Panoro energy asa (pen.ol)

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Panoro Energy ASA - Successful Placement of USD 150 Million Senior Secured Bond

Oslo, 27 November 2024 - Panoro Energy ASA (“Panoro” or the “Company”) is
pleased to announce that it has successfully completed a 5-year senior secured
bond issue of USD 150 million with a coupon rate of 10.25 per cent. The bonds
…

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will be issued at 99.20 per cent of nominal value. The bond issue attracted
strong interest from both international and Nordic investors and was
significantly oversubscribed. The net proceeds from the bond issue shall be
applied towards refinancing of existing debt and general corporate purposes.

Settlement of the bond issue is expected on or about 11 December 2024 (the
“Issue Date”), subject to customary conditions precedent. An application will be
made for listing of the bonds.

John Hamilton, CEO of Panoro, commented:

“As we have developed our high-quality asset base in recent years, consistently
replacing reserves and growing production to current levels of over 13,000 bopd,
the successful placing of a USD 150 million bond is an equally important
development of Panoro’s capital structure. The bond issuance diversifies our
long-term capital base, adding a scalable instrument in support of our growth
strategy, while also reducing our borrowing interest rate. We will continue to
run the business with a modest net leverage profile, keeping the delivery of
material and sustainable returns for shareholders as our over-riding objective
through a clear and aligned distribution framework.”

Arctic Securities and DNB Markets acted as Joint Bookrunners, and SpareBank 1
Markets acted as Co-Manager in the transaction. 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 S, 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, Sfax Offshore Exploration
Permit and Ras El Besh Concession, offshore Tunisia, and onshore Exploration
Right 376 in South Africa.

Visit us at www.panoroenergy.com.

Follow us on LinkedIn (Panoro Energy | LinkedIn)

Kilde

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Panoro Energy - Equatorial Guinea Operations Update: Akeng Deep Result and Second Infill Well Onstream

Oslo, 29 November 2024 - Panoro Energy ASA (“Panoro” or the “Company”) can
confirm that drilling of the S-6 (“Akeng Deep”) exploration well at Block S
offshore Equatorial Guinea has concluded. The well was drilled to a total
…

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vertical depth of approximately 4,030 metres and encountered oil zones in the
Upper Albian which, following evaluation of all data gathered, is deemed sub
-commercial by the partners. Panoro holds a 12 per cent participating interest
in Block S. Other partners are Kosmos Energy (operator), Trident Energy and
GEPetrol.

At Block G, first oil from the Okume infill well was achieved mid-November with
production ramp-up ongoing. The Ceiba infill well was brought online by the
Block G operator, Trident Energy, mid-October and is performing ahead of
expectations Panoro holds a 14.25 per cent participating interest in Block G.
Other partners are Kosmos Energy and GEPetrol.

This marks the end of the 2024 drilling campaign in Equatorial Guinea.

John Hamilton, CEO of Panoro, commented:

“Although the Akeng Deep well did not result in a commercial discovery, the
identification of oil in the Upper Albian confirms elements of an active
petroleum system and the data provide valuable insights into the potential of
the Lower Cretaceous. The well results at S-6 will now be integrated into our
subsurface models to refine future exploration and appraisal activities in the
basin. At Block G we are pleased to report that both new infill wells at the
Ceiba field and Okume Complex are onstream with the Ceiba well performing ahead
of expectations and the Okume Complex well ramping up and set to add additional
volume.”

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 interests in Block-G, Block S, 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, Sfax Offshore Exploration
Permit and Ras El Besh Concession, offshore Tunisia, and onshore Exploration
Right 376 in South Africa.

Visit us at www.panoroenergy.com.

Follow us on LinkedIn (Panoro Energy | LinkedIn)

Kilde

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Financial calendar

Financial calendar for Panoro Energy ASA

FINANCIAL YEAR 2024
…

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24.04.2025 - Annual Report

FINANCIAL YEAR 2025

21.08.2025 - Half-yearly Report
21.05.2025 - Annual General Meeting

The Company holds a webcast presentation each quarter to discuss the results and operations. Event details are announced ahead of each quarterly update. The schedule for quarterly updates is as follows:

FINANCIAL YEAR 2024
25.02.2025 – Trading and Financial Update – Q4 and Annual Results

FINANCIAL YEAR 2025
21.05.2025 – Trading and Financial Update – Q1
20.11.2025 – Trading and Financial Update – Q3

The information presented quarterly is also available on our website www.panoroenergy.com

Enquiries
Qazi Qadeer, Chief Financial Officer
Tel: +44 203 405 1060
Email: investors@panoroenergy.com

This information is published pursuant to the requirements set out in the Continuing obligations.

Kilde

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Mandatory Notification of Trades - Chairman Buys Shares in Panoro Energy ASA

Oslo, 3 December 2024 - Julien Balkany, Chairman of the Board of Panoro Energy
ASA (the “Company”) on 2 December 2024 acquired 50,000 shares in the Company on
open market at a price per share of NOK 26.7945. Following this transaction,
…

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Mr. Balkany directly and indirectly controls 3,762,211 shares in the Company. In
addition to this, Mr. Balkany holds 48,000 options in the Company.

Further detail of the transaction is set forth in the attached notification.

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

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 blocks
offshore southern Gabon, the TPS operated assets, Sfax Offshore Exploration
Permit and Ras El Besh Concession, offshore Tunisia, and onshore Exploration
Right 376 in South Africa.

Visit us at www.panoroenergy.com.

Follow us on LinkedIn (Panoro Energy | LinkedIn)

Kilde

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Panoro Energy - Ex Cash Distribution Today

Oslo, 3 December 2024 - The shares in Panoro Energy ASA will be traded ex cash
distribution (NOK 0.427 per share) as from today, 3 December 2024.

…

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The payment date will be on or around 10 December 2024.

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 interests in Block-G, Block S, 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, Sfax Offshore Exploration
Permit and Ras El Besh Concession, offshore Tunisia, and onshore Exploration
Right 376 in South Africa.

Visit us at www.panoroenergy.com.

Follow us on LinkedIn (Panoro Energy | LinkedIn)

Kilde

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Panoro Energy ASA - Announces Transactions Made Under the Company’s Share Buyback Program

Oslo, 06 December 2024 - Panoro Energy ASA (“Panoro” or the “Company”) (OSE:
PEN) initiated a share buyback program on May 23, 2024 to repurchase up to NOK
100 million in value of the Company’s common shares in open market transactions
…

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on the OSE pursuant to an agreement with Arctic Securities AS.

