Panoro Energy ASA provided the following update on operations offshore Equatorial Guinea. At Block G 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.

Panoro holds a 14.25% interest in Block G. Partners in Block G are Trident Energy (operator), Kosmos Energy and GEPetrol. 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 resource of approximately 180 million barrels of oil in close proximity to existing infrastructure at Block G. Panoro holds a 12% interest in Block S. Other partners in Block S are GEPetrol and Trident Energy who are delivering the drilling program on behalf of the joint venture partners.