Panoro energy asa (pen.ol)

TekBot · mai 25, 2022, 9:10am

Panoro Energy announces results of 2022 Annual General Meeting

Oslo, 25 May 2022- Panoro Energy ASA (the “Company” or “Panoro” with OSE ticker:
PEN), an independent oil and gas company, held its 2022 Annual General Meeting
of Shareholders in Oslo today, and the nominees listed in the notice of the
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General Meeting were elected as directors of the Company. Mr. Julien Balkany and
Mr. Torstein Sanness were re-appointed as Chairman and Deputy Chairman of the
Board of Directors, respectively.

All resolutions presented for approval at the General Meeting were duly passed.
A copy of the minutes of the Annual General Meeting is available to download
from the meetings section our website at www.panoroenergy.com and as an
enclosure to this press release.

Enquiries

For further information, please contact: Investors: 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 a producing interest in Block-G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria (held-for
-sale, subject to completion), the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa.

Visit us at www.panoroenergy.com
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Kilde

TekBot · mai 25, 2022, 9:16am

Panoro Energy - Appointment of Non-Executive Director

Oslo, 25 May 2022 - Panoro Energy ASA (“Panoro” or the “Company”) is pleased to
announce the appointment of Ms. Grace Reksten Skaugen to its Board of Directors,
effective immediately. Ms. Skaugen has extensive experience working with a broad
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range of companies within the energy and global financial industries.

Ms. Skaugen is a board member and co-founder of the Norwegian Institute of
Directors and holds several board positions in publicly listed companies
including with the Swedish investment company Investor, Euronav NV and Lundin
Energy as well as PJT Partners, a US boutique investment bank. She is a Trustee
of the International Institute for Strategic Studies (IISS) in London. She was
deputy chair of Statoil (now Equinor) from 2012 to 2015 and served on its board
for thirteen years. Ms. Skaugen is a physicist by education and holds a PhD in
laser physics from Imperial College in London.

Julien Balkany, CEO of Panoro, commented:

“On behalf of the Company, I am delighted to welcome Ms. Grace Reksten Skaugen
to the Board of Panoro. Grace will be a valuable addition to our Board having
experience with sustainability initiatives on the boards of public companies. I
look forward to working with Grace during such an exciting phase of growth for
Panoro, particularly in her capacity as inaugural Chairperson of Panoro’s newly
established Sustainability Committee which will embed the Company’s ESG
performance and ambitions as well as reflect on other sustainability matters to
the best of our ability through the energy transition.”

Ms. Grace Reksten Skaugen, commented:

“I am pleased to be joining the Board of Panoro and am looking forward to
working with Julien and rest of the Board on building a leading Africa focused
production company and unlocking the full potential of Panoro’s high quality
portfolio in order to create sustainable and meaningful value for Panoro’s
stakeholders.”

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 a producing interest in Block-G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria (held-for
-sale, subject to completion), the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa.

Visit us at www.panoroenergy.com.

Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

Kilde

TekBot · mai 27, 2022, 5:31am

Panoro Energy: Grant of Share Options

Mandatory notification of Trades

Oslo, 27 May 2022 - Following the approval by the Ordinary General Meeting
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(“2022 AGM”) of Panoro Energy ASA (“Panoro” or the “Company” with OSE Ticker:
PEN) held on 25 May 2022, the Company announces an award of 24,000 options
(“Board Options”) granted to the Ms Grace Skaugen which will vest equally over a
three-year period each at the date of the Annual General Meetings of upcoming
years. Each Board Option entitles the holder to one ordinary share in the
Company. Once vested, the options are exercisable at NOK 31.91 per share. The
exercise price, as per the approved resolution in the 2022 AGM, has been
determined using Volume-Weighted Average Price of Panoro’s share from and
including the date of the publication of the 2022 AGM notice to the date of the
2022 AGM meeting i.e. from 3 May 2022 to 25 May 2022. The exercise period is
limited to 5 years from the grant date i.e. 25 May 2022 and only applicable to
the vested Board Options that are eligible for exercise.

Ms. Skaugen does not hold any shares in the Company as of the date of this
announcement.

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 a producing interest in Block-G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria (held-for
-sale, subject to completion), the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa.

Visit us at www.panoroenergy.com
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

This information is subject to the disclosure requirements pursuant to section 5
-12 and section 4-2 of the Norwegian Securities Trading Act.