For the period from and including 29 November - 06 December 2024, Panoro
purchased a total of 204,100 shares at an average price of NOK 26.9816 per
share. The transactions effected through the agreement with Arctic comprise all
the transactions effected by or on behalf of the Company during the period.

Transaction overview

±-------------±------±--------±----------------±----------------------+
|Date |Trading|Volume |Weighted average |Total daily cumulative |
| |Venue | |share price (NOK)|transaction value (NOK)|
±-------------±------±--------±----------------±----------------------+
|29 November 24|OSE |70,000 |26.5857 |1,860,999 |
±-------------±------±--------±----------------±----------------------+
|02 December 24|OSE |37,100 |26.6848 |990,006 |
±-------------±------±--------±----------------±----------------------+
|03 December 24|OSE |37,000 |27.6786 |1,024,108 |
±-------------±------±--------±----------------±----------------------+
|05 December 24|OSE |30,000 |27.3851 |821,553 |
±-------------±------±--------±----------------±----------------------+
|06 December 24|OSE |30,000 |27.0090 |810,270 |
±-------------±------±--------±----------------±----------------------+
|Period total |OSE |204,100 |26.9816 |5,506,936 |
±-------------±------±--------±----------------±----------------------+
|Previously |OSE |1,281,500|31.8821 |40,856,871 |
|disclosed buy | | | | |
|-backs | | | | |
|under the | | | | |
|programme | | | | |
|(accumulated) | | | | |
±-------------±------±--------±----------------±----------------------+
|Program total |OSE |1,485,600|31.2088 |46,363,807 |
±-------------±------±--------±----------------±----------------------+

The issuer’s holding of own shares: 1,485,600

Following the completion of the above transactions, Panoro owned a total of
1,485,600 of its own shares, corresponding to 1.27% of Panoro’s share capital.

Appendix:

An overview of all transactions made under the Company’s repurchase program
and its agreement with Arctic Securities that have been carried out during the
above-mentioned time period is attached to this report and available at
www.newsweb.no.

Contact information

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

About Panoro

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 and Block EG-01 offshore Equatorial Guinea,
the Dussafu Marin, Niosi Marin and Guduma Marin blocks offshore southern Gabon,
the TPS operated assets, Sfax Offshore Exploration Permit and Ras El Besh
Concession, offshore Tunisia, and onshore Exploration Right 376 in South Africa.

Visit us at www.panoroenergy.com.

Follow us on LinkedIn (Panoro Energy | LinkedIn)

Kilde

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PANORO ENERGY ASA - Shareholding 10% Threshold Reached

Yesterday, on trade day 12/16/2024, funds managed by Cobas Asset Management, SGIIC, S.A. reached and exceeded 10% threshold, holding 10,0092% of issued share capital of PANORO ENERGY ASA (ISIN NO0010564701).

(a) the name of the issuer of the shares: PANORO ENERGY ASA
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(b) the date on which the proportion of shares held reached, exceeded or fell below the thresholds set in the Securities Trading Act section 4-2, subsection (2):
16/12/2024

(c) name of the entity subject to the disclosure obligation, including the name of the Shareholder: Cobas Asset Management, SGIIC, S.A. a Management Company based in Madrid with delegated voting rights on behalf of multiple managed portfolios

(d) the number of shares the notification encompasses: 11.705.129 shares

(e) the subsequent situation with regard to voting rights, including the percentage of the votes and shares of the company held by the entity concerned:
10,0092%

(f) what percentage of the votes and shares of the company the entity concerned holds in the form of rights to shares:
None

(g) the circumstance that triggered the disclosure obligation and whether such circumstance applied to the entity concerned himself or to any related party (close associate) as mentioned in the Securities Trading Act section 2-5: 10.967 shares acquired on 16-dec-2024

(h) the chain of controlled undertakings through which the shares or rights are owned: Cobas Asset Management, SGIIC, S.A. as investment manager, authorized to exercise voting rights attached to the shares under management on a discretionary basis.

(i) where the notification concerns rights to shares as mentioned in the Securities Trading Act section 4-2, subsection (5), the notification shall also contain a description of the rights, including information on the date and time that the rights will or can be exercised and the date and time of their expiry: Not applicable

Find attached a copy in .PDF format.

Kilde

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Panoro Energy - Receipt of Bond Proceeds and Full Redemption of RBL Facility

Oslo, 20 December 2024 - Reference is made to the announcement made by Panoro
Energy ASA (“Panoro” or the “Company”) on 27 November regarding the successful
placement of USD 150 million new senior secured bonds (the “Bonds” or "Bond
…

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Issue").
The Company is pleased to announce that the net proceeds from the Bond Issue
have now been released from escrow and used in part to fully repay the
outstanding amount drawn under the Company’s Reserve Based Lending facility of
USD 82.5 million plus all accrued and outstanding interest. The remaining net
proceeds from the Bond Issue will be used for general corporate purposes.

Enquiries

Qazi Qadeer, Chief Financial Officer
Tel: +44 203 405 1060
Email: investors@panoroenergy.com

About Panoro

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 blocks
offshore southern Gabon, the TPS operated assets, Sfax Offshore Exploration
Permit and Ras El Besh Concession, offshore Tunisia, and onshore Exploration
Right 376 in South Africa.

Visit us at www.panoroenergy.com.

Follow us on LinkedIn (Panoro Energy | LinkedIn)

Kilde

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Panoro Energy ASA - Announces Transactions Made Under the Company’s Share Buyback Program

Oslo, 10 January 2025 - Panoro Energy ASA (“Panoro” or the “Company”) (OSE: PEN)
initiated a share buyback program on May 23, 2024 to repurchase up to NOK 100
million in value of the Company’s common shares in open market transactions on
…

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the OSE pursuant to an agreement with Arctic Securities AS.

For the period from and including 02 January - 10 January 2025, Panoro purchased
a total of 107,700 shares at an average price of NOK 28.9444 per share. The
transactions effected through the agreement with Arctic comprise all the
transactions effected by or on behalf of the Company during the period.

