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Panoro Energy H1 2025 RESULTS 21 AUGUST 2025 SUSTAINABLE FOUNDATIONS, A RESILIENT FUTURE
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Slide 2 This presentation does not constitute an offer to buy or sell shares or other financial instruments of Panoro Energy ASA (“Company”). This presentation contains certain statements that are, or may be deemed to be, “forward-looking statements”, which include all statements other than statements of historical fact. Forward- looking statements involve making certain assumptions based on the Company’s experience and perception of historical trends, current conditions, expected future developments and other factors that we believe are appropriate under the circumstances. Although we believe that the expectations reflected in these forward- looking statements are reasonable, actual events or results may differ materially from those projected or implied in such forward-looking statements due to known or unknown risks, uncertainties and other factors. These risks and uncertainties include, among others, uncertainties in the exploration for and development and production of oil and gas, uncertainties inherent in estimating oil and gas reserves and projecting future rates of production, uncertainties as to the amount and timing of future capital expenditures, unpredictable changes in general economic conditions, volatility of oil and gas prices, competitive risks, counterparty risks including partner funding, regulatory changes and other risks and uncertainties discussed in the Company’s periodic reports. Forward-looking statements are often identified by the words “believe”, “budget”, “potential”, “expect”, “anticipate”, “intend”, “plan” and other similar terms and phrases. We caution you not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation, and we undertake no obligation to update or revise any of this information. DISCLAIMER Panoro Energy ASA | H1 2025 Results
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WEBINAR HOUSEKEEPING – TIME FOR QUESTIONS Slide 3 › Please raise your hand to be unmuted for verbal questions. › Please continue to submit your text questions and comments using the Questions panel Your Participation Ask questions here Hand Raising Button Raising your hands for un-muting! Panoro Energy ASA | H1 2025 Results
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RESULTS HIGHLIGHTS Slide 4 Financial results in line with expectations, quarterly core cash distribution of NOK 80 million declared, share buybacks ongoing Cash at bank at 30/06/25 USD 55.4 million* 31/03/25: USD 51.8 million Gross debt at 30/06/25 USD 146.7 million* November 2024 bond issue H1 2025 HIGHLIGHTS Q2 2025 HIGHLIGHTS BALANCE SHEET H1 2025 Reported Revenue USD 86.0 million H2 weighted lifting schedule H1 2025 EBITDA USD 50.7 million H1 2024: USD 77.8 million H1 2025 Capital Expenditure USD 26.2 million H1 2024: USD 47.8 million Q2 2025 Reported Revenue USD 67.0 million Q1 2025: USD 19.0 million Q2 2025 EBITDA USD 35.4 million Q1 2025: USD 15.3 million Q2 2025 Capital Expenditure USD 15.2 million Q1 2025: USD 10.9 million * Cash balance includes oil revenue advances. Gross debt reported on the balance sheet includes accrued interest and un-amortised borrowing costs (including current portion) Net debt / TTM EBITDA 0.92x At 30/06/2025 SHAREHOLDER RETURNS Q2 2025 CASH DISTRIBUTION DECLARED OF NOK 80 million (to be paid on or around 8 September as a return of paid in capital) CUMULATIVE CASH DISTRIBUTIONS TO DATE NOK 580 million (including declared Q2 2025 cash distribution) CUMULATIVE PURCHASES TO DATE UNDER SHARE BUYBACK PROGRAMMES NOK 115.2 million (3,500,000 Panoro shares cancelled in May, representing 2.993 % of Panoro’s share capital 334,380 Panoro shares held in treasury under current ongoing buyback programme) Panoro Energy ASA | H1 2025 Results