Kilde

TekBot · juni 1, 2022, 12:40pm

Flaggemelding Panoro Energy

TekBot · juni 14, 2022, 5:31am

Panoro Energy - Awards and exercise under RSU program and mandatory notification of trades

Oslo, 14 June 2022 - Panoro Energy ASA (the “Company” or “Panoro” with OSE
ticker: “PEN”) announces the awards and exercise of Restricted Share Units
(“RSUs”) and notification of primary insider trades.
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Awards of RSUs

For the year 2022, the Board of Directors have granted 487,434 RSUs to the key
employees of the Company under the Long-Term Incentive Plan (“LTIP”) approved by
the shareholders at the 2021 Annual General Meeting. The awards are based on
specific performance criteria as previously approved by the Board of Directors.

One RSU will entitle the holder to receive one share in the Company against
payment in cash of the par value for the share. The par value is currently NOK
0.05 per share. Vesting of these RSUs is time based, over a period approved by
the Board of Directors. The vesting period of the RSUs is up to 14 June 2025,
where 1/3 of the RSUs vest on 14 June 2023 (the “First Tranche”), 1/3 vest after
1 year of the vesting of the First Tranche, and the final 1/3 vest after 2 years
from vesting of the First Tranche. RSUs are exercised automatically at the
respective vesting dates and the holder will be issued the applicable number of
shares as soon as possible thereafter.

Of the 487,434 RSUs, the primary insiders have been granted the following:

· John Hamilton, the Chief Executive Officer of the Company has been granted
131,772 RSUs;
· Richard Morton, the Technical Director of the Company has been granted
63,507 RSUs;
· Qazi Qadeer, the Chief Financial Officer of the Company has been granted
64,983 RSUs; and
· Nigel McKim, the Projects Director of the Company has been granted 63,507
RSUs.

The remaining 163,665 RSUs have been granted to other key employees.

Exercise of existing RSUs - settlement and Mandatory Notification of Trades

Under the Company’s LTIP, 570,501 RSUs from the prior years’ grants have vested
and automatically exercised. In accordance with the terms and conditions of the
RSUs, for this tranche the Board of Directors have decided to settle
approximately 54% of the exercised RSUs in new shares and the remaining 46% RSUs
in cash. A total of 305,682 new shares will be issued and 264,819 RSUs will be
settled in cash. The cash settlement for each of the exercised RSU is after
taking into account the difference between NOK 0.05 (being the face value of the
shares) and NOK 33.0371 (being the volume-weighted average price of the
Company’s shares on 13 June 2022, i.e. NOK 32.9871 per share (the “Settlement
Price”). The settlement in new shares and cash have been determined after taking
into account the employees’ tax liability arising on the exercise of RSUs.

Consequently, the Board has utilized its authorization and passed a resolution
to issue 305,682 new shares, each at a subscription price of NOK 0.05. Existing
shareholders’ pre-emptive rights to subscribe the shares have been set aside in
order for the Company to meet its obligations under the RSU program. Following
registration of the share issue, the Company’s registered share capital will be
NOK 5,684,468.6, divided into 113,689,372 shares, each having a face value of
NOK 0.05.

The total settlement of shares and cash amount is allocated as follows:

· John Hamilton, Chief Executive Officer has exercised 229,486 RSUs and will
receive 118,760 new shares and 110,726 units in cash settlement at Settlement
Price. Following this, Mr. Hamilton controls 638,780 shares in the Company’s
enhanced share capital and holds 351,107 RSUs.
· Richard Morton, Technical Director has exercised 73,710 RSUs and will
receive 38,145 new shares and 35,565 units in cash settlement at Settlement
Price. Following this, Mr. Morton controls 293,616 shares in the Company’s
enhanced share capital and holds 133,978 RSUs.
· Qazi Qadeer, Chief Financial Officer has exercised 74,125 RSUs and will
receive 38,360 new shares and 35,765 units in cash settlement at Settlement
Price. Following this, Mr. Qadeer controls 253,851 shares in the Company’s
enhanced share capital and holds 136,285 RSUs.
· Nigel McKim, Projects Director has exercised 73,087 RSUs and will receive
37,823 new shares and 35,264 units in cash settlement at Settlement Price.
Following this, Mr. McKim controls 89,237 shares in the Company’s enhanced share
capital and holds 133,979 RSUs.

The remaining employees in aggregate have exercised 120,093 RSUs and have
received 72,594 new shares and 47,499 units in cash settlement at Settlement
Price.

Following this settlement and award of new RSUs, the Company will have a total
of 1,079,367 outstanding RSUs. Subject to fulfilling the vesting conditions,
each RSU entitles the holder to one share in the Company.

The funds from cash settlements have, in entirety, been used to settle the taxes
due on vesting.

