingdom

Tel: +44 (0) 20 3405 1060 Fax: +44 (0) 20 3004 1130

2021 ANNUAL STATEMENT OF RESERVES| Page: ¹⁰

www.panoroenergy.co m