Panoro Energy ASA

Related Party Transaction • Nov 13, 2024

Panoro Energy - Production Sharing Contract Signed for Block EG-23 Offshore Equatorial Guinea

Panoro Energy - Production Sharing Contract Signed for Block EG-23 Offshore Equatorial Guinea

Oslo, 13 November 2024 - Panoro Energy ASA ("Panoro" or the "Company") is

pleased to announce that it has finalised terms and signed a Production Sharing

Contract ("PSC") with the Government of Equatorial Guinea for offshore Block EG

-23. Panoro now holds an 80 per cent participating interest and operatorship of

Block EG-23. It is partnered by GEPetrol, which holds a 20 per cent

participating interest.

John Hamilton, CEO of Panoro, commented:

"We are delighted to further expand our presence in Equatorial Guinea. Block EG

-23 is our second operated asset in country and aligns well with our

infrastructure-led exploration and appraisal strategy, increasing our access to

a large inventory of oil, gas and condensate discoveries, prospects and leads

within tie back distance of existing production facilities. We look forward to

extending our partnership with GEPetrol to leverage our collective core

subsurface skill sets to unlock the substantial upside potential that exists on

the block."

Block EG-23 is located offshore Equatorial Guinea north of Bioko Island and

adjacent to the producing Alba gas and condensate field. Covering a surface area

of approximately 600 km2 in water depths ranging from 50 metres to 100 metres,

19 wells have been drilled on Block EG-23 to date resulting in seven hydrocarbon

discoveries (four oil, two gas and one gas/condensate), some of which have been

tested. The block was previously held by Marathon. Panoro's technical evaluation

indicates a range of plays exist on the block and has identified a number of

prospects and leads in addition to the existing discoveries which, based on

existing data, are estimated by the Ministry of Mines and Hydrocarbons to hold

contingent resources of approximately 104 million barrels of oil and condensate

and 215 billion cubic feet of gas.

Panoro and GEPetrol have been awarded block EG-23 for an initial period of three

years during which they will conduct subsurface studies based on existing

seismic data to further define and evaluate the prospectivity of the block.

Following this, the partners will have the option to enter into a further two

-year period, during which they will undertake to drill an exploration well.

Map of Block EG-23

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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 and Block EG-01 offshore Equatorial Guinea,

the Dussafu Marin, Niosi Marin and Guduma Marin blocksoffshore southern Gabon,

the TPS operated assets, Sfax Offshore Exploration Permit and Ras El Besh

Concession, offshore Tunisia, and onshore Exploration Right 376 in South

Africa..

Visit us at www.panoroenergy.com.

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