Panoro Energy Initiates 2025-26 Share Buy-back Program

02 Jun 2025 07:31 CEST

Oslo, 02 June 2025 - The Board of Directors of Panoro Energy ASA ("Panoro" or
the "Company") (OSE: PEN) has approved the launch of a share buy-back program
that allows the Company to repurchase up to NOK 100 million of its outstanding
common shares.

Panoro has in place an agreement with Arctic Securities AS ("Arctic"), for the
repurchase of the Company's common shares in open market transactions on the
OSE. Under this agreement, Arctic will make its own trading decisions
independently of, and uninfluenced by, Panoro, subject to instructions provided
by Panoro in the agreement.

In order to comply with the European Market Abuse Regulation, the Company has
provided the following required information: (i) under the repurchase program,
as may be effected under the Arctic agreement, the Company may repurchase up to
NOK 100 million of its common shares during the period from June 2025 until June
30, 2026 (subject also to a maximum limit of 11.7 million shares as approved at
the 2025 AGM), and (ii) the purpose of the buy-back program is to reduce the
number of common shares of the Company outstanding and to provide a return to
Company shareholders. The number of shares acquired per day shall not exceed 25%
of the average daily trading volume in the 20 trading days preceding the
relevant purchase date.

The Company cannot predict how many shares will be repurchased, if any, under
the agreement with Arctic, or the timing of any repurchase or the price that
will be paid for any shares repurchased under the agreement.

The buy-back program will be completed in accordance with Regulation (EU)
2016/1052. This information is subject of the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act and article 5 of the
European Market Abuse Regulation.

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)

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648089_PEN_Initiates_Share_Buyback_Programme.pdf