Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — H1 2026 Earnings Presentation
20 slides from Panoro Energy Asa's earnings presentation, Aug 20, 2026
Slide 1: H1 2026 Results
H1 2026 Results Panoro Energy 20 August 2026 www.panoroenergy.com www.panoroenergy.com
Slide 2: Disclaimer
Disclaimer This presentation does not constitute an offer These risks and uncertainties include, among to buy or sell shares or other financial others, uncertainties in the exploration for and instruments of Panoro Energy ASA development and production of oil and gas, (“Company”). This presentation
Slide 3: Webinar Housekeeping – Time for Questions
Webinar Housekeeping – Time for Questions Click to allow permissions for your microphone to be unmuted Raising your hands for un-muting! Your Participation Please raise your hand to be unmuted for verbal questions. Ask questions Please continue to submit your text questions and here comments using t
Slide 4: Transformational Growth Story
Transformational Growth Story Panoro has an excellent track record of well-timed and strongly accretive M&A for shareholders 2018 2021 2023 2026 2026 Portfolio Overview Tunisia Gabon – Dussafu Tunisia Eq. Guinea Côte d’Ivoire TUNISIA – TPS Assets Eq. Guinea – Block G – TPS Assets – Block G – CI-27 E
Slide 5: Acquisition of Indirect 9.09% Interest in Block CI-27
Acquisition of Indirect 9.09% Interest in Block CI-27 Adds material gas production and reserves offshore Côte d’Ivoire, enhancing portfolio diversification HIGH-QUALITY PRODUCTION AND RESERVES USD 6/boe 3,334 boepd 14.4 MMboe H1 2026 Net Working Net Working Interest 95% Gas Weighted – Gas Revenues D
Slide 6: Ivorian Economy Fast Growing, Mainly Powered by Gas
Ivorian Economy Fast Growing, Mainly Powered by Gas Leading regional GDP growth, expansion of generation capacity and electricity access support strong gas demand GDP Growth Thriving upstream oil and gas sector Nominal GDP, current USD billion 70 Crude oil (thousand barrels/day) 320 276 280 100 Natu
Slide 7: Block CI-27 Asset Overview
Block CI-27 Asset Overview Côte d’Ivoire’s largest non-associated gas producer meeting >70% of domestic gas needs • Four producing fields in the block: Foxtrot, • 5 well infill campaign underway Mahi, Marlin and Manta - 3x sidetracks, 2x new wells - 2.7 Tscf gas initially in place • Intended to exte
Slide 8: Gas and Liquids Sold into Strong Domestic Market
Gas and Liquids Sold into Strong Domestic Market Sales agreements are valid to end of the current PSC term (August 2034) Gas Sales • Gas produced from the Asset is transported by pipeline and sold for power Usage of Gas Supplied generation in Abidjan pursuant to a long-term gas sales agreement with
Slide 9: Group Production Update
Group Production Update Acquisition accelerates Panoro’s route to achieving group production of >20 kboepd Accelerated Trajectory Towards Group Production of >20 Kboepd IFRS basis and 2026 Guidance When all new MaBoMo Phase 2 wells and Ceiba clusters are onstream H1 2026 Q2 2026 WI kbopd Current gro
Slide 10: Equatorial Guinea - Block G Update
Equatorial Guinea - Block G Update Acquisition of additional 40.375% interest completed in June, focused on cost-effectively increasing recovery factors and maximising economic recovery Location Key Figures (pro forma) Comments • Ongoing successful well intervention 106.0 MMbbls Okume Complex Gross
Slide 11: Gabon Update – Dussafu is a Cornerstone Asset
Gabon Update – Dussafu is a Cornerstone Asset MaBoMo Phase 2 Drilling, FID taken for Bourdon development with first oil targeted for H1 2028 Location Key Figures Comments 116.0 MMbbls PSC extended to 20532 MaBoMo Phase 2 Gross 2P • Utilise four remaining well reserves1 • Supports future development
Slide 12: Tunisia Update – TPS assets
Tunisia Update – TPS assets TPS assets contain one of Tunisia’s largest oil producing concessions Location Key Figures Comments 11.4 MMbbls Operations Update TPS Assets (Cercina) Gross 2P • Panoro is joint operator alongside ETAP1 reserves2 • Recent workovers and well interventions TPS Assets having
Slide 13: Estrella and Rodo High-Graded on Block EG-23
Estrella and Rodo High-Graded on Block EG-23 Potential coordinated fast-track development, in tie-back distance to existing infrastructure Location Key Figures 6.8 kbopd 49 MMscfd Estrella discovery (2001) Estrella-1 test Estrella-1 test 26.3 MMboe 600 km2 Net 2C resources Surface area 80.0% JV Part
Slide 14: H1 2026 Highlights
H1 2026 Highlights Resilient performance and a robust financial position maintained H1 2026 Highlights (IFRS Basis) H1 2026 Highlights (Pro Forma Basis) Balance Sheet & crude inventory H1 2026 Reported Revenue H1 2026 Pro Forma Revenue Cash at bank at 30/06/26 USD 60.3 million USD 130.0 million USD
Slide 15: Shareholder Returns
Shareholder Returns Panoro has returned ~25% of current market capitalisation to shareholders since March 2023 2026 Distribution Capacity USD 2026 Capacity ~NOK 205 Million IMPLIED 21% ~NOK 205 million2 FCF YIELD • 2026 distributions within Remaining headroom to capacity limit to be 2026 limit ~NOK
Slide 16: Crude Liftings and Realised Oil Prices
Crude Liftings and Realised Oil Prices Crude oil liftings in Q2 benefit from higher pricing and premium differentials H1 2026 liftings in line with Positive crude oil Entitlement production for H1 inventory was 2026 was 1,430,442 barrels (IFRS) HIGHLIGHTS previously communicated 1,303,383 barrels an
Slide 17: Capex Guidance, Cash Flow Reconciliation and Debt
Capex Guidance, Cash Flow Reconciliation and Debt Panoro maintains a conservative leverage profile and disciplined allocation of capital expenditure towards core producing assets H1 2026 Cash Flow Reconciliation USD MM Capital Expenditure Guidance – Focused on Production and Development of 2P Reserv
Slide 18: Consistent Delivery of Accretive Growth Strategy
Consistent Delivery of Accretive Growth Strategy Strong operational performance, prudent financial management and delivery of Panoro’s growth strategy Production Maturing Asset Portfolio Corporate and External & Reserves To Extend Reserve Life Growth Strategy Group production at record levels, FID t
Slide 19: Webinar Housekeeping – Time for Questions
Webinar Housekeeping – Time for Questions Click to allow permissions for your microphone to be unmuted Raising your hands for un-muting! Your Participation Please raise your hand to be unmuted for verbal questions. Ask questions Please continue to submit your text questions and here comments using t
Slide 20: Thank You
Thank You 78 Brook Street London W1K 5EF United Kingdom Tel: +44 (0) 203 405 1060 Fax: +44 (0) 203 004 1130 Visit us at: panoroenergy.com www.panoroenergy.com www.panoroenergy.com