Transaction overview

±------------±------±--------±----------------±----------------------+
|Date |Trading|Volume |Weighted average |Total daily cumulative |
| |Venue | |share price (NOK)|transaction value (NOK)|
±------------±------±--------±----------------±----------------------+
|02 January 25|OSE |25,000 |28.7230 |718,075 |
±------------±------±--------±----------------±----------------------+
|03 January 25|OSE |14,000 |28.7935 |403,109 |
±------------±------±--------±----------------±----------------------+
|06 January 25|OSE |15,000 |28.8761 |433,141 |
±------------±------±--------±----------------±----------------------+
|07 January 25|OSE |20,000 |28.9190 |578,380 |
±------------±------±--------±----------------±----------------------+
|08 January 25|OSE |14,000 |29.1265 |407,771 |
±------------±------±--------±----------------±----------------------+
|09 January 25|OSE |10,000 |28.8328 |288,328 |
±------------±------±--------±----------------±----------------------+
|10 January 25|OSE |9,700 |29.7427 |288,504 |
±------------±------±--------±----------------±----------------------+
|Period total |OSE |107,700 |28.9444 |3,117,309 |
±------------±------±--------±----------------±----------------------+
|Previously |OSE |1,485,600|31.2088 |46,363,807 |
|disclosed buy| | | | |
|-backs | | | | |
|under the | | | | |
|programme | | | | |
|(accumulated)| | | | |
±------------±------±--------±----------------±----------------------+
|Program total|OSE |1,593,300|31.0557 |49,481,116 |
±------------±------±--------±----------------±----------------------+

The issuer’s holding of own shares: 1,593,300

Following the completion of the above transactions, Panoro owned a total of
1,593,300 of its own shares, corresponding to 1.36% of Panoro’s share capital.

Appendix:

An overview of all transactions made under the Company’s repurchase program
and its agreement with Arctic Securities that have been carried out during the
above-mentioned time period is attached to this report and available at
www.newsweb.no.

Contact information

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

About Panoro

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 and Block EG-01 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 (Panoro Energy | LinkedIn)

Kilde

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Panoro Energy ASA - Announces Transactions Made Under the Company’s Share Buyback Program

Oslo, 17 January 2025 - Panoro Energy ASA (“Panoro” or the “Company”) (OSE: PEN)
initiated a share buyback program on May 23, 2024 to repurchase up to NOK 100
million in value of the Company’s common shares in open market transactions on
…

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the OSE pursuant to an agreement with Arctic Securities AS. The share buyback
programme has been extended to the 2025 Annual General Meeting to be held on 21
May 2025.

For the period from and including 13 January - 17 January 2025, Panoro purchased
a total of 70,000 shares at an average price of NOK 30.9615 per share. The
transactions effected through the agreement with Arctic comprise all the
transactions effected by or on behalf of the Company during the period.

Transaction overview

±------------±------±--------±----------------±----------------------+
|Date |Trading|Volume |Weighted average |Total daily cumulative |
| |Venue | |share price (NOK)|transaction value (NOK)|
±------------±------±--------±----------------±----------------------+
|16 January 25|OSE |35,000 |30.5034 |1,067,619 |
±------------±------±--------±----------------±----------------------+
|17 January 25|OSE |35,000 |31.4196 |1,099,686 |
±------------±------±--------±----------------±----------------------+
|Period total |OSE |70,000 |30.9615 |2,167,305 |
±------------±------±--------±----------------±----------------------+
|Previously |OSE |1,593,300|31.0557 |49,481,116 |
|disclosed buy| | | | |
|-backs | | | | |
|under the | | | | |
|programme | | | | |
|(accumulated)| | | | |
±------------±------±--------±----------------±----------------------+
|Program total|OSE |1,663,300|31.0518 |51,648,421 |
±------------±------±--------±----------------±----------------------+

The issuer’s holding of own shares: 1,663,300

Following the completion of the above transactions, Panoro owned a total of
1,663,300 of its own shares, corresponding to 1.42% of Panoro’s share capital.

Appendix:

An overview of all transactions made under the Company’s repurchase program
and its agreement with Arctic Securities that have been carried out during the
above-mentioned time period is attached to this report and available at
www.newsweb.no.

Contact information

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

About Panoro

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 and Block EG-01 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 (Panoro Energy | LinkedIn)

Kilde

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Panoro Energy ASA - Announces Transactions Made Under the Company’s Share Buyback Program

Oslo, 24 January 2025 - Panoro Energy ASA (“Panoro” or the “Company”) (OSE: PEN)
initiated a share buyback program on May 23, 2024 to repurchase up to NOK 100
million in value of the Company’s common shares in open market transactions on
…

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the OSE pursuant to an agreement with Arctic Securities AS.

For the period from and including 20 January - 24 January 2025, Panoro purchased
a total of 74,000 shares at an average price of NOK 29.9715 per share. The
transactions effected through the agreement with Arctic comprise all the
transactions effected by or on behalf of the Company during the period.

Transaction overview

±------------±------±--------±----------------±----------------------+
|Date |Trading|Volume |Weighted average |Total daily cumulative |
| |Venue | |share price (NOK)|transaction value (NOK)|
±------------±------±--------±----------------±----------------------+
|20 January 25|OSE |15,000 |30.8934 |463,401 |
±------------±------±--------±----------------±----------------------+
|21 January 25|OSE |15,000 |29.8641 |447,962 |
±------------±------±--------±----------------±----------------------+
|22 January 25|OSE |15,000 |29.9334 |449,001 |
±------------±------±--------±----------------±----------------------+
|23 January 25|OSE |15,000 |29.9168 |448,752 |
±------------±------±--------±----------------±----------------------+
|24 January 25|OSE |14,000 |29.1980 |408,772 |
±------------±------±--------±----------------±----------------------+
|Period total |OSE |74,000 |29.9715 |2,217,888 |
±------------±------±--------±----------------±----------------------+
|Previously |OSE |1,663,300|31.0518 |51,648,421 |
|disclosed buy| | | | |
|-backs | | | | |
|under the | | | | |
|programme | | | | |
|(accumulated)| | | | |
±------------±------±--------±----------------±----------------------+
|Program total|OSE |1,737,300|31.0058 |53,866,309 |
±------------±------±--------±----------------±----------------------+

The issuer’s holding of own shares: 1,737,300

Following the completion of the above transactions, Panoro owned a total of
1,737,300 of its own shares, corresponding to 1.49% of Panoro’s share capital.

Appendix:

An overview of all transactions made under the Company’s repurchase program
and its agreement with Arctic Securities that have been carried out during the
above-mentioned time period is attached to this report and available at
www.newsweb.no.

Contact information

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

About Panoro

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 and Block EG-01 offshore Equatorial Guinea,
the Dussafu Marin, Niosi Marin and Guduma Marin blocks offshore southern Gabon,
the TPS operated assets, Sfax Offshore Exploration Permit and Ras El Besh
Concession, offshore Tunisia, and onshore Exploration Right 376 in South Africa.

Visit us at www.panoroenergy.com.

