Panoro Energy Initiates Share Buy-back Program

23 May 2024 07:16 CEST

Oslo, 23 May 2024 - The Board of Directors of Panoro Energy ASA ("Panoro" or the
"Company") (OSE: PEN) has approved the launch of a share buy-back program that
allows the Company to repurchase up to NOK 100 million of its outstanding common
shares.

Panoro has put in place an agreement with Arctic Securities AS ("Arctic"), for
the repurchase of the Company's common shares in open market transactions on the
OSE. Under this agreement, Arctic will make its own trading decisions
independently of, and uninfluenced by, Panoro, subject to instructions provided
by Panoro in the agreement.

In order to comply with the European Market Abuse Regulation, the Company has
provided the following required information: (i) under the repurchase program,
as may be effected under the Arctic agreement, the Company may repurchase up to
NOK 100 million of its common shares during the period from May 23, 2024 until
September 30, 2024 (subject also to a maximum limit of 11.7 million shares, to
be approved in the General Meeting today), and (ii) the purpose of the buy-back
program is to reduce the number of common shares of the Company outstanding and
to provide a return to Company shareholders. The number of shares acquired per
day shall not exceed 25% of the average daily trading volume in the 20 trading
days preceding the relevant purchase date.

The Company cannot predict how many shares will be repurchased, if any, under
the agreement with Arctic, or the timing of any repurchase or the price that
will be paid for any shares repurchased under the agreement.

The buy-back program will be completed in accordance with Regulation (EU)
2016/1052. This information is subject of the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act and article 5 of the
European Market Abuse Regulation.

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 and Block EG-01 offshore Equatorial Guinea,
the Dussafu Marin License offshore southern Gabon, the TPS operated assets, Sfax
Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia, and
onshore 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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