Oslo, 7 May 2026 - Panoro Energy ASA ("Panoro" or the "Company") provides an
operational and financial update in advance of its Q1 2026 results which are
scheduled for release on 21 May 2026. Information contained within this release
is unaudited and may be subject to further review and amendment.

Julien Balkany, Executive Chairman of Panoro, commented:

"Q1 was a period of strong strategic and operational delivery for Panoro,
highlighted by the announcement of a transformational, highly accretive
acquisition of an additional 40.375 per cent interest in Block G, just prior to
the escalation of geopolitical events in the Middle East that has led to major
disruption of regional trade flows and substantial increase in global oil
prices. This opportune transaction further strengthens the scale and cash flow
potential of Panoro, creating a materially larger, more resilient business in
order to deliver enhanced shareholder returns. The acquisition received strong
endorsement from the capital markets with the associated equity private
placement and bond tap issuance both multiple times oversubscribed and closed
within a matter of hours.

Operationally, we delivered pro forma working interest production of 14,960
bopd, supported by stable performance across our core portfolio and we are on
track to achieve 20,000 bopd during 2027.

Looking ahead, our priorities remain unchanged: deliver our pipeline of high
-impact organic growth opportunities, starting with the MaBoMo Phase 2 drilling
campaign at our cornerstone Dussafu block offshore Gabon mid-year, maturing the
Bourdon discovery towards FID and evaluating the new state-of-the-art seismic
data we have recently acquired covering the Niosi, Guduma and Dussafu blocks
which will allow us to confirm future drilling targets.

In Equatorial Guinea, we have also received for the first time contingent
resources recognition for Block EG-23 where we have high-graded the exciting
Estrella discovery as a potential fast-track appraisal and development project
that could be tied back to existing infrastructure as we position Panoro for the
next phase of material production and free cash flow growth."

Transformational Acquisition of Additional Interest in Block G Announced in
February

  · Sets Panoro on path to achieve group net production of 20,000 bopd during
the course of 2027
  · Acquisition of an additional 40.375 per cent interest in Block G offshore
Equatorial Guinea for an initial cash consideration of USD 180 million
(effective date 1 January 2025 and will increase Panoro's interest in Block G to
54.625 per cent upon completion)
  · Aggregate deferred contingent consideration of up to USD 39.5 million
dependent on certain production and oil price thresholds
  · Purchased at USD 3.91 per 2P barrel (based on initial consideration), USD
2.40 per 2P+2C barrel
  · Attractive metrics emphasise the strong value creation for shareholders and
significantly increases Company scale
  · Will increase both frequency and size of Panoro's crude oil liftings which
underpin long-term free cash flow expansion
  · Enhanced joint-venture role with the means to pro-actively influence future
production growth, work program and efficiency
  · No impact on Panoro's corporate cost base, and materially accretive on all
standard metrics applied by industry
  · Financed through a USD 49 million Private Placement (completed at zero
discount to prior day closing price) and USD 150 million tap issuance within the
Company's existing bond framework (completed at 102.25 per cent of nominal
value), both multiple times oversubscribed
  · Completion expected during Q3 2026 (process for customary competition
clearance by the Central African Economic and Monetary Community (CEMAC) is
underway). No further regulatory approvals are pending or required and there are
no pre-emptive rights

Production Update

  · Group pro-forma working interest production in Q1 2026, was:

Average pro forma W.I. production - bopd  Q1 2026
Equatorial Guinea                         8,720
Gabon                                     4,688
Tunisia                                   1,552
Total                                     14,960

  · Full-year 2026 group production guidance (pro forma basis) is unchanged at
15,000 bopd to 17,000 bopd
  · On an IFRS reporting basis group working interest production in Q1 2026 was
8,515 bopd, in line with previously communicated expectations

Crude Oil Liftings

  · Crude oil volumes lifted and sold in Q1 2026 occurred prior to the start of
the conflict in the Middle East and substantial increase in global oil prices
  · Volumes lifted were in line with previously communicated expectations:

                              IFRS              Pro forma
Volumes lifted                453,408 barrels   785,908 barrels
Average realised price after  USD 68.41 / bbl   USD 68.23 / bbl
adjustments and customary
fees
Proceeds                      USD 31.1 million  USD 53.6 million

Note: Proceeds from oil sales differs to total reported revenue which includes a
gross up for state profit oil in Gabon with a corresponding amount included as
deemed income tax for reporting purposes.

