Panoro Energy - Trading Statement and Operations Update

21 Jan 2026 06:30 CET

Oslo, 21 January 2026 - Panoro Energy ASA ("Panoro" or the "Company") provides
an operational and financial update in advance of its full year 2025 results
which are scheduled for release on 25 February 2026. Information contained
within this release is unaudited and may be subject to further review and
amendment.

Julien Balkany, Executive Chairman of Panoro, commented:

"Our average net production was 10,263 bopd for the full year, and is a new
record high for Panoro. Our crude oil liftings of around 3.1 million barrels
were in line with previously communicated expectations. In accordance with our
2025 shareholder returns policy the Company distributed a total of NOK 411
million to shareholders in the calendar year, with quarterly cash distributions
amounting to NOK 320 million complemented with NOK 91 million through share
buybacks. This brings the cumulative cash returned to shareholders through
distributions and buybacks since March 2022 to NOK 795 million or approximately
36 per cent of Panoro's market cap.

Looking ahead, we enter 2026 with significant exciting growth projects underway.
As planned, we will resume drilling in Gabon with four new production wells at
MaBoMo Phase 2 which we expect will increase gross production at Dussafu to the
nameplate capacity of around 40,000 bopd when all wells are onstream. Once
processed and analysed the new state-of-the-art seismic data we have recently
acquired covering the Niosi, Guduma and Dussafu blocks will allow us to confirm
future high-impact drilling targets and further unlock the considerable upside
potential of those blocks. In Equatorial Guinea we have high-graded the Estrella
discovery on Block EG-23 as a potential fast-track appraisal and development
project that could be tied back to existing infrastructure, and have an
extensive inventory of additional prospects under evaluation.

With healthy cash position at 2025 year-end of approximately USD 78 million, we
continue to be well positioned to deliver on our organic and external growth
strategy coupled with our shareholder returns policy in order to maximise value
for all our stakeholders."

2025 Performance

Production

· Group working interest production in Q4 and full-year 2025 was:

Average W.I. production - bopd Q4 2025 FY 2025
Equatorial Guinea 2,374 2,919
Gabon 5,343 5,813
Tunisia 1,511 1,530
Total 9,228 10,263

· 2026 production guidance will be provided at the Company's full year 2025
results on 25 February 2026

Crude Oil Liftings

· Crude oil volumes lifted and sold in Q4 and full-year 2025 were in line with
previously communicated expectations:

Q4 2025 FY 2025
Volumes lifted 1,050,138 barrels 3,060,330 barrels
Average realised price after USD 60.66 / bbl USD 65.14 / bbl
adjustments and customary
fees
Proceeds USD 63.7 million USD 199.4 million

Note: Proceeds from oil sales differs to total reported revenue which includes a
gross up for state profit oil in Gabon with a corresponding amount included as
deemed income tax for reporting purposes

· Panoro's anticipated lifting schedule for 2026 is being finalised with
partners and the Company will provide an update at its full year 2025 results on
25 February 2026

Finance

· Cash at bank at 31 December 2025 was approximately USD 77.6 million which
includes advances taken against future oil liftings of USD 25 million
· Gross debt outstanding at 31 December 2025 comprised solely of USD 150
million senior secured notes

Shareholder Returns

· In accordance with the previously communicated 2025 shareholder returns
policy, during calendar year 2025 the Company distributed a total of NOK 411
million to shareholders, comprising:
· cash distributions of NOK 320 million (paid quarterly as a return of paid
in capital) and;
· share buybacks of NOK 91 million from the purchase of 3,633,650 shares at
a weighted average share price of NOK 24.92 per share, corresponding to 3.2 per
cent of Panoro's share capital

· The Company will communicate its 2026 shareholder returns policy at its full
year results on 25 February 2026

Operations Update

Equatorial Guinea

· As previously communicated, production at Block G offshore Equatorial Guinea
(Panoro 14.25 percent) has been impacted by unplanned facilities related
downtime at the Ceiba field
· Progress is being made with partial restoration of production at Ceiba
achieved. Work will continue in 2026 to regain full potential and ensure
reliability
· Numerous ongoing productive and asset integrity projects will continue
throughout 2026 and contribute to field life extension
· The Joint Venture is evaluating the potential for future infill drilling
campaigns in the Okume Complex, using a conventional jack-up rig in shallow
water, and susbsea infill wells at the Ceiba field
· At Block EG-23 offshore Equatorial Guinea (Panoro 80 percent, operator)
seismic reprocessing and subsurface studies are ongoing with particular focus on
existing discoveries (some of which have been tested) and surrounding
prospectivity in shallow water depths of ~60 metres
· Estrella discovery has been high-graded as a potential fast-track
development candidate within tie-back distance to existing infrastructure (early
concepts being evaluated)
· Estrella-1 well discovered 60 metres net hydrocarbon pay in 2001 and was
tested at 6,780 bopd (48 - 50° API) and 48.7 MMscfd
· Six further oil, gas and gas/condensate discoveries have been made on the
block

Gabon

· Field delivery remains strong and steady at the Dussafu Marin Permit
offshore Gabon (Panoro 17.5 percent)
· Final Investment Decision ("FID") was taken in H2 2025 for the MaBoMo Phase
2 drilling programme (previously Hibiscus Ruche Phase 2), comprising four
planned development wells. First oil targeted in H2 2026
· Bourdon discovery being matured towards FID with an expected initial three
wells and a development cluster concept based on the MaBoMo blueprint
· Additional drilling targets have been identified in the vicinity of the
Bourdon discovery which may add further upside
· 3D seismic acquisition across the Niosi, Guduma (Panoro 25 percent) and
Dussafu licenses has completed

Tunisia - TPS Assets

· Production has remained stable at the TPS Assets in Tunisia (Panoro 49
percent) where ongoing workovers and upcoming optimisation campaigns are
expected to positively impact production

Enquiries

Qazi Qadeer, Chief Financial Officer
Tel: +44203 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

663935_Panoro_Energy_Trading_Statement_and_Operations_Update.pdf