Environment

SBM-1

Appendix

Strategy

Strategy, business model and value chain

Panoro is an independent E&P company dedicated to responsibly developing oil and gas resources in Africa. The company has assets in Equatorial Guinea (EG), Gabon, Tunisia, and South Africa, supplying crude oil and natural gas to refineries and energy providers worldwide. These outputs contribute to energy supply globally, providing benefits to customers in the energy sector.

The company generates returns for investors through its oil and gas production and exploration activities while supporting local economies through job creation and community development.

Panoro operates in the upstream segment of the oil and gas value chain, securing exploration rights, conducting subsurface studies, and deploying advanced drilling technologies to extract hydrocarbons. The company does not engage in chemicals production, controversial weapons, or tobacco cultivation. Revenue is derived from oil production, with no revenue generated from coal or taxonomy-aligned fossil gas activities.

Panoro integrates Environmental, Social and Governance (ESG) considerations into its strategic decisions. The company is actively exploring natural gas and helium resources in South Africa, aligning with global energy transition goals.

For further information on Panoro's business model, please refer to the company's Annual Report.

For ESRS 2 Basis for Preparation, please refer to the Appendix on page 45.

Responsible

corporate citizen

Strategy

SBM-1

Strategy, business model and value chain (Continued)

Sustainability strategy

As a joint venture operator and non-operating partner in oil and gas assets across Africa, our ability to influence and execute operational matters varies depending on our role.

Therefore, we have structured our sustainability strategy around three core pillars that align with our corporate objectives:

Safe & Sustainable Operations: This pillar reflects our direct operational responsibilities, particularly as a joint venture partner in Tunisia.

Influential Partner: In Gabon and EG, we recognise our role as a non-operating entity, therefore this pillar outlines our ambition to drive positive change through collaboration. While our direct control may be limited, we leverage our industry expertise to work closely with partners.

Responsible Corporate Citizen: Underpinning all aspects of our business, this pillar reflects our commitment to transparency, ethical governance, and responsible business practices.

The sustainability matters that relate to our corporate strategy are mainly (E1) Climate Change, (E2) Pollution, (S1) Own Workforce, (S2) Workers in the Value Chain, (G1) Business Conduct. The main challenges, solutions and activities are described under Impacts, Risks and Opportunities (IROs) in the respective topical sections.

The following table outlines our key commitments and maps our CSRD alignment to our three identified pillars which we believe encapsulate the interests of our stakeholders.

Safe & sustainable operations Influential partner

Overview	General Disclosures	Environment	Social Governance	Appendix
Strategy

SBM-2		We communicate with stakeholders via a range of	The following table discloses why we engage with
Interests and views of stakeholders		investor channels, through the company website,	our key stakeholders, the priorities during those
Panoro values stakeholder engagement as a key component of its strategy.		social media channels and through direct written communication and meetings as part of the	engagements and their relevant activities.
		ongoing business activities. The purpose is to build	The views of stakeholders inform our materiality
		positive relationships, support business strategy, and align with sustainability goals.	assessment, which is described in more detail in IRO-1.

Stakeholder		Why we engage	Priorities	Relevant 2024 activities
Employees		We recognise the importance of retaining our highly	Occupational health and safety	See S1 Own Workforce on pages 29 - 33
		skilled employees, it is therefore key that we engage	Employment practices	for information on how we engage with our
		our workforce regularly and offer opportunities to develop their skill sets.	Non-discrimination and equal opportunity	employees.
			Secure working environment

Investors and financial institutions		Panoro will seek to minimise shareholder risk and maximise value creation by adhering to the highest ethical standards in terms of environmental, legal and other risks based on the above principles.	Economic performance	See our Annual Report for information on our financial performance for 2024.
			Financial obligations to host countries
			Climate adaption, resilience and transition
Local communities		We seek to maintain positive relationships with communities at each asset.	Ethics and transparency Economic performance and contributions	See section on communities on page 37.
			Employment opportunities

JV partners		Panoro will seek to have a positive influence on partners to enable the seamless running of operations to the highest industry and regulatory	Asset performance	See S2 Workers in the Value Chain on pages 34 -
			Asset integrity and critical incident management	36 for information on how we engage with our JV
			Employment practices	partners and their employees.
		standards.	HSSE and security practices and performance
			Climate adaptation, resilience and transition
Host Governments	crucial.	Developing and sustaining positive and transparent relationships with governments and regulators is	Economic performance and contributions	See page 44 for information on our engagements
			Labour and security practices	with host governments.
			Local community engagement programmes
			Business ethics and transparency

Strategy

SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model

The following information outlines the material IROs that we are starting to consider as a result of our DMA.

For detailed information on the process and methodology, please refer to IRO-1 on page 13.

The result of our double materiality assessment In 2024, Panoro undertook a structured and methodical process to determine its double materiality topics, in line with evolving European Financial Reporting Advisory Group (EFRAG) Guidance.

The objective was to identify, assess, and prioritise sustainability-related IROs across its operations, ensuring alignment with both regulatory expectations and stakeholder priorities.

The assessment incorporated internal expertise by engaging key departments and leadership to evaluate sustainability matters in the context of Panoro's business model. It also included stakeholder feedback through a structured survey to capture external perspectives and expectations.

Additionally, external consultations and desktop research were conducted to benchmark industry practices and ensure that Panoro's approach remained aligned with evolving sustainability standards.

Through this assessment, Panoro identified 16 sustainability matters as material to its operations as outlined in the quadrant on the right, with 12 topics meeting our double materiality threshold. In line with CSRD guidance, the DMA was further refined to provide a more comprehensive view of both financial and impact materiality.

This refinement allowed for improved prioritisation of sustainability matters and a clearer integration of material topics within the ESRS-defined framework. In addition to these predefined topics, Panoro identified two entity-specific sustainability matters—asset integrity and closure and rehabilitation.

Panoro will build on the insights gained from this process to refine its DMA, ensuring that it remains responsive to emerging risks, opportunities, and stakeholder expectations.

This diagram illustrates the outputs from our Double Materiality Assessment, which identifies sustainability-related topics that are both financially material to Panoro and have a significant impact on the environment and society. Issues in the topright quadrant ("Double Materiality") represent the most important focus areas, while other quadrants highlight topics primarily of impact or financial concern.

Appendix

Code
A
B
C
D
E
F
G
H
I
J
K
L
M
N
O

Topic	Code
Resource outflows	P
Waste management	Q
Working conditions	R
Employee development	S
Social dialogue	T
Supply chain labour	U
Contract management	V
Supply chain management	W
Community engagement	X
Corporate governance	Y
Ethics and compliance	Z
Transparency	AA
Asset integrity	AB
Closure rehabilitation	AC

Appendix

Strategy

SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model (Continued)

Topic	CSRD Chapter	Materiality type			Impact description	Value chain
		Impact	Financial	Double		location
Climate change mitigation	E1				Given the nature of our business, we have material direct emissions from our operations including methane, venting, flaring as well as more significant downstream emissions.	Entire value chain with material impact with end user
Energy management	E1				Effective energy management is crucial for reducing emissions and optimising resource use, impacting both operational efficiency and environmental performance.	Own operations and JV operations
Pollution of air	E2				Air pollution from operations can lead to adverse environmental impacts, health risks for local communities, and regulatory costs.	Entire value chain
Pollution of water	E2				Water pollution can harm local ecosystems, affect water availability, and result in regulatory penalties, especially in water-scarce regions.	Own operations and JV operations
Pollution of soil	E2				Soil contamination through hazardous materials can lead to environmental degradation.	Own operations and JV operations
Waste management	E5				Poor waste management practices can lead to environmental harm.	Own operations and JV operations
Working conditions	S1				Ensuring fair, safe, and healthy working conditions is critical for employee well-being. A strong focus on safety contributes to a positive work environment.	Own operations and JV operations
Employee development	S1				Investing in employee development enhances skill sets, job satisfaction, and productivity, contributing to long-term organisational success.	Own operations and JV operations
Social dialogue	S1				Open communication with employees creates a positive work environment and improves retention.	Own operations and JV operations
Supply chain labour	S2				Addressing labour conditions in the supply chain ensures ethical practices, reduces reputational risks, and enhances overall supply chain resilience.	Upstream and downstream
Contractor management	S2				Managing contractor relationships effectively ensures safety, compliance, and alignment with company standards, reducing operational risks.	Own operations and JV operations
Community engagement	S3				Engaging with local communities helps mitigate social risks, creates goodwill, and aligns operations with the needs and expectations of surrounding populations.	Own operations and JV operations
Corporate governance	G1				Strong corporate governance practices enhance transparency, accountability, and long-term value creation, reducing operational and regulatory risks.	Own operations and JV operations
Ethics and compliance	G1				A robust ethics and compliance framework ensures adherence to legal standards, reduces reputational risks, and creates trust among stakeholders.	Entire value chain
Transparency	G1				Providing high-quality, investor-grade information in our operations and reporting enhances stakeholder trust, mitigates risks, and ensures accountability in line with regulatory expectations.	Own operations and JV operations
Asset integrity	Entity own				Ensuring asset integrity reduces the risk of operational disruptions, environmental damage, and safety hazards, contributing to long-term operational stability.	Own operations and JV operations
Closure and rehabilitation	Entity own				Effective closure and rehabilitation plans mitigate environmental damage, ensure regulatory compliance, and promote sustainable land use after the end of asset life.	Own operations and JV operations

Impacts, risks and opportunity management

IRO-1 Description of the process to identify and assess material impacts, risks and opportunities

Panoro defines risk as exposure to the possibility of loss, injury, or other adverse circumstances that could negatively impact the company. To manage these risks effectively, we categorise them into six key areas:

1. People / Health and Safety
1. Security
1. Environment
1. Public / Country / Reputation
1. Assets and Operations / Climate Change
1. Financial Impact

We are committed to proactively identifying, assessing, and mitigating risks, applying As Low As Reasonably Practical (ALARP) principles across our operations. Our Safety and Sustainability Policy outlines our approach to managing Health, Safety, Security, and Environmental (HSSE) risks, with risk registers subject to six-monthly reviews and updates. These are further reviewed whenever there are significant business changes, with key risks escalated to the Board as necessary.

