Panoro Energy ASA provided operations update and planned activities in 2024. Equatorial Guinea - Block G (Panoro: 14.25%): The planned three-well infill drilling campaign has commenced utilising the Island Innovator semi- submersible drilling rig. The first new infill well is expected onstream around the end of first quarter, with all three wells expected onstream by mid-year.

Once all three new wells are onstream Panoro expects gross production will materially increase from average 2023 levels of 25,000 bopd. Numerous ongoing field life extension and asset integrity projects to continue throughout 2024. Gabon - Dussafu Marin (Panoro: 17.5%): During the latter part of 2023 a comprehensive programme was commenced in order to establish the root cause of the electrical integrity issues faced on the four new Hibiscus wells which were drilled in 2023.

The retrievable ESPs were removed, in addition to the upper completions on two wells. As a result of these activities, production in Fourth Quarter was impacted as work necessitated the wells being offline at various times. Production has since been restored from three of the four wells.

Two wells are producing on new ESPs and the third well is producing under natural flow without an ESP. The fourth well will be worked over following the completion of the Hibiscus South development well. Current gross Dussafu production is approximately 25,000 bopd reflecting the partial restoration of production from three of the four Hibiscus wells.

The root cause analysis is ongoing with the recovered ESPs sent to manufacturer for diagnosis. Contingency plans are in place with three conventional ESPs scheduled for imminent delivery. The forward plan is to optimise drilling of the remaining three planned development wells in the current campaign, together with any ESP workovers remaining on the existing wells.

The drilling program has been extended through July. The drilling of the Hibiscus South development well has now commenced (following the discovery in 2023 and utilising the top-hole section of the discovery well) to drain this new accumulation and is expected onstream in March. The rig will then undertake the following work (the order of which will be dependent on optimising production and logistical considerations): drilling of an additional Hibiscus development well, drilling of the Ruche development well, and performing ESP workovers.

The Bourdon prospect test well will be the last operation in the current campaign, providing the aforementioned activities are performed within time expectations. Panoro expects that gross production will rise from March onwards towards the 40,000 bopd target rate once all wells in the current campaign have been completed. Tunisia - TPS Assets (Panoro: 49.0%): New production opportunities include a workover campaign comprising ESP replacement and stimulation of three wells at the Cercina field (CER-1, CER-6A and CER-7) scheduled to commence in Second Quarter 2024.

Detailed planning for development drilling campaign on the Rhemoura and Guebiba fields with operations expected to start late 2024. Exploration and Appraisal Wells: Akeng Deep - Equatorial Guinea, Block S (Panoro: 12%): Following completion of the Block G infill drilling campaign, the Island Innovator rig will relocate to Block S where it will drill the Kosmos Energy operated Akeng Deep infrastructure-led exploration ("ILX") well. The Akeng Deep ILX well is intended to test a play in the Albian, targeting an estimated gross mean recoverable resource of approximately 180 million barrels of oil in close proximity to existing infrastructure at Block G. Other partners in Block S are GEPetrol and Trident Energy who are delivering the drilling program on behalf of the joint venture partners.

Bourdon - Gabon, Dussafu Marin (Panoro: 17.5%): The Bourdon Prospect is located in a water depth of 115 metres approximately 7 kilometres to the southeast of the BW Mabomo production facility and 14 kilometres west of the BW Adolo FPSO. The Prospect has an estimated mid-case potential of 83 million barrels in place and 29 million barrels recoverable in the Gamba and Dentale formations. The well is to be drilled in the current Gabon drilling campaign, utilising the 8th and final rig slot, the timing of which will be dependent on sequencing of the remaining production wells and ESP workovers.