Panoro Energy ASA

Earnings Release • Aug 21, 2025

Panoro Energy - 2025 Half Year Results

Panoro Energy - 2025 Half Year Results

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

to report financial and operational performance for the first half of 2025.

Group working interest production of 11,526 bopd in the first half represents a

26 per cent increase on the same period last year. Revenue for the first half

was USD 86 million and EBITDA USD 50.7 million. Panoro expects to realise the

majority of its 2025 crude oil liftings during the second half of the year.

Capital expenditures in 2025 are materially lower than last year, with the

majority of spend in the first half related to drilling activity on the Bourdon

prospect which has resulted in an estimated 25 million barrels gross oil

discovery and opportunity to establish a new development cluster on Panoro's

Dussafu block offshore Gabon.

Panoro has today declared a Q2 cash distribution of NOK 80 million and continues

to purchase its own shares under the renewed share buyback programme.

John Hamilton, CEO of Panoro, commented:

"I am pleased to report that our financial and operational results for the first

half are in line with previously communicated expectations. Our flagship Dussafu

Block in Gabon continues to perform strongly and we have seen improvements in

Tunisia partially offsetting the unplanned downtime in Equatorial Guinea. We

expect Panoro's revenue to step up materially in the second half as we sell the

majority of our 2025 crude oil entitlement.

Looking ahead, we have a pipeline of exciting organic growth opportunities. In

Gabon the Dussafu partnership is maturing the MaBoMo Phase 2 development

drilling programme towards final investment decision and incorporating the

Bourdon discovery into future plans. On the exploration side the Niosi and

Guduma blocks offshore Gabon have vastly increased our footprint in the same

play fairway that we have continued to successfully explore and develop at

Dussafu. In Equatorial Guinea Block EG-23 offers a significant discovered

resource base and attractive prospectivity in close proximity to existing

infrastructure.

The Board has today declared a Q2 cash distribution of NOK 80 million. We

initiated a new share buyback programme in June which will continue to enhance

our regular quarterly cash distributions in line with our previously

communicated shareholder returns policy."

Production Update

· Group working interest production averaged 11,526bopd in the first half (H1

2024: 9,168 bopd) and was 11,064 bopd in Q2

· Production in the period reflects:

· Continued strong production and high operational uptime at the Dussafu

Marin Permit offshore Gabon

· Recent workovers and well interventions at the TPS Assets in Tunisia

having positive impact on production

· Production at Block G offshore Equatorial Guinea continues to be impacted

by unplanned facilities related downtime at the Ceiba field (remedial works

expected to restore production in Q4)

· Full-year 2024 working interest production guidance range 11,000 to 12,000

bopd (from 11,000 to 13,000 bopd previously) after taking into account deferred

production in Equatorial Guinea

Financial Update

· Financial results for the first half reflect the Company's expected and

previously communicated 2025 crude oil lifting schedule with the majority of

crude oil sales occurring in the second half of the year

· Reported revenue in the first half was USD 86 million (H1 2024: USD 142.8

million) of which USD 75.7 million was generated from the sale of 1,146,790

barrels at an average realised price of USD 65.99 per barrel after customary

fees and discounts

· EBITDA for the first half was USD 50.7 million (H1 2024: USD 77.8 million)

· Profit before tax for the first half was USD 10.7 million (H1 2024: USD 42.2

million) and net loss USD 1.9 million (H1 2024: net profit USD 24.2 million)

· Capital expenditures in the first half were USD 26.2 million (H1 2024: USD

47.8 million) and primarily relate to the successful Bourdon discovery well and

side-tracks offshore Gabon

· Full-year 2025 capital expenditure guidance is unchanged at USD 40 million

with lighter capital expenditure expected in the second half of the year

· Management expects total liftings in 2025 to be approximately 3.7 million

barrels

· Positive crude oil inventory was 751,487 barrels at 30 June 2025

· Cash at bank at 30 June was USD55.4million

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

senior secured notes

Cash Distribution and Share Buyback Programme

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

policy, permitted returns for calendar year 2025 are set to a maximum amount of

USD 45 million (NOK ~500 million)

· Q2 cash distribution declared of NOK 80 million will bring cumulative 2025

cash distributions to NOK 240 million when paid on or around 8 September 2025.

Cash distributions are paid as a return of paid in capital

· As at market close on 20 August cumulative 2025 year-to-date share buybacks

were NOK 68.8 million

· On 30 May the Company cancelled 3,500,000 shares purchased under the

2024/2025 share buyback programme, corresponding to a 2.993 percent reduction of

Panoro's share capital at the time

· On 2 June the Company initiated the 2025/2026 share buyback programme that

allows for the repurchase of up to NOK 100 million of outstanding share capital

Operations Update

Gabon - Dussafu Marin Permit (Panoro 17.5 per cent)

· Net working interest production in H1 was 6,587 bopd

· Uptime of the BW Adolo FPSO was 95.9 per cent and BW MaBoMo production

platform 99.3 per cent

· The operator BW Energy took over BW Adolo FPSO operations in May which is

expected to benefit the joint venture through scope for anticipated cost savings

and synergies

· MaBoMo Phase 2 development drilling programme (previously Hibiscus Ruche

Phase 2) being matured towards final investment decision ("FID") with target of

first oil in H2 2026

· Significant new oil discovery with good reservoir and fluid quality

confirmed with the Bourdon exploration well and side-tracks during March and

April. 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 and will be developed following the BW MaBoMo blueprint

· Additional drilling targets have been identified in the vicinity of the

Bourdon discovery which may add further upside

Equatorial Guinea - Block G (Panoro 14.25 per cent)

· Net working interest production in H1 was 3,397 bopd

· Production has been impacted by facilities related downtime at the Ceiba

field. Remedial works are expected to restore production in Q4. The Okume field

continues to produce in line with expectations

· Numerous ongoing field life extension and asset integrity projects remain

ongoing

· The Joint Venture is evaluating the potential for future infill drilling

campaigns in the Okume Complex and Ceiba field

Tunisia - TPS Assets (Panoro: 49.0 per cent)

· Net working interest production in H1 was 1,542 bopd

· Recent well workovers and interventions have had a positive effect on

production

· New production opportunities include a workover campaign comprising ESP

replacement and well stimulations

· Detailed planning for development drilling campaign on the Rhemoura and

Guebiba fields

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 Thursday

21 August 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 August 2025, 09:00 .a.m. CEST |

|Time: | |

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

|Registration:|https://attendee.gotowebinar.com/register/7642054862583135578 |

| | |

| |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)