Panoro Energy - 2024 Annual Statement of Reserves: 309 Percent Organic Reserve Replacement Ratio Achieved

23 Apr 2025 07:30 CEST

Oslo, 23 April 2025 - Panoro Energy ASA ("Panoro" or the "Company") is pleased
to announce the release of its 2024 Annual Statement of Reserves (the "ASR").

Panoro achieved an organic reserve replacement ratio of 309 percent in 2024.
Consequently, the Company's net working interest 2P reserves as of 31 December
2024 were 42.27 million barrels of oil ("MMbbls"), an increase of 7.6 MMbbls (or
22 percent) from the 34.67 MMbbls reported at end 2023.

Volumes stated in the ASR do not incorporate any volumes associated with the
Bourdon oil discovery on the Dussafu block offshore Gabon which was announced on
7 March 2025 and subsequent appraisal side-track which was announced on 22 April
2025.

Highlights:

After taking account of 2024 production of 3.6 MMbbls the total net working
interest reserves for Panoro expressed in MMbbls as of 31 December 2024 were:

Proved (1P) reserves of 29.54  MMbbls (31 December 2023: 23.22 MMbbls)

Proved + Probable (2P) reserves of 42.27 MMbbls (31 December 2023: 34.67 MMbbls)

Proved + Probable + Possible (3P) reserves of 57.01 MMbbls (31 December 2023:
46.52 MMbbls)

Panoro's 2P reserves at 31 December 2024 reflect an organic reserve addition of
11.2 MMbbls primarily in relation to the Hibiscus South Extension and Hibiscus
North Flank discoveries made during the year offshore Gabon, stronger than
expected well performance across the Hibiscus area offshore Gabon and re
-classification of certain contingent resources at Block G offshore Equatorial
Guinea in line with the operator's planning. This represents a 309 percent
organic reserve replacement ratio of volumes produced during the year.

In addition to stated reserves Panoro also has a 2C contingent resource base of
25.6 MMbbls

A copy of the 2024 Annual Statement of Reserves is available on our website at
http://www.panoroenergy.com/investors/annual-statement-of-reserves/ and as an
attachment to this release.

International petroleum consultants Netherland Sewell & Associates Inc carried
out an independent assessment of Block G in Equatorial Guinea, Dussafu Marin in
Gabon and TPS assets in Tunisia.

Panoro's classification of reserves and resources complies with the guidelines
established by the Oslo Stock Exchange and are based on the definitions set by
the Petroleum Resources Management System (PRMS), sponsored by the Society of
Petroleum Engineers/World Petroleum Council/American Association of Petroleum
Geologists/Society of Petroleum Evaluation Engineers (SPE/WPC/AAPG/SPEE) as
issued in June 2018.

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:
Access the news on Oslo Bors NewsWeb site

644098_PEN_Annual_Statement_of_Reserves_2024.pdf
644098_Panoro_Energy_2024_Annual_Statement_of_Reserves_309_Percent_Organic_Reserve_Replacement_Ratio_Achieved.pdf