Panoro Energy ASA - Successful Placement of USD 150 Million Tap Issue

25 Feb 2026 17:19 CET

Oslo, 25 February 2026 - Panoro Energy ASA ("Panoro" or the "Company") is
pleased to announce that it has successfully completed a USD 150 million tap
issue (the "Tap Issue") under its existing senior secured bond with maturity
December 2029 (ISIN NO0013415786) (the "Bond Issue").

The Tap Issue attracted strong interest from both international and Nordic
investors and was significantly oversubscribed. The net proceeds from the Tap
Issue shall be applied towards the acquisition of a 40.375% increased interest
in Block G, Equatorial Guinea, through the acquisition of Kosmos International
Petroleum, Inc (the "Acquisition").

The Tap Issue was completed at a price of 102.25 per cent of nominal value and
will trade under a separate ISIN until completion of the Acquisition (ISIN
NO0013736264). Following completion of the tap issue, the total outstanding
amount under the Bond Issue will be USD 300 million.

Settlement of the tap issue is expected on or about 12 March 2026, subject to
customary conditions precedent. An application will be made for listing of the
additional bonds on the Nordic ABM.

Julien Balkany, Chairman of Panoro, commented:

"With the announced transformational acquisition of additional production in
Block G, offshore Equatorial Guinea, we believe we are well positioned
to generate material and sustainable cash flow for the benefit of our equity and
credit investors. On behalf of Panoro Energy, I would like to thank our
supporting existing bondholders throught this process, including but not limited
to Mauritius Commercial Bank (MCB) and Trafigura, as well as our new investors
for their strong contribution to this tap issue that was significantly
oversubscribed. We are fully and humbly committed to continue running our high
-quality E&P portfolio with strong financial discipline in order to deliver
enhanced returns for all our stakeholders."

Arctic Securities and DNB Carnegie acted as Joint Bookrunners, and SpareBank 1
Markets and Pareto Securities acted as Co-Managers in connection with the tap
issue. Advokatfirmaet Schjødt AS acted as legal advisor to the Company and
Advokatfirmaet Thommessen AS acted as legal advisor to the Joint Bookrunners.

Contact information

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

This information is subject to disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act and requirements under the EU Market
Abuse Regulation.

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 EG-01 and Block EG-23 offshore Equatorial
Guinea, the Dussafu Marin, Niosi Marin and Guduma Marin blocks 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

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