Panoro Energy ASA

Panoro Energy - Block G Equatorial Guinea update

Oslo, 9 August 2021 - Panoro Energy ASA ("Panoro") notes the operations update

issued today by joint venture partner Kosmos Energy in relation to the producing

Block G (Ceiba field and Okume Complex), offshore Equatorial Guinea, where

Panoro holds a 14.25% Working Interest.

Gross production at Block G averaged 29,100 bopd in the second 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). In April 2021 one ESP conversion was

completed with additional ESP conversions planned following completion of the

Okume upgrade project.

Drilling of the first of three planned infill wells in the Okume Complex has

been completed. The well encountered good quality oil saturated reservoir

sands. The rig has now moved to the second well location and hookup has

commenced for the first well. All three wells are expected onstream in the

fourth quarter.

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.

Enquiries

John Hamilton, Chief Executive Officer

Qazi Qadeer, Chief Financial Officer

Tel: +44 203 405 1060

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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