Enterprise-Wide Risk Management process

Through our Enterprise-Wide Risk Management (EWRM) process, we identify, monitor and address ESG and climate-related risks to our business in addition to existing and emerging regulatory requirements related to climate change. The process is based on a continuous improvement methodology that is an integral part of ISO 45001 Occupational Health and Safety, ISO 14001 Environmental Management and ISO 9001 Quality Management Standards.

In 2024, Panoro conducted two six-monthly risk register reviews as part of its EWRM process, these included HSSE, Human Resource (HR), climate and community risks as part of its assessment framework. The assessment incorporated internal expertise, stakeholder feedback and external consultations to recognise the diverse socio-political and environmental conditions across our operational regions.

Through continuous stakeholder engagement and scenario analysis, we monitored risks including environmental, social, governance and climaterelated factors. Our evaluation covered both direct operational impacts and indirect impacts from business relationships.

Panoro Risk Management Process

As we have always done, we prioritised risks using a risk matrix that assessed likelihood and magnitude. The process integrated sustainability and climate-related risks alongside financial and operational considerations, ensuring alignment with global standards including the Paris Agreement. The framework identified opportunities, particularly in energy transition projects.

The assessment results informed our risk mitigation strategies and were presented to the Board for review. This process including an assessment of sustainability-related IROs will continue annually as part of our EWRM framework.

Where Panoro is not the operator, we engage our operating partners to share our expectations and work together to improve performance.

Methodology for DMA to identify and assess material impacts

Panoro's initial DMA set us on our current path. Going forward, Panoro will revisit the process annually to ensure we continuously monitor our material IROs. Panoro's internal working group initiated the process by reviewing sustainability matters outlined in ESRS 1. Each topic underwent a review at a sub-topic level to ensure comprehensive coverage.

The assessment phase combined internal expertise with external consultancy input. Our internal team's operational experience provided a deep appreciation of relevant IROs. Stakeholder perspectives were gathered through a binary survey that addressed both impact materiality and financial impact materiality, creating a complete view of our sustainability landscape.

An impact threshold was agreed for both impact and financial materiality, enabling focus on critical topics while maintaining practical scope. We evaluated material data points using the EFRAG data point list and applied the ESRS decision tree to determine relevant disclosures.

The DMA process will be reviewed annually, and we anticipate further qualitative engagement with our external stakeholders to ensure continued monitoring of material IROs as they develop.

The results of our 2024 DMA are available on page 11.

Impacts, risks and opportunity management

IRO-1 Description of the process to identify and assess material impacts, risks and opportunities (Continued)

Management System Framework

Panoro is committed to operating responsibly by reducing our emissions and other environmental impacts from our activities with the intention being that the company's presence has a positive impact on its stakeholders.

Our Management System Framework ("Framework") outlines the principal components for governing and managing safety and sustainability within our operations and the countries where we are active.

Our CEO holds overall responsibility for the safety and sustainability performance of the Company, supported by his management team and with oversight from the Board Sustainability Committee.

To ensure the Company operates in a responsible manner, this Framework was created to guide those working on our behalf to the standards expected and ensure good governance over all our business activities.

This Framework defines our approach to identifying and assessing material IROs, covering environmental management, climate change, health, safety, security, social, economic, and governance aspects.

The senior management team monitor progress against agreed objectives and targets during weekly operational meetings. Safety and sustainability matters affecting the company are an integral part of these meetings.

Formal risk review meetings are held at least two times every year, during which all existing or newly identified risks categorised as high (or significant) are reviewed and discussed. This includes an assessment of the effectiveness of risk reduction measures and whether the mitigated risk is then acceptable to the company. Following this meeting, the company-wide and Board risk registers are updated, and a risk report is prepared for the Board.

It is the senior management team's responsibility to identify and implement effective risk reduction measures to reduce risks to the company by applying ALARP principles.

Further, we conduct a risk assessment when acquiring assets and roll the asset into the biannual risk reviews immediately upon completion, in line with our EWRM Standard.

Risk management, Equatorial Guinea

Trident Energy's Board of Directors is responsible for overseeing sustainability management and performance and provides strategic guidance. The Board meets four times a year and the ESG Committee covers ethics, compliance, health and safety, and the environment.

The company has a strong commitment to managing climate risk and setting reduction targets and has an Enterprise Risk Management Framework. The company has a dedicated management system with policies, procedures, standards, and guidelines aligned with international standards and the United Nations Sustainable Development Goals.

Corporate Policy and Management Framework

Safety and Sustainability Policy

Environmental, Social and Governance (ESG) Framework

Corporate Standards

Asset Level (Operated and Non-Operated)

Operating Company Management Systems and Procedures

Impacts, risks and opportunity management

IRO-1 Description of the process to identify and assess material impacts, risks and opportunities (Continued)

Risk management, Gabon

BW Energy uses the International Association of Oil & Gas Producers (IOGP) recommended guidelines for their Operations Management System (OMS) framework. These guidelines provide a framework for companies to manage their operations effectively and efficiently, while also ensuring the safety and health of their workers and protection of the environment.

For the OMS to function effectively and minimise potential adverse consequences while improving operational reliability and effectiveness, ongoing attention and leadership are required, as well as adherence to risk management standards and performance measurement and improvement.

In addition, BW Energy's Health, Safety, Environmental & Quality (HSEQ) framework provides a structured approach to ensuring efficient, reliable, and compliant operations, with a strong commitment to achieving zero harm to people, the environment, and company assets.

Built on three core pillars—people, process, and plant—the framework is designed to promote operational excellence, drive continuous improvement, and ensure consistency across all activities.

As outlined in the BW Energy OMS, it includes a comprehensive assurance program focused on identifying opportunities for enhancement and maximising performance across the organisation

The Company is aligning its activities in Gabon with the following voluntary standards:

Equator Principles IV (dated July 2020 and effective 1 October 2020);

International Finance Corporation (IFC) Performance Standards on Environmental and Social Sustainability (2012) (the IFC Performance Standards); World Bank Group Environmental, Health and Safety (EHS) Guidelines (April 2007);

WBG EHS Guidelines for Offshore Oil and Gas Development (June 2015).

BW Energy monitors process safety, occupational safety, environmental and asset integrity performance, among its key areas of focus. The Company provides its partners with quarterly HSSE performance analysis at an asset level.

IRO-2 Disclosure requirements in ESRS covered by the undertaking's sustainability statement

Refer to page 46, Basis for Preparation and IRO-1.

Environment

ESRS E1: Climate Change

ESRS E2: Pollution

Environmental management

Panoro is committed to responsible and sustainable environmental management, applying recognised industry standards to minimise environmental impact. The Company operates with a focus on continual improvement, seeking to reduce emissions across all operations through enhanced procedures, proactive maintenance, and innovation.

A strong environmental management culture is central to Panoro's approach, ensuring that employees and contractors receive appropriate training and fully understand their environmental responsibilities. The Company also works closely with contractors and business partners to uphold high environmental standards and promote best practices across all operations.

Panoro's ESG Management System is based on international standards ISO 45001, 9001, and 14001. Environmental performance is continuously monitored through monthly reporting and annual audits to track progress and identify areas for improvement.

The Company has implemented a comprehensive management system that covers environmental management at its corporate office in London, exploration activities and operating entities in Tunisia, Gabon and EG.

While these systems are not yet ISO 14001 certified, they are structured to ensure clear environmental accountability. Within TPS, for example, the asset actively manages a 'corrective actions' register with oversight from partners ETAP and Panoro during quarterly Technical and Operating Committee Meetings (TOCMs).

TPS

At TPS, their management system is aligned to Panoro's and applies robust environmental standards to ensure safe and responsible operations. A culture of environmental awareness is embedded across the workforce, with senior management overseeing performance and driving continuous improvement.

TPS is committed to complying with all applicable national and international environmental laws, regulations, and standards. Ensuring that employees and contractors have the necessary training to safely perform their roles is a key focus, with efforts made to raise awareness and reinforce environmental responsibilities.

Emergency response planning is a fundamental aspect of the TPS environmental management framework. Drills are conducted to test and refine response procedures, minimising potential environmental impact in the event of an incident.

A stringent incident investigation and reporting standard is also in place, ensuring that any environmental accidents or near misses are thoroughly investigated, and corrective actions are implemented to prevent recurrence.

In January 2025, Panoro conducted an environmental reporting audit of TPS covering 2024 performance, this was completed in early 2025, reinforcing the commitment to maintaining rigorous environmental management standards. This environmental reporting audit was carried out to ensure accurate monthly and annual reporting from TPS.

The audit reviewed all reported emissions, waste generation, water and energy use from all activities onshore and offshore and included the TPS office and all operational sites. All aspects of the emissions data collection and reporting were reviewed as part of the audit process.

The data collection and reporting was found to follow industry guidelines, but a number of observations and findings were identified that could improve upon the accuracy of the reported data, TPS have committed to implement these recommendations.

Contractor engagement on environmental standards

Ensuring that contractors comply with Panoro's environmental standards is a key component of the Company's management system. Panoro promotes a shared commitment to sustainability across its contractor network and actively engages with business partners to uphold high environmental standards.

Annual environmental performance audits are conducted to assess progress and accountability. These structured evaluations help ensure that Panoro continues to meet and exceed its environmental commitments while driving improvements across all operations.

Emergency response

Panoro's Emergency Response standard is based on the globally recognised Incident Command System, tailored to address command, control, and coordination during emergency situations. In any emergency, our priority is to assist those affected, mitigate environmental damage, and undertake response actions such as oil cleanup and wildlife protection.

TPS maintains an Emergency Response facility with protocols covering all operating sites and the central office. These protocols are linked to Panoro's Emergency Response support, provided by the Tunis office and the London Corporate office.

Strategy

E1-1

Transition plan for climate change mitigation

Panoro is an energy business contributing directly and indirectly to economies across Africa and Europe. While oil and gas remain our core focus, we are actively investing in measures to enhance efficiency, reduce carbon intensity, and support responsible energy practices. Our decarbonisation strategies are evolving, and we will continue to provide updates on our progress.

