Panoro Energy ASA

Investor Presentation • May 21, 2025

SUSTAINABLE FOUNDATIONS, A RESILIENT FUTURE

Panoro Energy Q1 2025 TRADING AND FINANCIAL UPDATE 21 MAY 2025

DISCLAIMER

This presentation does not constitute an offer to buy or sell shares or other financial instruments of Panoro Energy ASA ("Company"). This presentation contains certain statements that are, or may be deemed to be, "forward-looking statements", which include all statements other than statements of historical fact. Forwardlooking statements involve making certain assumptions based on the Company's experience and perception of historical trends, current conditions, expected future developments and other factors that we believe are appropriate under the circumstances. Although we believe that the expectations reflected in these forward-looking statements are reasonable, actual events or results may differ materially from those projected or implied in such forward-looking statements due to known or unknown risks, uncertainties and other factors.

These risks and uncertainties include, among others, uncertainties in the exploration for and development and production of oil and gas, uncertainties inherent in estimating oil and gas reserves and projecting future rates of production, uncertainties as to the amount and timing of future capital expenditures, unpredictable changes in general economic conditions, volatility of oil and gas prices, competitive risks, counterparty risks including partner funding, regulatory changes and other risks and uncertainties discussed in the Company's periodic reports.

Forward-looking statements are often identified by the words "believe", "budget", "potential", "expect", "anticipate", "intend", "plan" and other similar terms and phrases. We caution you not to place undue reliance on these forwardlooking statements, which speak only as of the date of this presentation, and we undertake no obligation to update or revise any of this information.

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HIGHLIGHTS

Operational and financial performance in line with guidance, material increase in reserves

OPERATIONAL HIGHLIGHTS			SHAREHOLDER RETURNS
Q1 Working Interest Production 12,000 bopd	Q1 2025 Crude oil liftings 189,443 barrels	WI 2P Reserves at 31/12/24 42.3 MMbbls	Q1 2025 CASH DISTRIBUTION DECLARED OF
Stable quarter-on-quarter	Realised price USD 70 /bbl	+22% year-on-year increase	NOK 80 million (to be paid in June as a return of paid in capital)
FINANCIAL HIGHLIGHTS
Q1 2025 Reported revenue USD 19.0 million	Q1 2025 EBITDA USD 15.3 million	Q1 2025 Capital Expenditure USD 6.8 million	CUMULATIVE CASH DISTRIBUTIONS TO DATE NOK 500 million (including declared Q1 2025 cash distribution)
Q4 2024: USD 106.3 million	Q4 2024: USD 50.8 million	Q4 2024: USD 28.3 million
BALANCE SHEET			PURCHASES UNDER SHARE BUYBACK PROGRAMME
Cash at bank at 31/03/25 USD 51.8 million*	Gross debt at 31/03/25 USD 150.1 million*	Oil revenue advances at 31/03/2024 USD 16.0 million	NOK 99.7 million (2.993 % of Panoro's share capital purchased under buyback programme and pending cancellation subject to approvals at AGM)
31/12/24: USD 72.9 million	31/12/24: USD 145.9 million*	31/12/23: nil

* Cash balance includes oil revenue advances. Gross debt reported on the balance sheet includes adjustment for accrued interest and un-amortised borrowing costs

PRODUCTION UPDATE

Production targets have been achieved at both asset and group levels

FY 2025 guidance 11,000 bopd to 13,000 bopd

• 2025 W.I production guidance factors in operator forecasts, planned routine maintenance and buffer for unplanned outages
• Dussafu gross production reached >40,000 bopd ahead of time in Q4 2024
• 2025 expected unit cost of production:
  • USD 21 /bbl production opex
  • USD 3 /bbl non-recurring project costs

R/P RATIOS (BASED ON 2025 GUIDANCE MID-POINT)

Guidance

~10 years R/P ratio (2P reserves)

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ASR CONFIRMED >300% RESERVE REPLACEMENT IN 2024

Reported reserves at end 2024 do not include the Bourdon discovery made offshore Gabon in Q1 2025

NOK 500 MILLION TARGET DISTRIBUTION IN 2025

Shareholder returns policy aligned with bond issue and based on a calendar year distribution cycle

2026 ONWARDS

• Permitted distribution up to 50% of FCF to equity for calendar year 2026 onwards during bond tenor

• No limitation if net cash pro forma post distribution

Slide 7 Panoro Energy ASA | Q1 2025 Trading and Financial Update

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2025 KEY FACTORS

• Based on realised oil price of USD 70 / bbl and current FX rates (the Board may consider revisions should oil prices be lower)
• No material unplanned interruption to production operations at key assets
• Standard bond maintenance covenants, incurrence tests and minimum liquidity requirements

DEBT PROFILE AND CAPEX

Conservative leverage profile and focus on investments in producing assets

USD 150 MILLION SENIOR SECURED BOND ISSUE

• 5-year USD 150 million 10.25% bond
• USD 300 million framework
• Repaid RBL facility of USD 82.5 million in Q4 2024 with remainder available for general corporate purposes
• Provides flexibility within capital structure, broadening and diversifying access to capital
• Additional liquidity to support growth

