Panoro Energy ASA

Earnings Release • Sep 2, 2021

Panoro Energy - Hibiscus North Exploration Well Result

Panoro Energy - Hibiscus North Exploration Well Result

Oslo, 2 September 2021 - Panoro Energy ASA ("Panoro") today announces that

drilling operations have concluded at the Hibiscus North exploration well (DHBNM

-1) on the Dussafu Marin Permit offshore Gabon ("Dussafu").

Following the announcement on 24 August 2021 that the well had encountered oil

-bearing reservoir in the Upper Gamba Sandstone which was the primary target,

drilling continued to a measured depth of approximately 3,336 metres. Oil

bearing sands were also encountered in the deeper Dentale formation with

variable reservoir quality.

The Dussafu JV partners have determined that sufficient data has been gathered

from the well and do not intend to drill a side-track. Preliminary results of

wireline logging and fluid sampling data indicate that recoverable volumes are

likely to be below the lower end of the operator's pre-drill estimate of 10

MMbbls. Further evaluation is ongoing to better delineate the extent of the

discovery.  It is envisaged that the discovery can be incorporated into future

development planning with a possible tie back to the Hibiscus/Ruche development.

Commenting on the well result, John Hamilton CEO of Panoro said:

"We are pleased to have made another discovery on the prolific Dussafu Marin

Permit.  Once again source, reservoir and trapping mechanisms have proven that

Dussafu is a highly attractive block on which to discover additional oil. Our

efforts will now turn to how we can optimally incorporate and tie-back the

discovery into our future development plans. Meanwhile the tie-in of the DTM-6H

and DTM-7H production wells on the Tortue field is progressing according to plan

and will allow Panoro to achieve net production to around 9,500 bopd by year

end."

For the avoidance of doubt, Hibiscus North is a distinctly separate structure

and accumulation to the Hibiscus/Ruche development project where development

planning is on track and unchanged.

Panoro holds a 17.5% working interest in the Dussafu Marin Permit.  BW Energy is

operator and holds a 73.5% working interest. Gabon Oil Company holds a 9%

working interest.

Enquiries

John Hamilton, Chief Executive Officer

Qazi Qadeer, Chief Financial Officer

Tel: +44 203 405 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

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