This information is subject to the disclosure requirements pursuant to section 5
-12 and section 4-2 of the Norwegian Securities Trading Act.

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 a producing interest in Block-G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria (held-for
-sale, subject to completion), the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa.

Kilde

TekBot · juni 30, 2022, 3:30pm

Panoro Energy: 15 Day Extension of Long Stop Date for Sale of Aje

Oslo, 30 June 2022 - Panoro Energy ASA (“Panoro” or the “Company”) with OSE
Ticker: “PEN”) and PetroNor E&P Limited (“PetroNor”) have agreed to extend the
completion long stop date for the previously announced sale of its fully-owned
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subsidiaries that hold 100% of the shares in Pan Petroleum Aje Limited (“Pan
Aje”) (“the Transaction”).

The long stop date to complete the Transaction has been extended to 15 July 2022
from 30 June 2022 as Panoro and PetroNor continue to work diligently towards
concluding final outstanding matters.

A further announcement will be made upon completion of the Transaction.

This announcement is subject to disclosure pursuant to section 5-12 of the
Norwegian Securities Trading Act.

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 a producing interest in Block-G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria (held-for
-sale, subject to completion), the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa.

Visit us at www.panoroenergy.com
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

Kilde

TekBot · juli 7, 2022, 7:37am

Panoro Energy - New Share Capital Registered

Oslo, 7 July 2022 - Reference is made to stock exchange release dated 14 June
2022 concerning exercise f RSUs under Panoro Energy ASA’s incentive program. The
new shares issued following the exercise have now been registered with the
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Norwegian Register of Business Enterprises. Following such registration, Panoro
Energy ASA’s new share capital is NOK 5,684,468.60, divided into 113,689,372
shares, each having a face value of NOK 0.05.

Enquiries

For further information, please contact:
Qazi Qadeer, Chief Financial Officer
Tel: +44 (0) 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 a producing interest in Block G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria (held-for
-sale, subject to completion), the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa.

Visit us at www.panoroenergy.com
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Kilde

sulzrox · juli 8, 2022, 3:34pm

Om 2 / 3 mnd har vi svar fra 2B.
Syns det er høge produksjonskostnader.
Se denne analysen for meir info.
https://investornytt.no/bakgrunnsanalyse-aec/

TekBot · juli 12, 2022, 5:34am

Panoro Energy: Dussafu Marin Update

Oslo, 12 July 2022 - Panoro Energy ASA (“Panoro” or the “Company”) with OSE
Ticker: “PEN”) provides the following update on operations at the Dussafu Marin
Permit offshore Gabon (Panoro 17.5% working interest).
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Gross production at the Dussafu Marin Permit for the first six months averaged
approximately 11,150 bopd and is in line with expectations. Second quarter
gross production averaged approximately 10,700 bopd from four wells, with the
remaining two wells shut in due to pre-communicated gas lift capacity
constraints. As previously guided there were no liftings of crude oil made by
Panoro during the second quarter.

Good progress continues to be made on the Hibiscus / Ruche Phase I development
project with conversion work on the Hibiscus Alpha offshore production unit
nearing completion and on schedule with sail away set for August.

Separately, Borr Drilling has notified the operator BW Energy that delivery of
the jack-up drilling rig Borr Norve may be re-scheduled towards the end of the
year due to the intention of a third-party operator in the region to exercise
its final remaining well options. On the basis that the third party exercises
its option the JV partners anticipate first oil from the Hibiscus Ruche Phase I
development would occur towards the end of the first quarter in 2023 compared to
the prior expectation of late 2022.

This announcement is subject to disclosure pursuant to section 5-12 of the
Norwegian Securities Trading Act.

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 a producing interest in Block-G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria (held-for
-sale, subject to completion), the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa.

Visit us at www.panoroenergy.com
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

Kilde

TekBot · juli 13, 2022, 5:01am

Panoro Energy Announces Completion of Sale of Aje and Distribution of PetroNor Shares to Shareholders

Oslo, 13 July 2022 - Panoro Energy ASA (“Panoro” or the “Company”) with OSE
Ticker: “PEN”) today announces it has completed the sale of its fully owned
subsidiaries Pan-Petroleum Services Holdings BV and Pan-Petroleum Nigeria
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Holding BV (together referred to as “Divested Subsidiaries”) to PetroNor E&P ASA
(“PetroNor”) for an upfront consideration of USD 10 million plus a contingent
consideration of up to USD 16.67 million based on future gas production volumes
(“the Transaction”).

