Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — Q4 2025 Earnings Presentation
19 slides from Panoro Energy Asa's earnings presentation, Feb 25, 2026
Slide 1: Q4 2025 Trading and Financial Update
Q4 2025 Trading and Financial Update Panoro Energy 24 February 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 Your Participation › Please raise your hand to be unmuted for verbal questions. › Please continue to submit your text questions and comments using the Questions panel Raising your hands for un-muting! Ask questions here Panoro Energy ASA Q4 2025 Trading and
Slide 4: Acquisition of Additional 40.375% Interest in Block G
Acquisition of Additional 40.375% Interest in Block G High quality reserves and production with robust operating margins ATTRACTIVE METRICS USD 3.9 USD 2.4 USD 20.6k (based on initial consideration at effective date) EV per 2P barrel EV per 2P+2C barrel EV per flowing barrel Based on 2025 WI product
Slide 5: Transformative Impact – Materiality and Longevity
Transformative Impact – Materiality and Longevity Compelling synergies through existing ownership enhance the highly accretive value proposition Working interest bopd1 Crude Oil Liftings MMbbls 450 Revenue USD MM2 Increased JV influence to support 18,534 6 Increased frequency and size 5.6 100% oil p
Slide 6: Block G Overview
Block G Overview Block G has been core to delivery of Panoro’s reserves and production growth over the past five years Location Key Figures (pro forma) Comments 114.6 MMbbls • Panoro acquired its existing 14.25% Okume Complex Onstream since 2006 - 2011 Gross 2P interest from Tullow Oil in Q1 2021 •
Slide 7: Significant Remaining Potential at Ceiba and Okume
Significant Remaining Potential at Ceiba and Okume Scope to materially and cost-effectively increase recovery factors and maximise economic recovery STOIIP Produced to Current Target 2040 5 YEAR OUTLOOK MMbbls date MMbbls recovery factor recover factor ~54 MMbbls gross production Okume Complex 1,300
Slide 8: Enlarged Group Production and Cash Flow Outlook
Enlarged Group Production and Cash Flow Outlook Working interest production expected to reach ~20 Kbopd during 2027 when work programmes are completed Trajectory Towards Group Production of ~20 Kbopd Strong Cash Generation Substantial liquidity from Post Tax Operating Cash Flow1 (after Capex and G&A
Slide 9: Gabon Update – Dussafu is a Cornerstone Asset
Gabon Update – Dussafu is a Cornerstone Asset Field delivery remains strong and steady Location Key Figures Comments MaBoMo Phase 2 118.6 MMbbls Operations Update • Utilise four remaining well Gross 2P slots on MaBoMo platform reserves1 • FY 2025 gross production was 33.2 kbopd, with • Extend produc
Slide 10: Tunisia Update – TPS assets
Tunisia Update – TPS assets TPS assets contain one of Tunisia’s largest oil producing concessions Location Key Figures Comments 10.6 MMbbls Operation Update TPS Assets (Cercina) Gross 2P • Panoro is joint operator alongside ETAP1 reserves2 • FY 2025 gross production was 3.1 kbopd TPS Assets (Guebiba
Slide 11: New 3D Seismic Completed in Gabon
New 3D Seismic Completed in Gabon Potential to repeat the Dussafu success story Location Key Figures (Niosi & Guduma) 4,918 km2 Niosi Marin area Combined surface 25.0% of main interest Working interest (new seismic) area) 3 Years 5 Years Initial period (Guduma) Initial period (Niosi) Guduma Marin ar
Slide 12: Estrella Discovery High-Graded on Block EG-23
Estrella Discovery High-Graded on Block EG-23 Potential fast-track development candidate in tie-back distance to existing infrastructure Location Key Figures 6,780 bopd 49 MMscfd Estrella discovery (2001) Estrella-1 test Estrella-1 test 140 MMboe Discovered 600 km2 resource Surface area 80.0% JV Par
Slide 13: Q4 and Full Year 2025 Results Highlights
Q4 and Full Year 2025 Results Highlights Resilient performance and a robust financial position maintained FY 2025 Highlights Q4 2025 Highlights Balance Sheet and Cash Flow FY 2025 Reported Revenue Q4 2025 Reported Revenue Cash at bank at 31/12/25 USD 216.8 million USD 67.3 million USD 77.0 million*
Slide 14: Shareholder Returns
Shareholder Returns Panoro has returned ~30% of current market capitalisation to shareholders since March 2023 2025 Outcome – NOK 411 Million 2026 Distribution Capacity USD 2026 Capacity ~NOK 205 Million NOK million IMPLIED 21% Distributions within capacity limit to FCF YIELD be determined after tak
Slide 15: Crude Liftings and Pro Forma Impact
Crude Liftings and Pro Forma Impact Higher crude oil entitlements at Block G will provide scope to optimise lifting schedule and hedging strategy 2025 YTD liftings in line with Positive crude oil Panoro’s entitlement HIGHLIGHTS previously communicated inventory was 299,646 volume from production in
Slide 16: 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 12m 2025 Cash Flow Reconciliation USD Million Capital Expenditure Guidance – Focused on Production and Development of 2P Reserves USD MM • 2025 capex w
Slide 17: 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 For Organic Growth Growth Strategy FY 2025 group production at Bourdon oil disc
Slide 18: Webinar Housekeeping – Time for Questions
Webinar Housekeeping – Time for Questions Your Participation › Please raise your hand to be unmuted for verbal questions. › Please continue to submit your text questions and comments using the Questions panel Raising your hands for un-muting! Ask questions here Panoro Energy ASA Q4 2025 Trading and
Slide 19: 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