Alignment with the Paris Agreement

Panoro recognises the importance of aligning with the objectives of the Paris Agreement and is working to formalise Scope 1 and 2 emissions reduction targets across its assets.

We are already implementing projects to deliver on emissions targets for one of our operations and are working towards meeting similar targets across the portfolio. Additionally, efforts are underway to quantify our Scope 3 emissions, particularly Category 11 (Use of Sold Products), to support a more comprehensive approach to climate commitments.

E1 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model

We recognise that the industry is aligned in its need to deliver energy safely and responsibly to meet the aim of the Paris Agreement. Our operations produce and release CO₂ and CH₄ into the atmosphere through production and treatment processes before hydrocarbons are refined and sold as a range of products.

Certain end-use products, such as fuels and gases, are combusted, contributing to environmental impact. Recognising this, with our partner in Tunisia, we continue to define our Scope 1 and 2 emissions reduction investment strategies.

The potential impacts of the physical risks we have identified could include a reduction in production, supply chain disruption and damage to facilities. Due to the uncertainty associated with the impact of climate change on severe weather events in the future, it is difficult to quantify the potential impacts associated with any increase in these risks. Nevertheless, we are taking steps to improve the resilience of our operations to the physical changes that might occur.

In accordance with standard practice, we consider climate-related risks and opportunities under two broad categories: transition and physical risks. Climate-related risks are integrated into the corporate risk register and therefore materiality and financial impact analysis are considered. Policy and legal risks are presently rated most highly within our EWRM risk register for the potential to financially impact our business, followed by access to capital which draws upon market and reputational risks associated with climate change.

Panoro considers the following to be key climaterelated risks in the short, medium and long term.

Type	Related risks		Timeframe Potential financial impact	Activities and mitigations
Transition Risk Policy and Legal	Increased regulation related to climate	Medium	Increased operating costs (e.g., higher compliance costs, increased	Countries are strengthening action or making pledges to limit warming to 1.5°C and achieve a climate-neutral and resilient world, including through updating their Nationally Determined Contributions under the Paris Agreement.
	change		insurance premiums)	The Carbon Border Adjustment Mechanism (CBAM) is being introduced next year, affecting six products imported into the EU. Hydrocarbon products are under consideration for inclusion as early as 2028, which would impose a carbon tax on our EU-bound products. This is a complex matter, and preliminary discussions are underway to better understand the potential financial implications for the business and value chain.
				We note that the prevailing European Union Emissions Trading System's price in Q1 2025 is approximately €70/tonne, with projections indicating a rise to around €150/tonne by 2030.
				Research by Wood Mackenzie suggests a financial impact of \$1–5 per barrel of oil, depending on carbon intensity.
			It is encouraging to see the continued decoupling of production growth from carbon intensity.
	Enhanced emissions Short reporting		Increased operating costs (e.g., resourcing requirements and third party costs, which are evaluated on a project basis)	All EU countries are required to monitor their emissions under the EU's Climate Monitoring Mechanism, which sets the EU's own internal reporting rules based on internationally agreed obligations.
				We are in the process of better understanding our emissions profile and becoming more sophisticated in measuring our impact as the technology constantly evolves. We endeavour to provide an accurate figure, though enhanced reporting baselining may evolve over time which makes target setting challenging.
	Exposure to litigation	Medium	Panoro could face litigation related to the Company's contribution to climate change based on our involvement in oil and gas extraction	We are committed to transparent reporting and communication of emissions and climate risks. We will communicate the details of our decarbonisation plans and associated targets upon completion of numerous workstreams, where it is appropriate for us to do so and where we have operational control.

Type		Related risks		Timeframe Potential financial impact	Activities and mitigations
Transition Risk	Market	Changing customer behaviour	Long	Reduced demand for goods and services due to shift in consumer preferences	Reduced demand and price outlook for natural gas and oil have the potential to impact portfolio value. Based on Panoro's beliefs and scenarios this is a longer-term risk to the business that extends beyond the economic life of current production assets. This long-term view also supports our exploration activity, which sees global demand of hydrocarbons remaining at c.100 MMboe/d through to 2040.
		Uncertainty in market signals	Short	Abrupt and unexpected shifts in energy costs	The energy transition is likely to entail wildly fluctuating energy prices and service industry costs, to an extent not seen for several decades. In this context, it is important to create long-term planning objectives and then manage the price and cost cycle opportunities that arise.
		Increased cost of raw materials	Short	Increased production costs due to changing input prices and output requirements	Global record-high natural gas prices are pushing some companies to curtail production in a trend that is adding to disruptions to global supply chains in some sectors such as food and could result in higher costs being passed on to their customers. As an exploration and production company, we factor opportunities to reduce energy consumption, reduce emissions, and ensure regulatory compliance into our capital budget.
	Reputation	Stigmatisation of sector Medium	– Long	Loss of investors, institutions who cannot invest in oil and gas, leading to loss of company value through sector rerating and declining share prices	At a corporate level, the risk lies in financing and fundraising. To mitigate this, we are committed to defining and delivering on climate-related targets as well as transparency of emissions and climate risk reporting.
		Increased stakeholder concern or negative stakeholder feedback	Medium – Long	Banks and other lenders unwilling to finance the company, leading to higher financing costs for new opportunities resulting in lower growth	Loss of skilled personnel in response to wildly fluctuating perceptions of the industry will have a very disruptive impact on a smooth energy transition. It is incumbent on companies in the sector to explain their role and assist in managing an effective transition by securing the capabilities required.
		Risk of not being able to influence operators to reach sustainability goals	Short - Long	Panoro not reaching its own goals, which have financing and reputational consequences	As an industry, we recognise our responsibility to support global decarbonisation objectives. We work with our partners to determine appropriate aims and objectives, based on a multitude of engineering, economic and environmental factors. See page 21 to see the effects of efforts being made to decarbonise our operations.
Physical Risk	Acute	Increased severity of extreme weather events such as cyclones and floods	Medium – Long	Reduced revenue from decreased production capacity (e.g., transport difficulties, supply chain interruptions)	The location of our projects across West Africa, predominantly offshore in relatively benign tropical environments, helps mitigate the potential acute impact on our physical assets. For our operated asset in Tunisia, where there could be an impact, we support and enable investment into facilities and asset integrity of our process plant as well as have in place emergency response measures.
	Chronic	Changes in precipitation patterns and extreme variability in weather patterns	Medium – Long	Increased capital costs (e.g., damage to facilities)	Minimal impact is expected for the current company production assets. The offshore assets of Block G and Dussafu lie in and close to the benign tropical marine environment of the Gulf of Guinea. The onshore assets of TPS in Sfax Tunisia are close to the coast and surrounded by well-maintained flood drainage, enhanced following two past storm events, minimising the chance of flooding risk at the company sites. Supply chain disruption can be expected globally but this is hard to define and quantify on an asset-by-asset basis.
		Rising mean temperatures	Medium – Long	Operating cost increases	Increasing summer heat in Tunisia requires management of operational activities where the workforce is at risk of being impacted. Experience suggests this is restricted to several hours around midday on a limited number of days of extreme temperatures. New TPS procedures for managing heat stress have been developed and included as part of workforce training. The viability and life span of the existing assets will not be impacted.
		Rising sea levels	Long	Write-offs and early retirement of existing assets	None of the company assets will be at risk from rising sea levels during their lifetime.

Harnessing the potential of helium

In response to the rising demand for helium across industries like semiconductors, Magnetic Resonance Imaging, and cryogenics, Panoro continues to explore new sources, with a focus on the Karoo Basin in South Africa. The region offers higher helium concentrations compared to other global sources, making it a strategic development opportunity. Extracting helium-rich gas also provides the potential to reduce reliance on coalfired power by using the extracted natural gas to generate electricity, while offering carbon credit opportunities by capturing gas currently venting into the atmosphere.

Impacts, risks and opportunity management

E1 IRO-1 Description of the processes to identify and assess material climate-related impacts, risks and opportunities

Panoro's process for assessing climate-related impacts incorporates both transition and physical risks across operations. We integrate these risks into country risk registers and leverage resilience analysis to identify material risks and opportunities that may affect our strategy.

Our approach combines desktop research, risk management practices, and engagement with local country managers to assess risks across different time horizons:

Short-term (1 year),

Medium-term (up to 2030),

Long-term (post-2030).

We assess physical risks – such as extreme weather events and rising sea levels – and screen our assets and activities for exposure to these hazards using high-emission climate scenarios like those from the International Energy Agency's (IEA) World Energy Outlook. Transition risks, including policy changes, carbon pricing, and shifts in market preferences, are regularly monitored to evaluate their potential impact on operations and emissions reduction opportunities.

Panoro employs scenario analysis to evaluate both physical and transition risks and understand their long-term implications for assets, operations, and overall business resilience.

Risk mitigation and management

We manage climate-related risks through building an understanding of their causes, impacts, and related legislative developments. Our risk management process is benchmarked against the upstream industry, and we set SMART (Specific, Measurable, Attainable, Realistic, and Timely) targets for emissions reduction, asset integrity improvements, and remaining a responsible corporate citizen. We also conduct internal audits to verify the effectiveness of these measures.

Once risks are classified into Low, Medium, High, and Very High categories, we develop and implement risk reduction strategies to bring risks down to acceptable levels. These strategies include avoiding, reducing, transferring, or accepting risks. Each country-specific risk register is reviewed at regular management meetings, with high-risk items escalated to the company-wide risk register, which is reviewed every three months by the Executive Team and discussed at least twice annually in Board meetings.

Climate-related projects and performance monitoring

Our risk management framework has been extended to specifically address climate-related risks, and we have identified and ranked the most significant risks to the business. As a result, projects have been defined and are actively being implemented to mitigate these risks.

For example, at our JV- operated TPS asset, we are focused on reducing routine flaring to zero by 2030, which is our most significant climate-related project. Additionally, at our non-operated Block G in EG, the operator is undertaking an ambitious capital investment program that will remove the need for any routine production flaring by 2030. At the non-operated Dussafu project significant steps are being made to reduce routine flaring and diesel consumption, a combination of production process tuning and a gas generator installation project were completed during 2024 (pending commissioning) leading to much reduced gas flaring and diesel usage.

