Panoro Energy - Agreements Signed for Blocks Niosi and Guduma Offshore Gabon

31 Oct 2024 07:30 CET

Oslo, 31 October 2024 - Panoro Energy ASA ("Panoro" or the "Company") is pleased
to announce that following the provisional award of a 25 per cent participating
interest in exploration blocks Niosi Marin (previously G12-13) and Guduma Marin
(previously H12-13) offshore shallow water Gabon, final terms have been agreed
with the Government of Gabon and the Company has signed Production Sharing
Contracts ("PSCs") covering the two blocks.

John Hamilton, CEO of Panoro, commented:

"Panoro has been present in Gabon since 2008, during which time we have
organically grown reserves and production at the Dussafu Marin Permit,
developing an in-depth understanding of the hydrocarbon geology as evidenced by
our 89 per cent E&A drilling success rate in the regionally prolific pre-salt
Gamba formation.  Blocks Niosi and Guduma are a logical and contiguous extension
of our footprint in a core area where we will be able to leverage our expertise
to mature and high grade the exploration potential on the blocks in the coming
years.  Panoro remains committed to growing its presence in Gabon and is
delighted to further expand its partnership with the Gabonese Government and
other key stakeholders."

The Niosi and Guduma blocks cover a surface area of 2,974 km2 and 1,927 km2
respectively and are adjacent to the producing Dussafu Marin Permit ("Dussafu")
in which Panoro holds a 17.5 per cent interest and is partnered with BW Energy
and Gabon Oil Company.  The Niosi block is also adjacent to the producing Etame
Marin Permit which is operated by VAALCO Energy.  Both Dussafu and Etame Marin
continue to be successfully explored and developed by the respective partners
with an estimated combined volume over 300 million barrels discovered to date,
multiple fields put into production and extensive processing and export
infrastructure installed.

The PSC covering the Niosi block has an initial exploration period of five years
with a work commitment of new 3D seismic data acquisition and one well. The PSC
covering the Guduma block has an initial exploration period of three years with
a work commitment of geological and geophysical studies. Both blocks have an
option to extend the exploration period and enter a second phase with an
additional well commitment.

Partners in the Niosi and Guduma blocks will be BW Energy (37.5 per cent and
operator) and VAALCO Energy (37.5 per cent).

Map of the Niosi and Guduma blocks

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Enquiries

Qazi Qadeer, Chief Financial Officer
Tel: +44203 405 1060
Email:investors@panoroenergy.com

About Panoro

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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