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PRODUCTION WITHIN GUIDANCE RANGE Slide 5 Strong production and high uptime at Dussafu, positive impact from workovers in Tunisia, unplanned facilities related downtime in Equatorial Guinea 1,284 2,660 4,070 3,944 4,347 3,712 4,798 6,502 6,841 6,3363,871 3,420 3,620 3,535 3,481 3,455 3,268 4,060 3,661 3,136 1,164 2,010 2,320 1,932 1,777 1,562 1,335 1,491 1,492 1,592 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 GABON EQUATORIAL GUINEA TUNISIA Working Interest bopd FY 2025 GUIDANCE 11,000 – 12,000 bopd W.I production USD 21 / bbl Production opex Panoro Energy ASA | H1 2025 Results USD 3 / bbl Non recurring project costs USD 40 million Capex Average group working interest production: H1 2025 11,526 bopd Q2 2025 11,064 bopd
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SHAREHOLDER RETURNS IN LINE WITH 2025 POLICY Slide 6 80 80 80 309 69 80 0 50 100 150 200 250 300 350 400 450 500 Q4 2024 Cash Distribution Q1 2025 Cash Distribution Q2 2025 Cash Distribution Share buybacks 2025 YTD to 20 August NOK million (USD 45 million NOK equivalent) 2025 KEY FACTORS • USD 45 million (~NOK 500 million*) maximum permitted returns for calendar year 2025 • Based on realised oil price of USD 70 / bbl (the Board may consider revisions should oil prices be lower) • No material unplanned interruption to production operations at key assets • Standard bond maintenance covenants, incurrence tests and minimum liquidity requirements Panoro Energy ASA | H1 2025 Results • Shareholder distributions of NOK 309 million in 2025 year-to-date including declared Q2 2025 cash distribution • Cash distributions are paid as a return of paid in capital • Expected Q3 2025 core quarterly cash distribution * Based on prevailing FX rates at time of bond issue NOK ~500 million maximum • Headroom for distribution Declared today
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CRUDE LIFTINGS AND REALISED OIL PRICES Slide 7 Majority of 2025 liftings to occur in the second half of the year • 2025 YTD liftings in line with previously communicated guidance (liftings H2 weighted) * Current forecast lifting schedule anticipated by management over remainder of 2025 remains subject to possible changes due to commercial and operational factorsPanoro Energy ASA | H1 2025 Results 81.15 79.72 80.21 71.04 69.92 65.22 50 55 60 65 70 75 80 85 0 200 ,000 400 ,000 600 ,000 800 ,000 1,0 00,000 1,2 00,000 1,4 00,000 1,6 00,000 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025E Q4 2025E Barrels 799,399 882,495 397,652 1,418,411 2024: 3.5 MMbbls 189,443 957,347 900,000 1,650,000 2025E: ~3.7 MMbbls* Barrels lifted / expected Realised oil price after adjustments and customary fees • Positive crude oil inventory was 751,487 barrels at 30/06/25 • Panoro’s entitlement volume from production in H1 2025 was 1,821,813 barrels
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DEBT PROFILE AND CAPEX Slide 8 Conservative leverage profile and significantly lower capital expenditure in 2025 * Cumulative external debt on the Balance Sheet as of 31 March 2025 was USD 146.7 million which includes accrued interest and un-amortised borrowing cost which is to be expensed over the life of the loan instrument. Includes oil revenue advances. Panoro Energy ASA | H1 2025 Results 150 25 25 25 75 0 20 40 60 80 100 120 140 160 Issued Q4 2024 Q4 2025 Q4 2026 Q4 2027 Q4 2028 Q4 2029 SENIOR SECURED BOND AMORTISATION SCHEDULE H1 2025 CASH FLOW RECONCILIATION USD MILLION 72.9 17.0 20.0 26.2 7.7 14.7 5.8 0.1 55.4 0 50 100 Cash at 31/12/2024 Net cash from ops Oil revenue advances Capex Borrowing costs Cash distributions Share buybacks Minor items Cash at 30/06/2025 USD MM • USD 150 million issued in November 2024 • USD 300 million framework • Net debt* / TTM EBITDA at 30 June: 0.92x CAPITAL EXPENDITURE GUIDANCE – FOCUSED ON ORGANIC GROWTH PROJECTS Full Year 2024 Full Year 2025 guidance H1 2025 USD 26 million USD 103 million USD 40 million 60% reduction in capex year-on-year 22% 45% 11% 22% 2025 capex split Equatorial Guinea 22% Gabon 45% Tunisia 11% E&A 22% • 2025 capex H1 weighted and primarily associated with drilling of the successful Bourdon oil discovery • FY 2025 guidance unchanged at USD 40 million and also includes: - long lead items for future drilling programmes, - ongoing asset optimisation projects and - technical maturation of Panoro’s expanded E&A portfolio
