Panoro Energy Provides Annual statement of reserves

BLOCK G: Offshore Equatorial Guinea

The Block G licence covers an area containing the Ceiba field and the Okume complex. The Okume complex consists of five separate oil fields. Production from Block G during 2025 amounted to 7.44 MMbbls gross. In April 2026 NSAI certified (3rd party) reserves and resources for the Block G licence. As of the end of December 2025, the Block G licence comprising the Ceiba and Okume Complex fields, contained gross 1P Proved Reserves of 75.9 MMbbls, gross 2P Proved plus Probable Reserves of 106 MMbbls and gross 3P Proved plus Probable plus Possible Reserves of 133.6 MMbbls.

In addition to these Reserves NSAI also certified gross unrisked 1C In addition to these Reserves
NSAI also certified gross unrisked 1C Contingent Resources of 28.0 MMbbls, gross unrisked 2C
Contingent Resources of 71.3 MMbbls, and gross unrisked 3C Contingent Resources of 119.8 MMbbls
in the Block G licence area.
These evaluations yield the following Reserves net to Panoro’s working interest of 14.25%:

1P Proved Reserves of 10.82 MMbbls, 2P Proved plus Probable Reserves of 15.10 MMbbls and 3P Proved plus Probable plus Possible Reserves of 19.04 MMbbls. Additional unrisked Contingent Resources net to Panoro’s working interest of 14.25% are 4.0 MMbbls 1C, 10.2 MMbbls 2C and 17.1 MMbbls 3C.
Panoro’s net entitlement 1P reserves are 9.21MMbbls, net entitlement 2P reserves are 12.53MMbbls and net entitlement 3P reserves are 15.41MMbbls

DUSSAFU:Offshore Gabon

Dussafu is an exploration, development and exploitation licence containing several oil fields including Tortue, Hibiscus and Hibiscus South. The licence also includes the 2025 Bourdon field discovery.
Production from the Dussafu licence during 2025 amounted to 12.12 MMbbls gross.
In April 2026 NSAI certified (3rd party) reserves and resources for the Dussafu licence. As of the end of December 2025, the Dussafu licence contained gross 1P Proved Reserves of 72.25 MMbbls, gross 2P Proved plus Probable Reserves of 116.04MMbbls and gross 3P Proved plus Probable plus Possible Reserves of 148.72 MMbbls.
In addition to these Reserves NSAI also certified gross unrisked 1C Contingent Resources of 38.4MMbbls, gross unrisked 2C Contingent Resources of 69.6 MMbbls, and gross unrisked 3C Contingent Resources of 142.8 MMbbls in the Dussafu licence area.
These evaluations yield the following Reserves net to Panoro’s working interest of 17.5%: 1P Proved
Reserves of 12.64 MMbbls, 2P Proved plus Probable Reserves of 20.31 MMbbls and 3P Proved plus
Probable plus Possible Reserves of 26.03 MMbbls.
Additional unrisked Contingent Resources net to Panoro’s working interest of 17.5% are 6.7 MMbbls
1C, 12.2 MMbbls 2C and 25.0 MMbbls 3C.
Panoro’s net entitlement 1P reserves are 10.41MMbbls, net entitlement 2P reserves are 15.03MMbbls and net entitlement 3P reserves are 17.76MMbbls.

TPS ASSETS: Onshore and Offshore Tunisia

The concessions are Cercina, Cercina Sud, Rhemoura, El Ain/Gremda and El Hajeb/Guebiba.
Production from the TPS assets amounted to 1.14MMbbls gross in 2025.
In April 2026 NSAI certified (3rd party) reserves and resources for the TPS licences. As of the end of December 2025 gross field reserves amount to 1P Proved Reserves of 7.8 MMbbls, 2P Proved plus Probable Reserves of 11.4 MMbbls and 3P Proved plus Probable plus Possible Reserves of 14MMbbls.
In addition to these reserves, NSAI also assessed gross 1C Contingent Resources of 10.6 MMbbls,
2C Contingent Resources of 15.7 MMbbls and 3C Contingent Resources of 23.8 MMbbls.
These evaluations yield the following Reserves net to Panoro’s working interest of 49%: 1P Proved
reserves of 3.83 MMbbls, 2P Proved plus Probable reserves of 5.58 MMbbls and 3P Proved plus
Probable plus Possible of 6.86 MMbbls. Additional unrisked
Additional unrisked Contingent Resources net to Panoro’s working interest of 49% are 5.2 MMbbls
1C, 7.7 MMbbls 2C and 11.7 MMbbls 3C.
Panoro’s net entitlement 1P reserves are 3.34MMbbls, net entitlement 2P reserves are 4.88MMbbls and net entitlement 3P

BLOCK EG-23: Offshore Equatorial Guinea

The EG-23 licence in Equatorial Guinea was awarded during 2025. The licence comprise three oil, one gas condensate and two gas discoveries. Panoro are working on development plans for the licence.
In April 2026 NSAI certified (3rd party) resources for the Block EG-23 licence.
As of the end of December 2025 gross contingent resources amount to gross 1C Contingent Resources of 20.26 MMBOE, 2C Contingent Resources of 32.86 MMBOE and 3C Contingent Resources of 56.92 MMBOE.
Unrisked Contingent Resources net to Panoro’s working interest of 80% are 16.21 MMBOE 1C, 26.28 MMBOE 2C and 45.53 MMBOE 3C.
These Contingent Resources are Panoro’s net working interest volumes before deductions for royalties and other taxes