Follow us on LinkedIn (Panoro Energy | LinkedIn)

Kilde

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Panoro Energy ASA - Announces Transactions Made Under the Company’s Share Buyback Program

Oslo, 31 January 2025 - Panoro Energy ASA (“Panoro” or the “Company”) (OSE: PEN)
initiated a share buyback program on May 23, 2024 to repurchase up to NOK 100
million in value of the Company’s common shares in open market transactions on
…

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the OSE pursuant to an agreement with Arctic Securities AS.

For the period from and including 27 January - 31 January 2025, Panoro purchased
a total of 135,000 shares at an average price of NOK 28.6126 per share. The
transactions effected through the agreement with Arctic comprise all the
transactions effected by or on behalf of the Company during the period.

Transaction overview

±------------±------±--------±----------------±----------------------+
|Date |Trading|Volume |Weighted average |Total daily cumulative |
| |Venue | |share price (NOK)|transaction value (NOK)|
±------------±------±--------±----------------±----------------------+
|27 January 25|OSE |27,000 |28.7579 |776,463 |
±------------±------±--------±----------------±----------------------+
|28 January 25|OSE |27,000 |28.6252 |772,880 |
±------------±------±--------±----------------±----------------------+
|29 January 25|OSE |27,000 |28.3739 |766,095 |
±------------±------±--------±----------------±----------------------+
|30 January 25|OSE |27,000 |28.5043 |769,616 |
±------------±------±--------±----------------±----------------------+
|31 January 25|OSE |27,000 |28.8019 |777,651 |
±------------±------±--------±----------------±----------------------+
|Period total |OSE |135,000 |28.6126 |3,862,706 |
±------------±------±--------±----------------±----------------------+
|Previously |OSE |1,737,300|31.0058 |53,866,309 |
|disclosed buy| | | | |
|-backs | | | | |
|under the | | | | |
|programme | | | | |
|(accumulated)| | | | |
±------------±------±--------±----------------±----------------------+
|Program total|OSE |1,872,300|30.8332 |57,729,017 |
±------------±------±--------±----------------±----------------------+

The issuer’s holding of own shares: 1,872,300

Following the completion of the above transactions, Panoro owned a total of
1,872,300 of its own shares, corresponding to 1.60% of Panoro’s share capital.

Appendix:

An overview of all transactions made under the Company’s repurchase program
and its agreement with Arctic Securities that have been carried out during the
above-mentioned time period is attached to this report and available at
www.newsweb.no.

Contact information

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

About Panoro

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 and Block EG-01 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 (Panoro Energy | LinkedIn)

Kilde

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Panoro Energy - Trading Statement and Operations Update

Oslo, 6 February 2025 - Panoro Energy ASA (“Panoro” or the “Company”) provides
an update in advance of its full year 2024 results which are scheduled for
release on 25 February 2025. Information contained within this release is
…

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unaudited and may be subject to further review and amendment.

John Hamilton, CEO of Panoro, commented:

“Panoro achieved a number of important milestones in Q4 2024. Operationally we
reached our 13,000 bopd group production target ahead of time, with gross
production at Dussafu increasing to 40,000 bopd following conclusion of the
multi-well development drilling campaign and two new infill wells in Equatorial
Guinea adding incremental volume. The successful placing of a USD 150 million
bond in November was an equally important event. The bond issuance diversifies
our long-term capital base, adding a scalable instrument in support of our
growth strategy, while also reducing our borrowing interest rate. We will
continue to run the business with a modest net leverage profile, keeping the
delivery of material and sustainable returns for shareholders as our over-riding
objective through a clear and aligned distribution framework in balance with
high-grading of the exciting organic growth pipeline which Panoro’s well
diversified portfolio offers.”

2024 Performance

Production

· Group working interest production target of over 13,000 bopd was reached
ahead of time in November 2024
· In Gabon, gross production at Dussafu reached over 40,000 bopd in November
and has consistently remained around this level since
· In Equatorial Guinea two new infill wells were put onstream in November
· Group working interest production in Q4 and full-year 2024 was:

Average W.I. production - bopd Q4 2024 FY 2024
Equatorial Guinea 4,060 3,566
Gabon 6,502 4,843
Tunisia 1,491 1,540
Total 12,052 9,950

Crude Oil Liftings

· Crude oil volumes lifted and sold in Q4 and full-year 2024 were in line with
guidance:

                          Q4 2024            FY 2024

Volumes lifted 1,418,411 barrels 3,497,957 barrels
Average realised price after USD 71.00 / bbl USD 76.57 / bbl
adjustments and customary
fees
Proceeds USD 100.7 million USD 267.8 million

· Panoro’s anticipated lifting schedule for 2025 is being finalised with
partners and the Company will provide an update at its full year 2024 results on
25 February 2025

Finance

· In November 2024 the Company successfully completed a 5-year senior secured
bond issue of USD 150 million with a coupon rate of 10.25 per cent. The bond
issue attracted strong interest from both international and Nordic investors and
was significantly oversubscribed. Proceeds of the bond issue were received in
December and used in part to fully repay the outstanding amount drawn under the
Company’s Reserve Based Lending facility of USD 82.5 million plus all accrued
and outstanding interest. The remaining net proceeds from the Bond Issue will be
used for general corporate purposes
· Cash at bank at 31 December 2024 was approximately USD 73 million
· A Gabon lifting of 190,265 barrels occurred in December 2024 for which
proceeds of USD 13.5 million were received post period end in January 2025

Shareholder Returns

· In accordance with the previously communicated 2024 shareholder returns
policy the Company will declare the Q4 2024 quarterly cash distribution at its
full year 2024 results on 25 February 2025. Cash distributions are paid as a
return of paid in capital
· In May 2024 the Board of Directors of Panoro approved a share buyback
programme allowing the Company to repurchase up to NOK 100 million of its
outstanding common shares. At market close on 31 January 2025 the Company had
purchased a total of 1,872,300 shares at a weighted average price of NOK 30.8332
per share, corresponding to 1.60 per cent of Panoro’s share capital. The share
buyback programme has been extended to the 2025 Annual General Meeting to be
held on 21 May 2025

Operations Update

Equatorial Guinea - Block G (Panoro: 14.25 per cent), Block S (Panoro: 12 per
cent)