In 2024, we gained a further year of emissions data and improved our understanding of what actions can be taken to improve upon the current performance. With this insight we have set our baseline year as 2023 and are and will be setting targeted CO2 intensity reductions across our assets with reference to that year's performance.

This year we are committing to a Company target of a 50% reduction in CO2 emissions intensity by 2030. This now enables the accurate tracking of Key Performance Indicators (KPIs) related to emissions reductions and sustainability. Going forward, we intend to enhance this target once we have further insight to the feasibility of additional emissions reduction projects.

We will be monitoring progress against this target in the coming years and will report our achievement.

Gas flaring, Equatorial Guinea

Our assets in EG are not able to rely on existing networks to utilise gas; therefore, flaring in EG is a major contributor to our Greenhouse Gas (GHG) emissions footprint. To tackle this, Trident Energy is progressing an ambitious capital programme to eliminate routine flaring to only that which is required for safe operations, the goal is a CO² intensity reduction of 50% by 2030.

The GINI project is a multi-phased effort to eliminate routine gas flaring, utilising this gas for optimisation of energy management across the project.

Phase 1 of the project, which is under construction, is the installation of gas compression on the Foxtrot Platform, this will eliminate routine gas flaring on that platform with the offgas being exported to the central processing platform where it can be utilised for power generation offsetting flaring and diesel combustion.

Phase 2 GINI Light is the installation of a vapour recovery unit at the central platform which will unlock gas volumes that can be used to power the facility promising a further reduction in flaring. These two projects in combination are expected to eliminate any need for routine flaring on the Block G production asset.

Scope 1 and 2 emissions intensity

2023

Partner: ETAP

E1-2 Policies related to climate change mitigation and adaptation

Panoro maintains a comprehensive Safety and Sustainability Policy to manage material IROs related to climate change mitigation and adaptation. This policy includes commitments to leadership accountability, stakeholder engagement, and compliance with environmental regulations. It applies across all of Panoro's operations, employees, contractors, and partners.

The policy adheres to relevant health, safety, security, environmental, and climate change laws and industry best practices. It emphasizes ongoing consultation with stakeholders, including local communities and business partners, to incorporate their perspectives into sustainability efforts.

The policy is published on the Company website and is thus freely available to all stakeholders, ensuring transparency.

Panoro's Safety and Sustainability Policy addresses key sustainability matters such as energy efficiency, emissions reduction, and resilience to climaterelated risks. It ensures leadership accountability and promotes stakeholder engagement to effectively integrate climate change considerations throughout the company's operations.

E1-3 Actions and resources in relation to climate change policies

Panoro is committed to addressing climate change through robust action and resource allocation, in line with evolving climate policies. Our efforts focus on both mitigation and adaptation strategies to reduce emissions, enhance energy efficiency, and drive sustainable operations. A central part of our climate strategy is the GINI project at Block G in EG, which aims to reduce CO² equivalent emissions intensity by 50% by 2030.

The project is divided into three phases; Phase 1 (installation of the Foxtrot Compression system) is fully defined and resourced under the joint venture Work Programme and Budget and is in the construction phase, while Phase 2 the Light vapour recovery unit is in procurement and Phase 3 the Gas Storage project is in feasibility review, with committed funding and resources for execution in the upcoming year.

Kosmos, GE Petrol

To support these initiatives, Panoro is actively pursuing decarbonisation levers across our operated assets. At TPS, we are developing a Marginal Abatement Cost Curve model to assess and prioritise decarbonisation projects. Key initiatives include:

Reducing production process venting through plant modifications.

Investing in methane monitoring and deploying Leak Detection and Repair (LDAR) programmes to minimise emissions.

Advancing a gas-to-power project to reduce reliance on external power sources and further cut emissions.

In managing locked-in GHG emissions, Panoro recognises the challenges posed by long-term production activities and flaring practices, especially for non-operated assets where mitigation efforts depend on our partners' operational decisions. We also acknowledge that these locked-in emissions present transition risks, including regulatory changes and evolving market expectations. To mitigate these risks, we actively monitor developments and engage with our partners to implement effective strategies.

In line with our commitment to decarbonisation, Panoro continues to allocate financial resources both capital expenditure (CapEx) and operational expenditure (OpEx)—toward climate change mitigation projects. Through these initiatives, Panoro is making significant progress toward achieving our climate change goals. By 2030, we expect to reduce emissions by 47,900 metric tons CO₂-e (t), contributing meaningfully to global decarbonisation efforts and ensuring the long-term sustainability of our operations.

Capex estimate: \$2.4 million Capex estimate: \$1 million Capex estimate: \$0.9 million Budget: \$0.7 million Budget: \$0.7 million Budget: \$3 million Baseline ²⁰²⁴ ²⁰²⁵ ²⁰²⁶ ²⁰²⁷ ²⁰²⁸ ²⁰²⁹ ²⁰³⁰ 50% reduction by 2030 Production Process and Energy Management Upgrades Tunisa Joint venture operations TPS and Sfax Gabon Non-operator position Dussafu Operators: BW Energy and Equitorial Guinea Non-operator position Block G, Block S and Block EG-01 Operators: Trident Energy, Cercina Gas Valorisation Tank Battery Microturbine Installation Guebiba Phase 1 and 2 Microturbine Installation GINI: Gas Storage GINI: Light Vapour Recovery Unit GINI: Foxtrot compression

Gabon Oil Company

Scope 1 and 2 decarbonisation levers Not to scale

E1-4

ESRS E1: Climate Change

Metrics and targets

Targets related to climate change mitigation and adaptation

Panoro is advancing its first emissions reduction target based on significant progress made in the EG Block G asset, where a major investment is directed toward the GINI flare reduction project. The operator aims to achieve a 50% reduction in carbon intensity by 2030, using 2023 as the base year.

Additionally, Panoro has improved its environmental reporting and auditing at the TPS asset, providing better data for future emissions reduction target setting. The company's 2024+ work program focuses on reducing flaring and emissions, aiming to eliminate gas flaring through a redevelopment plan requiring time and investment.

The net working interest weighted target for Panoro's existing assets is a 50% reduction in emissions intensity and a 31% reduction in total emissions by 2030.

Panoro's emissions reduction target covers Scope 1 and 2 emissions across all assets under the company's working interest. Aligned with the 1.5°C global climate goal, this target is supported by enhanced emissions metering and monitoring systems to ensure accurate tracking.

Key decarbonisation measures—including improved energy efficiency, flaring reductions, and strengthened emissions monitoring—will play a critical role in achieving this goal.

Panoro ensures the baseline value for emissions reductions is representative by assessing all relevant activities and emissions sources and considering external factors like regulatory changes and market conditions. This baseline, established in 2023, is used to track and adjust future targets and progress.

Climate scenarios, including the IEA's Net Zero Emissions, Announced Pledges, and Stated Policies, are used to inform decarbonisation strategies, addressing various environmental, societal, technological, market, and policy developments. These scenarios help guide the company's strategy in identifying and implementing the most effective decarbonisation levers.

Emissions monitoring in Equatorial Guinea

Trident Energy discloses a variety of GHG-related emissions data including methane, flaring intensity and CO₂ intensity and aims to reduce emissions by targeting gas flaring and eliminating non-routine flaring volumes. In 2024, Trident Energy reduced Scope 1 emissions by 11%, driven by a 28% cut in flaring-related emissions and a 17% drop in methane emissions.

Energy consumption and mix

E1-5

Panoro operates within the oil and gas sector, a high climate impact industry, which inherently drives our energy consumption. We are committed to improving operational efficiency and reducing emissions across our activities to mitigate this impact. Our operations in Tunisia primarily rely on electricity supplied by Société Tunisienne de l'Électricité et du Gaz (STEG), the national electricity company, in addition to self-generated power from the combustion of associated gas and diesel at the Cercina offshore field.

An area of significant opportunity exists within our TPS operations to enhance environmental efficiency, particularly by reducing routine flaring. By repurposing associated gas for power generation to support production facilities, we can displace an equivalent amount of electricity previously sourced from the national grid.

This initiative aligns with our goal to eliminate routine flaring by 2030, in line with the World Bank's Zero Routine Flaring initiative. We have already commenced detailed engineering studies to advance this gas valorisation project, which, when completed, will substantially reduce our Scope 2 greenhouse gas emissions.

Flaring of gas not only contributes to climate change through the release of CO₂, methane, and other pollutants but also results in the loss of valuable energy resources that could otherwise be harnessed for sustainable development.

In response, Panoro has introduced the use of photovoltaic (solar) cells at TPS, initially deployed to provide lighting at the Guebiba and Tank Battery access roads.

Additionally, we are continuing to evaluate the feasibility of extending solar power use at the Rhemoura and Tank Battery sites, complementing our gas valorisation project at these locations.

Most recently, TPS has been in discussion with governing authorities of the Kerkennah Islands and have offered to assist in the installation of solar lighting along hazardous road sections on the islands.

E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions To effectively manage climate-related risks and opportunities, we monitor and manage our emissions data in line with the IOGP guidelines and historical performance indicators. Our key metrics include total GHG emissions, energy consumption, and hydrocarbons flared, with both absolute values and intensity levels regularly tracked.

Ongoing technical improvements allow for more accurate data measurement and support the establishment of baseline and reduction targets for our operations. This will enable the business to assess and report on the performance of emissions reduction initiatives, both in the short and long term.

In 2024, Panoro's Scope 1 emissions were 142,656, and Scope 2 emissions were 5,700 metric tonnes CO₂-e. Scope 1 emissions are based on the working interest share of each asset, while Scope 2 emissions are calculated from the electricity consumed at company offices and TPS, BW Energy and Trident Energy operations.

For the first time in 2024, Panoro is reporting Scope 3 emissions, with a particular focus on Category 11, which accounts for the majority of Scope 3 emissions. The percentage of Scope 3 emissions calculated using primary data is 0%.

Our Scope 3 emissions totalled 1,353,930 metric tonnes CO₂-e, solely from Category 11 (Use of Sold Products). This figure was calculated in accordance with the IPIECA Estimating Petroleum Industry Value Chain (Scope 3) GHG Emissions guidelines.

