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Panoro Energy PARETO SECURITIES ANNUAL E&P INDEPENDENTS CONFERENCE JANUARY 2026 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 | Corporate Presentation
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OVERVIEW OF PANORO ENERGY Panoro is an African focused full-cycle independent upstream E&P company PANORO AT A GLANCE Listed on the Oslo Børs (ticker symbol: PEN.OL) Diversified portfolio with three core oil producing assets • Gabon (Dussafu Marin Permit) • Equatorial Guinea (Block G) • Tunisia (TPS Assets) Maximise production and cash flows from existing assets Growth through opportunistic M&A and selective infrastructure led exploration & appraisal (“ILX”) KEY FIGURES PORTFOLIO OVERVIEW EQUATORIAL GUINEA GABON TUNISIA SOUTH AFRICA 10,263 bopd W.I production 2025 42.3 MMbbls Net 2P reserves (100% oil) 20241 25.6 MMbbls Net 2C resources3 USD ~230 MM Market cap2 ~96% Free float 3.1 MMbbls Crude oil lifted and sold in 2025 Slide 3 Notes: 1) Working interest 2P reserves at 31/12/24 per independent estimates in 2024 Annual Statement of Reserves; 2) As of 16 January 2026; 3) 2C resources as independently estimated at year end 2024 and excludes discovered resources on block EG-23 of ~112 MMboe net to Panoro (PSC signed November 2024); 4) Includes 1.15421% of issued shares held in treasury following repurchase by the Company at 21 January 2026 Panoro Energy ASA | Corporate Presentation USD 150 MM Bond issued in Q4 2024 USD 300 MM Bond framework with tap feature USD 78 MM Cash at bank at 31/12/2025
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1,315 2,070 2,440 7,495 7,500 8,500 9,950 10,263 0 2,000 4,000 6,000 8,000 10,000 2018 2019 2020 2021 2022 2023 2024 2025 DELIVERING PRODUCTION GROWTH Slide 4 Well diversified and cost-efficient production base across three countries and multiple fields 100% oil weighting, mostly shallow water Working Interest bopd Minimal reliance on third party infrastructure Attractive, stable and long- dated PSCs ~34% CAGR 2018 to present Delivering Production Growth Panoro Energy ASA | Corporate Presentation ~10 YEARS R/P ratio (2P reserves) ~16 YEARS R/P ratio (2P + 2C) RESERVES LIFE
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660 135 0 100 200 300 400 500 600 700 STRONG EBITDA GENERATION ROBUST FINANCIALS AND DISCIPLINED CAPITAL ALLOCATION Slide 5 Strong EBITDA generation funding investments for growth and shareholder returns CAPITAL EXPENDITURE SHAREHOLDER RETURNS • Robust financial position • Net debt / TTM EBITDA 1.04x (30/09/2025) • 2025 capex Primarily associated with Bourdon oil discovery offshore Gabon • Return to development drilling at Dussafu in 2026 • Quarterly cash distributions and share buybacks • Permitted distributions up to 50% of FCF to equity • Returned ~36% of current market cap since March 2022 127 135 152 121 2022 2023 2024 TTM to 30/09/2025 USD MM USD MM TTM influenced by lifting schedule (Q4 ‘25 weighted) 64 68 101 40 2022 2023 2024 2025E USD MM USD 40 Million 60% reduction year-on-year Cumulative Shareholder Returns Since March 2022 NOK 795 Million Share buybacks Cash distributions Panoro Energy ASA | Corporate Presentation
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DUSSAFU OPERATIONS UPDATE Slide 6 Field delivery remains strong and steady Ownership DUSSAFU MARIN (Panoro 17.5%) • Final Investment Decision (FID) taken for the MaBoMo Phase 2 drilling programme (previously named Hibiscus Ruche Phase 2) - Four new development wells with first oil H2 2026 - Expected to return gross production to nameplate capacity of ~40,000 bopd when all new wells are onstream • Bourdon discovery being matured towards FID - Expected initial three development wells - Development cluster based on MaBoMo blueprint Bourdon (2025 discovery) • 25 MMbbls recoverable • 13 km west of FPSO and 9 km southeast of production platform • Additional drilling targets identified in surrounding area 3,720 11,779 14,178 11,322 10,582 17,140 27,674 33,217 2018 2019 2020 2021 2022 2023 2024 2025 Gross bopd MaBoMo Phase 2 • Utilise four remaining well slots on MaBoMo platform • Extend production plateau Panoro Energy ASA | Corporate Presentation
