Panoro Energy - Significant Oil Discovery Offshore Gabon

07 Mar 2025 07:30 CET

Oslo, 7 March 2025 - Panoro Energy ASA ("Panoro" or the "Company") today
announces a significant new oil discovery has been made at the Bourdon prospect,
located on the Dussafu Marin Permit ("Dussafu") offshore Gabon in which Panoro
holds a 17.5 per cent participating interest.

The well was drilled to a total depth of 4,135 metres with the Borr Norve jack
-up rig. Evaluation of logging and pressure data confirms that approximately 34
metres of net oil pay in an overall column of 45 metres has been encountered in
the prolific Gamba reservoir formation. This is the largest hydrocarbon column
discovered to date at Dussafu.

The discovery is located approximately 15 kilometres west of the BW Adolo FPSO
and 7.5 kilometres southeast of the MaBoMo production facility.

John Hamilton, CEO of Panoro, commented:

"We are very pleased with the outcome of our latest drilling success on Dussafu
at the Bourdon prospect. Once the final data from the well and an appraisal side
-track, which may be drilled, is available we will work to delineate the extent
of this exciting new discovery and provide an update on estimated resources.
What is apparent even at this early stage is that we have potentially
established the foundation for a new development cluster on the block, which
holds multiple additional prospects and leads.

Bourdon is the final operation in the current Dussafu drilling campaign that has
now resulted in four significant oil discoveries and eight new production wells
across the Hibiscus / Ruche hub which, in addition to the six pre-existing wells
at the producing Tortue field, has increased total gross production on the block
to around the 40,000 bopd level."

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 Licenses
offshore southern Gabon, the TPS operated assets in 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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