KOSMOS ENERGY LTD. Oslo ,20 October 2022 -Panoro Energy ASA ("Panoro" or the "Company") is pleased to announce that it has agreed to farm-in to theKosmos Energy operated Block S offshoreEquatorial Guinea for a 12 per cent non-operated participating interest. The current joint venture partnership at Block S isKosmos Energy (40 per cent and operator), Trident Energy (40 per cent) and GEPetrol (20 per cent). Panoro's agreed farm-in is on the basis that it will acquire a 6 per cent participating interest from each ofKosmos Energy and Trident Energy, respectively (12 per cent in aggregate).John Hamilton , CEO of Panoro, commented: "We are excited to farm-in to Block S which significantly expands our acreage position offshoreEquatorial Guinea and our exposure to near field exploration potential. The block is in the immediate vicinity of our producingCeiba Field and Okume Complex which have to date produced around 465 million barrels of oil, and where we are also partnered withKosmos Energy , Trident Energy and GEPetrol. In line with our infrastructure led exploration strategy, Panoro will have modest financial exposure to a large inventory of prospects and leads within tie back distance of existing production facilities offering scope to leverage synergies in the event of a commercial discovery. Following the recent extension of the Ceiba Field and Okume Complex PSC to end 2040 we look forward to working with our aligned partners and stakeholders to unlock the full potential of our enlarged asset base inEquatorial Guinea ." Block S covers a surface area of 1,245 km[2] with water depths ranging from 450 metres to 1,500 metres and is covered by high quality 3D seismic. The block surrounds the producing Ceiba Field and is adjacent to the producingOkume Complex , which is operated by Trident Energy and where Panoro holds a 14.25 percent non operated participating interest which accounted for 4,714 bopd net working interest production for Panoro during the first half of the year, around 60 per cent of Panoro's total output. Past exploration activities on Block S have tested and proven the necessary geological play elements which has led to an extensive prospect inventory being identified within tie-back distance to theCeiba Field and Okume Complex facilities. One exploration well is planned to be drilled during 2024. Panoro's farm-in is subject to customary approvals. Map ofBlock Block S [image] EnquiriesQazi Qadeer , Chief Financial Officer Tel: +44 203 405 1060 Email: investors@panoroenergy.com AboutPanoro Energy Panoro Energy ASA is an independent exploration and production company based inLondon and listed on the main board of theOslo Stock Exchange with the ticker PEN. Panoro holds production, exploration and development assets inAfrica , namely a producing interest in Block-G, offshoreEquatorial Guinea , the Dussafu License offshore southernGabon , the TPS operated assets, Sfax Offshore Exploration Permit and Ras El Besh Concession, offshoreTunisia and participation interest in an exploration Block 2B, offshoreSouth Africa . Visit us at www.panoroenergy.com. Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)
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