Oslo, 17 June 2026 - Panoro Energy ASA ("Panoro" or the "Company") is pleased to
announce the completion of the acquisition by Panoro of the Kosmos Energy
("Kosmos") subsidiary that holds through a wholly-owned entity, a 40.375 per
cent non-operated interest in Block G offshore Equatorial Guinea (the
"Acquisition"). This follows the receipt of customary competition clearance by
the Central African Economic and Monetary Community (CEMAC).
Block G contains the producing Ceiba field and Okume Complex in which Panoro has
held a 14.25 per cent interest since early 2021. As a result of the Acquisition
Panoro's interest in Block G has now increased to 54.625 per cent. The
consideration paid at completion is USD 127 million after customary interim
adjustments.
Panoro's next crude oil lifting at Block G, and first post-completion of the
Acquisition, is for approximately 546,000 barrels and scheduled for next month,
beginning of July.
Julien Balkany, Executive Chairman of Panoro, commented:
"We are delighted to complete this well timed, transformational and strongly
accretive transaction for Panoro, materially increasing our participation in a
core producing asset. Having been a partner in Block G since 2021, we know the
asset well and have a high degree of confidence in its quality, cash generation
potential and remaining upside. With our interest now increasing to 54.625 per
cent, this acquisition strengthens our production and reserves base and will
enhance the frequency and size of our crude liftings, driving meaningful long
-term cash flow expansion to enhance shareholder returns. This opportune
acquisition, announced a couple of days before the start of the conflict in the
Middle East, is consistent with Panoro's strategy to expand its presence in
Equatorial Guinea, where we see a lot of organic and external investment
opportunities to achieve our growth ambition. I would once again like to express
our sincere gratitude to the government of Equatorial Guinea which had approved
the transaction prior to announcement in February, and also to CEMAC for the
efficient and timely conclusion of its customary clearance process."
Enquiries
Qazi Qadeer, Chief Financial Officer
Tel: +44 203 405 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)
.com.\
\
Follow us on LinkedIn (https://www.linkedin.com/company/panoro-energy)\