No significant changes were made to the definition of the reporting undertaking or its value chain during the reporting period, ensuring the comparability of GHG emissions data from year to year. All of Panoro's emissions estimates are location-based.

Further data on our emissions can be found in the data table at the back of this report.

*Scope 1 global Panoro data based on working interest share of each asset: TPS; Block G; Dussafu.

**Scope 2 is calculated by emissions from electricity supply to company offices and TPS, BW Energy and Trident Energy operations where available. Tunisia electricity generation emissions factor incorrect for years 2021 and 2022.

E1-9

ESRS E1: Climate Change

E1-7 GHG removals and GHG mitigation projects financed through carbon credits

Panoro does not currently engage in GHG removals or carbon storage activities, nor have we financed any mitigation projects through the purchase of carbon credits. While we recognise the potential value of such initiatives, our emissions reduction strategy remains focused on directly reducing emissions through operational improvements and efficiency measures.

We will continue to assess the potential for GHG removal and storage projects, both within our own operations and throughout the value chain, as part of our evolving sustainability strategy.

E1-8

Internal carbon pricing

Panoro does not currently apply an internal carbon pricing scheme within its operations. However, we acknowledge the European Union's Emissions Trading Scheme (ETS) and have conducted preliminary calculations based on the EU carbon price, taking into account the Carbon Border Adjustment Mechanism (CBAM).

While we do not yet have an internal carbon pricing mechanism, we are exploring its potential as a tool to support emissions reductions and align with evolving regulatory frameworks. Further evaluation will be undertaken as part of our ongoing sustainability strategy.

Anticipated financial effects from material physical and transition risks and potential climate-related opportunities

Through climate risk and resilience research, including assessments incorporated into the country risk registers, Panoro concluded that its assets are not at significant physical or transition risk at this time.

No anticipated financial effects from climaterelated risks are expected, and there are no current cost savings from climate change mitigation or adaptation actions, as no such actions have been deemed necessary.

Additionally, Panoro does not foresee any revenue from low-carbon products or services in the near term. Strategies are under development to address any medium-term transition risks.

Refer to page pages 18 and 19 for more information on climate-related risks and opportunities.

ESRS E2: Pollution

Impacts, risks and opportunity management

Panoro acknowledges that its operations result in emissions to air, including controlled and uncontrolled releases. As part of our commitment to responsible resource management, we monitor and mitigate pollution-related risks.

E2 IRO-1

Description of the processes to identify and assess material pollution-related impacts, risks and opportunities

Panoro integrates pollution-related risks, including the potential loss of primary containment of production fluids and the associated impact of emissions, into its routine EWRM process. This process is updated quarterly and includes an upstream supplier environmental risk assessment conducted annually. All identified risks are evaluated based on their consequences and likelihood, which contribute to the overall company risk rating.

More information on our EWRM can be found on page 13.

Policies related to pollution

E2-1

Panoro's Safety and Sustainability Policy commits to operating activities in an environmentally efficient manner, minimising impacts on biodiversity and pollution through ALARP principles. The Safety and Sustainability Management System Framework outlines policy commitments but does not currently include specific provisions for substituting or phasing out substances of high concern, which will be addressed in the next policy update.

The Policy ensures emergency response systems are in place to protect people and the environment and mandates investigations of incidents and near misses to implement corrective actions and prevent recurrence. Panoro's policies and framework aim to minimise pollution to ALARP levels, supporting the objectives of the EU Action Plan "Towards Zero Pollution for Air, Water, and Soil".

E2-2 Actions and resources related to pollution Panoro is committed to reducing pollution across its operations.

The TPS asset undergoes regular intelligent pigging of pipelines, five-yearly vessel inspections, and efficient plant operation systems. Panoro also maintains robust emergency response protocols. This includes oil spill response equipment, and contracts with Oil Spill Response Limited (OSRL) for enhanced external support.

Similar actions are also undertaken at the nonoperated EG Block G and Gabon Dussafu projects. Additional pollution reduction initiatives include replacing diesel generators with offgas generators where possible, using flared gas for power generation at TPS, and advancing a major gas flare reduction project at Block G.

Panoro engages a number of companies within its value chain through annual risk screening of suppliers for potential environmental impacts, in conjunction with the Norwegian Transparency Act due diligence process. Any significant risks prompt further analysis. In addition, a Supplier Code of Conduct has been established, setting environmental expectations for all successful tenderers.

Incident investigation

Panoro's incident investigation standard ensures safety, minimises environmental damage, and informs senior management promptly. Incidents are classified based on severity, following the EWRM Standard, which covers environmental, health, safety, and security consequences.

High-potential incidents trigger 24-hour reporting to senior management, followed by independent investigations and corrective actions. All recordable incidents comply with IOGP standards, and monthly HSSE reports track safety statistics against industry benchmarks.

Asset integrity

In 2024, asset integrity remained a key priority across all our operations, particularly at TPS, given the mid-life nature of its assets and the corrosive nature of the production fluids. The TPS Well Integrity Management System, which ensures the integrity of all TPS wells, will be fully operational in the coming year. We are also working to consolidate structural, pipeline, and well integrity systems into a single, overarching asset integrity management system to improve efficiency and effectiveness.

At Cercina, engineering work is underway to safeguard facility integrity, with further enhancements planned to extend the asset life consistent with the Cercina Concession renewal. Similarly, TPS continues to implement a comprehensive monitoring and corrosion programme across the process plant, regularly testing and maintaining critical safety equipment to ensure its functionality.

To prevent any leaks, we continued our pipeline and flowline intelligent pigging programme throughout 2024, a proactive step in ensuring the production system is managed effectively. There is now a concerted effort to enhance the integrity of the asset and improve site-level work practices with the aim to prevent accidental leaks and improve overall safety performance.

Aligned with industry best practices, similar systems are managed by our partners in Gabon and EG, and further performance details for operated and non-operated assets can be found within their respective reporting.

We are committed to maintaining high standards of asset integrity, ensuring safety in sensitive environments close to inhabited areas onshore and local commercial fishing zones offshore.

E2-3

E2-5

E2-6

ESRS E2: Pollution

Metrics and targets

Targets related to pollution

Panoro's targets are focused on achieving zero incidents at Company-controlled sites and operations. This includes maintaining containment of products in pipes, tanks, and vessels to prevent leaks into the air, water, and soil.

At TPS, produced water is reinjected into subsurface saline reservoirs isolated from fresh water sources. Targets also address containment of substances of high or very high concern.

These pollution-related targets are voluntary and designed to address the greatest risk of pollution events, particularly at offshore facilities. Potential causes, such as loss of containment in wells, pipelines, tanks, or separators, are mitigated through these targets, which align with the Do No Significant Harm (DNSH) criteria under Article 14(2) of Regulation (EU) 2020/852.

The targets are consistently implemented at the site level across all operations. Panoro also seeks to explore further measures to reduce emissions and enhance pollution prevention practices.

Pollution of air, water and soil

E2-4

Panoro tracks and reports pollutant emissions at the TPS asset, including NOx, SOx, VOCs, and particulate matter, based on production and offgas data. There are no emissions to water or soil under normal operations unless a breach of primary containment occurs. Additionally, microplastics are negligible in Panoro's operations.

Emissions to air are measured using spot checks, production estimates, and industry guidelines, while all produced water is re-injected, and waste is treated to regulatory specifications. Panoro is actively improving its emission measurement technologies to enhance accuracy and minimise pollution.

In waste management, Panoro had 122 tonnes of waste that ended up in landfills in 2024, primarily due to the residual cleanup of a legacy oil storage tank contaminated with organic chloride.

This event, dating back to late 2018, occurred around the time Panoro acquired its interest in the asset and significant steps towards improving waste management practices have since been taken.

Panoro has implemented a robust hazardous material management system, which was subject to an audit in 2023. The findings of the audit revealed that the company has effective systems in place for managing both hazardous and non-hazardous waste streams.

Substances of concern and substances of very high concern

Panoro manages substances of concern such as Hydrogen Sulphide (H₂S) and Naturally Occurring Radioactive Materials (NORMs) in its operations.

Emissions from facilities consist of hydrocarbon gas, H₂S (at safe levels), and sulphur dioxide resulting from gas combustion. These substances are classified according to their hazard levels, including carcinogenic and acute toxicity categories.

Panoro ensures compliance with regulatory requirements, actively monitors for substances of concern, and confirms that no substances of very high concern, as per the ECHA candidate list, are used, emitted, or produced by its operations.

Anticipated financial effects from pollution-related impacts, risks and opportunities

Panoro has established oil spill response facilities at each operating location and holds contracts with OSRL for additional support if needed. The company also carries insurance to cover the potential costs associated with oil spill events.

A decommissioning provision, outlined in Panoro's financial statements, is built up over the asset's life to cover costs associated with plugging and abandoning wells and environmental remediation at project completion. This provision is regularly reviewed to ensure it reflects anticipated costs.

These provisions ensure Panoro meets its environmental responsibilities throughout the asset lifecycle as part of its normal budgeting process. The company has no substances of very high concern in its products, and no major pollution-related incidents occurred during the reporting period. Operating and capital expenditures related to pollution incidents were zero.

Biodiversity and water resources

In line with our Safety and Sustainability Policy, Panoro is committed to protecting biodiversity, ecosystems, flora, fauna, water sources, and water quality within our operational areas.

This includes complying with relevant legislation and avoiding operations in ecologically sensitive regions. Oversight of biodiversity initiatives falls under the responsibility of Panoro's Board-level Sustainability Committee.

Our responsibility extends to preserving biodiversity and water resources, encouraging our business partners to implement similar environmental protection practices. This includes the development of action plans designed to safeguard local ecosystems, conducting comprehensive Environmental Impact Assessments (EIAs), and performing detailed biodiversity assessments.

Through the required EIAs for all operated and non-operated assets, we define and assess potential impacts to biodiversity. We recognise that all operations in which we are invested have an impact on both land and marine ecosystems, but these impacts are strictly addressed in unique management plans approved by host regulators, who monitor ongoing performance to ensure activities remain within permissible limits.

