Panoro Energy ASA

Investor Presentation • Nov 23, 2020

Third Quarter / YTD 2020 Results

23 November 2020 www.panoroenergy.com

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. Forward -looking 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 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.

Webcast Housekeeping – Time for Questions

Third Quarter 2020

Your Participation

• Please raise your hand to be unmuted for verbal questions.
• Please continue to submit your text questions and comments using the Questions panel

Note: Today's presentation is being recorded and will be provided within 48 hours.

Key Takeaways

PRODUCTION GROWTH

• Production Growth in core assets
• Recently hit 5,000 bopd gross target in Tunisia, more potential
• Gabon production growth each year 2021-2024

ORGANIC GROWTH

MATERIAL EXPLORATION UPSIDE

• Hibiscus discovery could be 3x current booked reserves
• Ambition to drill 2 wells per year in Gabon for 5 years
• Tunisia and South Africa offer further upside potential

CONTINUED SUCCESS

CORPORATE ACTIVITY AND GOVERNANCE

• Dividend PetroNor shares to Panoro shareholders
• Continue strategy to grow a stable and sustainable business
• Focus on HSE

CORPORATE FOCUS

2020 YTD and 3Q Highlights: Stable and Positioned for Growth

• 5,000 bopd gross production target in Tunisia met (maintained Q4 to date)
• First new well drilled successfully with 2 production zones, including the exciting Douleb
• Further workovers in next 3 months
• Hibiscus (Gabon) discovery could be 3x larger
• Material cost savings identified for next development phase in Gabon

FINANCIAL

• Gross revenue \$16.1 million 2020 YTD
• 5 liftings YTD, with 3 more in Q4 (35-40% of annual revenue in Q4)
• Positive YTD EBITDA and Operational Cash Flow (inc hedges) despite low prices
• Opex per barrel \$17 per barrel YTD
• Hedging continues to deliver intended oil price protection
• RBL for next phases Dussafu under negotiation

Hedging: \$3.9 million in YTD realized gains

Gabon Update May (Panoro 7.5% working interest)

KEY Q3 INFO

• Gross production of 15,500 bopd during quarter (net 1,200)
• Four wells in production
• Gross 2020 production~14,250 bopd
• Opex per bbl of \$19/bbl for 2020

Phased Development Approach…

… Targeting existing discovered reserves, driving costs down and profit margins up

Third Quarter 2020 Slide 8 1. Operator estimates Excludes royalties 2023 estimate based on production being at vessel nameplate capacity of 40,000 bopd

Hibiscus is Growing and May Double Total Dussafu 2P Reserves

• The Hibiscus discovery from August 2019 has significantly increased the reserve and resource base for the Dussafu area
• At present Hibiscus has 43.7 MMbbl certified 2P reserves by NSAI, 4x larger than pre-drill estimate
• Further, recent seismic reprocessing suggests an increase in the Greater Hibiscus oil-in-place volumes by potentially ~3x, which could give 155 MMbbl recoverable reserves…
• … in which case Dussafu 2P reserves would double to 222 MMbbl

Third Quarter 2020

• Planned appraisal well in 2021 to confirm new interpretation

HIBISCUS STRUCTURE MAPS OLD AND NEW

Further Upside Potential through Large, De-risked Prospect Inventory

• Ambition to drill two exploration wells each year for the next 5 years
• +13 prospects and leads identified based on seismic and readthrough from existing six discoveries
• +280 MMboe combined unrisked gross prospective resources¹
• 36-90% chance of success (geological) of prospects²
• 100% historic drilling success rate with four discoveries [in Gamba/Dentale play] over 2011-2020
• Evaluation of reprocessed seismic underway will be used to further validate existing portfolio and identify new prospects

Tunisia Update May (Panoro 29.4% working interest in production)

KEY Q3 INFO

• 5,000 bopd gross production target achieved October
• Further workovers planned
• Guebiba 10AST first well drilled for 6 years, with oil in two reservoirs
• Gross production of 3,261 bopd in Q3 (net 950)
• Q4 production to date ~5,000 bopd
• Opex per barrel <\$15/bbl

TPS Production: 5,000 bopd Achieved

Key Events Driving TPS Production Over the Past Year

Tunisia Looking Forward: The Next Challenges

Enhancing Production Levels

• Workover programme continues
• Remaining approved work programme through Q1 2021
• Further stimulation and optimisation initiatives identified

Growing the Reserve and Resource Base

• Remapping and modelling work in progress to define next phase of development
  • → Guebiba Douleb reservoir optimisation provides the most significant potential with wells capable of producing at 1,000++ bopd
  • → Cercina field further development and life extension
  • → Rhemoura field further development
• Salloum West exploration well planned for 2021, tied back to TPS in success case

produced 6-8,000 bopd)

Further Corporate Updates

• The application process to the Ministry is submitted
• Approval expected Q4 2020
• Completion subject to this consent and the Azinamfarm in completion
• Operator evaluating rig and cost saving options in light of pandemic
• Subsurface work continues

FOR OML 113 (Aje)

• Production has continued, with some limited shut in periods
• Cost savings being implemented by operator
• Conditional transaction with PetroNorsubject to Ministerial consent
• Regulatory processes underway

Environmental, Social, and Governance

Robust HSSE procedures delivered recent campaign in Tunisia without incident

ENVIRONMENT

• Panoro is committed to reducing its greenhouse gas (GHG) emissions through the efficient operation of our existing equipment and infrastructure
• The Company is working towards enhancing its emissions management and data capture over its entire portfolio
• Solar project at TPS asset in Tunisia initiated

• We are committed to working with our employees, partners and other stakeholders to achieve the highest industry safety standards and to reduce operating risks
• Panoro is an equal opportunity employer and has enshrined this within its human resources policies.

GOVERNANCE

• We are dedicated to ensuring that the company's presence has a positive impact on every stakeholder
• 2020 will be our baseline year for all HSSE data and with additional reporting we can effectively manage and improve our performance over each aspect of ESG

Strong Organic Growth Outlook

PRODUCTION

• Dussafu Hook up DTM-6H
• Drill DTM-7H
• Hibiscus/Ruche Phase 1
• Tunisia more work over wells
• Additional activities underway, including wells at El Ain and other initiatives

EXPLORATION

• Dussafu Hibiscus exploration
• Block 2B South Africa
• Salloum West 1

Webcast Housekeeping – Time for Questions

Raising your hands for un-muting!

Contact Details:

PANORO ENERGY

78 Brook Street London W1K 5EF United Kingdom

Tel: +44 (0) 203 405 1060 Fax: +44 (0) 203 004 1130 info@panoroenergy.com