Panoro Energy - Block G Infill Well Onstream Offshore Equatorial Guinea

01 Nov 2024 07:30 CET

Oslo, 1 November 2024 - Panoro Energy ASA ("Panoro" or the "Company") is pleased
to announce that the C-45 infill well has successfully been put onstream by the
Block G operator, Trident Energy, at an initial gross rate in excess of 5,000
bopd on a restricted choke, in line with expectations.

The well is the first of two planned infill wells at the producing Ceiba Field
and Okume Complex and was drilled with the Noble Venturer drill ship to a total
depth of 3,148 metres, encountering good quality oil saturated reservoir sands
in an un-swept zone of the Ceiba field.

Drilling of the second planned infill well, OF-19, at the Okume Complex has now
concluded and the well is expected onstream shortly.

Panoro holds a 14.25 percent participating interest in Block G. Other joint
venture partners in Block G are Kosmos Energy and GEPetrol.

Following conclusion of the OF-19 infill well, The Noble Venturer drill ship has
also been contracted to drill the Kosmos Energy operated Akeng Deep
infrastructure led exploration ("ILX") well in Block S.  The Akeng Deep ILX well
is intended to test a play in the Albian, targeting an estimated gross mean
resource of 180 million barrels of oil in close proximity to existing
infrastructure at Block G.

Panoro holds a 12 percent participating interest in Block S. Other joint venture
partners in Block S are Trident Energy and GEPetrol.

John Hamilton, CEO of Panoro, commented:

"We are pleased to have safely and successfully delivered the C-45 infill well
which represents an important step forward towards the joint-venture partners
organic production growth plans for Block G, and also moves Panoro a step closer
towards targeted group production of 13,000 bopd when all wells in our current
Equatorial Guinea and Gabon drilling campaigns are onstream.

With the high-impact Akeng Deep ILX well at Block S due to follow the infill
drilling campaign, a successful outcome can also have a positive read across to
the adjacent Panoro operated Block EG-01 where we are progressing subsurface
studies."

Enquiries

Qazi Qadeer, Chief Financial Officer
Tel: +44 203 405 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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