The Divested Subsidiaries hold 100% of the shares in Pan-Petroleum Aje Limited
(“Pan Aje”), which participates in the exploration for and production of
hydrocarbons in Nigeria and holds a 6.502% participating interest, with a
16.255% cost bearing interest, representing an economic interest of 12.1913% in
Offshore Mining Lease no. 113 (“OML 113”). Following completion of the
Transaction Panoro has no operational presence remaining in Nigeria.

The upfront consideration of USD 10 million is expected to the paid within
fifteen business days via the allotment and issue of 96,577,537 new PetroNor
shares (the “Consideration Shares”). The volume of PetroNor shares issued to
Panoro has been determined with reference to the contractually determined 30-day
volume weighted average price (“VWAP”) of PetroNor’s shares which are listed on
the Oslo Børs with the Ticker “PNOR”.

Once the Consideration Shares are issued and received, Panoro will implement
steps to distribute these new PetroNor shares to Panoro shareholders as a
dividend in specie. Panoro will communicate separately in due course the
timetable for this process and key dates.

Following receipt of the Consideration Shares, Panoro will temporarily hold a
6.78% shareholding with voting rights in PetroNor, until such Consideration
Shares are distributed in specie to Panoro shareholders.

John Hamilton, CEO of Panoro, said:

“We are pleased to have finally concluded the sale of Panoro’s interest in OML
113 to PetroNor and unlock value for our shareholders who can continue to
benefit from future gas successes at OML 113 through the upcoming distribution
of the shares in PetroNor received as payment for the upfront consideration.
This also represents a key milestone for Panoro’s strategy with the first
dividend payment to its shareholders. Meanwhile the Board and management of the
Company remain fully committed to initiating sustainable cash dividends at the
earliest opportunity and to unlock further value for its shareholders.”

This announcement is subject to disclosure pursuant to section 5-12 of the
Norwegian Securities Trading Act.

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 a producing interest in Block-G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa.

Visit us at www.panoroenergy.com
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

Kilde

TekBot · juli 15, 2022, 9:33am

Flagging PEN

TekBot · juli 19, 2022, 5:30am

Panoro Energy - Strong July Lifting

Oslo, 19 July 2022 - Panoro Energy ASA (“Panoro” or the “Company”) is pleased to
provide today an update on its July crude oil lifting schedule.

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John Hamilton, CEO of Panoro, commented:

“We are pleased to have recorded our largest ever realized lifting to date with
proceeds in excess of USD 80 million achieved from one oil cargo”.

The Company has completed its scheduled lifting of approximately 745,000 barrels
of oil in Equatorial Guinea at a realized price of USD 108.50 net per barrel,
after customary quality adjustments and selling costs and before the effect of
hedging (which comprised 200,000 barrels covered by swaps at USD 104.5 per
barrel). This lifting accounts for a significant portion of the Company’s 2022
total expected sales volume.

As previously guided the majority of Panoro’s crude oil liftings will occur in
the second half of the year, with no major crude oil liftings having been
undertaken in the second quarter. In line with IFRS standard accounting
treatment the Company recognizes revenue when liftings of its crude oil
entitlement occur.

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 a producing interest in Block-G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa.

Visit us at www.panoroenergy.com.
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

Kilde

TekBot · juli 27, 2022, 6:03am

Panoro Energy: PetroNor E&P ASA Consideration Shares Issued

Oslo, 27 July 2022 - Panoro Energy ASA (“Panoro” or the “Company”) with OSE
Ticker: “PEN”) makes reference to its announcement of 13 July 2022 confirming
completion of the sale of its fully-owned subsidiaries Pan-Petroleum Services
…

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Holding BV and Pan-Petroleum Nigeria Holding BV (together referred to as
“Divested Subsidiaries”) to PetroNor E&P ASA (“PetroNor”) for an upfront
consideration of USD 10 million plus a contingent consideration of up to USD
16.67 million based on future gas production volumes (“the Transaction”).

As notified to the market, the upfront consideration is in the form of
96,577,537 new PetroNor shares (“Consideration Shares”) being issued to Panoro.

The Company notes the announcement made today by PetroNor in connection with the
increase of share capital and issue of Consideration Shares which are expected
to be available and freely tradeable in Panoro’s VPS account on 28 July 2022.
Upon receipt of the Consideration Shares the Board of Directors of Panoro will
resolve to use its authorisation to approve a dividend in the form of
distributing the PetroNor shares to Panoro shareholders. A separate stock
exchange announcement will be made where the record date, ex-dividend date and
other key information about the dividend will be set out.

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 a producing interest in Block-G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa.

