Panoro Energy - Equatorial Guinea Operations Update: Akeng Deep Result and Second Infill Well Onstream

29 Nov 2024 15:20 CET

Oslo, 29 November 2024 - Panoro Energy ASA ("Panoro" or the "Company") can
confirm that drilling of the S-6 ("Akeng Deep") exploration well at Block S
offshore Equatorial Guinea has concluded. The well was drilled to a total
vertical depth of approximately 4,030 metres and encountered oil zones in the
Upper Albian which, following evaluation of all data gathered, is deemed sub
-commercial by the partners. Panoro holds a 12 per cent participating interest
in Block S. Other partners are Kosmos Energy (operator), Trident Energy and
GEPetrol.

At Block G, first oil from the Okume infill well was achieved mid-November with
production ramp-up ongoing. The Ceiba infill well was brought online by the
Block G operator, Trident Energy, mid-October and is performing ahead of
expectations  Panoro holds a 14.25 per cent participating interest in Block G.
Other partners are Kosmos Energy and GEPetrol.

This marks the end of the 2024 drilling campaign in Equatorial Guinea.

John Hamilton, CEO of Panoro, commented:

"Although the Akeng Deep well did not result in a commercial discovery, the
identification of oil in the Upper Albian confirms elements of an active
petroleum system and the data provide valuable insights into the potential of
the Lower Cretaceous. The well results at S-6 will now be integrated into our
subsurface models to refine future exploration and appraisal activities in the
basin. At Block G we are pleased to report that both new infill wells at the
Ceiba field and Okume Complex are onstream with the Ceiba well performing ahead
of expectations and the Okume Complex well ramping up and set to add additional
volume."

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, 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)

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