Panoro Energy ASA - Announces Transactions and Completion of the NOK 100 million Share Buyback Program

20 May 2025 07:30 CEST

Oslo, 20 May 2025 - Panoro Energy ASA ("Panoro" or the "Company") (OSE: PEN)
initiated a share buyback program on May 23, 2024, to repurchase up to NOK 100
million in value of the Company's common shares in open market transactions on
the OSE pursuant to an agreement with Arctic Securities AS (Arctic).

For the period from and including 12 May - 19 May 2025, Panoro purchased a total
of 219,700 shares at an average price of NOK 24.8922 per share.

The transactions effected through the agreement with Arctic comprise all the
transactions effected by or on behalf of Panoro. This completes the share
repurchase program announced on 23 May 2024.

Provided that the proposed authorisation for the board to redeem and cancel own
shares is approved in the upcoming Annual General Meeting (AGM) on 21 May 2025,
the Company will cancel 3,500,000 shares with nominal amount of NOK 0.05 each.
All such shares have been purchased under this buyback program. Following and
subject to such contemplated cancellation the Company's total outstanding share
capital will comprise of 113,444,048 shares, each with a nominal value of NOK
0.05.

Furthermore, the Company has proposed a resolution in the upcoming AGM to renew
the authority to purchase its own shares.

Transaction overview

+--------------+-------+---------+-----------------+-----------------------+
|Date |Trading|Volume |Weighted average |Total daily cumulative |
| |Venue | |share price (NOK)|transaction value (NOK)|
+--------------+-------+---------+-----------------+-----------------------+
|12 May 25 |OSE |20,000 |24.7741 |495,482 |
+--------------+-------+---------+-----------------+-----------------------+
|13 May 25 |OSE |20,000 |24.8454 |496,908 |
+--------------+-------+---------+-----------------+-----------------------+
|14 May 25 |OSE |20,000 |25.4429 |508,858 |
+--------------+-------+---------+-----------------+-----------------------+
|15 May 25 |OSE |65,000 |24.8286 |1,613,859 |
+--------------+-------+---------+-----------------+-----------------------+
|16 May 25 |OSE |45,000 |25.2075 |1,134,337 |
+--------------+-------+---------+-----------------+-----------------------+
|19 May 25 |OSE |49,700 |24.5346 |1,219,370 |
+--------------+-------+---------+-----------------+-----------------------+
|Period total | |219,700 |24.8922 |5,468,814 |
+--------------+-------+---------+-----------------+-----------------------+
|Previously | |3,280,300|28.7211 |94,213,976 |
|disclosed buy | | | | |
|-backs | | | | |
|under the | | | | |
|program | | | | |
|(accumulated) | | | | |
+--------------+-------+---------+-----------------+-----------------------+
|Share Buy-back| |3,500,000|28.4808 |99,682,790 |
|Total * | | | | |
+--------------+-------+---------+-----------------+-----------------------+

* The commission cost to date for the share buy-back program amounts to NOK
200,442.

Program total cost: NOK 99,883,232

The issuer's holding of own shares: 3,500,000

Following the completion of the above transactions, Panoro owned a total of
3,500,000 of its own shares, corresponding to 2.993% of Panoro's share
capital.

Appendix:

An overview of all transactions made under the Company's repurchase program
and its agreement with Arctic Securities that have been carried out during the
above-mentioned time period is attached to this report and available at
www.newsweb.no.

Contact information

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

About Panoro

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

646869_250519_Appendix_Buyback_announcement_19_May_2025.pdf
646869_Panoro_Energy_ASA_Announces_Transactions_and_Completion_of_the_NOK_100_million_Share_Buyback_Program.pdf