Panoro Energy ASA: Disclosure of Large Shareholding - Share Lending

06 Mar 2026 15:25 CET

Oslo, Norway, 6 March 2026: Reference is made to the stock exchange announcement
by Panoro Energy ASA (the "Company") on 25 February 2026 regarding a private
placement of 19,999,999 new shares to be issued by the Company, consisting of
(i) one tranche of 11,694,400 shares issued based on an existing board
authorisation to increase the share capital and (ii) a second tranche of
8,305,599 shares to be issued subject to the approval of an extraordinary
general meeting to be held (the "Private Placement").

Delivery-versus-payment in tranche 1 of the Private Placement was facilitated by
a share lending agreement entered into between the Company, Sundt AS ("Sundt")
and SB1 Markets AS (the "Manager").

In connection with the registration of the share capital increase pertaining to
tranche 1 of the Private Placement as announced by the Company earlier today,
the Manager has today redelivered a total of 11,694,400 borrowed shares to
Sundt.

During the term of the share lending, and prior to the redelivery of the shares,
Sundt's shareholding in the Company was reduced to 3,401,600 shares, equivalent
to approx. 3% of the issued share capital and votes. Upon redelivery of the
borrowed shares, Sundt's shareholding in the Company is increased to 15,096,000
shares, equivalent to approx. 12.06% of the issued share capital and votes
(following registration of the share capital increase pertaining to tranche 1).
Consequently, Sundt has crossed above the 5% and the 10% threshold pursuant to
section 4-2 (1) and (3) of the Norwegian Securities Trading Act.

As previously disclosed, Sundt has further been conditionally allocated
2,000,000 shares in tranche 2 of the Private Placement. Subject to completion of
tranche 2, Sundt's holding of shares in the Company will be 17,096,000 shares,
equivalent to approx. 12.8% of the issued share capital and votes following
registration of the share capital increase pertaining to tranche 2.

This announcement is published in accordance with section 4-2 of the Norwegian
Securities Trading Act and is subject to the disclosure requirements pursuant to
the Norwegian Securities Trading Act section 5-12.

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 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 inTunisia, 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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667741_Panoro_Energy_ASA_Disclosure_of_Large_Shareholding_Share_Lending.pdf