Panoro Energy ASA

Earnings Release • May 21, 2025

Panoro Energy - First Quarter 2025 Trading and Financial Update

Panoro Energy - First Quarter 2025 Trading and Financial Update

Oslo, 21 May 2025 - Panoro Energy ASA ("Panoro" or the "Company") is pleased to

announce first quarter operational and financial performance in line with

guidance.

Group working interest production in the first quarter averaged approximately

12,000 bopd while the 2024 Annual Statement of Reserves confirmed a 309 percent

organic reserve replacement ratio and 22 percent year-on-year increase in 2P oil

reserves at year end 2024 to 42.3 MMbbls.

In Gabon, the Bourdon well made a significant new oil discovery and was followed

by a successful appraisal side-track, opening up the possibility to establish a

new development cluster on the Dussafu block.

Consistent with its shareholder returns policy, Panoro has today declared a Q1

2025 cash distribution of NOK80 million and has fulfilled the up to NOK 100

million share buy-back program initiated in May 2024 having purchased 2.993

percent of the Company's share capital.

John Hamilton, CEO of Panoro, commented:

"I am pleased to report Q1 performance was in line with guidance and we achieved

good operational momentum into 2025. Group production was steady quarter-on

-quarter at ~12,000 bopd, with 2P reserves having increased by 22 percent year

-on-year and further exploration success with the Bourdon discovery offshore

Gabon, which once again underscores the high quality and strong organic growth

potential of our well diversified portfolio.

While the global market turbulence that we have all experienced in recent weeks

has introduced a level of macro uncertainty and oil price weakness, our focus

remains on optimising production, operational efficiency, strict financial

discipline and prudent capital allocation to continue converting the strong

fundamentals of our assets into sustainable shareholder returns in line with

Panoro's clearly communicated policy."

Production Update

· Group working interest production in Q1 was approximately 12,000 bopd:

· Gabon: 6,841 bopd (Q4 2024: 6,502 bopd)

· Equatorial Guinea: 3,661 bopd (Q4 2024: 4,060 bopd)

· Tunisia: 1,492 bopd (Q4 2024: 1,491 bopd)

· Gross production at the Dussafu block offshore Gabon (Panoro 17.5 percent)

averaged 39,089 bopd during Q1

· Production at Block G offshore Equatorial Guinea (Panoro 14.25 percent)

averaged 25,689 during Q1 impacted by unplanned downtime at the Ceiba field

· Recent workovers and well interventions in Tunisia demonstrating positive

impact on production which has increased to current gross rates of approximately

3,500 bopd (Panoro 49.0 percent)

· Full-year 2025 working interest production guidance unchanged at 11,000 bopd

to 13,000 bopd

Finance Update

· Q1 financial performance reflects the Company's previously guided lifting

schedule and minimal liftings scheduled during the quarter. Full year 2025

liftings are expected to be approximately 3.7 million barrels (unchanged)

· Reported Q1 revenue was USD 19.0 million (Q4 2024: USD 106.3 million) of

which USD 13.2 million was generated from the sale of 189,443 barrels at an

average realised price of USD 69.92 per barrel after customary adjustments and

fees

· Q1 EBITDA was USD 15.3 million (Q4 2024: USD 50.8 million) with a loss

before tax of USD 5.4 million (Q4 2024: USD 31.7 million profit) and net loss

for the period of USD 13.1 million (Q4 2024: USD 36.2 million profit)

· Net cash outflow from operations was USD 19.9 million (Q4 2024: USD 30.9

million net inflow) with capital expenditure of USD 6.8 million (Q4 2024: USD

28.3 million)