In 2024, we continued to prioritise environmental stewardship, with notable progress on offshore pipeline replacement activities. Our biodiversity protection plan, which was approved by the Agence Nationale de Protection de l'Environnement (ANPE), is actively being enhanced through ongoing discussions to refine future management strategies and define KPIs that reflect our longterm sustainability targets. Importantly, none of the operations in which Panoro is invested are located in or near protected sites.

We also recognise the need to balance water use throughout the oil and gas value chain with the local demand for water, particularly in water-scarce regions. At TPS, we used approximately 7,920 cubic meters of freshwater during 2024, with all produced water reinjected. Notably, no freshwater is used within the production process.

At TPS, we have been working to expand injection capacity at Guebiba to further reduce the need for saltwater trucking. Additionally, a second produced water injection well is being evaluated which would eliminate the need for saltwater trucking entirely.

Our internal resource efficiency efforts also extend to monitoring and optimising office cooling and heating systems, reducing trucking, improving energy use, and minimising boat journeys, thus driving benefits in cost, safety, and environmental performance.

Gabon

During the reporting period, our operating partner continued implementing the Gabon Biodiversity Action and Management Plan, including the Vessel Code of Conduct, to mitigate risks related to underwater noise and potential marine fauna collisions.

Efforts included completing a mooring buoy replacement to reduce engine use and underwater noise and maintaining vessel speeds at eco-speed to further limit disruptions to marine ecosystems.

Offshore Gabon, produced water treatment on the BW Adolo FPSO maintained an average oil-in-water (OIW) concentration of 14.8 mg/l, remaining well below both local regulatory limits and international guidelines. The total volume of produced water discharged increased from 2,664,752 barrels in 2023 to 3,759,390 barrels during this reporting period.

All produced water from MaBoMo's production wells was exported to BW Adolo for treatment prior to discharge, ensuring compliance with environmental standards. Notably, no oil or chemical spills exceeding one barrel were recorded during the reporting period.

Equatorial Guinea

Trident Energy integrates nature-related risks into its decision-making processes to minimise environmental impact and support biodiversity conservation.

In alignment with the Taskforce on Nature-Related Financial Disclosures (TNFD) framework and the World Business Council for Sustainable Development (WBCSD) roadmap, Trident Energy assesses its dependencies and impacts on nature across its operations and supply chain.

Additionally, Trident has strengthened its emergency response capabilities by acquiring a robust oil spill boom more suited for offshore operations ensuring preparedness for potential marine incidents.

Through this approach, the company aims to enhance its environmental reporting, identify conservation opportunities, and collaborate with local organisations to implement biodiversityfocused initiatives.

Social

ESRS E1: Own Workforce

ESRS E2: Workers in the Value Chain

Impacts, risks and opportunities management

S1-1

ESRS S1: Own Workforce

At Panoro, ensuring safety remains our top priority. Our commitment is achieving zero harm to individuals, zero losttime incidents, and zero overall incidents.

Panoro is a relatively small organisation with 27 office-based employees across London and Africa, and our systems are tailored to support a business of our size. In line with the ESRS framework, we have classified our workforce into two categories:

S1 refers to Panoro's own workforce, including employees based in our London, Tunis, Malabo and Libreville offices and our two secondees at TPS, as these individuals are directly employed by the company and fall within our material human resource control.

S2 includes the workforce at sites and assets where Panoro has value chain workers who could be materially impacted by the undertaking through its business relationship with the entity, this includes workers at our joint ventures and thirdparty operated sites: TPS jointly operated by ETAP and Panoro; Block G operated by Trident Energy; and Dussafu operated by BW Energy.

While Panoro may hold a material financial interest in TPS, we do not have the same level of control over day-to-day employee management at this company.

Strategy

S1 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model Panoro includes all office-based employees in London and Africa in its disclosures under ESRS 2. Operational roles on the company's sites at TPS, are classified as part of the company's value chain workforce and included in its disclosures under S2 SBM-3. The exception is the reporting of TPS fatalities and days lost as a result of work-related injuries, work-related ill-health or recordable workrelated ill health, where the company has chosen to include such disclosure within S1 SBM-3, broken down between employees and non-employees.

The company's primary workforce risks relate to health and safety for those in Tunisia as well as travel security for employees in regions with safety concerns. These risks are mitigated through ongoing reviews, safety protocols, and updated travel security measures. Transition risks linked to environmental initiatives are not currently significant but are monitored to ensure minimal impact on employees.

Panoro does not operate in regions with significant risks of forced, compulsory or child labour; however we remain committed to compliance with the International Labour Organisation (ILO).

Risks and opportunities are assessed through safety evaluations and employee feedback, focusing on office-based employees.

Key risks include health and safety during business travel, while opportunities encompass career development, training, and enhanced well-being initiatives. Panoro's measures ensure adherence to international labour laws and prioritise employee safety and development.

Impacts, risks and opportunity management

Policies related to own workforce

Panoro manages workforce IROs through robust policies and a Code of Conduct prioritising safety, inclusivity, and ethical behaviour. The Safety and Sustainability Policy ensures employee and contractor health and safety, supported by rigorous standards, training, and accident prevention systems. Human and labour rights are upheld in alignment with the Universal Declaration of Human Rights, UN Guiding Principles, and the ILO's standards, with explicit prohibitions on child labour, forced labour, trafficking, and discrimination.

Panoro's policies foster a diverse and inclusive work environment, reinforced by an Equal Opportunity and Anti-Discrimination Policy, while a Supplier Code of Conduct ensures alignment with these principles across the supply chain.

A Whistleblowing Procedure provides a confidential channel for reporting concerns, and findings are addressed transparently in line with the Norwegian Transparency Act.

Proactive measures include regular risk assessments, supplier screening, and employee training to integrate human rights into operations. Specific initiatives support vulnerable groups, advance diversity, and eliminate discrimination. Panoro's commitment to transparency, accountability, and continuous improvement ensures alignment with internationally recognised frameworks and stakeholder expectations.

S1-2

Processes for engaging with own workforce and workers' representatives about impacts

Panoro integrates workforce perspectives into decision-making through a feedback culture, ensuring effective management of actual and potential impacts. Regular engagement occurs via weekly meetings with London staff and country managers in Tunisia, EG, and Gabon. Line managers hold discipline-specific meetings, and an open-door policy allows employees to raise issues directly with senior management.

The CEO leads operational engagement, ensuring workforce feedback informs the company's approach. While Panoro has not established a Global Framework Agreement, its Safety and Sustainability Policy, Code of Conduct, and Whistleblowing Procedure uphold human rights and provide mechanisms for employee input.

For insights into vulnerable or marginalised groups within its workforce, Panoro relies on direct engagement with staff as necessary. Given its small size, regular communication ensures that all perspectives are considered. A general process for workforce engagement is in place, making a statement of non-adoption unnecessary.

S1-7

ESRS S1: Own Workforce

S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns Panoro maintains a safe and inclusive workplace and has not contributed to any material negative impacts on its workforce. Processes are in place to address concerns, including grievance mechanisms, investigation protocols, and remedial actions to ensure fair and effective resolution if issues arise.

Employees can raise concerns through multiple accessible channels, including a Whistleblowing Procedure, confidential reporting systems, direct communication with line managers, or direct access to the CEO. A dedicated email channel is available, and employees may escalate issues to the Chairman of the Board if necessary. The Whistleblowing Procedure is published in English, French, and Arabic on the company website for ease of access.

Grievances are tracked and monitored by the CEO, along with Country Managers where appropriate, ensuring effectiveness of the channels in place. While Panoro does not have a formal process to assess workforce awareness and trust in these structures, the CEO's regular visits to country offices and direct interaction with employees foster open communication and confidence in the grievance process.

S1-4 Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions

Panoro manages its workforce IROs with a focus on safety, fairness, and well-being. International business travel is the primary risk, addressed through a detailed travel policy, country-specific briefings, iSOS membership, kidnap and ransom insurance, and private medical cover. Material impacts are handled case-by-case using grievance mechanisms and informal resolutions, ensuring fair and accessible outcomes.

The company provides a competitive benefits package, including pensions, financial advice, life insurance, and private medical insurance. Annual benchmarking against peers and individual discussions ensure effectiveness and relevance.

Panoro adheres to labour standards to prevent negative impacts and promotes equitable practices. Senior leadership, including the CEO, CFO, and Board, allocate resources to address workforce concerns, maintaining a safe and supportive working environment.

Metrics and targets

S1-5

Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities Panoro has a goal of zero incidents and zero harm, setting targets that motivate its staff to these ends. Progress through the year is monitored using the Total Recordable Injury Rate (TRIR) at companyoperated sites, demonstrating its commitment to safety and an inclusive workplace.

Annual corporate and individual targets are established, with corporate targets developed by senior management and individual targets agreed between employees and line managers, representing 50% of each staff member's total targets.

Performance is tracked through annual review sessions, where corporate performance is summarised by senior management, reviewed with the Board, and personal performance is discussed between employees and line managers.

Lessons learned and potential improvements are identified during these reviews, with individual discussions held between staff and line managers, while corporate-level lessons are addressed during quarterly Board meetings.

S1-6

Characteristics of the undertaking's employees Panoro is an equal opportunity employer and has enshrined this within its policies. We have a responsibility to ensure that all employees feel safe and supported.

The Company embraces a diversified working environment, and the Company's personnel policies promote equal opportunities and rights and prevent discrimination based on gender, ethnicity, colour, language, religion or belief. As stated in our Code of Conduct, we focus on high ethical standards, professionalism, respect, honesty, transparency, loyalty and trust throughout all levels of the organisation.

Characteristics of non-employees in the undertaking's own workforce

Panoro defines non-employees as individuals who routinely work for the company for more than 50% of the working week, are provided with a Panoro laptop, but are not paid through the payroll process. Non-employee numbers are reported in headcount as of the end of the reporting period.

As a small organisation with offices in London, Tunisia, EG, and Gabon, Panoro engages employees, self-employed individuals, or consultants to meet routine and ad hoc business needs. Any role requiring 50% or more of a normal working week that is not performed by an employee is considered a non-employee position.

