Panoro Energy Provides 2020 Y/E Operational Update

Operational Highlights

• Annual group production net to Panoro of 0.81 MMbbls with average daily rate of approximately 2,200 bopd.
• Average production of approximately 2,350 bopd for Q4 2020 due to improved production in Tunisia
• Production and lifting operations maintained and largely unaffected through the crisis
• Health and Safety systems and protocols proved resilient

Gabon

• Annual gross production of 5.2 MMbbls and average of 14,100 bopd (0.39 MMbbls and 1,060 bopd net to Panoro)
• Average daily production of approximately 13,500 bopd gross for the fourth quarter (~1,000 bopd net)
• At Dussafu, interpretation of seismic reprocessing completed, drilling of DHIBM-2 exploration well targeting Hibiscus Extension planned for Q2 2020
• Material cost and time savings through an alternative development plan for the Hibiscus/Ruche area using jack-up rigs in place of a wellhead platform
• USD 100 million gross in capital savings as compared to previous concept
• Break-even for next development phases of approximately USD 25 per barrel
• Two crude oil liftings in the fourth quarter, sold at an average USD 46 per barrel with core operating costs of around USD 20 per barrel

Tunisia

• Annual gross production of 1.4 MMbbls and average of 3,950 bopd (0.4 MMbbls and 1,160 bopd net to Panoro)
• Quarterly production of approximately 4,500 bopd gross on average for Q4 2020
• 5,000 bopd gross target achieved during October with current production ranging between 4,500 and 5,000 bopd
• Guebiba 10 side-track on production in lower Bireno interval with highly productive Douleb showing potential to be produced in the future
• Multiple workover activities performed during Q3 were finished during Q4, all completed safely and without incident

Corporate Highlights

• Announced acquisition from Tullow Oil of high-quality oil producing assets for USD 140 million cash and USD 40 million contingent consideration, consisting of a 14.25% working interest in Block G, offshore Equatorial Guinea, and an additional 10% working interest in Dussafu Marin Permit, offshore Gabon
• USD 70 million equity private placement materially oversubscribed and completed in February 2021, subject to Extraordinary General Meeting approval in March 2021
• Up to USD 90 million debt facility agreed with Trafigura group to partially fund the Transactions; additionally, upsize option of USD 50 million and USD 20 million working capital facility

Outlook and Guidance

• Operational and financial transformation on completion of Transactions
• Following completion of Transactions, Panoro is fully funded for all foreseeable capital expenditure and positioned to pay cash dividends from 2023
• Five liftings expected in Gabon, nine at TPS in Tunisia, and one to two in Equatorial Guinea (subject to completion)
• 2021 net production guidance in excess of 9,000 bopd (subject to completion of Transactions)
• In Gabon, DHIBM-2 Hibiscus exploration well and possible sidetracks in Q2 2021. Tortue development well DTM-7H to be drilled and production startup in conjunction with DTM-6H in Q3 2021
• Equatorial Guinea Infill drilling program planned to start Q2 2021 (subject to completion)
• In Tunisia, continued focus on workover program to maintain and boost production
• Dividend of PetroNor shares to Panoro shareholders (upon completion of sale of Aje)
• Completion of farm in to Block 2B, offshore South Africa (subject to closing conditions)
• Aje operations in Nigeria classified as discontinued operations following divestment agreement, pending completion, and excluded from continuing activities.