Panoro Energy - Development Drilling Commences on Schedule at Dussafu Marin

09 Jan 2023 07:30 CET

Oslo, 9 January 2023 - Panoro Energy ASA ("Panoro" or the "Company") provides
the following update on operations at the Dussafu Marin Permit offshore Gabon
(Panoro 17.5% working interest).

Production drilling at the Hibiscus Ruche Phase I development commenced in early
January with first oil expected during March 2023, in line with previously
communicated guidance. At the Tortue field installation of the new gas lift
compressor is underway onboard the FPSO BW Adolo and is also progressing
according to previously communicated plans.

John Hamilton, CEO of Panoro, commented:

"The Hibiscus Ruche Phase I development is an important component of Panoro's
organic production growth outlook. With the production facilities and flowlines
successfully installed, commencement of the Hibiscus Ruche Phase I production
drilling programme in early January together with the imminent commissioning of
the new gas lift compressor at the producing Tortue field keeps us on track to
achieve our targeted 2023 peak rate of 12,500 barrels oil per day during the
course of the year."

The Borr Norve jack-up drilling rig arrived on location in late December and
spud the first production well, DHIBM-3H, during the first week of January. The
well, targeting the regionally prolific Gamba sandstone reservoir on the
Hibiscus field, is the first in a multi-well drilling campaign at the Hibiscus
and Ruche fields which is expected to deliver on a gross basis approximately
30,000 barrels oil per day of new production when all wells are completed and
onstream. Installation of flexible pipelines and risers, completing the 20
kilometre connection between the BW MaBoMo production facility and the FPSO BW
Adolo, has also been completed.

At the producing Tortue field, the new gas lift compressor unit to support
production from the six existing Tortue wells was received onboard the BW Adolo
in December with installation work ongoing. Final commissioning and start-up of
the compressor is expected in the first quarter as guided.

Enquiries

Qazi Qadeer, Chief Financial Officer
Tel: +44 203 405 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 a producing interest in Block-G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa and
Technical Co-operation Permit 218 onshore South Africa.

Visit us at www.panoroenergy.com.

Follow us on LinkedIn (https://www.linkedin.com/company/panoro-energy)

More information:
Access the news on Oslo Bors NewsWeb site

579781_Panoro_Energy_Development_Drilling_Commences_on_Schedule_at_Dussafu_Marin.pdf