Visit us at www.panoroenergy.com
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

Kilde

TekBot · juli 27, 2022, 10:29am

Panoro Energy - Disclosure of Major Shareholding

Oslo, 27 July 2022 - Panoro Energy ASA (“Panoro” or the “Company”) with OSE
Ticker: (“PEN”) makes reference to its recent announcement regarding completion
of the sale of its fully owned subsidiaries Pan-Petroleum Services Holding BV
…

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and Pan-Petroleum Nigeria Holding BV (together referred to as “Divested
Subsidiaries” and which together hold 100% of the shares in Pan-Petroleum Aje
Limited) to PetroNor E&P ASA (“PetroNor” - OSE Ticker: “PNOR”) for an upfront
consideration of USD 10 million to be settled in the form of PetroNor shares
(“Consideration Shares”) and today’s stock exchange announcement by Panoro
Energy ASA that such shares have been issued.

The Company is pleased to confirm receipt of the Consideration Shares. Following
such receipt of shares, Panoro Energy ASA today, 27 July 2022, owns 96,577,537
shares in PetroNor E&P ASA, which represents 6.78% of all issued and outstanding
shares and votes in PetroNor. Consequently, the threshold of 5% holding of
shares and votes has been exceeded.

This announcement is made pursuant to the Continuing Obligations of Euronext
Oslo Børs.

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 a producing interest in Block-G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa.

Visit us at www.panoroenergy.com
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

Kilde

TekBot · august 1, 2022, 5:01am

Panoro Energy - Declaration of Dividend In Specie

Oslo, 1 August 2022 - Panoro Energy ASA (“Panoro” or the “Company”) with OSE
Ticker: “PEN”) is pleased to announce the declaration of its first dividend (the
“Dividend”) following recent completion of the transaction to divest its working
…

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interest in Offshore Mining Lease no. 113, offshore Nigeria to Petronor E&P ASA
(“PetroNor”).

Following receipt of 96,577,537 shares in PetroNor as consideration, the Board
of Directors has resolved to use its authorisation to approve a dividend in the
form of distributing the PetroNor shares. Each Panoro shareholder as at the
record date will receive 0.849 PetroNor shares for each share held in the
Company. Fraction shares will not be distributed and shareholders as at the
record date will receive a number of PetroNor shares rounded downwards to the
nearest whole share. Further details regarding the Dividend, including but not
limited to the record date, ex-dividend date and other key information are set
in a separate stock exchange announcement. Shareholders entitled to receive the
dividend will receive PetroNor shares with their VPS accounts without any
further actions from the shareholder being required.

This announcement is subject to disclosure pursuant to section 5-12 of the
Norwegian Securities Trading Act.

Enquiries

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 a producing interest in Block-G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa.

Visit us
at w (http://www.panoroenergy.com/)ww.panoroenergy.com (http://www.panoroenergy.c
om/)
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

Kilde

TekBot · august 1, 2022, 5:03am

Panoro Energy - Key Information On Dividend In Specie

Oslo, 1 August 2022 - Panoro Energy ASA (“Panoro” or the “Company”) with OSE
Ticker: “PEN”) provides the following key information on the distribution of a
dividend (the “Dividend”) in specie to Panoro shareholders.
…

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Dividend amount: In specie dividend in the form of 0.849 shares in PetroNor E&P
ASA (“PetroNor”) for each share held of Panoro Energy ASA on the Record Date. A
maximum of 96,577,537 PetroNor shares (“Dividend Shares”) will be distributed as
dividend in specie.

Total value of Dividend Shares: a maximum of NOK 90,106,842.02

Price per Dividend Shares: NOK 0.933 (closing price of Petronor shares as of 29
July 2022)

Last day of trading inclusive the right to receive dividend: Thursday 4 August
2022

Ex-dividend date: Friday 5 August 2022

Record Date: Monday 8 August 2022

Settlement Date: Tuesday 23 August 2022 (expected)

Date of decision: Sunday 31 July 2022

Other information: Fraction shares will not be distributed and shareholders as
at the Record Date will receive a number of Dividend Shares rounded downwards to
the nearest whole share.

Certain number of Dividend Shares will be withheld by the Company, where
applicable, to fulfil Norwegian withholding tax obligations for non-Norwegian
shareholders.

This announcement is made pursuant to the Continuing Obligations of Euronext
Oslo Børs.

Enquiries

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 a producing interest in Block-G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa.

Visit us at www.panoroenergy.com
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

Kilde

TekBot · august 5, 2022, 6:40am

Panoro Energy - Ex Dividend Date

Oslo, 05 August 2022

Issuer: Panoro Energy ASA
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Ex-dividend date: Today, 05 August 2022.