S1-8 Collective bargaining coverage and social dialogue

Panoro does not have employees covered by collective bargaining agreements, either within or outside the European Economic Area (EEA). The company does not operate in the EEA and has no agreements in place for employee representation through European Works Councils (EWC), Societas Europaea (SE) Works Councils, or Societas Cooperativa Europaea (SCE) Works Councils.

While Panoro is listed in Norway, its workforce and operations are primarily based outside the EEA, making such agreements unnecessary. Employee engagement and representation are managed through mechanisms suited to Panoro's global operational footprint.

S1-9

ESRS S1: Own Workforce

Diversity metrics

Of Panoro's 27 permanent employees, 74% were male and 26% were female. These statistics exclude employment at a joint venture level.

Male Female

Employees between 30 and 50 years old 63% Employees over 50 years old 26%

Adequate wages

S1-10

Panoro ensures that all employees are paid an adequate wage, in line with applicable benchmarks. Periodic benchmarking is conducted annually and reviewed by the Board during pay reviews.

The company has a history of low or no staff turnover, with many employees serving for long periods, which is a strong indication that they are satisfied with their compensation compared to industry peers. Furthermore, no employees are paid below the applicable wage benchmarks or minimum wage levels in their respective countries of employment.

Social protection

S1-11

Panoro ensures that all employees in its workforce are covered by social protection programs against various income loss events. Protection is provided in the UK and Tunisia for situations such as sickness, unemployment, employment injury, acquired disability, parental leave, and retirement.

Panoro does not operate in countries where employees lack these protections. Therefore, all employees are fully covered by relevant social protection programs in line with local regulations.

S1-13 Training and skills development metrics

Panoro believes that value-driven leadership encourages and inspires employees, driving development, security and a better working environment internally, as well as a stronger reputation externally. We provide the opportunity for training for all Panoro employees on an ad hoc basis or as appropriate to meet business requirements and regulations.

In 2024, we continued to build on the success of the HSSE Performance Enhancement programme launched at TPS in 2023. The initial phase, which focused on leadership training for the TPS management team, was successfully completed. During 2024, the programme was expanded to include supervisory-level staff and, by the end of the year, field operational teams were also engaged.

Panoro ensures that 100% of its employees participate in regular performance and career development reviews, which include discussions on training and skills development needs.

* TPS data only. The hours of training are calculated as total hours / numbers of full-time or contract employees

ESRS S1: Own Workforce

S1-14 Health and safety metrics

At Panoro, every team member and contractor plays an integral role in identifying, evaluating, and managing risks. Our commitment to HSSE performance is embodied in our Safety and Sustainability Policy.

As Panoro's operations grow, so too does our focus on safeguarding the well-being of employees, contractors, partners, and local communities. In our office environments, we have identified health and safety risks, including those associated with business travel.

All employees, officers, and directors are provided with information on safe work practices, business travel procedures, and emergency preparedness to reinforce our commitment to a secure and resilient work environment.

We ensure that 100% of our workforce is covered by a health and safety management system that complies with legal requirements and recognised standards. Importantly, Panoro has experienced no fatalities or work-related injuries leading to fatalities within its workforce or other workers at Panorooperated sites.

Panoro's employee TRIR is 0, unchanged from 0 in 2023. Panoro calculates TRIR per million hours worked. In 2024, Panoro employees received on average 27 hours of training.

Health and safety, employees and workforce including TPS

As a joint venture partner, Panoro has chosen to report on the health, safety, and welfare of the 159 TPS employees. We operate a health and safety management system with clear operating parameters, capturing all health and safety data. This data is calculated and reported in line with IOGP standards. Monthly health and safety updates are provided by TPS, reviewed during quarterly TOCMs, and shared with Panoro's leadership team and Board.

During 2024, Panoro employees recorded 0 Lost Time Injuries (LTI) and had a TRIR of 0, Panoro employees and non-employees combined including value chain workers at TPS (both staff and contractors) recorded 1 LTI, and the TRIR declined from 1.0 to 2.03.

Panoro and TPS employees and contractors are empowered to issue stop work orders when they identify unacceptable risks to health, safety, or the environment. In the event of serious or high-potential incidents, a comprehensive root cause analysis is conducted to identify areas for improvement.

In response to declining HSE performance at the TPS asset in 2022, Panoro collaborated with its joint venture partner ETAP, to implement a cultural shift and enhance HSE performance. This initiative, including an 18-month enhancement plan, focussed on lifting performance through additional resources and improvements. The effectiveness of these actions is monitored through the TRIR, this is now showing a measurable improvement.

In the pursuit of creating a robust safety culture the HSSE enrichment campaign focussed on safety culture improvements. Key components included the update of Life Saving Rules, the launch of an HSSE Leaders Campaign, modernisation of STOP Cards, and a comprehensive review and update of HSSE procedures.

The campaign encompassed the refinement of the HSSE Risk Assessment Matrix and the development of detailed risk registers for all sites and activities.

Panoro has prioritised efficient incident reporting and performance monitoring, with a focus on continual improvement in safety protocols.

Panoro has achieved milestones, including the commencement of an H2S gap analysis, updating TPS HSSE Procedures and providing targeted training to Workover crews. In 2024, the company rolled out an 'HSSE: For Life', reaffirming its dedication to safety and environmental responsibility.

Underpinning this initiative is our belief that fostering a safety culture requires persistent efforts. Panoro is pleased to report that in 2024, the shift in HSSE culture improved notably, we believe this improvement in safety culture is set to positively impact both uptime and efficiency across Panoro's operations.

Appendix

ESRS S1: Own Workforce

S1-15

Work-life balance metrics All employees at Panoro are entitled to familyrelated leave, and 100% of employees who requested it were approved for the leave. This entitlement applies equally to all employees, with no gender distinction. The company ensures that all staff are provided with the necessary support to take family-related leave when needed, in line with its social policies.

S1-16

Remuneration metrics (pay gap and total remuneration)

Gender pay gap, annual total remuneration ratio, and contextual data have been compiled using payroll and HR information, consistent with our Annual Report. Any changes to the data have been addressed, and the reporting is complete as required.

S1-17

Incidents, complaints and severe human rights impacts

During the reporting period, Panoro has not experienced any incidents of discrimination, employee complaints through internal channels, or complaints filed with National Contact Points for OECD Multinational Enterprises.

The company has also not received fines, penalties, or compensation related to social or human rights violations. We remain committed to the highest standards of human rights and regulatory compliance across all our operations. No severe human rights issues have occurred, nor have there been any related fines or penalties.

As a global company, Panoro recognises its responsibility to protect human rights in all aspects of its operations. We are committed to contributing positively to global human rights efforts and adhere to the UN Guiding Principles on Human Rights, which include:

Promoting internationally recognised human rights standards.

Ensuring equal opportunities and dignity for all employees and contractors, free from discrimination based on race, sexuality, or religion. Upholding a zero-tolerance policy for modern slavery, child labour, and human trafficking. Providing human rights training and raising awareness among stakeholders.

Respecting the rights of indigenous peoples and seeking free, prior, and informed consent. Protecting cultural heritage.

At the TPS asset, workers can submit anonymous feedback observation cards, and a similar system is implemented by the operators of the Block G and Dussafu assets. Additionally, Panoro provides a Whistleblowing procedure, accessible in English, French, and Arabic on the company website.

Panoro is fully committed to compliance with the Norwegian Transparency Act and has commenced human rights risk assessments across its operations and supply chain, focusing on labour practices and the prevention of forced and child labour. Panoro has adopted a risk-based approach to comply with the Act, identifying higher-risk areas and implementing targeted mitigation measures, such as policy revisions, due diligence assessments, and supplier engagement. TPS mandates that all suppliers commit to human rights and decent working conditions, in line with ILO standards.

ESRS S2: Workers in the Value Chain

Strategy

S2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model Panoro's disclosures under ESRS S2 include all value chain workers who could be materially impacted by the company's operations, including workers at our TPS sites and our non-operated projects such as those associated with business partners Trident Energy in EG and BW Energy in Gabon. These workers include site-based personnel, suppliers, and those in the upstream and downstream value chain.

The company has not identified any specific geographies or commodities within its value chain that are at significant risk of child labour, forced labour, or compulsory labour. This issue is reviewed annually as part of Panoro's supplier screening process, in line with the Norwegian Transparency Act.

Material negative impacts on value chain workers could arise from events such as oil spills or gas releases, which may lead to health and safety concerns. Positive contributions comprise technical skill development within the value chain and government revenue generation through product sales that could benefit the workforce, and contribute to the transition towards alternative energy industries.

Panoro acknowledges the risks posed by the loss of expertise in the energy industry due to the transition to non-hydrocarbon energy, and it works to mitigate this by ensuring high-quality recruitment and a robust evaluation of suppliers.

The company's EWRM process identifies high-risk operational areas, particularly well drilling, workover, and production sites, where value chain workers are most likely to be impacted. These risks are carefully managed through detailed risk assessments and senior staff site visits. The most significant risks are health and safety concerns for site-based operational staff, and Panoro prioritises ensuring a safe operational environment for these workers.

Health and safety, Equatorial Guinea

Our partner in EG has implemented a robust HSSE Management System to ensure safe, reliable, and compliant operations. Their safety protocols are informed by industry guidelines, such as IOGP 638 on process safety fundamentals and IOGP 456 on recommended practice for KPIs.

Regular health awareness initiatives, including presentations on Malaria, Hepatitis, and Typhoid, were rolled out, alongside the TEGI Medical Examination Procedure.

Health and safety, Gabon

BW Energy is committed to a zero-harm objective for both personnel and the environment. To achieve this, BW Energy has established comprehensive policies covering safety, security, occupational health, and environmental management. These policies ensure effective management of major accidental hazards and risks, mitigate environmental impacts, and support sustainable business practices, all while safeguarding BW Energy's property.

BW Energy recorded zero fatalities in 2024, 2023, and 2022, maintaining a three-year fatality rate of 0.00. The Company registered one LTI in 2024 including subcontractors.

BW Energy is dedicated to setting an industry benchmark by reducing incidents that could harm individuals or the environment, and it closely monitors performance to quickly address any concerning trends.

