Panoro Energy - Dussafu Drilling Update

03 Apr 2023 07:30 CEST

Oslo, 3 April 2023 - Panoro Energy ASA ("Panoro" or the "Company") is pleased to
provide the following update on successful drilling operations at the Hibiscus
Ruche Phase I development at the Dussafu Marin Permit offshore Gabon (Panoro
17.5 percent working interest).

The DHIBM-3H production well has been successfully drilled, completed and handed
over to production operations without incident. The well encountered good
quality oil saturated reservoir sands in the regionally prolific Gamba formation
and will now be put onstream in the coming days.

The 20-kilometre pipeline connection between the BW MaBoMo production facility
installed at the Hibiscus field and the FPSO BW Adolo moored at the producing
Tortue field has been commissioned and all facilities and infrastructure are
ready to receive oil from the new Hibiscus Ruche wells as they are drilled and
completed. Commissioning and start-up of the new gas lift compressor to support
production from all six existing wells at the producing Tortue field will follow
first oil activities on the FPSO BW Adolo.

The well was drilled with the Borr Norve jack-up drilling rig in 116 metres
water depth and is the first in a six-well production 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. The Borr Norve rig has now commenced drilling the second
planned production well on the Hibiscus field, DHIBM-4H.

John Hamilton, CEO of Panoro, commented:

"The successful completion of this first production well is a key milestone in
our material organic growth plan towards production of 12,500 bopd net to Panoro
when all six new Hibiscus Ruche Phase I wells are onstream. We are in the most
active period of continual drilling in Panoro's history that will see at least
10 wells drilled in Gabon and Equatorial Guinea over the next 12 to 15 months
and unlock significant potential in our diversified portfolio of producing
assets."

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, Block S (pending approval) and Block EG-01 (pending
ratification), 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)

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586978_Panoro_Energy_Dussafu_Drilling_Update.pdf