Panoro Energy ASA

Business and Financial Review • Jun 30, 2021

Panoro Energy - Corporate Update

Panoro Energy - Corporate Update

Oslo, 30 June 2021 - Panoro Energy ASA ("Panoro") is pleased to provide the

following update.

John Hamilton CEO of Panoro said: "Market conditions and oil prices have

continued to improve during the first half year. When combined with steady

progress on all our producing assets, Panoro is well positioned to benefit from

strong oil prices. Production growth activities are progressing according to

plan, with activity in Gabon set to accelerate and development drilling in

Equatorial Guinea resuming with a planned three-well campaign. This keeps us on

track to meet our guided net 2021 peak production rate of 9500 bopd in Q4."

Ceiba and Okume, Equatorial Guinea (Panoro 14.25% WI)

·

In June, the Operator Trident Energy commenced a planned three-well development

drilling campaign with the spud of the Elon-C well, these are the first new

wells to be drilled in the fields since 2015

· Post completion of acquisition from Tullow, crude lifting receipts of US$ 59

million were received by Panoro in April

Dussafu Marin, Gabon (Panoro 17.5% WI)

·

The DTM-7H production well at the Tortue field has reached target depth in the

Gamba reservoir. High-quality oil-bearing sands were encountered in line with

prognosis; completion operations at the well are ongoing

· The Hibiscus North exploration well is planned to spud during Q3

· Two crude liftings in Q2 as per guidance, one in each of April and June;

Panoro's increased interest in Dussafu is benefitting from high commodity prices

TPS, Tunisia (Panoro 29.4% WI)

·

Production remains at Q1 levels with further workovers underway

· During June, Panoro completed an international crude lifting of

approximately 105,000 barrels net to Panoro; two smaller domestic liftings

during quarter

Block 2 B, South Africa (Panoro 12.5% WI)

·

Rig contract discussions are advancing, with aim to spud Gazania exploration

well by end of year

Aje OML 113, Nigeria

·

Panoro continues to make good progress towards of the sale of its interest in

OML 113 and the Aje field to PetroNor E&P

· Due to COVID related delays, Panoro and PetroNor have agreed to extend the

long stop date by three months until September 30[th] 2021, to allow additional

time for the statutory approvals process to complete

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

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