Panoro Energy ASA

Investor Presentation • Nov 22, 2021

PANORO ENERGY ASA Q3 2021 TRADING AND FINANCIAL UPDATE

22 November 2021

WEBINAR HOUSEKEEPING – TIME FOR QUESTIONS

DISCLAIMER

This presentation does not constitute an offer to buy or sell shares or other financial instruments of Panoro Energy ASA ("Company"). This presentation contains certain statements that are, or may be deemed to be, "forward-looking statements", which include all statements other than statements of historical fact. Forward-looking statements involve making certain assumptions based on the Company's experience and perception of historical trends, current conditions, expected future developments and other factors that we believe are appropriate under the circumstances. Although we believe that the expectations reflected in these forward-looking statements are reasonable, actual events or results may differ materially from those projected or implied in such forward-looking statements due to known or unknown risks, uncertainties and other factors. These risks and uncertainties include, among others, uncertainties in the exploration for and development and production of oil and gas, uncertainties inherent in estimating oil and gas reserves and projecting future rates of production, uncertainties as to the amount and timing of future capital expenditures, unpredictable changes in general economic conditions, volatility of oil and gas prices, competitive risks, counterparty risks including partner funding, regulatory changes and other risks and uncertainties discussed in the Company's periodic reports. Forward-looking statements are often identified by the words "believe", "budget", "potential", "expect", "anticipate", "intend", "plan" and other similar terms and phrases. We caution you not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation, and we undertake no obligation to update or revise any of this information.

CLEAR AND CONSISTENT VALUE CREATION MODEL

DISCIPLINED CAPITAL ALLOCATION

Diversified production portfolio in Equatorial Guinea, Gabon and Tunisia

~33 MMbbls 2C resource gives long term running room

Partnered with excellent operators and JV's have control over export routes Panoro has demonstrated its credibility as a reliable counterparty

Completed most recent production acquisitions from OMV and Tullow Oil

Limited universe of buyers for anticipated wave of sellers of upstream assets

Leverage existing infrastructure hubs and look for satellite prospects

Bias towards proved basins Panoro knows well

High grade opportunities with scope for short lead times and rapid monetisation

SUSTAINABLE SHAREHOLDER RETURNS

• › Recognising oil prices are stronger than at the time of the Tullow acquisitions, Panoro is assessing the feasibility of bringing forward a first cash dividend (from originally intended mid-2023)
• › Key drivers other than oil price will include but not be limited to capex requirements, debt service obligations, underlying operational performance and critically the timing of crude liftings
• › Use of share buy backs will also be considered as a complementary mechanism
• › Capital growth remains an important component of Panoro's value proposition. Organic and inorganic growth will be balanced with a sustainable dividend policy

VISIBILITY OVER PRODUCTION GROWTH

Q3 2021 Trading and Financial Update

9M 2021 RESULTS HIGHLIGHTS

* Non IFRS measure. Assumes assets acquired from Tullow Oil held from 1 January 2021; 2P reserve and 2C resource estimates at 31 December 2020

** Including cash balance of USD 10 million held for bank guarantee Slide 6

COMMENTARY

• › Revenue is recognised as liftings occur pre-guided that there were no Panoro liftings in Q3 in Equatorial Guinea and Gabon, with one domestic lifting occurring in Tunisia
• › Panoro expects to lift around one million barrels in the fourth quarter
• › One lifting of ~130,000 barrels net has been completed with pricing anticipated in excess of USD 80/bbl
• › Further liftings net to Panoro of approximately 900,000 barrels in aggregate scheduled in Equatorial Guinea, Gabon and Tunisia in current strong price environment

NUMBER OF LIFTINGS

# OF LIFTINGS	9M 2021	Q4 2021E
Tunisia international	2	1
Tunisia domestic	6	1-2
Gabon	3	2
Equatorial Guinea	1	1
Total	10	5-6

IFRS AND PROFORMA 9M FINANCIAL PERFORMANCE

allocation of business combinations

9M 2021 RECONCILIATION OF CASH FLOW

* Including cash balance of USD 10 million held for bank guarantee

2021 CAPEX AND LIFTINGS

2021 CAPITAL EXPENDITURE

• › Active 2021 development drilling campaigns in Equatorial Guinea and Gabon
• › Hibiscus/Ruche Phase 1 development progressing to schedule and within budget
• › Gazania-1 well in South Africa deferred to 2022

USD million

OPERATIONS UPDATE

EQUATORIAL GUINEA 4,240 bopd (proforma basis)

• › First new infill well since 2015 at the Okume Complex encountered good quality oil saturated sands and is now onstream. Second infill well underway and expected onstream in Q4
• › New gas lift distribution unit installed at the Ceiba field
• › Partners focussed on defining further production growth activities in 2022 and beyond comprising additional workover activity and potential development drilling

GABON 1,920 bopd (proforma basis)

• › Final two production wells drilled as part of Tortue Phase 2 development now onstream
• › Production being optimised with previously communicated shortage of gas lift capacity affecting ability for all wells to simultaneously produce at their potential
• › Hibiscus/Ruche Phase 1 development remains on schedule and within budget with first oil anticipated in Q4 2022
• › Hibiscus North discovery will be incorporated into future development planning

• › Number of well operations and facilities upgrades ongoing at Guebiba, Rhemoura and Cercina fields
• › Recent workover of the GUE-14 well demonstrated benefit of stimulation in conjunction with ESP replacements which boosted well productivity by 50%
• › Joint ETAP and Panoro team is progressing a subsurface re-modelling exercise expected to lead to further field optimisation and development drilling recommendations

PROVISIONAL LICENSE AWARD IN GABON

• › Panoro announced on 11 October the provisional award of a 25% participating interest in exploration blocks G12-13 and H12-13
• › Provisional award is part of 12th Offshore Licensing Round and remains subject to final agreement of terms with government
• › The blocks cover a combined surface area of 4,918 km² and are adjacent to Dussafu Marin and Etame Marin
• › To date around 250 MMbbls of oil has been discovered on Dussafu Marin and Etame Marin with multiple discoveries developed
• › Expected that the blocks will have an eight-year initial period and option to extend by two years
• › Logical extension of Panoro's footprint
• › Low upfront exposure with attractive risk/reward profile
• › Deepens exploration inventory and will enhance high-grading of future exploration activities

KEY MESSAGES

• › Busy Q4 lifting schedule coinciding with current strong oil prices (aggregate liftings of approximately one million barrels net to Panoro )
• › New wells onstream in Equatorial Guinea and Gabon with stable production in Tunisia moves Panoro towards 8,500 bopd level
• › Expanded footprint offshore Gabon with provisional 12th Licensing Round award – consistent with Panoro's selective exploration strategy
• › Strong financial position with USD 45 million cash at bank and net debt of USD 52 million at end Q3
• › Panoro's intention is to pay a sustainable quarterly dividend payout and return a significant portion of free cash flow to shareholders with buy backs a complementary mechanism to return capital
• › Panoro's Board is assessing the feasibility of bringing forward a maiden cash dividend
• › Panoro's growth prospects remain strong

WEBINAR HOUSEKEEPING – TIME FOR QUESTIONS

Raising your hands for un-muting!

PANORO ENERGY ASA CONTACT DETAILS:

78 Brook Street London W1K 5EF United Kingdom

Tel: +44 (0) 203 405 1060 Fax: +44 (0) 203 004 1130

info@panoroenergy.com