· The C-45 and OF-19 infill wells were drilled with the Noble Venturer drill
ship and both encountered good quality oil saturated reservoir sands in un-swept
zones of the Ceiba field and Okume Complex respectively
· Both wells were put onstream in November
· Numerous ongoing field life extension and asset integrity projects will
continue throughout 2025
· The Joint Venture is evaluating the potential for future infill drilling
campaigns in the Okume Complex and Ceiba field
· The S-6 (“Akeng Deep”) exploration well at Block S was drilled in Q4 2024 to
a total vertical depth of approximately 4,030 metres and encountered oil zones
in the Upper Albian which, following evaluation of all data gathered, is deemed
sub-commercial by the partners

Gabon - Dussafu Marin (Panoro: 17.5 per cent)

· Gross production averaged 37,153 bopd in Q4 2024, the highest quarterly rate
achieved since production commenced on the block in 2018, and reached 40,000
bopd in November 2024 (remining around this level since)
· Scope exists for the FPSO nameplate capacity of 40,000 bopd to be exceeded
by approximately 10 per cent
· The expanded 2024 eight-well production drilling campaign, undertaken with
the Borr Norve jack up rig, concluded in October when the DHIBM-7H well was
successfully completed and put onstream with a conventional electrical
submersible pump (“ESP”) system
· The rig then undertook a workover and ESP replacement programme which was
completed as planned in early January. Conventional ESP systems now installed
all eight Hibiscus / Ruche production wells
· The Bourdon prospect test well (DBM-1) is the last rig operation under the
current contract and was spud in January 2025. Operations are on-going and
results are expected in Q1 2025

Tunisia - TPS Assets (Panoro: 49.0 per cent)

· In January the El Ain-3 well was brought back on-line at around 200 bopd
following a workover. The well had been shut-in since March 2024.
· New production opportunities include a workover campaign comprising ESP
replacement and well stimulations
· Detailed planning for development drilling campaign on the Rhemoura and
Guebiba fields

Portfolio expansion

Equatorial Guinea - Block EG-23 (Panoro: 80.0 per cent, operator)

· PSC signed in November 2024
· Located offshore north of Bioko Island and adjacent to the producing Alba
gas and condensate field. 19 wells have been drilled to date resulting in seven
hydrocarbon discoveries, some of which have been tested
· Based on existing data, the Ministry Hydrocarbons and Mining Development
estimates Block EG-23 holds gross contingent resources of approximately 104
million barrels of oil and condensate and 215 billion cubic feet of gas
· Initial period of three years to conduct subsurface studies based on
existing seismic. Following this, the partners will have the option to enter
into a further two-year period, during which they will undertake to drill an
exploration well.Partnered with GEPetrol (20 per cent)

Gabon - Niosi and Guduma blocks (Panoro: 25.0 per cent)

· PSC’s signed in October 2024
· Adjacent to the Company’s producing Dussafu Marin Permit and the producing
Etame Marin Permit which is operated by VAALCO Energy
· The PSC covering the Niosi block has an initial exploration period of five
years with a work commitment of new 3D seismic data acquisition and one well.
The PSC covering the Guduma block has an initial exploration period of three
years with a work commitment of geological and geophysical studies. Both blocks
have an option to extend the exploration period and enter a second phase with an
additional well commitment
· Partners in the Niosi and Guduma blocks are BW Energy (37.5 per cent and
operator) and VAALCO Energy (37.5 per cent)

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 and Block EG-01 offshore Equatorial Guinea,
the Dussafu Marin License offshore southern Gabon, the TPS operated assets in
Tunisia and onshore Technical Co-operation Permit 218 in South Africa.

Visit us at www.panoroenergy.com.

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Panoro Energy ASA - Announces Transactions Made Under the Company’s Share Buyback Program

Oslo, 07 February 2025 - Panoro Energy ASA (“Panoro” or the “Company”) (OSE:
PEN) initiated a share buyback program on May 23, 2024 to repurchase up to NOK
100 million in value of the Company’s common shares in open market transactions
…

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on the OSE pursuant to an agreement with Arctic Securities AS.

For the period from and including 03 February - 07 February 2025, Panoro
purchased a total of 135,000 shares at an average price of NOK 28.5359 per
share. The transactions effected through the agreement with Arctic comprise all
the transactions effected by or on behalf of the Company during the period.

Transaction overview

±-------------±------±--------±----------------±----------------------+
|Date |Trading|Volume |Weighted average |Total daily cumulative |
| |Venue | |share price (NOK)|transaction value (NOK)|
±-------------±------±--------±----------------±----------------------+
|03 February 25|OSE |27,000 |28.4273 |767,537 |
±-------------±------±--------±----------------±----------------------+
|04 February 25|OSE |27,000 |28.0410 |757,107 |
±-------------±------±--------±----------------±----------------------+
|05 February 25|OSE |27,000 |28.3925 |766,597 |
±-------------±------±--------±----------------±----------------------+
|06 February 25|OSE |27,000 |28.7954 |777,476 |
±-------------±------±--------±----------------±----------------------+
|07 February 25|OSE |27,000 |29.0233 |783,629 |
±-------------±------±--------±----------------±----------------------+
|Period total |OSE |135,000 |28.5359 |3,852,346 |
±-------------±------±--------±----------------±----------------------+
|Previously |OSE |1,872,300|30.8332 |57,729,017 |
|disclosed buy | | | | |
|-backs | | | | |
|under the | | | | |
|programme | | | | |
|(accumulated) | | | | |
±-------------±------±--------±----------------±----------------------+
|Program total |OSE |2,007,300|30.6787 |61,581,363 |
±-------------±------±--------±----------------±----------------------+

The issuer’s holding of own shares: 2,007,300

Following the completion of the above transactions, Panoro owned a total of
2,007,300 of its own shares, corresponding to 1.72% of Panoro’s share capital.

Appendix:

An overview of all transactions made under the Company’s repurchase program
and its agreement with Arctic Securities that have been carried out during the
above-mentioned time period is attached to this report and available at
www.newsweb.no

Contact information

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

About Panoro

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 and Block EG-01 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.

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Panoro Energy ASA - Announces Transactions Made Under the Company’s Share Buyback Program

Oslo, 14 February 2025 - Panoro Energy ASA (“Panoro” or the “Company”) (OSE:
PEN) initiated a share buyback program on May 23, 2024 to repurchase up to NOK
100 million in value of the Company’s common shares in open market transactions
…

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on the OSE pursuant to an agreement with Arctic Securities AS.

For the period from and including 10 February - 14 February 2025, Panoro
purchased a total of 135,000 shares at an average price of NOK 28.8308 per
share. The transactions effected through the agreement with Arctic comprise all
the transactions effected by or on behalf of the Company during the period.

