Panoro Energy ASA

Business and Financial Review • Nov 6, 2025

Panoro Energy - Trading Statement and Operations Update

Panoro Energy - Trading Statement and Operations Update

Oslo, 6 November 2025 - Panoro Energy ASA ("Panoro" or the "Company") is pleased

to provide an operations update in advance of its third quarter 2025 results

which are scheduled for release on 20 November 2025. Information contained

within this release is unaudited and may be subject to further review and

amendment.

Julien Balkany, Executive Chairman of Panoro, commented:

"Our flagship Dussafu block offshore Gabon continues to perform strongly. With

preparations underway for the four-well MaBoMo Phase 2 development drilling

campaign in 2026, and the Bourdon discovery being matured towards FID, the

bright outlook at Dussafu in coming years is one of active development and

extended production plateau. Group production in Q3 was influenced by planned

annual maintenance activities at Dussafu and also reflects stable output in

Tunisia partially offsetting the unplanned downtime in Equatorial Guinea, where

deferred volumes are in the process of being restored at Block G.

On the exploration side we are accelerating workstreams and seeing some positive

activities across our portfolio. On the Niosi and Guduma blocks offshore Gabon

that have vastly increased our footprint in the vicinity of Dussafu, we are

about to start acquiring new 3D seismic. In Equatorial Guinea, our promising

block EG-23 offers significant discovered resources with an extensive inventory

of prospective upside that are under evaluation and could be tied back to nearby

existing infrastructure.

We remain committed to capital discipline and converting the strong fundamentals

and cash generative potential of Panoro's portfolio into sustainable shareholder

returns while maintaining our growth strategy intact."

Production and Operations Update

· Group working interest production in Q3 and for the first nine months of

2025 was:

Average W.I. production - bopd Q3 2025 9M 2025

Gabon 4,760 5,971

Equatorial Guinea 2,525 3,103

Tunisia 1,526 1,537

Total 8,811 10,611

· Full-year 2025 working interest production expected to be just below 11,000

bopd

Gabon

· Field delivery remains strong and steady at the Dussafu Marin Permit

offshore Gabon (Panoro 17.5 percent). Three weeks of planned annual maintenance

was completed on schedule during Q3, limiting production availability to 80

percent for the period

· Final Investment Decision ("FID") taken for MaBoMo Phase 2 drilling

programme (previously Hibiscus Ruche Phase 2), comprising four planned

development wells. First oil targeted in H2 2026

· Bourdon discovery being matured towards FID with an expected initial three

wells and a development cluster concept based on the MaBoMo blueprint

· 3D seismic acquisition is due to commence shortly across the Niosi, Guduma

and Dussafu licenses with completion anticipated during Q1 2026

Equatorial Guinea

· As previously communicated, production at Block G offshore Equatorial Guinea

(Panoro 14.25 percent) has been impacted by unplanned facilities related

downtime at the Ceiba field

· Progress towards recovery of deferred volumes is being made with partial

restoration of production at Ceiba achieved. The expectation is that production

will be normalised by Q1 2026

· At Block EG-23 offshore Equatorial Guinea (Panoro 80 percent, operator)

seismic reprocessing and subsurface studies are ongoing with particular focus on

existing discoveries (some of which have been tested) and surrounding

prospectivity in shallow water depths of ~60 metres

· Estrella discovery has been high-graded as a potential fast-track

development candidate within tie-back distance to existing infrastructure (early

concepts being evaluated)

· Estrella-1 well discovered 60 metres net hydrocarbon pay in 2001 and was

tested at 6,780 bopd (48 - 50° API) and 48.7 MMscfd

· Six further oil, gas and gas/condensate discoveries have been made on the

block

Tunisia

· Production has remained stable at the TPS Assets in Tunisia (Panoro 49

percent) where ongoing workovers and upcoming optimisation campaigns are

expected to positively impact production

Crude oil liftings

· Crude oil volumes lifted and sold in Q3 and for the first nine months of

2025 were in line with guidance:

Q3 2025 9M 2025

Volumes lifted 863,402 barrels 2,010,192 barrels

Average realised price after USD 69.47 / bbl USD 67.49 / bbl

adjustments and customary

fees

Proceeds from oil sales USD 60 million USD 135.7 million

Note: Proceeds from oil sales differs to total reported revenue which includes a

gross up for state profit oil in Gabon with a corresponding amount included as

deemed income tax for reporting purposes

· Realised price of USD 69.47/bbl in Q3 represents a premium of ~1 percent

over the actual average Brent oil price in the same period

· Panoro's next major crude oil lifting is set at approximately 950,000

barrels in Gabon scheduled in mid-November

Finance and shareholder returns

· Cash at bank at 30 September 2025 was USD 44 million which includes advances

taken against future oil liftings of USD 15 million

· Gross debt outstanding at 30 September 2025 comprised solely of USD 150

million senior secured notes

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

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

~500 million) inclusive of all amounts returned year-to-date

· As at market close on 5 November cumulative shareholder distributions made

by the Company year-to-date were NOK 320.8 million comprising cash distributions

of NOK 237.6 million and share buybacks of NOK 83.2 million. Cash distributions

are paid as a return of paid in capital

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)