A key aspect of BW Energy's safety culture is the Stop Work Authority which empowers employees to halt any unsafe actions and raise concerns without fear of retaliation. BW Energy's goal is to minimise accidents and incidents that could impact safety, health, or environmental integrity across its operations.

Contractor health and safety

Contractor health and safety is a critical component of Panoro's approach to risk management. All contractors are subject to the same rigorous health and safety protocols as our own employees, ensuring that safety remains a shared responsibility across the supply chain. We regularly assess contractors' health and safety performance and provide training and support where needed to ensure compliance with our stringent standards.

S2-1

Impacts, risks and opportunity management

Policies related to value chain workers

ESRS S2: Workers in the Value Chain

Panoro is committed to managing material IROs related to value chain workers by adhering to international human rights standards. Our policies explicitly prohibit child labour, forced labour, discrimination, and harassment, while promoting freedom of association. These principles are embedded in our Safety and Sustainability Policy, Code of Conduct, and Supplier Code of Conduct, ensuring ethical practices across all operations and supply chains.

We conduct annual risk assessments of our suppliers' human rights practices, taking corrective action where deviations are found. Under the Norwegian Transparency Act, Panoro will publish any adverse impacts and actions taken to address them. Additionally, our Whistleblowing Procedure provides a confidential channel for reporting human rights concerns, ensuring transparency and accountability.

In cases of human rights violations, Panoro is committed to immediate corrective actions, engaging with affected stakeholders and implementing changes to mitigate future risks. We aim to enhance preventative measures and ensure continuous improvement in safeguarding human rights throughout our operations.

Panoro's Supplier Code of Conduct aligns with key international frameworks, including the Universal Declaration of Human Rights, the UN Guiding Principles on Business and Human Rights, and the ILO Declaration on Fundamental Principles and Rights at Work, ensuring our practices respect and promote global human rights standards.

Contractor management

Our business success also rests with those representing us, and therefore our management processes in this regard are required to be clear and robust.

Recognising the necessity for robust systems in navigating a contracting environment, we have embraced IOGP guidelines to outline measures for effective operation.

This method ensures a transparent identification of work scope and associated risks, shaping our contracting strategy. The tendering process includes screening potential contractors to verify their adherence to HSSE standards that align with company requirements. Following the contract award, a regimen of regular audits and performance reviews is implemented, covering pre-mobilisation, operational phases, and post completion assessments. This commitment underscores our dedication to maintaining high standards throughout the entire project lifecycle.

In 2024, TPS contractor recordable safety incidents increased from 1.62 in 2023 to 3.45 in the reporting year.

S2-2 Processes for engaging with value chain workers about impacts

Panoro actively values and integrates the perspectives of value chain workers into decisionmaking processes. This approach is implemented at the joint-operated asset TPS and is expected to be mirrored by operators of non-operated assets, monitored through regular engagement at TOCMs. These engagements help the company manage actual and potential impacts effectively.

Engagement with value chain workers occurs directly through regular meetings, contractor procurement processes, Supplier Quality Meetings, auditing, inspections, and site management walkarounds. TOCMs are held every three to six months, with annual contract performance reviews for suppliers.

Asset General Managers are responsible for ensuring that engagement with value chain workers is conducted and that the feedback informs the company's approach to operations. Panoro's Supplier Code of Conduct outlines the company's expectations for human rights in the value chain, while the responsibility for negotiating agreements with union federations lies with the ETAP seconded General Manager at TPS and the Joint Venture Operator for our non-operated assets.

The effectiveness of engagement is assessed through interactions between asset/site personnel and supplier representatives. If necessary, direct interactions with vulnerable or marginalised value chain workers are conducted to gain further insights into their perspectives.

Processes to remediate negative impacts and channels for value chain workers to raise concerns

S2-3

Panoro ensures that operational value chain workers have clear channels to raise concerns and seek remedies for any material negative impacts. The company monitors the effectiveness of these processes through regular TOCMs, addressing any shortcomings by providing additional expert resources to assist asset staff. The number and details of raised observations, along with the progress in addressing issues, are tracked and reported during TOCMs. Effectiveness is assessed through direct dialogue with operational staff as part of site management walkarounds. To ensure that value chain workers are aware of and trust these channels, Panoro refers to its disclosure in accordance with ESRS G1-1.

Training and recruitment, Equatorial Guinea

In 2024, all staff and contractors successfully completed OPITO IMIST (International Minimum Industry Safety Training), reinforcing essential safety standards as mandated by the TEGI Offshore Travel Mandate. This ensures that all new personnel meet industry safety requirements before deployment.

Additionally, Trident advanced its Process Safety Fundamentals (PSF) Roll-Out Campaign, Phase 2.0, laying the groundwork for a more technical and indepth process safety training program in 2025.

Training and development, Gabon

In 2024, BW Energy's employees received an average of 22 hours of training per employee. Training categories included leadership development, induction training, professional, and technical training. BW Energy invests in employee training and competency on an ongoing basis.

The company supports personal development and training by internal or external courses, within the categories of leadership development, induction training, internships, professional, and technical training. It conducts performance and career development reviews for 100% of its employees on an annual basis regardless of gender. Refer to the Fairness and Inclusion Section of the BW Energy 2024 Annual Report, page 55.

ESRS S2: Workers in the Value Chain

S2-4 Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of

those actions

Panoro takes a comprehensive approach to managing the material IROs related to value chain workers, ensuring both prevention and remediation of negative impacts. The company has established a robust HSE management system that applies to its own staff and value chain workers. Similar policies are in place for its non-operated assets in EG and Gabon.

Panoro also maintains a proactive approach by engaging with suppliers through its Supplier Code of Conduct, ensuring ethical practices and compliance with labour laws and environmental responsibilities. The company continuously monitors and evaluates supplier risks, terminating contracts where high risks cannot be mitigated.

Resources to manage material impacts are allocated by corporate and geographical leadership, and progress is tracked and reported to the Panoro Board. Furthermore, the company addresses potential transition risks related to the shift to a greener economy, ensuring that any material impacts on workers are mitigated as required.

Panoro's efforts are documented and disclosed annually as part of its Norwegian Transparency Act reporting, with ongoing efforts for improvement and the advancement of positive impacts for value chain workers.

Metrics and targets

S2-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities Panoro sets time-bound and outcome-oriented targets to manage material IROs related to value chain workers, with a focus on achieving zero harm and zero incidents across its operations. These targets are established in collaboration with operating business partners.

Value chain workers, including those directly employed by the asset operating company, are actively involved in the development of these targets, ensuring alignment with both assetlevel and corporate strategies. In tracking performance against these targets, value chain workers participate in regular TOCMs, where asset performance is reviewed alongside company management.

Furthermore, lessons learned and areas for improvement are discussed during the TOCM performance reviews, where value chain workers contribute to identifying actionable insights for enhancing future performance. This continuous engagement fosters a culture of improvement and accountability in managing the impacts on value chain workers.

Diversity and inclusion, Equatorial Guinea

Our partner has a clear approach to diversity and inclusion, with all staff subject to their Equal Opportunities and Anti-Harassment and Bullying policies, and annual training on workplace issues. They employ many people in the UK, EG and Brazil and aim to increase female representation in the industry through various events.

Our partner's "building true capacity" approach has resulted in their supply chain operations showing solid trust in local vendors and steady figures when it comes to hiring in-country services and purchasing locally sourced goods since taking on the asset in EG.

EG workforce gender Male – 75% Female – 25%

Diversity and inclusion, Gabon

BW Energy values diversity as a driver of collaboration and innovation, fostering an inclusive workplace that welcomes individuals from varied backgrounds, experiences, and perspectives. BW Energy is committed to equal opportunity at all levels and across all functions, ensuring inclusivity regardless of gender identity, sexual orientation, nationality, religion, or age.

Community investments

Our approach is to engage with our neighbours, community leaders, non-governmental organisations and charities with respect and dignity to understand the implications of our activities and changes in the industry and wider society.

Our vision is to create more jobs in-country and help diversify the local economy. We always encourage the employment of local staff and engage in capacity building through the transfer of skills and technologies.

Our aim is to support local companies' growth and expand their participation in the local economy, to generate local value for people and communities.

Solar Water Well Project in Equatorial Guinea

Case study

Access to clean water is fundamental to community well being. In collaboration with BNA S.L., Panoro successfully completed the Solar Water Well Project in Andom Ovang, providing a potable water source for the local community.

The project involved drilling a well, constructing a technical building, and installing essential utilities, including solar-powered infrastructure for reliable and environmentally friendly water access.

The project was completed in December 2024, with no recorded work-related incidents, ensuring a safe and effective delivery. Additional contributions included solar lighting and wooden benches, enhancing the community space.

This initiative reflects our commitment to high-impact, sustainable projects that address fundamental needs such as clean water, health, and infrastructure, directly benefiting the communities near our operations.

Community engagement, Equatorial Guinea

Trident Energy is committed to supporting local communities by addressing key needs in education, healthcare, water access, and digital inclusion.

In Bata, the company has provided ongoing support to the Manos Felices & La Fe schools, offering over 200 children with special needs access to quality education, school supplies, transport, and Science, Technology, Engineering, and Mathematics learning opportunities. To improve access to clean water, solar-powered wells have been installed in 12 communities, ensuring sustainable potable water for local populations.

Additionally, the Foundation for Nursing Development programme has trained 80 nursing assistants and 10 instructors, enhancing the healthcare capacity in several regions. To bridge the digital divide, three new computer labs with 60 computers have been established, benefiting over 600 students annually and improving access to technology and digital skills. Through these efforts, Trident Energy continues to create lasting, positive impacts for communities in Equatorial Guinea.

Social Investment Programme

With our partners, we have been supporting local communities and promoting social and economic development since the beginning of 2021 with funds originating under the Block G Production Sharing Agreement. Working with our operating partner and collaborating with the Ministry of Mines and Hydrocarbons and the State of EG, we invest in high impact and sustainable projects, programmes and initiatives that maximise value to communities throughout EG. We focus on the most vulnerable communities close to our business, addressing their fundamental needs, such as healthcare, education, infrastructure and environmental projects.

Governance

ESRS 2: Governance

ESRS G1: Business Conduct