Transaction overview

±-------------±------±--------±----------------±----------------------+
|Date |Trading|Volume |Weighted average |Total daily cumulative |
| |Venue | |share price (NOK)|transaction value (NOK)|
±-------------±------±--------±----------------±----------------------+
|10 February 25|OSE |27,000 |29.5279 |797,253 |
±-------------±------±--------±----------------±----------------------+
|11 February 25|OSE |27,000 |29.7555 |803,398 |
±-------------±------±--------±----------------±----------------------+
|12 February 25|OSE |27,000 |29.1328 |786,586 |
±-------------±------±--------±----------------±----------------------+
|13 February 25|OSE |27,000 |28.1732 |760,676 |
±-------------±------±--------±----------------±----------------------+
|14 February 25|OSE |27,000 |27.5644 |744,239 |
±-------------±------±--------±----------------±----------------------+
|Period total |OSE |135,000 |28.8308 |3,892,153 |
±-------------±------±--------±----------------±----------------------+
|Previously |OSE |2,007,300|30.6787 |61,581,363 |
|disclosed buy | | | | |
|-backs | | | | |
|under the | | | | |
|programme | | | | |
|(accumulated) | | | | |
±-------------±------±--------±----------------±----------------------+
|Program total |OSE |2,142,300|30.5623 |65,473,516 |
±-------------±------±--------±----------------±----------------------+

The issuer’s holding of own shares: 2,142,300

Following the completion of the above transactions, Panoro owned a total of
2,142,300 of its own shares, corresponding to 1.8319% of Panoro’s share
capital.

Appendix:

An overview of all transactions made under the Company’s repurchase program
and its agreement with Arctic Securities that have been carried out during the
above-mentioned time period is attached to this report and available at
www.newsweb.no.

Contact information

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

About Panoro

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 and Block EG-01 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.

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Panoro Energy - Invitation to Fourth Quarter 2024 Annual Results Presentation

Oslo, 18 February 2025 - The 4Q 2024 trading and financial update to be
announced on Tuesday 25 February 2025 will be available on our website
http://www.panoroenergy.com at 07:00 a.m. CET.
…

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The company will hold a live webinar presentation at 09:00 a.m. CET on Tuesday
25 February 2025, 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 |25 February 2025, 09:00 .a.m. CET |
|Time: | |
±------------±--------------------------------------------------------------+
|Registration:|https://attendee.gotowebinar.com/register/8383017943715879253 |
| | |
| |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

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 blocks
offshore southern Gabon, the TPS operated assets in Tunisia, and onshore
Exploration Right 376 in South Africa.

Visit us atwww.panoroenergy.com
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Panoro Energy ASA - Announces Transactions Made Under the Company’s Share Buyback Program

Oslo, 21 February 2025 - Panoro Energy ASA (“Panoro” or the “Company”) (OSE:
PEN) initiated a share buyback program on May 23, 2024 to repurchase up to NOK
100 million in value of the Company’s common shares in open market transactions
…

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on the OSE pursuant to an agreement with Arctic Securities AS.

For the period from and including 17 February - 21 February 2025, Panoro
purchased a total of 135,000 shares at an average price of NOK 27.6894 per
share. The transactions effected through the agreement with Arctic comprise all
the transactions effected by or on behalf of the Company during the period.

Transaction overview

±-------------±------±--------±----------------±----------------------+
|Date |Trading|Volume |Weighted average |Total daily cumulative |
| |Venue | |share price (NOK)|transaction value (NOK)|
±-------------±------±--------±----------------±----------------------+
|17 February 25|OSE |27,000 |27.3849 |739,392 |
±-------------±------±--------±----------------±----------------------+
|18 February 25|OSE |27,000 |27.6446 |746,404 |
±-------------±------±--------±----------------±----------------------+
|19 February 25|OSE |27,000 |27.9801 |755,463 |
±-------------±------±--------±----------------±----------------------+
|20 February 25|OSE |27,000 |27.5792 |744,638 |
±-------------±------±--------±----------------±----------------------+
|21 February 25|OSE |27,000 |27.8584 |752,177 |
±-------------±------±--------±----------------±----------------------+
|Period total |OSE |135,000 |27.6894 |3,738,074 |
±-------------±------±--------±----------------±----------------------+
|Previously |OSE |2,142,300|30.5623 |65,473,516 |
|disclosed buy | | | | |
|-backs | | | | |
|under the | | | | |
|programme | | | | |
|(accumulated) | | | | |
±-------------±------±--------±----------------±----------------------+
|Program total |OSE |2,277,300|30.3920 |69,211,590 |
±-------------±------±--------±----------------±----------------------+

The issuer’s holding of own shares: 2,277,300

Following the completion of the above transactions, Panoro owned a total of
2,277,300 of its own shares, corresponding to 1.9473% of Panoro’s share
capital.

Appendix:

An overview of all transactions made under the Company’s repurchase program
and its agreement with Arctic Securities that have been carried out during the
above-mentioned time period is attached to this report and available at
www.newsweb.no.

Contact information

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

About Panoro

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 blocks
offshore southern Gabon, the TPS operated assets in Tunisia, and onshore
Exploration Right 376 in South Africa.

Visit us at www.panoroenergy.com

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Panoro Energy - Fourth Quarter 2024 Trading and Financial Update

Oslo, 25 February 2025 - Panoro Energy ASA (“Panoro” or the “Company”) today
announced a 25.3 per cent year-on-year increase in revenues to USD 285.1 million
in 2024 on the back of strong operational performance that saw group production
…

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reach targeted levels of 13,000 bopd ahead of time in November. EBITDA increased
13 per cent in 2024 to USD 152.2 million while net profit increased by 70 per
cent to USD 56.9 million.

Consistent with Panoro’s commitment to delivering meaningful and sustainable
shareholder returns, a total of NOK 246 million was returned to shareholders
through cash distributions and share buybacks in calendar year 2024, an increase
of 74 per cent on 2023 distributions despite the lower realised oil price of USD
76.57 per barrel versus USD 83.20 per barrel in 2023.

Targeted distributions for calendar year 2025 are NOK 500 million comprising a
combination of cash distributions and share buybacks. The Company has today
declared a cash distribution of NOK 80 million, the largest quarterly
distribution to date, with share buybacks also ongoing.

John Hamilton, CEO of Panoro, commented:

"Panoro’s strong operational and financial performance in 2024 consolidates our
position as a leading independent oil producer in Africa. We successfully
concluded an intensive phase of development drilling that saw 10 new wells
delivered offshore Gabon and Equatorial Guinea, resulting in achievement of our
13,000 bopd group production target ahead of time.The successful placing of a
USD 150 million bond within a USD 300 million framework during November was an
equally important event. The bond issuance diversifies our long-term capital
base, adding a scalable instrument in support of our growth strategy, while also
reducing our borrowing interest rate.