· The Company expects full-year 2025 capital expenditures to be approximately

USD 40 million, an increase from prior guidance of USD 35 million following the

successful Bourdon discovery and subsequent appraisal side-track well offshore

Gabon which has established the basis for a new future development cluster on

the Dussafu block

· Cash at bank at 31 March 2025 was USD 51.8 million and includes advances

taken against future oil liftings of USD 16.0 million

· Post period end a lifting of 933,136 barrels was completed offshore Gabon in

mid-April at an average realised price after customary adjustments, effect of

hedging and fees of approximately USD 66 per barrel, resulting in proceeds of

USD 61.7 million

· Panoro's next major lifting is expected to occur in early July

· Gross debt outstanding at 31 March 2025 comprised solely of USD 150 million

10.25 per cent senior secured notes

Shareholder returns

· Panoro today declares a Q1 2025 cash distribution of NOK 80 million for

payment in June as a return of paid in capital

· In line with the Company's previously communicated 2025 shareholder returns

policy, permitted distributions for calendar year 2025 are USD 45 million (NOK

equivalent) inclusive of all amounts returned year-to-date

· The Company has completed its up to NOK 100 million share buyback programme

which was initiated on 23 May 2024. Under the programme Panoro purchased a total

of 3,500,000 shares at a weighted average price of NOK 28.4808 per share,

corresponding to 2.993 per cent of Panoro's share capital. Subject to approvals

at the 2025 AGM the shares purchased under the buyback programme will be

cancelled. Renewed authorisation for further share buybacks will be sought at

the 2025 AGM

2024 Annual Statement of Reserves

· In April the Company reported a 22 per cent year-on-year increase in net 2P

reserves and an organic reserve replacement ratio in 2024 of 309 per cent

· After taking account of 2024 production of 3.6 MMbbls the total net working

interest reserves for Panoro expressed in MMbbls as of 31 December 2024 were:

· 1P reserves of 29.54 MMbbls (31 December 2023: 23.22 MMbbls)

· 2P reserves of 42.27 MMbbls (31 December 2023: 34.67 MMbbls)

· 3P reserves of 57.01 MMbbls (31 December 2023: 46.52 MMbbls)

· 2P reserves at 31 December 2024 reflect an organic reserve addition of 11.2

MMbbls primarily in relation to the Hibiscus South Extension and Hibiscus North

Flank discoveries made during 2024 offshore Gabon, stronger than expected well

performance across the Hibiscus area offshore Gabon and re-classification of

certain contingent resources at Block G offshore Equatorial Guinea in line with

the operator's planning. This represents a 309 percent organic reserve

replacement ratio of volumes produced during the year

· In addition to stated reserves Panoro also has a 2C contingent resource base

of 25.6 MMbbls

Significant Oil Discovery Offshore Gabon

· On 7 March the Company announced that a significant new oil discovery had

been made at the Bourdon prospect, located on the Dussafu block offshore Gabon

· The well was drilled to a total depth of 4,135 metres with the Borr Norve

jack-up rig. Evaluation of logging and pressure data confirmed that

approximately 34 metres of net oil pay in an overall column of 45 metres has

been encountered in the prolific Gamba reservoir formation. This is the largest

hydrocarbon column discovered to date at Dussafu

· On 22 April the Company announced that an appraisal side-track well

encountered approximately 11 metres of net oil pay in a gross column of

approximately 35 metres in the Gamba reservoir formation. Based on preliminary

analysis of data the operator estimates the Bourdon discovery to hold

approximately 56 million barrels of oil in place of which approximately 25

million barrels are considered recoverable

· The discovery is located approximately 13 kilometres west of the BW Adolo

FPSO and 9 kilometres southeast of the MaBoMo production facility

Exploration Portfolio

· EG-23 (Equatorial Guinea, Panoro 80.0 percent, operator): Initiated seismic

reprocessing and subsurface studies

· EG-01 (Equatorial Guinea, Panoro 56.0 percent, operator): Finalising

prospect inventory for possible drilling phase

· Niosi / Guduma Blocks (Gabon, Panoro 25.0 percent): Planning underway for

seismic data acquisition

· ER 376 (South Africa, Panoro 100 percent): awaiting approval of Exploration

Right application

Webinar Presentation

The company will hold a live webinar presentation at 09:00 a.m. CEST on

Wednesday 21 May 2025, during which management will discuss the results and

operations, followed by a Q&A session.

The webinar presentation can be accessed through registering at the link below

and the online event will be equipped with features to ask live questions.

Joining instructions for participating online or through using local dial-in

numbers will be available upon completion of registration. The webinar details

are as follows:

+-------------+---------------------------------------------------------------+

|Date and |21 May 2025, 09:00 .a.m. CEST |

|Time: | |

+-------------+---------------------------------------------------------------+

|Registration:|https://attendee.gotowebinar.com/register/8730290996200191583 |

| | |

| |After registering, participants will receive a confirmation |

| |email containing information about joining the webinar. |

| | |

| |Participants can use their telephone or computer microphone and|

| |speakers (VoIP). |

+-------------+---------------------------------------------------------------+

Please join the event at least ten minutes before the scheduled start time.

A replay of the webinar will be available shortly after the event is finished

and will remain on our website (www.panoroenergy.com) for approximately 7 days.

Enquiries

Qazi Qadeer, Chief Financial Officer

Tel: +44203 405 1060

Email:investors@panoroenergy.com

About Panoro Energy

Panoro Energy ASA is an independent exploration and production company based in

London and listed on the main board of the Oslo Stock Exchange with the ticker

PEN. Panoro holds production, exploration and development assets in Africa,

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

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

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

Exploration Right 376 in South Africa.

Visit us at www.panoroenergy.com.

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