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DUSSAFU OPERATIONS UPDATE Slide 9 All Hibiscus Area and Tortue production wells onstream with high levels of operational uptime Ownership DUSSAFU MARIN (Panoro 17.5%) • Continued strong production performance • Bourdon prospect test well (DBM-1) made a significant new oil discovery - 56 MMbbls in place / 25 MMbbls recoverable (gross operator estimate) - Additional drilling targets identified around Bourdon which may add further upside • Four new development wells at Hibiscus / Hibiscus South being matured towards FID (MaBoMo Phase 2) - First oil targeted H2 2026 - Four available well slots on BW MaBoMo Bourdon (2025 discovery) • Significant oil discovery • 13 km west of FPSO and 9 km southeast of production platform • Scope to establish new development cluster Panoro Energy ASA | H1 2025 Results 3,720 11,779 14,178 11,322 10,582 17,140 27,674 37,640 2018 2019 2020 2021 2022 2023 2024 H1 2025 Gross bopd
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Bourdon POTENTIAL TO REPEAT THE DUSSAFU SUCCESS STORY Niosi and Guduma Blocks materially increase Panoro’s exposure to a large contiguous acreage position in a prolific and well understood oil fairway Slide 10 Dussafu Block • 119 MMbbls gross remaining 2P • Panoro’s largest producing asset • 46 MMbbls gross 2C resources • 142 MMbbls gross unrisked prospective resources • Established infrastructure • Operated by BW Energy Etame Marin • >140 MMbbls produced to date • Currently producing >14,000 bopd • Operated by Vaalco Energy • Award of the Niosi and Guduma blocks finalised in October 2024 • Combined surface area of 4,918 km2 and adjacent to Dussafu Marin and Etame Marin • Gamba and Dentale prospectivity (the same productive reservoirs at Dussafu and Etame) • Panoro has a 90% E&A drilling success rate in these reservoirs since discovering the Ruche and Tortue fields at Dussafu • Partners are BW Energy 37.5% (operator ) and Vaalco Energy 37.5% • Planning underway for seismic data acquisition Ownership NIOSI & GUDUMA (Panoro 25%) Panoro Energy ASA | H1 2025 Results
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EQUATORIAL GUINEA OPERATIONS UPDATE Core oil production hub at Block G with surrounding ILX opportunities Slide 11 • Production impacted by unplanned facilities related downtime at the Ceiba field • Remedial work programme expected to restore production in Q4 and output to rise thereafter • Multiple asset optimisation projects being progressed • The Joint Venture is evaluating the potential for future infill drilling campaigns in the Okume Complex and Ceiba field Ownership BLOCK G (Panoro 14.25%) BLOCK S (PANORO 12%) BLOCK EG-01 (PANORO OPERATED) • Partners Kosmos Energy and GEPetrol BLOCK G (Ceiba Field and Okume Complex) • Operated by Trident Energy • Other partners Kosmos Energy and GEPetrol • H1 2025 gross production 23,839 bopd Ownership EG-01 (Panoro 56%, op) • Finalising prospect inventory • Option to enter a further two-year period and undertake to drill one well Panoro Energy ASA | H1 2025 Results
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MULTI BILLION BOE DISCOVERIES SURROUND BLOCK EG-23 Extension of Niger Delta geology into Equatorial Guinea offshore Slide 12 ZAFIRO FIELD • >1 bn bbls oil recovered to date • Developed by ExxonMobil • Peak production >250 kbopd ALBA FIELD • >1.2 bn boe produced to date • Operated by Marathon • Peak production >210 kboepd • EG-23 PSC formally ratified: Initiated seismic reprocessing and subsurface studies • Surface area 600 km2 water depths 50 metres to 100 metres • 7 discoveries (4 oil / 2 gas / 1 gas condensate) some of which were tested • Gross discovered resources estimated at 104 MMbbls liquids and 215 bcf gas based on current data (140 MMboe) - Panoro 80% operated interest and partnered with GEPetrol (20%) - Initial 3-year period comprising subsurface studies based on existing data NIGER DELTA AND CAMEROON • Multi billion barrel discovered reserves and large-scale production Ownership BLOCK EG-23 (Panoro 80%) Panoro Energy ASA | H1 2025 Results