We remain fully committed to converting the strong fundamentals and cash
generative potential of Panoro’s high-quality asset base into sustainable
shareholder returns, whilst maintaining our growth strategy and disciplined
capital management. Going forward we are aligning shareholder returns with the
bond issue and adopting a calendar year cycle. The targeted distribution to
shareholders of NOK 500 million in calendar year 2025 is double the amount
distributed in calendar year 2024 and based on our current share price
represents an implied yield of around 15.5 per cent."

Corporate and Financial Update

Production

· Group working interest production target of over 13,000 bopd was reached
ahead of time in November 2024
· In Gabon, gross production at Dussafu reached over 40,000 bopd in November
and has consistently remained around this level since
· In Equatorial Guinea two new infill wells were put onstream in November
· Group working interest production in Q4 and full-year 2024 was:

Average W.I. production - bopd Q4 2024 FY 2024
Equatorial Guinea 4,060 3,566
Gabon 6,502 4,843
Tunisia 1,491 1,540
Total 12,053 9,950

Crude Oil Liftings

· Crude oil liftings in 2024 were in line with guidance at 3.5 million barrels
sold at an average realised price of USD 76.57 per barrel after customary price
adjustments and associated fees:

                          Q4 2024            FY 2024

Volumes lifted 1,418,411 barrels 3,497,957 barrels
Average realised price after USD 71.04 / bbl USD 76.57 / bbl
adjustments and customary
fees
Proceeds USD 100.8 million USD 267.8 million

Financial Performance

· Q4 2024 reported revenue was USD 106.3 million (Q3 2024: USD 36 million) and
EBITDA USD 50.8 million (Q3 2024: USD 23.7 million) reflecting higher liftings
in the quarter (approximately 40 per cent of Panoro’s 2024 liftings occurred in
Q4)
· Q4 2024 profit before tax was USD 27.1 million (Q3 2024: USD 4.3 million)
and net profit USD 32.4 million (Q3 2024: 0.3 million)
· Full year 2024 reported revenue was USD 285.1 million (2023: USD 227.5
million) and EBITDA USD 152.2 million (2023: USD 135.1 million), in line with
previously communicated expectations
· Full year 2024 profit before tax was USD 73.7 million (2023: USD 74.3
million) and net profit USD 56.9 million (2023: USD 33.4 million)
· Cash at bank at 31 December 2024 was USD 72.9 million
· Full year 2024 capital expenditure was USD 101.5 million and includes USD 5
million of expenditure moved forward from 2025
· A Gabon lifting of 190,265 barrels occurred in December 2024 for which
proceeds of USD 13.5 million were received post period end in January 2025
· In November 2024 the Company successfully completed a 5-year senior secured
bond issue of USD 150 million with a coupon rate of 10.25 per cent. The bond
issue attracted strong interest from both international and Nordic investors and
was significantly oversubscribed. Proceeds of the bond issue were received in
December and used in part to fully repay the outstanding amount drawn under the
Company’s Reserve Based Lending facility of USD 82.4 million plus all accrued
and outstanding interest. The remaining net proceeds from the Bond Issue will be
used for general corporate purposes

2025 Guidance

· Full year 2025 group working interest production is expected to average
between 11,000 bopd to 13,000 bopd
· Mid-point of full year 2025 guidance represents a 21 per cent uplift on full
year 2024 group production
· The production range is based on operator forecasts, including assumptions
on planned facility maintenance, facilities uptime and allowance for a level of
unplanned outages
· Capital expenditure in 2025 is expected to be approximately USD 35 million
(previously communicated expectation USD 40 million)
· Cash operating costs in 2025 (excluding royalties) are expected to be
approximately USD 21 per barrel. Non-recurring project costs in 2025 are
expected to be approximately USD 3 per barrel
· Q1 2025 aggregate liftings are expected to be approximately 189,000 barrels
· Full year 2025 aggregate liftings are expected to be approximately 3.7
million barrels based on current estimates

Shareholder distributions

· Panoro today declares a Q4 2024 cash distribution of NOK 80 million for
payment in March as a return of paid in capital, comprising a core quarterly
cash distribution of NOK 50 million and special cash distribution of NOK 30
million
· In May 2024 the Board of Directors of Panoro approved a share buyback
programme allowing the Company to repurchase up to NOK 100 million of its
outstanding common shares. At market close on 21 February 2025 the Company had
purchased a total of 2,277,300 shares at a weighted average price of NOK 30.3920
per share, corresponding to 1.94734 per cent of Panoro’s share capital. The
share buyback programme has been extended to the 2025 Annual General Meeting to
be held on 21 May 2025

2025 Shareholder Returns Policy

· Going forward the Company is aligning its shareholder returns policy with
the November 2024 senior secured bond issue and adopting a calendar year
distribution cycle
· The permitted distribution amount for calendar year 2025 is NOK 500 million
(USD 45 million) of which:

· NOK 23 million has been used year-to-date to purchase Panoro shares
under the current approved buyback programme

· NOK 80 million will be paid during March in respect of the Q4 2024 cash
distribution declared today

· NOK 80 million will be paid as a core quarterly cash distribution for
each of Q1, Q2 and Q3 2025

· Up to NOK 157 million will therefore form the balance of shareholder returns
over the remainder of the calendar year and will consist of:

· A combination of share buybacks and special cash distribution(s) at the
discretion of the Board

· Any special cash distribution is expected to be weighted towards Q3
2025

· Cash distributions will be paid as a return of paid in capital

· The targeted shareholder returns over the remainder of 2025 are based on an
average realised oil price of USD 70 per barrel, current FX rates and no
material unplanned interruption to production operations. The Board may consider
revisions to the phasing and/or level of distributions should there be material
variance in respect of these factors

Operations Update

Equatorial Guinea - Block G (Panoro: 14.25 per cent), Block S (Panoro: 12 per
cent)

· The C-45 and OF-19 infill wells were drilled with the Noble Venturer drill
ship and both encountered good quality oil saturated reservoir sands in un-swept
zones of the Ceiba field and Okume Complex respectively
· Both wells were put onstream in November
· Numerous ongoing field life extension and asset integrity projects will
continue throughout 2025
· The Joint Venture is evaluating the potential for future infill drilling
campaigns in the Okume Complex and Ceiba field
· The S-6 (“Akeng Deep”) exploration well at Block S was drilled in Q4 2024 to
a total vertical depth of approximately 4,030 metres and encountered oil zones
in the Upper Albian which, following evaluation of all data gathered, is deemed
sub-commercial by the partners

