Panoro Energy ASA - Successful Placement of USD 150 Million Senior Secured Bond

27 Nov 2024 20:12 CET

Oslo, 27 November 2024 - Panoro Energy ASA ("Panoro" or the "Company") is
pleased to announce that it has successfully completed a 5-year senior secured
bond issue of USD 150 million with a coupon rate of 10.25 per cent.  The bonds
will be issued at 99.20 per cent of nominal value. The bond issue attracted
strong interest from both international and Nordic investors and was
significantly oversubscribed. The net proceeds from the bond issue shall be
applied towards refinancing of existing debt and general corporate purposes.

Settlement of the bond issue is expected on or about 11 December 2024 (the
"Issue Date"), subject to customary conditions precedent. An application will be
made for listing of the bonds.

John Hamilton, CEO of Panoro, commented:

"As we have developed our high-quality asset base in recent years, consistently
replacing reserves and growing production to current levels of over 13,000 bopd,
the successful placing of a USD 150 million bond is an equally important
development of Panoro's capital structure. The bond issuance diversifies our
long-term capital base, adding a scalable instrument in support of our growth
strategy, while also reducing our borrowing interest rate. We will continue to
run the business with a modest net leverage profile, keeping the delivery of
material and sustainable returns for shareholders as our over-riding objective
through a clear and aligned distribution framework."

Arctic Securities and DNB Markets acted as Joint Bookrunners, and SpareBank 1
Markets acted as Co-Manager in the transaction. Advokatfirmaet Schjødt AS acted
as legal advisor to the Company and Advokatfirmaet Thommessen AS acted as legal
advisor to the Joint Bookrunners.

Contact information

For further information, please contact: investors@panoroenergy.com

This information is subject to disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act and requirements under the EU Market
Abuse Regulation.

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, Block EG-01 and Block EG-23 offshore
Equatorial Guinea, the Dussafu Marin, Niosi Marin and Guduma Marin blocks
offshore 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)

More information:
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