Panoro Energy ASA

Panoro Energy - Bourdon Discovery Appraisal Confirms Future Development Potential

Oslo, 22 April 2025 - further to the announcement of 7 March 2025 confirming a

significant oil discovery had been made at the Bourdon prospect, located on the

Dussafu Marin Permit ("Dussafu") offshore Gabon, Panoro Energy ASA ("Panoro" or

the "Company") is pleased to announce that an appraisal side-track has

successfully encountered oil in the Gamba formation.

Based on preliminary analysis of data the operator estimates the Bourdon

discovery to hold approximately 56 million barrels of oil in place of which

approximately 25 million barrels are considered recoverable.

The DBM-1 ST2 well was drilled with the Borr Norve jack up drilling rig to a

total depth of 4,731 metres and encountered approximately 11 metres of net oil

pay in a gross column of approximately 35 metres in the Gamba reservoir

formation. Bourdon is located approximately 15 kilometres west of the FPSO BW

Adolo and 7.5 kilometres south east of the MaBoMo production platform.

Panoro holds a 17.5 percent working interest in the Dussafu Marin Permit. BW

Energy is operator and holds a 73.5 percent working interest. Gabon Oil Company

holds a 9 percent working interest.

John Hamilton, CEO of Panoro, commented:

"Our latest drilling success at Bourdon has confirmed the exciting possibility

for the partners to establish a new development hub incorporating Bourdon and

other nearby prospects, as we have done already at the Tortue and Hibiscus/Ruche

fields. Our belief that Dussafu is a highly attractive block on which to further

explore for oil is reinforced, and with a large inventory of as yet undrilled

prospects and leads there is tremendous headroom to unlock further substantial

organic reserve and production upside for many years to come."

Enquiries

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 interests in Block-G, Block S, Block EG-01 and Block EG-23 offshore

Equatorial Guinea, the Dussafu Marin, Niosi Marin and Guduma Marin Licenses

offshore southern Gabon, the TPS operated assets in Tunisia and onshore

Exploration Right 376 in South Africa.

Visit us at www.panoroenergy.com.

AI Terminal