Panoro Energy - Dussafu Update

11 Apr 2023 07:30 CEST

Oslo, 11 April 2023 - Panoro Energy ASA ("Panoro" or the "Company") is pleased
to announce first oil at the Hibiscus Ruche Phase I development on the Dussafu
Marin Permit offshore Gabon (Panoro 17.5 percent working interest).

Production from the DHIBM-3H well, the first of six production wells in this
campaign, has been initiated and stabilised at a gross rate of 6,000 bopd from
the prolific Gamba reservoir, in line with expectations.

Following first oil from Hibiscus Ruche Phase I, commissioning of the new gas
lift compressor onboard the FPSO BW Adolo is now in process to support
production from all six existing production wells at the Tortue field.

Drilling of the next production well is now underway.

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)

More information:
Access the news on Oslo Bors NewsWeb site

587283_Panoro_Energy_Dussafu_Update.pdf