GABON: Panoro Energy Provides Dussafu Marin Update

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.