Panoro Energy Provides an Operational Update

Equatorial Guinea

As previously communicated, production at Block G offshore Equatorial Guinea (Panoro 14.25 percent) has been impacted by unplanned facilities related downtime at the Ceiba field
Progress is being made with partial restoration of production at Ceiba achieved. Work will continue in 2026 to regain full potential and ensure reliability
Numerous ongoing productive and asset integrity projects will continue throughout 2026 and contribute to field life extension
The Joint Venture is evaluating the potential for future infill drilling campaigns in the Okume Complex, using a conventional jack-up rig in shallow water, and subsea infill wells at the Ceiba field
At Block EG-23 offshore Equatorial Guinea (Panoro 80 percent, operator) seismic reprocessing and subsurface studies are ongoing with particular focus on existing discoveries (some of which have been tested) and surrounding prospectivity in shallow water depths of ~60 metres
- Estrella discovery has been high-graded as a potential fast-track development candidate within tie-back distance to existing infrastructure (early concepts being evaluated)
- Estrella-1 well discovered 60 metres net hydrocarbon pay in 2001 and was tested at 6,780 bopd (48 – 50° API) and 48.7 MMscfd
- Six further oil, gas and gas/condensate discoveries have been made on the block

Gabon

Field delivery remains strong and steady at the Dussafu Marin Permit offshore Gabon (Panoro 17.5 percent)
The joint venture partners received government approval in April for an amendment to the Dussafu Marin Production Sharing Contract offshore Gabon which provides for a material time extension of the PSC up to the year 2053 (inclusive of three five-year option periods from 2038 onwards)
Final Investment Decision (FID) was taken in H2 2025 for the MaBoMo Phase 2 drilling programme (previously Hibiscus Ruche Phase 2), comprising four planned development wells. First oil targeted in H2 2026
Bourdon discovery being matured towards FID with an expected initial three wells and a development cluster concept based on the MaBoMo blueprint
Additional drilling targets have been identified in the Hibiscus area and vicinity of the Bourdon discovery which may add further upside
3D seismic acquisition across the Niosi, Guduma (Panoro 25 percent) and Dussafu licenses has completed

Tunisia – TPS Assets

Production has remained stable at the TPS Assets in Tunisia (Panoro 49 percent) where ongoing workovers and upcoming optimisation campaigns are expected to positively impact production