Panoro Energy ASA

Investor Presentation • Aug 25, 2021

PANORO ENERGY ASA H1 2021 UPDATE

August 25,2021

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.

H1 2021 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

ACQUISITIONS DRIVE STEP-CHANGE IN PRODUCTION

› The recent acquisitions from Tullow Oil have added scale and depth to the portfolio

• › The current three-well development drilling campaign and facility upgrades in Equatorial Guinea and , together with the tie-in of two new production wells in Gabon during the second half, are expected to see working interest production reach ~9,500 bopd by year end
• › The increase in 2C resources provides substantial running room to grow both reserves and production further in the future

IFRS AND PROFORMA H1 PERFORMANCE

Slide 5

	GROSS REVENUE	NUMBER OF LIFTINGS	EBITDA	EBIT	CASH BALANCE AT 30 JUNE 2021*	RECEIVABLES FROM CRUDE OIL SALES	GROSS DEBT
IFRS Reporting basis	USD 34.9 million	5 int'l 4 domestic	USD 28.2 million	USD 66.6 million	USD 93.1 million	USD 21.9 million	USD 104.3 million
Pro-forma basis	USD 105.8 million	6 int'l 4 domestic	USD 65.9 million	USD 100 million	n/a	n/a	n/a
Includes over lift reversal to income of USD 25 million * Including cash balance of USD 10 million held for bank guarantee			After DD&A on a historical basis. Following completion of acquisitions, DD&A will be higher due to depletion of sizeable fair value uplift adjustments made on the purchase price allocation of business combinations		Almost USD 19.4 million realised in Q3

H1 2021 RECONCILIATION OF CASH FLOW

PRUDENT CAPITAL MANAGEMENT

Facility	Maturity	Amount	Rate
Non recourse loan	n/a	USD 5.3 MM	7.5% p.a
Senior secured loan	2024	USD 12.5 MM	LIBOR + 6%
RBL facility	2026	USD 90 MM	LIBOR + 7.5%
Advance payment facility	n/a	USD 20 MM	LIBOR + 4.0%

Note: Cumulative external debt in the Balance Sheet as of 30 June 2021 was USD 104.3 million which includes effects of accrued interest to quarter end, offset by unamortised borrowing cost which is to be expensed over the life of the loan instruments. (Refer to note 8 of the 2021 HY report for details)

HEDGING

• › 270,000 bbls hedged for November 2021 liftings. Split equally between costless collar (USD 55/bbl floor and USD 69/bbl cap) and swap at USD 70/bbl
• › Additional 121,700 bbls hedged in H2 on costless collar (USD 55/bbl floor and USD 61/bbl cap)
• › 600 bopd hedged in 2022 with costless collars (USD 56/bbl floor and USD 65.5/bbl cap)
• › Rolling hedging strategy to provide levels of cash flow assurance

CURRENT DEBT MATURITY PROFILE

2021 CAPEX AND LIFTINGS

# OF LIFTINGS	H1 2021	H2 2021E
Tunisia international	2021 ONWARD ACTIVITIES 2	1
Tunisia domestic	4	4
Gabon	3	2
Equatorial Guinea	1	1
Total	10	8

• › Equatorial Guinea Q1 2021 lifting occurred and another of 650,000 barrels net to Panoro is tentatively planned in Q4 2021
• › Gabon Liftings jointly with BWE with gross parcel size 650 mbbls (net to Panoro 19.23% )
• › Tunisia domestic liftings are spread evenly throughout the year. 2 International lifting in H1 completed and a further lifting expected in Q4. Net parcel size of international lifting 90,000 bbls

EQUATORIAL GUINEA

H1 NET PRODUCTION 4,200 bopd (proforma basis)

• › Production in Equatorial Guinea averaged approximately 29,700 bopd gross and 4,200 bopd net in the first half of 2021
• › Drilling of the first of three planned infill wells in the Okume Complex completed, encountering good quality oil saturated reservoir sands. The rig now moved to the second well location. All three wells are expected onstream in the fourth quarter
• › The Okume upgrade project is expected to be completed in the fourth quarter and will contribute additional power, water injection and gas lift capacity necessary for further de -bottlenecking of the facilities and additional electrical submersible pumps (ESPs)
• › At Ceiba, a major infrastructure integrity project has been completed, which is expected to improve reliability and allow greater flexibility for gas lift to additional wells
• › JV focussed on further production growth in 2022 and beyond through additional wells and workovers

GABON

H1 NET PRODUCTION 2,100 bopd (proforma basis)

• › Successful completion of DTM -7H, the final horizontal production well of Phase 2, encountering high -quality oil -bearing sands. Completion and tie -in of the two wells (DTM -6H and DTM -7H) is underway, with first oil expected in early Q4 2021
• › The DHBNM -1 Hibiscus North exploration well has made an oil discovery in the Upper Gamba Sandstone. Drilling will continue to test secondary targets in the deeper Dentale Formation after which logging operations will be undertaken and a side -track drilled to delineate the discovery
• › Gross production from the Tortue field averaged approximately 10,500 barrels of oil per day in the second quarter of 2021, impacted by a planned maintenance shutdown. Current production is in excess of Q2 average and expected to rise once DTM -6H and -7H are online early Q4
• › Two crude liftings in Q2 as per guidance, 248,000 net barrels (on a pro -forma basis including the effects of the Tullow acquisition completed in June) were lifted with an average realized price of \$69.80 per barrel. Operating costs were temporarily impacted by lower production in the quarter and COVID related costs

TUNISIA

• › Production in Tunisia averaged approximately 4,600 bopd gross and 1,350 bopd net in the first half of 2021
• › Current production in excess of 5000 bopd, following a 10-day shut down of the Cercina field in August
• › Production growth activity in Tunisia to continue with well operations planned at El Ain and Cercina
• › Joint study in progress with partner ETAP to update subsurface models and plan further development of the Guebiba Field

SOUTH AFRICA

• › Planned spud before end of 2021
• › Block 2B has significant contingent and prospective resources in shallow water close to shore and includes the A-J1 discovery from 1988 that flowed light sweet crude oil to surface
• › Gazania-1 will target two prospects in a relatively low-risk rift basin oil play up-dip from the discovery

SIGNIFICANT NEWSFLOW AHEAD

			2021			2022
	Activity	Comments	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Gabon	PRODUCTION WELLS	Final well Tortue Phase 2 6 new wells Hibiscus/Ruche Phase 1 2022
	EXPLORATION WELLS	Planned well 2021 in Hibiscus North; 2x contingent wells per year for 5 years
Equatorial Guinea	PRODUCTION WELLS	Infill Production Wells
Tunisia	PRODUCTION	Workover Activity to Increase Production
	EXPLORATION WELL	Salloum West (pending approvals)
Other	PETRONOR DIVIDEND	Subject to Closing Conditions						Additional activity to be defined
	EXPLORATION WELL	South Africa

KEY MESSAGES

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