Panoro Energy - Award of Block EG-01 Offshore Equatorial Guinea

20 Feb 2023 07:30 CET

Oslo, 20 February 2023 - Panoro Energy ASA ("Panoro" or the "Company") is
pleased to announce that it has been awarded a 56 percent participating interest
and operatorship of Block EG-01 located offshore Equatorial Guinea (pending
ratification). Partners in the block will be Kosmos Energy (24 percent pending
signature) and GEPetrol (20 percent). Block EG-01 borders both Block G where
Panoro has a 14.25 percent non-operated interest (and which contains the
producing Ceiba Field and Okume Complex) and Block S where Panoro has agreed to
farm-in to a 12 percent non-operated interest.

John Hamilton, CEO of Panoro, commented:

"The award of Block EG-01 is a natural and complementary expansion of our
portfolio in Equatorial Guinea and in line with our infrastructure led
exploration strategy, increasing our access to a large inventory of oil
prospects and leads within tie back distance of existing production facilities
for a modest financial exposure. Panoro is pleased to become an operator in
Equatorial Guinea and will seek to leverage its core subsurface skill set and we
look forward to working closely with our partners and stakeholders. We are
grateful to the Ministry of Mines and Hydrocarbons for the award of Block EG-01
and this endorsement of Panoro's strategy to continue growing its business in
Equatorial Guinea."

Block EG-01 is located in water depths ranging from 30 metres to 500 metres,
mainly shallow, and is covered by high quality 3D seismic. The partners have
been awarded block EG-01 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 one exploration well.

Past exploration activities on Block EG-01 have tested and proven the key
geological elements for successful exploration. These findings have led to the
identification of an extensive prospect inventory within tie-back distance to
the Ceiba Field and Okume Complex facilities. Since 2003, three exploration
wells have been drilled on the block, with two encountering thin oil and gas pay
and one encountering oil shows. The main hydrocarbon plays are Eocene sands and
Upper Cretaceous turbidites analogous to the Block G plays where over one
billion barrels STOIIP has been discovered. Moreover, there is potential for
deeper Albian targets, similar to the Block S prospect, which is scheduled for
drilling in 2024.

Map showing Block EG-01

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 interests 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 interests in an
exploration Block 2B, and Technical Co-operation Permit 218 in South Africa.

Visit us at www.panoroenergy.com.

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

More information:
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582924_Panoro_Energy_Award_of_Block_EG_01_Offshore_Equatorial_Guinea.pdf