Panoro Energy ASA

Regulatory Filings • Oct 11, 2021

Panoro Energy - Provisional Exploration License Award Offshore Gabon

Panoro Energy - Provisional Exploration License Award Offshore Gabon

Oslo, 11 October 2021 - Panoro Energy ASA ("Panoro") is pleased to announce that

it has provisionally been awarded a 25.0% non-operated interest in exploration

blocks G12-13 and H12-13 offshore shallow water Gabon, as notified in writing by

the Minister of Petroleum, Gas and Mining of the Republic of Gabon.  The

provisional license award is part of the 12th Offshore Licensing Round and

remains subject to final agreement of the terms of the production sharing

contracts (PSC's) with the Government of Gabon.  Partners in the blocks will

include BW Energy (37.5% and operator) and VAALCO Energy (37.5%).

The G12-13 and H12-13 blocks cover a surface area of 2,989 km2 and 1,929 km2

respectively and are adjacent to the producing Dussafu Marin Permit ("Dussafu

PSC") in which Panoro holds a 17.5% interest and is partnered with BW Energy.

The G12-13 block is also adjacent to the producing Etame Marin PSC which is

operated by VAALCO Energy.  Both the Dussafu PSC and Etame Marin PSC continue to

be successfully explored and developed by the partners with an estimated

combined 250 million barrels discovered to date and multiple fields put into

production.

It is expected that the PSC's over the two blocks will have an exploration

period of eight years with an option to extend by a further two years.  During

the exploration period the partners intend to carry out a work programme which

may include reprocessing of existing seismic,  new seismic acquisition and

exploration drilling.

John Hamilton, CEO of Panoro, commented:

"Panoro has been present in Gabon since 2008, during which time we have

organically grown reserves and production at the Dussafu Marin Permit and in so

doing developed an in-depth understanding of the hydrocarbon geology and

operating environment.  Blocks G12-13 and H12-13 are a logical and contiguous

extension of our footprint in a core area and by forming an exciting partnership

with BW Energy and VAALCO Energy, we will be able to leverage our collective

experience to mature and high grade the exploration potential on the blocks in

the coming years. Panoro remains committed to grow in Gabon and further expand

its partnership with the Gabonese Government and other stakeholders."

Map of the G12-13 and H12-13 blocks

[Diagram, schematic

Description automatically generated]

Enquiries

John Hamilton, Chief Executive Officer

Qazi Qadeer, Chief Financial Officer

Tel: +44203 405 1060

Email:investors@panoroenergy.com

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.

Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)