Panoro Energy - Exercise and Cash Settlement of Share Options

23 Mar 2026 18:39 CET

Oslo, 23 March 2026 - In accordance with the grant of share options made to
Board members of Panoro Energy ASA ("Panoro" or the "Company") following
approval at the 2021 Annual General Meeting (the "Board Options"), the exercise
period of five years from the date of grant lapses on 27 May 2026. Please refer
to the stock exchange announcement published by the Company on 28 May 2021 for
further information about the Board Options.

The following Board members who were granted Board Options in 2021 have now
exercised Board Options as follows:

· Mr Julien Balkany (Chairman), who has exercised 48,000 Board Options
· Mr Torstein Sanness (Deputy Chairman), who has exercised 24,000 Board
Options
· Ms Alexandra Herger (Board Member), who has exercised 24,000 Board Options

The Board Options will be settled in cash based on Panoro's volume weighted
average share price ("VWAP") on Euronext Oslo Børs for 23 March 2026 equalling
NOK 30.4424 per share. The exercise price for the Board Options is NOK 17.34 per
share, which gives a net cash payment of NOK 13.1024 per Board Option exercised.

Following this exercise of Board Options the total outstanding number of Board
Options and current shareholding of the above-mentioned Board members is as
follows:

+---------+--------+---------+-------------------+-----------+
|Name |Title |Number of|Shareholding in the|Number of |
| | |Options |Company (number of |Options |
| | |Exercised|shares) |Outstanding|
+---------+--------+---------+-------------------+-----------+
|Mr Julien|Chairman|48,000 |3,896,931 |- |
|Balkany | | | | |
+---------+--------+---------+-------------------+-----------+
|Mr |Deputy |24,000 |185,289 |- |
|Torstein |Chairman| | | |
|Sanness | | | | |
+---------+--------+---------+-------------------+-----------+
|Ms |Board |24,000 |20,950 |- |
|Alexandra|Member | | | |
|Herger | | | | |
+---------+--------+---------+-------------------+-----------+

The Company's issued share capital remains unchanged at 125,138,448 shares
following cash settlement of the Board Options.

Please see attached notification form in accordance with the Market Abuse
Regulation article 19.

This information is subject to the disclosure requirements pursuant to the EU
Market Abuse Regulation (EU 2014/596) article 19 and section 5-12 of the
Norwegian Securities Trading Act.

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 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

669126_PEN_PDMR_form_23_March_2026.pdf
669126_Panoro_Energy_Exercise_and_Cash_Settlement_of_Share_Options.pdf