Panoro Energy (PEN) Pareto Securities' 33rd Annual Energy Conference presentation summary

Transformational growth and portfolio expansion

• Achieved significant growth through accretive M&A, expanding from one to four producing countries since 2018.

• Recent acquisitions include a 40.375% interest in Block G (Equatorial Guinea) and a 9.09% interest in Block CI-27 (Côte d'Ivoire), enhancing production and reserves.

• Net working interest production increased from 380 bopd in 2018 to ~21,500 boepd in 2026 pro forma.

• 2P reserves grew from 22 MMboe to 93 MMboe, and 2P+2C resources from 24 MMboe to 183 MMboe.

• Cumulative cash returned to shareholders reached NOK 950 million.

Key acquisitions and financial details

• CI-27 acquisition in Côte d'Ivoire adds material gas production, with 95% gas weighting and revenues delinked from oil prices.

• Acquisition cost for CI-27 was USD 80 million, with a mix of cash and shares, and a production cost of USD 6/boe.

• New USD 50 million senior unsecured bond issued at 10.25% coupon, maturing in 2031.

• CI-27 provides stable, long-life cash flows with gas sold under a long-term take-or-pay contract.

Production, cash flow, and reserves outlook

• Group production at record levels, currently ~21.5 kboepd, with a target to sustain above 20,000 boepd.

• Strong cash generation projected, with ample liquidity and capacity for shareholder returns.

• Pro forma 2P reserves at end 2025 estimated at 92.8 MMboe, with a reserves life of ~14 years.

• 2P+2C resources total 183 MMboe, split 51% reserves and 49% contingent resources.