Relevant corporate action: In specie dividend distribution

This announcement is made pursuant to the Continuing Obligations of Euronext
Oslo Børs.

Enquiries
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 a producing interest in Block-G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa.

Visit us at www.panoroenergy.com
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

Kilde

TekBot · august 17, 2022, 5:30am

Panoro Energy - Invitation to Half Year 2022 Results Presentation

Oslo, 17 August 2022 - The Half Year 2022 Report to be announced on Wednesday 24
August will be available on our website http://www.panoroenergy.com at 07:30
a.m. CEST.
…

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The company will hold a live webinar presentation at 09:00 a.m. CEST on
Wednesday 24 August 2022, during which management will discuss the results and
operations, followed by a Q&A session.

The webinar presentation can be accessed through registering at the link below
and the online event will be equipped with features to ask live questions.
Joining instructions for participating online or through using local dial-in
numbers will be available upon completion of registration. The webinar details
are as follows:

±------------±--------------------------------------------------------------+
|Date and |24 August 2022, 09:00 .a.m. CEST |
|Time: | |
±------------±--------------------------------------------------------------+
|Registration:| https://register.gotowebinar.com/register/260589078537805839|
| | |
| |After registering, participants will receive a confirmation |
| |email containing information about joining the webinar. |
| | |
| |Participants can use their telephone or computer microphone and|
| |speakers (VoIP). |
±------------±--------------------------------------------------------------+

Please join the event at least ten minutes before the scheduled start time.

A replay of the webinar will be available shortly after the event is finished
and will remain on our website (www.panoroenergy.com) for approximately 7 days.

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 a producing interest in Block G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa.

Visit us at www.panoroenergy.com
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

Kilde

TekBot · august 24, 2022, 5:30am

Panoro Energy - Award of Technical Co-operation Permit 218 Onshore South Africa

Oslo, 24 August 2022 - Panoro Energy ASA (“Panoro” or the “Company” with OSE
Ticker: PEN) is pleased to announce that it has been awarded a 100 per cent
interest in Technical Co-operation Permit (“TCP”) 218 located onshore northern
…

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Free State province, South Africa.

TCP 218 covers a surface area of approximately 6,608 Km[2] in the highly
prospective Northern Karoo Basin which has a proven working natural gas and
Helium system with nearby analogues including the producing Virginia gas field
(operated by Renergen) and the Smaldeel gas field.

The TCP award is for a period of 12 months during which time Panoro will have
exclusive rights to undertake desktop studies of existing data sources and field
work in order to evaluate the prospectivity of the permit area, after which the
Company will have the option to apply for an Exploration Right covering the
permit area. This represents a ground-floor entry at minimal cost with no impact
on the Company’s guided 2022 capex or on Panoro’s overall corporate strategy.

John Hamilton, CEO of Panoro, commented:

“The award of TCP 218 will allow us to incubate a potentially exciting natural
gas and Helium play. While the technical fundamentals and market opportunities
for both natural gas and Helium in South Africa represent a compelling
proposition, the renewable nature of the resource, possibility to displace coal
fired power and many applications of Helium make for an equally compelling
investment from an ESG perspective. We are grateful to the Petroleum Agency of
South Africa for the award of TCP 218 and look forward to further evaluating the
permits high potential in the coming months.”

High Potential Helium Basin

Some of the highest global concentrations of Helium have been recorded in gas
wells and boreholes in the North Karoo Basin. Helium concentrations of two to
four per cent are common with concentrations in excess of 20 per cent recorded.
While a by product of natural gas production, Panoro believes that the Helium
potential of TCP 218 offers an additional outright commercial opportunity that
can be both scalable and de-linked from hydrocarbon prices. Numerous strategic
industries including the global semiconductor, fibre optic, medical imaging and
aerospace industries are irreversibly dependent on a stable and secure supply of
Helium. With the US strategic Helium reserve depleting in recent years the need
for less dominant alternative reliable supply from geopolitically low risk
sources is intensifying. Panoro believes that South Africa has the potential to
become a strategically important source of Helium supply to the global market.

Natural Gas Opportunity

The proven play concept Panoro intends to evaluate is biogenic gas generated by
groundwater circulating through large faults and contacting bacteria, meaning
the natural gas is generated through a continual process and therefore is
renewable. Panoro also intends to evaluate the potential for conventional oil
and gas prospectivity in the TCP area.

