Oslo, 19 August 2026 - Panoro Energy ASA ("Panoro" or the "Company") is pleased
to announce that it has entered into a definitive agreement with DNO ASA ("DNO")
to acquire the entire share capital of DNO's wholly owned subsidiary DNO CI LLC
(the "Acquisition") which holds an indirect 9.09 per cent interest in the high
-quality gas producing Block CI-27 offshore Côte d'Ivoire (the "Asset").

Highlights

  · Accelerates Panoro's pathway to achieving group production of >20,000 boepd
  · Accretive Acquisition of an indirect 9.09 per cent interest in the producing
Block CI-27 for a consideration of USD 80 million on a cash free / debt free
basis (the "Consideration") with effective date 1 January 2025
  · Increases pro forma group production by ~23 per cent and group 2P reserves
by ~11 per cent
    · Net production of 3,287 boepd attributable to the interest being acquired
during FY 2025 and 3,334 boepd during H1 2026
    · Net 2P reserves at effective date 9.4 MMboe with net 2C resources 5.0
MMboe (14.4 MMboe 2P+2C)
    · Volumes ~95 per cent gas weighted

  · Produced gas sold into strong and growing local market for power generation
with liquids sold to a local refinery
    · Gross production for FY 2025 195 MMscfd gas and 1,380 bopd liquids
(~36,000 boepd)

  · Gas pricing de-linked from oil price and sold under long term contracts with
majority of gas used for power generation in Abidjan
  · Low unit production cost at just USD 6/boe and accretive to Panoro on all
standard metrics applied by industry
  · New country entry into Côte d'Ivoire, an investor friendly jurisdiction in
West Africa with a thriving oil and gas industry that offers attractive follow
-on growth opportunities
  · No regulatory approvals are pending or required and there are no pre-emptive
rights for the Acquisition that is expected to complete in Fall 2026
  · To be financed through a combination of (i) equity, comprising the issuance
of seven million new Panoro shares to DNO, and (ii) debt, comprising a fully
placed USD 50 million senior unsecured bond issuance.

Julien Balkany, Executive Chairman of Panoro, commented:

"This high-quality acquisition represents a continuation of Panoro's strongly
accretive growth strategy and follows the transformational acquisition of an
additional interest in Block G offshore Equatorial Guinea from Kosmos Energy
which we announced in February and completed in June 2026. The addition of an
indirect 9.09 per cent interest in Block CI-27 offshore Côte d'Ivoire brings
material reserves and production to Panoro, while further diversifying our
African portfolio both geographically and from a commodity perspective through
long-life, gas-weighted production supported by stable, low-volatility pricing
and sales arrangements that are de-linked from oil prices. Our new entry into
Côte d'Ivoire, one of the fastest growing economies in West Africa, is
particularly attractive given the country's strong private investment,
structural economic diversification and expanding hydrocarbon sector, all of
which provide long-term support for this strategic acquisition and follow-on
growth opportunities in country as and when they arise. We look forward to
establishing an excellent cooperation with the field partners including the
operator Foxtrot International, the national oil company of Ivory Coast PETROCI,
SECI SA and also the Ministry of Mines, Petroleum and Energy. Importantly, this
landmark acquisition is accretive for Panoro shareholders on all standard
industry metrics and will further enhance our ambition to continue delivering
long-term, sustainable shareholder returns."

About Block CI-27

Block CI-27 is operated by the privately held and excellent operator Foxtrot
International whose principal business is a 27.27 per cent effective
participating interest in the Asset. DNO CI LLC holds an indirect 33.33 per cent
interest in Foxtrot International and therefore an indirect 9.09 per cent
interest in the Asset. Other joint-venture partners in the Asset include PETROCI
and SECI S.A.

The Asset contains Côte d'Ivoire's largest reserves of non-associated gas which
is produced, together with condensate and oil, at a low unit cost of just USD
6/boe from four offshore fields (Foxtrot, Mahi, Manta and Marlin) tied back to
two fixed platforms.

Gas produced from the Asset is transported by pipeline and sold for power
generation in Abidjan pursuant to a long-term gas sales agreement with a take or
pay structure and minimum fixed price.

Gas production from the Asset in 2025 was 195 MMscfd, meeting over 70 per cent
of the country's gas needs. Total processing capacity of the offshore facilities
is 250 MMscfd and 15,000 bopd. The operator is currently undertaking a five well
infill drilling campaign aimed at increasing recovery from the Foxtrot field,
sustaining production plateau around the 190 to 200 MMscfd level with scope to
increase to around 230 MMscfd dependant on demand.

Gross remaining reserves at the effective date are estimated at 540 Bscf and 5
MMbbls with a further 380 Bscf and 9 MMbbls of resources offering material
reserve replacement and growth opportunities in the future, meaning the Asset
has the potential to produce well beyond the current PSC term.

Through the Acquisition, Panoro adds high quality, low cost and well managed gas
and liquids production and reserves with substantial upside potential. It also
represents a new country entry for Panoro, further cementing the Company's
position as a leading independent upstream producer in Africa. Côte d'Ivoire has
a well-established and growing hydrocarbon sector, one which Panoro believes
will offer multiple attractive follow-on growth opportunities in the future.

Consideration

The consideration for the Acquisition is USD 80 million on a cash free / debt
free basis with an effective date of 1 January 2025 and subject to customary
adjustments.

Conditions Precedent

No regulatory approvals are pending or required and there are no pre-emptive
rights for the Acquisition.

Funding of the Acquisition

Panoro will issue seven million new shares to DNO as part consideration (the
"Consideration Shares") at a share price of NOK 28.77/share, equivalent in value
to approximately USD 21.3 million and representing 4.9 per cent of outstanding
Panoro shares post-issuance of the Consideration shares. The share price is
based on the volume weighted average price for the 5 trading days preceding
announcement.

Additionally, Panoro has privately placed a USD 50 million senior unsecured bond
carrying a 10.25 per cent coupon with maturity in 2031 (the "Bond"), subject to
customary documentation. The Bond was fully subscribed by two longstanding
strategic investors including the Mauritius Commercial Bank ("MCB") and certain
primary insiders. The settlement date is expected on or about 10 September 2026,
subject to customary conditions precedent. An application will be made for
listing of the Bond on the Nordic ABM. Arctic Securities AS acted as lead
manager and sole bookrunner and MCB acted as co-manager for the Bond.

Advokatfirmaet BAHR AS acted as legal counsel to Panoro.

Enquiries

Qazi Qadeer, Chief Financial Officer
Tel: +44203 405 1060
Email:investors@panoroenergy.com

About Panoro Energy

Panoro Energy ASA is an independent exploration and production company based in
London and listed on the main board of the Oslo Stock Exchange with the ticker
PEN. Panoro holds production, exploration and development assets in Africa,
namely interests in Block-G, Block EG-01 and Block EG-23 offshore Equatorial
Guinea, the Dussafu Marin, Niosi Marin and Guduma Marin Licenses offshore
southern Gabon, the TPS operated assets in Tunisia and onshore Exploration Right
376 in South Africa.

Visit us at www.panoroenergy.com.

Follow us on LinkedIn (https://www.linkedin.com/company/panoro-energy)
e TPS operated assets in Tunisia and onshore Exploration Right\
376 in South Africa.\
\
Visit us at www.panoroenergy.com.\
\
Follow us on LinkedIn (https://www.linkedin.com/company/panoro-energy)\