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TUNISIA OPERATIONS UPDATE TPS assets contain one of Tunisia’s largest oil producing concessions Slide 13 SFAX TPS ASSETS (CERCINA) • New production opportunities include perforation and stimulation activities on three further Cercina wells • The extension of Cercina Concession is in progress TPS ASSETS (GUEBIBA) • Successful well optimisation following workovers TPS ASSETS (RHEMOURA) • Initial approval received for the extension of Rhemoura Concession for an additional period of 16 years (official gazetting process ongoing) • Detailed planning for future development drilling Ownership TPS ASSETS (Panoro 49%) • Panoro is joint operator alongside ETAP • H1 gross production was 3,148 bopd • Recent workovers and well interventions having positive impact on production • Continued good HSE performance • In January the El Ain-3 well was brought back on-line at ~200 bopd following a workover. The well had been shut-in since March 2024 • Detailed planning for development drilling campaign on the Rhemoura field Panoro Energy ASA | H1 2025 Results
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42 4 26 112 25 0 20 40 60 80 100 120 140 160 180 2P at 31/12/2024 Bourdon discovery 2C at 31/12/2024 Block EG-23 (discovered 2C) Dussafu ILX Other blocks EXCITING PIPELINE OF ORGANIC GROWTH OPPORTUNITIES Slide 14 2P RESERVES MMBBLS DISCOVERED RESOURCES MMBOE RESOURCE OPPORTUNITIES MMBOE COMMENTS • Bourdon discovery has scope to materially replace 2025 production (subject to independent validation) • Substantial organic headroom in the portfolio ‐ Discovered reserves and resources ‐ ILX resource opportunities 2C to 2P conversion Scope for material reserve replacement through FID of incremental projects at producing assets In close proximity to existing infrastructure Multiple prospects in Dussafu EEA Discovered in H1 2025 Large inventory of resource opportunities for technical maturation Niosi PSC (Gabon) Guduma PSC (Gabon) Block EG-01 (Equatorial Guinea) Block EG-23 (Equatorial Guinea) ER 376 (South Africa) Panoro Energy ASA | H1 2025 Results
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KEY MESSAGES Slide 15 Panoro’s outlook is one of higher production, lower capex, strong FCF generation, exciting organic growth catalysts and material shareholder returns * Subject to criteria set out in Panoro’s Shareholder Returns policy PRODUCTION & RESERVES EXPLORATION & APPRAISAL FINANCIAL H1 2025 Production in line with guidance and up 26% year-on-year >300% reserve replacement ratio 10 years 2P reserve life (16 years on 2P+2C basis) Bourdon discovery offshore Gabon Niosi and Guduma Blocks offshore Gabon Block EG-23 offshore Equatorial Guinea (112 MMboe net discovered resource) H1 2025 revenues in line with guidance, crude oil liftings H2 weighted Bond issue diversifies access to capital, providing additional liquidity to support growth 2025 capex guidance maintained (60% lower year-on-year) SHAREHOLDER RETURNS • Successful E&A drilling, reserve and production growth accretive to NAV • Quarterly core cash distribution* • Share buybacks and/or special cash distributions* • Enhanced ability to capitalise on new ventures (opportunistic and value disciplined) Panoro Energy ASA | H1 2025 Results
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WEBINAR HOUSEKEEPING – TIME FOR QUESTIONS Slide 16 › Please raise your hand to be unmuted for verbal questions. › Please continue to submit your text questions and comments using the Questions panel Your Participation Ask questions here Hand Raising Button Raising your hands for un-muting! Panoro Energy ASA | H1 2025 Results
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78 Brook Street London W1K 5EF United Kingdom Tel: +44 (0) 203 405 1060 Fax: +44 (0) 203 004 1130 Visit us at: panoroenergy.com Contact details