Gabon - Dussafu Marin (Panoro: 17.5 per cent)

· Gross production averaged 37,153 bopd in Q4 2024, the highest quarterly rate
achieved since production commenced on the block in 2018, and reached 40,000
bopd in November 2024 (remining around this level since)
· Scope exists for the FPSO nameplate capacity of 40,000 bopd to be exceeded
by approximately 10 per cent
· The expanded 2024 eight-well production drilling campaign, undertaken with
the Borr Norve jack up rig, concluded in October when the DHIBM-7H well was
successfully completed and put onstream with a conventional electrical
submersible pump (“ESP”) system
· The rig then undertook a workover and ESP replacement programme which was
completed as planned in early January. Conventional ESP systems now installed
all eight Hibiscus / Ruche production wells
· The Bourdon prospect test well (DBM-1) is the last rig operation under the
current contract and was spud in January 2025. Operations are on-going and
results are expected in Q1 2025

Tunisia - TPS Assets (Panoro: 49.0 per cent)

· In January the El Ain-3 well was brought back on-line at around 200 bopd
following a workover. The well had been shut-in since March 2024.
· New production opportunities include a workover campaign comprising ESP
replacement and well stimulations
· Detailed planning for development drilling campaign on the Rhemoura and
Guebiba fields

Portfolio expansion

Equatorial Guinea - Block EG-23 (Panoro: 80.0 per cent, operator)

· PSC signed in November 2024
· Located offshore north of Bioko Island and adjacent to the producing Alba
gas and condensate field. 19 wells have been drilled to date resulting in seven
hydrocarbon discoveries, some of which have been tested
· Based on existing data, the Ministry Hydrocarbons and Mining Development
estimates Block EG-23 holds gross contingent resources of approximately 104
million barrels of oil and condensate and 215 billion cubic feet of gas
· Initial period of three years to conduct subsurface studies based on
existing seismic. Following this, the partners will have the option to enter
into a further two-year period, during which they will undertake to drill an
exploration well.Partnered with GEPetrol (20 per cent)

Gabon - Niosi and Guduma blocks (Panoro: 25.0 per cent)

· PSC’s signed in October 2024
· Adjacent to the Company’s producing Dussafu Marin Permit and the producing
Etame Marin Permit which is operated by VAALCO Energy
· The PSC covering the Niosi block has an initial exploration period of five
years with a work commitment of new 3D seismic data acquisition and one well.
The PSC covering the Guduma block has an initial exploration period of three
years with a work commitment of geological and geophysical studies. Both blocks
have an option to extend the exploration period and enter a second phase with an
additional well commitment
· Partners in the Niosi and Guduma blocks are BW Energy (37.5 per cent and
operator) and VAALCO Energy (37.5 per cent)

Live Presentation Webcast Dial in Details

The company will hold a live webinar presentation at 09:00 a.m. CET on Tuesday
25 February 2025, 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 |25 February 2025, 09:00 .a.m. CET |
|Time: | |
±------------±--------------------------------------------------------------+
|Registration:|https://attendee.gotowebinar.com/register/8383017943715879253 |
| | |
| |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: +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 (Panoro Energy | LinkedIn)

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Panoro Energy - Key Information on Cash Distribution

Oslo, 25 February 2025 - The board of directors of Panoro Energy ASA (“Panoro”
or the “Company”)today declares a cash distribution of NOK 0.684 per
share(representing a cash distribution to shareholders of NOK80million).
…

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Distribution amount: NOK 0.684 per share

Declared currency: NOK

Last day of trading including right: 4 March 2025

Ex-distribution date: 5 March 2025

Record date: 6 March 2025

Payment date: On or about 12 March 2024

Date of approval: 24 February 2025

Distributions will be paid in NOK

The cash distribution will be paid as a return of paid in capital

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 (Panoro Energy | LinkedIn)

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Panoro Energy ASA - Announces Transactions Made Under the Company’s Share Buyback Program

Oslo, 28 February 2025 - Panoro Energy ASA (“Panoro” or the “Company”) (OSE:
PEN) initiated a share buyback program on May 23, 2024 to repurchase up to NOK
100 million in value of the Company’s common shares in open market transactions
…

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on the OSE pursuant to an agreement with Arctic Securities AS.

For the period from and including 24 February - 28 February 2025, Panoro
purchased a total of 146,000 shares at an average price of NOK 27.9268 per
share. The transactions effected through the agreement with Arctic comprise all
the transactions effected by or on behalf of the Company during the period.

Transaction overview

±-------------±------±--------±----------------±----------------------+
|Date |Trading|Volume |Weighted average |Total daily cumulative |
| |Venue | |share price (NOK)|transaction value (NOK)|
±-------------±------±--------±----------------±----------------------+
|24 February 25|OSE |42,000 |28.0529 |1,178,222 |
±-------------±------±--------±----------------±----------------------+
|25 February 25|OSE |26,000 |28.2168 |733,637 |
±-------------±------±--------±----------------±----------------------+
|26 February 25|OSE |26,000 |27.9019 |725,449 |
±-------------±------±--------±----------------±----------------------+
|27 February 25|OSE |26,000 |27.8761 |724,779 |
±-------------±------±--------±----------------±----------------------+
|28 February 25|OSE |26,000 |27.5087 |715,226 |
±-------------±------±--------±----------------±----------------------+
|Period total |OSE |146,000 |27.9268 |4,077,313 |
±-------------±------±--------±----------------±----------------------+
|Previously |OSE |2,277,300|30.3920 |69,211,590 |
|disclosed buy | | | | |
|-backs | | | | |
|under the | | | | |
|programme | | | | |
|(accumulated) | | | | |
±-------------±------±--------±----------------±----------------------+
|Program total |OSE |2,423,300|30.2434 |73,288,903 |
±-------------±------±--------±----------------±----------------------+

The issuer’s holding of own shares: 2,423,300

Following the completion of the above transactions, Panoro owned a total of
2,423,300 of its own shares, corresponding to 2.0722% of Panoro’s share
capital.

Appendix:

An overview of all transactions made under the Company’s repurchase program
and its agreement with Arctic Securities that have been carried out during the
above-mentioned time period is attached to this report and available at
www.newsweb.no.

Contact information

For further information, please contact: 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 (Panoro Energy | LinkedIn)

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