Panoro Energy - Trading Statement and Operations Update
Oslo, 7 August 2025 - Panoro Energy ASA ("Panoro" or the "Company") is pleasedto provide an operations update in advance of its H1 2025 results which arescheduled for release on 21 August 2025. Information contained within thisrelease is unaudited and may be subject to further review and amendment.
John Hamilton, CEO of Panoro, commented:
"Our working interest production in the first half is within guidance andreflects strong performance at our flagship Dussafu block in Gabon, continuedimprovements at our Tunisia operations partially offsetting the unplanneddowntime in Equatorial Guinea. In line with our previously communicatedliftingschedule, we expect Panoro's revenue to step up materially in the second halfaswe sell the majority of our 2025 crude oil entitlement.We initiated a newsharebuyback programme in June which will continue to enhance our regular quarterlycash distributions in line with our previously communicated shareholderreturnspolicy."
Production Update
· Group working interest production in H1 and Q2 2025 was:
Average W.I. production - bopd H1 2025 Q2 2025Equatorial Guinea 3,397 3,136Gabon 6,587 6,336Tunisia 1,542 1,592Total 11,527 11,065
· Continued strong production and high operational uptime at the DussafuMarinPermit (Panoro 17.5 percent) offshore Gabon · Production at Block G offshore Equatorial Guinea (Panoro 14.25 percent)continues to be impacted by unplanned facilities related downtime at the Ceibafield (remedial works expected to restore production in Q4) · Recent workovers and well interventions at the TPS Assets in Tunisia(Panoro49 percent) having positive impact on production · Full-year 2024 working interest production guidance range 11,000 - 12,000bopd (from 11,000 - 13,000 bopd previously) after taking into account deferredproduction volumes in Equatorial Guinea
Crude oil liftings
· Crude oil volumes lifted and sold in H1 and Q2 2025 were in line withguidance:
H1 2025 Q2 2025Volumes lifted 1,146,790 barrels 957,347 barrelsAverage realised price after USD 65.99 / bbl USD 65.22 / bbladjustments and customaryfeesProceeds USD 75.7 million USD 62.4 million
· Post period end in July a lifting of 650,000 barrels was completedoffshoreEquatorial Guinea at a realised price after customary adjustments and fees ofUSD 70.3 per barrel · Full-year 2025 liftings expected to be ~3.7 million barrels (unchanged)
Finance and shareholder returns
· Cash at bank at 30 June 2025 was approximately USD 50.9 million whichincludes advances taken against future oil liftings of USD 20 million · Gross debt outstanding at 30 June 2025 comprised solely of USD 150 millionsenior secured notes · In line with the Company's previously communicated 2025 shareholderreturnspolicy, permitted distributions for calendar year 2025 are USD 45 million (NOK500 million) inclusive of all amounts returned year-to-date · As at market close on 1 August cumulative shareholder distributions madebythe Company year-to-date were NOK 228.8 million comprising cash distributionsofNOK 160 million and share buybacks of NOK 68.8 million. Cash distributions arepaid as a return of paid in capital · On 30 May the Company cancelled 3,500,000 shares purchased under the2024/2025 share buyback programme, corresponding to a 2.993 percent reductionofPanoro's share capital at the time · On 2 June the Company initiated the 2025/2026 share buyback programme thatallows for the repurchase of up to NOK 100 million of outstanding sharecapital
Enquiries
Qazi Qadeer, Chief Financial OfficerTel: +44203 405 1060Email:investors@panoroenergy.com
About Panoro Energy
Panoro Energy ASA is an independent exploration and production company basedinLondon and listed on the main board of the Oslo Stock Exchange with the tickerPEN. Panoro holds production, exploration and development assets in Africa,namely interests in Block-G, Block S, Block EG-01 and Block EG-23 offshoreEquatorial Guinea, the Dussafu Marin, Niosi Marin and Guduma Marin Licensesoffshore southern Gabon, the TPS operated assets in Tunisia and onshoreExploration Right 376 in South Africa.
Visit us at www.panoroenergy.com.
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