Panoro Energy - Production Sharing Contract Signed for Block EG-23 Offshore Equatorial Guinea

13 Nov 2024 07:30 CET

Oslo, 13 November 2024 - Panoro Energy ASA ("Panoro" or the "Company") is
pleased to announce that it has finalised terms and signed a Production Sharing
Contract ("PSC") with the Government of Equatorial Guinea for offshore Block EG
-23. Panoro now holds an 80 per cent participating interest and operatorship of
Block EG-23. It is partnered by GEPetrol, which holds a 20 per cent
participating interest.

John Hamilton, CEO of Panoro, commented:

"We are delighted to further expand our presence in Equatorial Guinea. Block EG
-23 is our second operated asset in country and aligns well with our
infrastructure-led exploration and appraisal strategy, increasing our access to
a large inventory of oil, gas and condensate discoveries, prospects and leads
within tie back distance of existing production facilities. We look forward to
extending our partnership with GEPetrol to leverage our collective core
subsurface skill sets to unlock the substantial upside potential that exists on
the block."

Block EG-23 is located offshore Equatorial Guinea north of Bioko Island and
adjacent to the producing Alba gas and condensate field. Covering a surface area
of approximately 600 km2 in water depths ranging from 50 metres to 100 metres,
19 wells have been drilled on Block EG-23 to date resulting in seven hydrocarbon
discoveries (four oil, two gas and one gas/condensate), some of which have been
tested. The block was previously held by Marathon. Panoro's technical evaluation
indicates a range of plays exist on the block and has identified a number of
prospects and leads in addition to the existing discoveries which, based on
existing data, are estimated by the Ministry of Mines and Hydrocarbons to hold
contingent resources of approximately 104 million barrels of oil and condensate
and 215 billion cubic feet of gas.

Panoro and GEPetrol have been awarded block EG-23 for an initial period of three
years during which they will conduct subsurface studies based on existing
seismic data to further define and evaluate the prospectivity of the block.
Following this, the partners will have the option to enter into a further two
-year period, during which they will undertake to drill an exploration well.

Map of Block EG-23

[image]

Enquiries

Qazi Qadeer, Chief Financial Officer
Tel: +44203 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, Niosi Marin and Guduma Marin blocksoffshore southern Gabon,
the TPS operated assets, Sfax Offshore Exploration Permit and Ras El Besh
Concession, offshore Tunisia, and onshore Exploration Right 376 in South
Africa..

Visit us at www.panoroenergy.com.

Follow us on LinkedIn (https://www.linkedin.com/company/panoro-energy)

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