CAPITAL EXPENDITURE GUIDANCE – SIGNIFICANTLY LOWER SPEND IN 2025

• 2025 capex guidance increased from USD 35 million to USD 40 million following successful Bourdon discovery and subsequent appraisal
• New resources discovered expected to underpin additional development cluster on Dussafu block

* Cumulative external debt on the Balance Sheet as of 31 March 2025 was USD 150.1 million which includes the effect of accrued interest and un-amortised borrowing cost which is to be expensed over the life of the loan instrument

Issued Q4 2024

USD 150* million

CRUDE LIFTINGS AND SALES

~1.1 million barrels lifted year-to-date with next major lifting expected in July

• Positive crude oil inventory was 832,302 barrels at 31/03/25
• Panoro's entitlement volume from production in Q1 2025 was 942,528 barrels
• Q1 2025 average realised oil price was USD 69.92/bbl

* Current forecast lifting schedule anticipated by management over remainder of 2025 remains subject to possible changes due to commercial and operational factors

GABON OPERATIONS UPDATE

Gross production of 39,089 bopd in Q1 2025 is the highest quarterly average rate since inception

Ownership DUSSAFU MARIN (PANORO 17.5%)

• All Hibiscus area and Tortue production wells online with high levels of operational uptime
• Bourdon prospect test well (DBM-1) made a significant new oil discovery in March 2025
  • 34 metres net oil pay is largest column discovered to date on the block
  • Successful side-track drilled in April encountered 11 metres net oil pay
  • 56 MMbblsin place / 25 MMbblsrecoverable (gross operator estimate)
• Borr Norve jack-up drilling rig released after the Bourdon well with no further drilling planned in 2025

ORGANIC GROWTH HEADROOM IN GABON

Increased exposure to a large contiguous acreage position in a prolific oil fairway

• Award of the Niosi and Guduma blocks finalized in October 2024
• Combined surface area of 4,918 km² and adjacent to Dussafu Marin and Etame Marin
• Gamba and Dentale prospectivity (the same productive reservoirs at Dussafu and Etame)
• Partners are BW Energy 37.5% (operator ) and Vaalco Energy 37.5%
• Planning underway for seismic data acquisition

EQUATORIAL GUINEA OPERATIONS UPDATE

Core oil production hub at Block G with high impact exploration and appraisal blocks EG-23 and EG-01

Ownership BLOCK G (PANORO 14.25%)

• Gross production in Q1 2025 averaged 25,689 bopd
• Multiple asset optimisation projects being progressed
• The Joint Venture is evaluating the potential for future infill drilling campaigns in the Okume Complex and Ceiba field

• EG-23 PSC formally ratified: Initiated seismic reprocessing and subsurface studies
  • 7 existing discoveries (4 oil / 2 gas / 1 gas condensate) some of which were tested
  • Gross discovered resource estimated at 104 MMbbls liquids and 215 bcf gas based on current data (140 MMboe)
• EG-01: Finalising prospect inventory. Option to enter a further two-year period and undertake to drill one well

TUNISIA OPERATIONS UPDATE

TPS assets contain one of Tunisia's largest oil producing concessions

Ownership TPS ASSETS (PANORO 49%)

• Panoro is joint operator alongside ETAP
• Activity impacted by delays to field extension processes. Panoro has line of sight to concluding extensions where required and sees potential to restore production to historic levels
• Recent workovers and well interventions having positive impact on production
  • current gross rate approximately 3,500 bopd
• Continued good HSE performance
• In January the El Ain-3 well was brought back on-line at ~200 bopd following a workover. The well had been shut-in since March 2024
• Detailed planning for development drilling campaign on the Rhemoura field

EXCITING PIPELINE OF ORGANIC GROWTH OPPORTUNITIES

Slide 14 Panoro Energy ASA | Q1 2025 Trading and Financial Update

KEY MESSAGES

Panoro's outlook is one of higher production, lower capex, strong FCF generation, exciting organic growth catalysts and material shareholder returns

TRANSLATE STRONG FUNDAMENTALS INTO MATERIAL AND SUSTAINABLE SHAREHOLDER RETURNS

MATERIAL RESERVES AND PRODUCTION

• Long life assets (100% oil)
• Diversified across three countries and multiple fields
• Future incremental development to maximise recovery

ILX CATALYSTS & PORTFOLIO EXPANSION

• Bourdon ILX well (new oil discovery)
• New blocks added in Gabon and Equatorial Guinea • Diversified access to capital in support of growth

CASH DISTRIBUTIONS & SHARE BUYBACKS*

• Quarterly core cash distribution established • Share buybacks and/or special cash distributions

* Subject to criteria set out in Panoro's Shareholder Returns policy

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Contact details

78 Brook Street London W1K 5EF United Kingdom Tel: +44 (0) 203 405 1060 Fax: +44 (0) 203 004 1130

Visit us at: panoroenergy.com