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Bourd on Niosi 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 7 • Award of blocks finalised in October 2024 - Niosi: 5-year initial period (seismic + 1 well) - Guduma: 3-year initial period (seismic) - Both blocks have an option to extend • 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) • New 3D seismic acquisition completed across Niosi, Guduma and Dussafu - Will confirm future high-impact drilling targets and help unlock considerable upside potential • Partners are BW Energy 37.5% (operator ) and Vaalco Energy 37.5% Ownership NIOSI & GUDUMA (Panoro 25%) Niosi Marin area of main interest (new seismic) 2025 2026 2027 2028 2029 2030+ Niosi commitment well during first exploration period & Guduma Phase 2 commitment well if extended Seismic processing & interpretation Seismic Acquisition Dussafu Panoro Energy ASA | Corporate Presentation Guduma Marin area of main interest (new seismic)
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EQUATORIAL GUINEA OPERATIONS UPDATE Core oil production hub at Block G with surrounding ILX opportunities Slide 8 • Production impacted by unplanned facilities related downtime at the Ceiba field - Progress being made with partial restoration of production • 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 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 • FY 2025 gross production 20,484 bopd Ownership EG-01 (Panoro 56%, op) • Finalising prospect inventory • Option to enter a further two-year period from 2027 and undertake to drill one well Panoro Energy ASA | Corporate Presentation
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BLOCK EG-23 IDEALLY LOCATED NEAR INFRASTRUCTURE Slide 9 Aligned with Equatorial Guinea’s ambition to unlock reserves and become a regional upstream and gas processing hub Block EG-23 (Panoro 80%, operator) Ownership BLOCK EG-23 (Panoro 80%) • 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 Panoro Energy ASA | Corporate Presentation
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Slide 10 Estrella-1 well discovered 60 metres net hydrocarbon pay in 2001 and was tested • 6,780 bopd (48 - 50° API) • 49 MMscfd • High quality Isongo reservoir • Permeabilities up to 2,000 mD Highly prospective acreage offering play diversity and running room • Prolific Akata source rocks • Isongo & Qua Iboe reservoirs: - Alba Gas Field (>1.2 bn boe produced to date from Isongo) - Zafiro Oil Field (>1 bn bbls produced to date from Qua Iboe) • Robust structural traps • Direct hydrocarbon indicators • Stacked targets 2025 2026 2027 2028 2029 2030 First Exploration Sub-Period Second Exploration Sub-Period Seismic Reprocessing & mapping ESTRELLA DISCOVERY HIGH-GRADED Potential fast-track appraisal and development candidate in tie-back distance to existing infrastructure offshore Equatorial Guinea Scope to accelerate appraisal well Estrella discovery (2001) 20 km distance from existing infrastructure Alba 28 EG-23 Panoro Energy ASA | Corporate Presentation
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TUNISIA OPERATIONS UPDATE TPS assets contain one of Tunisia’s largest oil producing concessions Slide 11 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 • FY 2025 gross production was 3,122 bopd • Recent workovers and well interventions having positive impact on production • Continued good HSE performance • Detailed planning for development drilling campaign on the Rhemoura field Panoro Energy ASA | Corporate Presentation
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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 STRONG ORGANIC GROWTH Slide 12 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 Multiple prospects in Dussafu EEA 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) Discovered in 2025 In close proximity to existing infrastructure 2C resource recognition of high graded discoveries Panoro Energy ASA | Corporate Presentation
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KEY MESSAGES Slide 13 Panoro’s outlook is one of strong production, FCF generation, exciting organic and M&A driven growth catalysts PRODUCTION & CASH GENERATION ORGANIC & EXTERNAL GROWTH STRATEGY CORPORATE Stable and diversified production base across three geographies Long reserves life with oil bias Strong Free Cash Flow generation over long-term Investment to sustain and grow production at existing assets Infrastructure lead exploration Accretive M&A (opportunistic and value disciplined) Lean management team focused on delivery of growth strategy Disciplined capital allocation Robust balance sheet and strong access to capital (substantial tap headroom on bond) MAXIMISE VALUE FOR ALL STAKEHOLDERS • Clearly defined shareholder distribution framework • Organic reserve replacement and production growth • Track record of value creation through accretive M&A Panoro Energy ASA | Corporate Presentation
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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