Panoro Energy ASA

Investor Presentation • Aug 21, 2025

SUSTAINABLE FOUNDATIONS, A RESILIENT FUTURE

Panoro Energy H1 2025 RESULTS 21 AUGUST 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 forwardlooking 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 forward-looking 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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RESULTS HIGHLIGHTS

Financial results in line with expectations, quarterly core cash distribution of NOK 80 million declared, share buybacks ongoing

H1 2025 HIGHLIGHTS
H1 2025 Reported Revenue USD 86.0 million H2 weighted lifting schedule	H1 2025 EBITDA USD 50.7 million H1 2024: USD 77.8 million	H1 2025 Capital Expenditure USD 26.2 million H1 2024: USD 47.8 million	SHAREHOLDER RETURNS Q2 2025 CASH DISTRIBUTION DECLARED OF NOK 80 million (to be paid on or around 8 September as a
Q2 2025 HIGHLIGHTS			return of paid in capital)
Q2 2025 Reported Revenue USD 67.0 million Q1 2025: USD 19.0 million	Q2 2025 EBITDA USD 35.4 million Q1 2025: USD 15.3 million	Q2 2025 Capital Expenditure USD 15.2 million Q1 2025: USD 10.9 million	CUMULATIVE CASH DISTRIBUTIONS TO DATE NOK 580 million (including declared Q2 2025 cash distribution)
BALANCE SHEET			CUMULATIVE PURCHASES TO DATE UNDER SHARE BUYBACK PROGRAMMES
Cash at bank at 30/06/25 USD 55.4 million* 31/03/25: USD 51.8 million	Gross debt at 30/06/25 USD 146.7 million* November 2024 bond issue	Net debt / TTM EBITDA 0.92x At 30/06/2025	NOK 115.2 million (3,500,000 Panoro shares cancelled in May, representing 2.993 % of Panoro's share capital 334,380 Panoro shares held in treasury under current ongoing buyback programme)

* Cash balance includes oil revenue advances. Gross debt reported on the balance sheet includes accrued interest and un-amortised borrowing costs (including current portion)

PRODUCTION WITHIN GUIDANCE RANGE

Strong production and high uptime at Dussafu, positive impact from workovers in Tunisia, unplanned facilities related downtime in Equatorial Guinea

FY 2025 GUIDANCE 11,000 – 12,000 bopd W.I production USD 21 / bbl Production opex USD 3 / bbl Non recurring project costs USD 40 million H1 2025 11,526 bopd Q2 2025 11,064 bopd

Capex

Average group working interest production:

Slide 5 Panoro Energy ASA | H1 2025 Results

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SHAREHOLDER RETURNS IN LINE WITH 2025 POLICY

2025 KEY FACTORS

• USD 45 million (~NOK 500 million*) maximum permitted returns for calendar year 2025
• Based on realised oil price of USD 70 / bbl (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

* Based on prevailing FX rates at time of bond issue

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CRUDE LIFTINGS AND REALISED OIL PRICES

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Majority of 2025 liftings to occur in the second half of the year

* Current forecast lifting schedule anticipated by management over remainder of 2025 remains subject to possible Panoro Energy ASA | H1 2025 Results changes due to commercial and operational factors

DEBT PROFILE AND CAPEX

Conservative leverage profile and significantly lower capital expenditure in 2025

31/12/2024 from ops advances costs distributions buybacks 30/06/2025

SENIOR SECURED BOND AMORTISATION SCHEDULE

CAPITAL EXPENDITURE GUIDANCE – FOCUSED ON ORGANIC GROWTH PROJECTS

• 2025 capex H1 weighted and primarily associated with drilling of the successful Bourdon oil discovery
• FY 2025 guidance unchanged at USD 40 million and also includes:
  • long lead items for future drilling programmes,
  • ongoing asset optimisation projects and
  • technical maturation of Panoro's expanded E&A portfolio

Full Year 2024 Full Year 2025 guidance H1 2025

USD 40 million

60% reduction in capex year-on-year

* Cumulative external debt on the Balance Sheet as of 31 March 2025 was USD 146.7 million which includes accrued interest and un-amortised borrowing cost which is to be expensed over the life of the loan instrument. Includes oil revenue advances.

USD 103 million

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DUSSAFU OPERATIONS UPDATE

All Hibiscus Area and Tortue production wells onstream with high levels of operational uptime

DUSSAFU MARIN (Panoro 17.5%)

• Continued strong production performance
• Bourdon prospect test well (DBM-1) made a significant new oil discovery
  • 56 MMbbls in place / 25 MMbbls recoverable (gross operator estimate)
  • Additional drilling targets identified around Bourdon which may add further upside
• Four new development wells at Hibiscus / Hibiscus South being matured towards FID (MaBoMo Phase 2)
  • First oil targeted H2 2026
• Four available well slots on BW MaBoMo

POTENTIAL TO REPEAT THE DUSSAFU SUCCESS STORY

Niosi and Guduma Blocks materially increase Panoro's exposure to a large contiguous acreage position in a prolific and well understood oil fairway

Ownership NIOSI & GUDUMA (Panoro 25%)

• Award of the Niosi and Guduma blocks finalised 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)
• Panoro has a 90% E&A drilling success rate in these reservoirs since discovering the Ruche and Tortue fields at Dussafu
• 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 surrounding ILX opportunities

Ownership BLOCK G (Panoro 14.25%)

• Production impacted by unplanned facilities related downtime at the Ceiba field
• Remedial work programme expected to restore production in Q4 and output to rise thereafter
• 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

Ownership EG-01 (Panoro 56%, op)

• Finalising prospect inventory
• Option to enter a further two-year period and undertake to drill one well

MULTI BILLION BOE DISCOVERIES SURROUND BLOCK EG-23

Extension of Niger Delta geology into Equatorial Guinea offshore

BLOCK EG-23 (Panoro 80%)

• EG-23 PSC formally ratified: Initiated seismic reprocessing and subsurface studies
• Surface area 600 km²water depths 50 metres to 100 metres
• 7 discoveries (4 oil / 2 gas / 1 gas condensate) some of which were tested
• Gross discovered resources estimated at 104 MMbbls liquids and 215 bcf gas based on current data (140 MMboe)
  • Panoro 80% operated interest and partnered with GEPetrol (20%)
  • Initial 3-year period comprising subsurface studies based on existing data

TUNISIA OPERATIONS UPDATE

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

• Panoro is joint operator alongside ETAP
• H1 gross production was 3,148 bopd
• Recent workovers and well interventions having positive impact on production
• 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 | H1 2025 Results

KEY MESSAGES

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

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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