Panoro believes that favourable dynamics exist for domestic gas opportunities in
South Africa where power outages are persistent. In the power sector legislation
has been amended to allow for up to 50MW of power generation capacity to be
installed and operated without a full generation license. In the event that
commercial quantities of natural gas are proved on TCP 218 its close proximity
to some of South Africa’s major demand centres lends itself as a potential
supply source for domestic gas to power projects. South Africa presently has a
high dependency on coal which accounts for approximately 70 per cent of energy
by source in the country. Any new gas supply to underpin domestic power
generation projects can therefore help displace coal as the dominant energy
source.

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 a producing interest in Block G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa.

Visit us at www.panoroenergy.com
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

Kilde

TekBot · august 24, 2022, 5:32am

Panoro Energy - 2022 Half Year Results

Oslo, 24 August 2022 - Panoro Energy ASA (“Panoro” or the “Company” with OSE
Ticker: PEN) is pleased to report financial and operational performance for the
first half of 2022 in line with internal expectations. Working interest
…
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production from Panoro’s diversified oil portfolio during the first six months
averaged approximately 7,900 bopd, with production expected to increase through
to year end. Financial results reflect the previously communicated timing of
Panoro’s crude lifting schedules. Since 30 June Panoro has lifted 865,200
barrels at an average realised price of USD 107.22 per barrel bringing year to
date crude oil sales to approximately USD 110 million with further large crude
oil liftings scheduled in the second half.

Underpinned by a strong balance sheet and a conservative leverage profile the
Company is on track to achieve its near term organic growth ambition of
exceeding 12,500 bopd during 2023 and with the majority of its production
unhedged is well positioned to capitalise on the elevated oil price environment.

John Hamilton, CEO of Panoro, commented:

"Our operational performance has remained in line with our expectations as
planned maintenance projects and well workovers to install and replace ESPs were
safely completed in Equatorial Guinea and Tunisia. Looking ahead we expect full
year working interest production to be around 8,000 bopd. Our organic growth
ambition of exceeding 12,500 bopd net to Panoro during 2023 remains fully on
track. As we had previously communicated the majority of Panoro’s crude oil
liftings, and therefore revenue, will occur in the second half of this year. I
am pleased to say that in July we completed Panoro’s largest ever lifting to
date with proceeds in excess of USD 80 million received from a lifting of
approximately 745,000 barrels in Equatorial Guinea. This has been supplemented
with an oil lifting in Tunisia during August. Consequently the third quarter of
2022 shall set a new record in terms of revenue for the Company.

Having concluded the sale of Panoro’s interest in OML 113 to PetroNor E&P ASA we
have delivered a maiden distribution to our shareholders of USD 10 million in
specie. Following this key milestone and first ever dividend paid by Panoro, the
Board and Management remain fully committed to rewarding shareholders by
initiating a sustainable cash dividend policy at the earliest opportunity. We
intend to provide further details on dividend pay out policy at the time of our
third quarter results, following visibility from the customary annual joint
venture 2023 budgeting process, scheduled semi-annual RBL redetermination and
upcoming crude liftings."

Corporate and Financial Update

· Maiden dividend paid with proceeds from the sale of Panoro’s interest in OML
113 offshore Nigeria to PetroNor E&P ASA (“PetroNor”). USD 10 million upfront
consideration received in the form of 96,577,537 shares in PetroNor distributed
as a dividend in specie to Panoro shareholders
· As previously communicated the majority of Panoro’s crude oil liftings will
occur in the second half of the year. Revenue for the first half was USD 21.7
million of which USD 17 million was generated from the sale of 158,900 barrels
at an average realised price of USD 107.17 per barrel
· Post period end, Panoro completed its scheduled lifting of approximately
745,000 barrels of oil in Equatorial Guinea at a realised price of USD 108.50
net per barrel, after customary quality adjustments and selling costs and before
the effect of hedging (which comprised 200,000 barrels covered by swaps at USD
104.50 per barrel). This lifting accounts for a significant portion of the
Company’s 2022 total expected sales volume
· A further 120,000 barrels net to Panoro has been lifted in Tunisia during
August with a realised price of USD 98.35 per barrel after customary discounts
and sales fees
· In line with IFRS standard accounting treatment the Company recognises
revenue when liftings of its crude oil entitlement occur. The third quarter
will therefore be a record quarter in terms of revenue for Panoro
· Cash at bank at 30 June 2022 was USD 30.7 million
· Gross debt at 30 June 2022 was USD 88.4 million (excluding temporary
advances of USD 35 million taken against the July Equatorial Guinea cargo to
smooth working capital) after scheduled principal repayments of USD 9.2 million
were made in the six months to 30 June 2022
· Grace Reksten Skaugen was appointed to the Board at the AGM held in May
2022. Ms. Skaugen is a board member and co-founder of the Norwegian Institute
of Directors. She holds several board positions in listed companies including
the Swedish investment company Investor, Euronav Tankers and Orron Energy as
well as PJT Partners, a US investment bank. She is a Trustee of the
International Institute for Strategic Studies (IISS) in London. She was deputy
chair of Statoil (now Equinor), from 2012 to 2015 and served on its board for
thirteen years. Ms. Skaugen is a physicist by education and holds a PhD in laser
physics from Imperial College in London