  · Crude oil liftings to date in the second quarter will benefit from higher
pricing and premium differentials. Post period end the Company has lifted
142,778 barrels (546,278 barrels on a pro forma basis) which are currently
pricing and include strong premium to Dated Brent

Finance Update

  · Cash at bank at 31 March 2026 was approximately USD 213 million which
includes advances taken against future oil liftings of USD 8 million and
restricted balances of USD 148 million.
  · Gross debt outstanding at 31 March 2026 comprised solely of USD 300 million
senior secured notes
  · The Company has undertaken an active approach towards the 2026 hedging
programme to mitigate oil price downside risk as well as to take advantage of a
higher forward price curvewith 1 million barrels of 2026 liftings protected (on
a proforma basis less than 20 per cent of group full-year production guidance),
through swaps and collars at a blended hedged price of approximately USD
76.5/bbl. The cost to Panoro for settlement of realised hedges covering the
three month period ending31 March 2026 wasUSD 5.7 million

Reserves Update

  · Panoro's 2025 Annual Statement of Reserves has confirmed net working
interest reserves and contingent resources as of 31 December 2025 to be:

MMboe                    ASR    Pro forma
1P reserves              27.29  57.94
2P reserves              40.99  83.79
3P reserves              51.93  105.88
2C contingent resources  56.40  85.30
2P + 2C                  97.39  169.09

  · Contingent resource estimates include initial recognition of Block EG-23
volumes (26.3 MMboe net to Panoro), with seismic reprocessing studies focused on
the Estrella, Rodo and other discoveries and prospects ongoing to help define
upside potential

Operations Update

Equatorial Guinea

  · As previously communicated, production at Block G offshore Equatorial Guinea
(Panoro 14.25 percent) has been impacted by unplanned facilities related
downtime at the Ceiba field
  · Progress is being made with partial restoration of production at Ceiba
achieved. Work will continue in 2026 to regain full potential and ensure
reliability
  · Numerous ongoing productive and asset integrity projects will continue
throughout 2026 and contribute to field life extension
  · The Joint Venture is evaluating the potential for future infill drilling
campaigns in the Okume Complex, using a conventional jack-up rig in shallow
water, and subsea infill wells at the Ceiba field
  · At Block EG-23 offshore Equatorial Guinea (Panoro 80 percent, operator)
seismic reprocessing and subsurface studies are ongoing with particular focus on
existing discoveries (some of which have been tested) and surrounding
prospectivity in shallow water depths of ~60 metres
    · Estrella discovery has been high-graded as a potential fast-track
development candidate within tie-back distance to existing infrastructure (early
concepts being evaluated)
    · Estrella-1 well discovered 60 metres net hydrocarbon pay in 2001 and was
tested at 6,780 bopd (48 - 50° API) and 48.7 MMscfd
    · Six further oil, gas and gas/condensate discoveries have been made on the
block

Gabon

  · Field delivery remains strong and steady at the Dussafu Marin Permit
offshore Gabon (Panoro 17.5 percent)
  · The joint venture partners received government approval in April for an
amendment to the Dussafu Marin Production Sharing Contract ("PSC") offshore
Gabon which provides for a material time extension of the PSC up to the year
2053 (inclusive of three five-year option periods from 2038 onwards)
  · Final Investment Decision ("FID") was taken in H2 2025 for the MaBoMo Phase
2 drilling programme (previously Hibiscus Ruche Phase 2), comprising four
planned development wells. First oil targeted in H2 2026
  · Bourdon discovery being matured towards FID with an expected initial three
wells and a development cluster concept based on the MaBoMo blueprint
  · Additional drilling targets have been identified in the Hibiscus area and
vicinity of the Bourdon discovery which may add further upside
  · 3D seismic acquisition across the Niosi, Guduma (Panoro 25 percent) and
Dussafu licenses has completed

Tunisia - TPS Assets

  · Production has remained stable at the TPS Assets in Tunisia (Panoro 49
percent) where ongoing workovers and upcoming optimisation campaigns are
expected to positively impact production

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.

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