Panoro Energy ASA

Investor Presentation • Feb 25, 2025

SUSTAINABLE FOUNDATIONS, A RESILIENT FUTURE

Panoro Energy Q4 2024 RESULTS 25 FEBRUARY 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.

WEBINAR HOUSEKEEPING – TIME FOR QUESTIONS

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

Raising your hands for un-muting!

Hand Raising Button

HIGHLIGHTS

2024 was a year of record financial performance

Q4 2024 HIGHLIGHTS
Q4 2024 Working Interest Production 12,053 bopd	Q4 2024 Reported Revenue USD 106.3 million	Q4 2024 EBITDA USD 50.8 million	Q4 2024 Net Profit USD 32.5 million
Q3 2024: 9,401 bopd	Q3 2024: USD 36.0 million	Q3 2024: USD 23.7 million	Q3 2024: USD 0.3 million

FY 2024 HIGHLIGHTS
FY 2024 Working Interest Production 9,950 bopd	FY 2024 Reported Revenue USD 285.1 million	FY 2024 EBITDA USD 152.2 million	FY 2024 Net Profit USD 56.9 million
FY 2023: 8,471 bopd	FY 2023: USD 227.5 million	FY 2023: USD 135.1 million	FY 2023: USD 33.4 million

BALANCE SHEET	SHAREHOLDER DISTRIBUTIONS
Cash at bank at 31/12/24 USD 72.9 million	Gross debt at 31/12/24* USD 145.9 million	Net debt at 31/12/2024* USD 73.0 million	Cash distributions + buybacks calendar year '24 NOK 246 million
31/12/23: USD 27.8 million	31/12/23: USD 69.5 million	31/12/23: USD 41.7 million	Calendar year '23: NOK 140 million

* Gross debt / net debt reported on the balance sheet includes adjustment for un-amortised borrowing costs Note: results unaudited and subject to final reconciliation

PRODUCTION TARGET OF >13,000 BOPD ACHIEVED

Production targets have been achieved at both asset and group levels

• 2025 W.I production guidance set at 11,000 bopd to 13,000 bopd
  • Factors in operator forecasts, planned routine maintenance and buffer for unplanned outages
• Group production target of >13,000 bopd reached ahead of time in November
  • Dussafu gross production reached >40,000 bopd
  • Two infill wells onstream at Block G
• 2025 expected unit cost of production:

Guidance

• USD 21 /bbl production opex
• USD 3 /bbl non-recurring project costs

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

13,000

NOK 500 MILLION TARGET DISTRIBUTION IN 2025

Aligning shareholder returns policy with bond issue and adopting a calendar year distribution cycle going forward

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

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

NOK million

0

50

100

150

200

250

300

350

400

450

500

2024 SHAREHOLDER RETURNS

Reconciliation of expected outcome to Panoro's stated 2024 Shareholder Returns Policy

2024 KEY FACTORS

• Target distribution under 2024 policy was set at between NOK 400 million to NOK 500 million based on average realised oil price of USD 85/bbl
  • ‐ Average actual realised oil price in 2024 was USD 76.57/bbl (revenue delta of negative ~USD 30 million / ~NOK 335 million)

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 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

• FY 2024 capex reflects high levels of development drilling activity in Gabon and Equatorial Guinea
• 2025 capex as previously communicated and significantly lower than prior years

* Cumulative external debt on the Balance Sheet as of 31 December 2024 was USD 145.9 million which includes the effect of 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

2024 crude oil liftings were 35% higher year-on-year

• Positive crude oil inventory was 80,639 barrels at 31/12/24
• Panoro's entitlement volume from production in FY2024 was 3,168,875 barrels

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

RECONCILIATION OF FULL YEAR 2024 CASH FLOW

Robust financial position maintained

USD MM

0

50

100

150

200

250

300

350

GABON OPERATIONS UPDATE

Gross production has reached >40,000 bopd with high operational uptime

Ownership DUSSAFU MARIN (PANORO 17.5%)

• All eight new production wells in the expanded Hibiscus / Ruche campaign are now drilled and have conventional ESP systems installed
• Tortue field continues to produce steadily from six preexisting wells
• Gross production reached 40,000 bopd in November and has consistently remained around this level since
• Scope exists for FPSO nameplate capacity to be exceeded by approximately 10%
• Bourdon prospect test well (DBM-1) is the last operation in the current campaign (result expected in Q1)
• Borr Norve jack-up drilling rig will be released after the Bourdon well with no further drilling planned in 2025

EQUATORIAL GUINEA OPERATIONS UPDATE

Two new Block G infill wells adding additional volume

• The C-45 and OF-19 infill wells were drilled with the Noble Venturer drill ship
• Encountered good quality oil saturated reservoir sands in un-swept zones of the Ceiba field and Okume Complex respectively
• Both wells were put onstream in November
• The Joint Venture is evaluating the potential for future infill drilling campaigns in the Okume Complex and Ceiba field

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 has been impacted by delays to regulatory processes but Panoro continues to see opportunities to ultimately restore production to historic levels
• 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 and Guebiba fields
• Field extension processes underway

NEW BLOCKS ADDED IN GABON AND EQUATORIAL GUINEA

Adding discovered resources and material prospectivity in close proximity to existing infrastructure

ALBA FIELD • >1.2 bn boe produced to date • Operated by Marathon • Largest producing field in country • Peak production >210 kboepd ZAFIRO FIELD • >1 bn bbls oil recovered to date • Developed by ExxonMobil • Peak production >250 kbopd

• 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

• Combined surface area of 4,918 km² and adjacent to Dussafu Marin and Etame Marin
• Gamba and Dentale prospectivity (productive reservoirs at Dussafu and Etame)
• Partners are Panoro 225%, BW Energy 37.5% (operator ) and VAALCO Energy 37.5%

Niosi Marin

• Initial period of five years with 3D seismic data and one well

Guduma Marin

• Initial period of three years with geological and geophysical studies

COMMENTS

• Expect 2024 reserve replacement of >100% from new discoveries made offshore Gabon
• Substantial organic headroom in the portfolio
  • ‐ Discovered reserves and resources
  • ‐ ILX resource opportunities

35 4 39 29 112 30 2P at 31/12/2023 2024 discoveries Pro forma 2P at 31/12/2023 2C at 31/12/2023 Block EG-23 (discovered 2C) Dussafu ILX Other blocks DEVELOPED RESERVES IN PRODUCTION MMBBLS DISCOVERED RESOURCES MMBOE RESOURCE OPPORTUNITIES MMBOE 2C to 2P conversion Scope for material reserve replacement through FID of incremental projects at producing assets In close proximity to existing infrastructure Multiple prospects in Dussafu EEA Expect 2024 reserve Replacement >100% Large inventory of resource opportunities for technical maturation Niosi PSC (Gabon) Guduma PSC (Gabon) Block EG-01 (Equatorial Guinea) Block EG-23 (Equatorial Guinea) ER 376 (South Africa)

0

20

40

60

80

100

120

140

160

180

KEY MESSAGES

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

INTO MATERIAL AND SUSTAINABLE SHAREHOLDER RETURNS

VISIBLE PRODUCTION GROWTH

• 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 (Q1 2025)
• 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
• Ongoing share buybacks

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

0

2,000

4,000

6,000

8,000

10,000

12,000

WEBINAR HOUSEKEEPING – TIME FOR QUESTIONS

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

Raising your hands for un-muting!

Hand Raising Button

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