Operational Update

Equatorial Guinea - Block G (Panoro 14.25%)

· Working interest production for the first six months 2022 averaged
approximately 4,714 bopd (gross production 33,079 bopd)
· In May the Ministry of Mines and Hydrocarbons of Equatorial Guinea and the
Joint Venture partners at Block G agreed a material time extension of the
Production Sharing Contract (“PSC”) until 31 December 2040 covering both
licenses containing the producing Ceiba and Okume Complex Fields. Prior to the
extension the PSC expiry for the Ceiba Field was 2029 and for the Okume Complex
fields 2034. Management expects that Panoro’s net 2P reserves will increase by
between 2 to 3 million barrels as a result of the PSC extension
· Operator Trident Energy is undertaking a workover programme at the Okume
Complex and has completed the Okume upgrade project which will improve process
reliability, power generation and fluid handling / injection capabilities
· Planning for H2 2023 drilling activity underway with a drilling rig selected

Gabon - Dussafu Marin Permit (Panoro 17.5%)

· First half 2022 working interest production averaged approximately 1,952
bopd (gross production 11,152 bopd)
· Four out of six wells on continuous production owing to previously
communicated gas lift capacity constraints. Nitrogen has been tested to
supplement gas lift intermittently with additional permanent gas lift capacity
due to be available around year end
· Conversion work on the offshore production unit for the Hibiscus/Ruche Phase
I development project at the Lamprell Yard in Dubai has been completed and the
unit, now named BW MaBoMo, has left the yard and is currently onboard a heavy
lift vessel in transit to Gabon. The BW MaBoMo is expected to arrive on the
field at the end of September for installation and hook-up. It will be connected
to the BW Adolo FPSO via a 20 km pipeline
· As previously communicated in July delivery of the jack-up drilling rig Borr
Norve has been re-scheduled towards the end of the year due to a third-party
operator in the region exercising its final remaining well options. The JV
partners anticipate first oil from the Hibiscus Ruche Phase I development will
occur towards the end of the first quarter in 2023

Tunisia - TPS Assets (Panoro 29.4%)

· First half 2022 working interest production averaged approximately 1,194
bopd (gross production 4,062 bopd)
· Workovers to replace two ESP’s at the Cercina (CER-2 well) and Guebiba (GUE
-3 well) fields have been successfully completed and wells bought online safely
without incident
· The wells are being monitored with encouraging increases in production rate
observed in both wells
· Covid-19 cases managed effectively by the TPS team with no impact on
production
· New production opportunities expected to be delivered during 2022 include
the completion of the Douleb reservoir in GUE-10AST and perforation and
stimulation activities on three further Cercina wells

South Africa - Block 2B (Panoro 12.5%)

· Island Innovator drilling rig is now under contract and in transit to South
Africa from Europe with expected well spud by end September
· The Gazania-1 well to test both the Namaqualand and Gazania prospects
· Gross un-risked prospective resource targeted of over 300 MMbbls with an
estimated gross well cost of approximately USD 30 million (approximately USD 6
million dry hole cost net to Panoro)

Webinar Presentation

The company will hold a live webinar presentation at 09:00 a.m. CEST during
which management will discuss the results and operations, followed by a Q&A
session.

The webinar presentation can be accessed through registering at the link below
and the online event will be equipped with features to ask live questions.
Joining instructions for participating online or through using local dial-in
numbers will be available upon completion of registration. The webinar details
are as follows:

Date and 24 August 2022, 09:00 am CEST
Time:
Registration: https://register.gotowebinar.com/register/260589078537805839
           After registering, participants will receive a confirmation
           email containing information about joining the
           webinar.Participants can use their telephone or computer
           microphone and speakers (VoIP).
Please join the event at least ten minutes before the scheduled start time.

A replay of the webinar will be available shortly after the event is finished
and will remain on our website (www.panoroenergy.com) for approximately 7 days.

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 a producing interest in Block G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa.

Visit us at www.panoroenergy.com
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

Kilde