Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — Q1 2026 Earnings Presentation
19 slides from Panoro Energy Asa's earnings presentation, May 21, 2026
Slide 1: Q1 2026 Trading and Financial Update
Q1 2026 Trading and Financial Update Panoro Energy 21 May 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 Q1 2026 Trading and
Slide 4: 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 Q1 pro forma Group production of MaBoMo Phas
Slide 5: 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 being acquired from Kosmos Energy 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 flowi
Slide 6: Q1 2026 Highlights
Q1 2026 Highlights Resilient performance and a robust financial position maintained Q1 2026 Highlights (IFRS Basis) Q1 2026 Highlights (Pro Forma Basis) Balance Sheet Q1 2026 Reported Revenue Q1 2026 Pro Forma Revenue Cash at bank at 31/03/26 (including restricted cash) USD 34.9 million USD 57.4 mil
Slide 7: Shareholder Returns
Shareholder Returns Panoro has returned ~20% of current market capitalisation to shareholders since March 2023 2026 Distribution Capacity USD 2026 Capacity ~NOK 205 Million IMPLIED 21% FCF YIELD ~NOK 205 million2 • 2026 distributions within capacity limit to be Remaining headroom to determined after
Slide 8: 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 Q1 2026 liftings in line with Positive crude oil Panoro’s entitlement volume HIGHLIGHTS previously communicated inventory was 484,430 from production in Q
Slide 9: 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 Q1 2026 Cash Flow Reconciliation USD Million Capital Expenditure Guidance – Focused on Production and Development of 2P Reserves 250 USD MM • Q1 2026 c
Slide 10: Production Update
Production Update Working interest production expected to reach ~20 Kbopd during 2027 when work programmes are completed Trajectory Towards Group Production of ~20,000 bopd Production Highlights and Guidance When all new MaBoMo Phase 2 wells and Ceiba clusters are onstream • Acquisition will result
Slide 11: 2025 ASR Confirms Material Reserves Base
2025 ASR Confirms Material Reserves Base ~15 year reserves life based on pro forma 2P volumes at end 2025 Net 2P Reserves Development (MMBBLS) Reconciliation of year-on-year movement in 2P reserves MMbbls 90 80 Gabon Equatorial Guinea 88.6 70 Tunisia EG Acquisition (pro forma) MMbbls 83.8 60 42.8 (p
Slide 12: Equatorial Guinea - Block G Update
Equatorial Guinea - Block G Update 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 106.0 MMbbls • Progress being made towards Okume Complex Onstream since 2006 - 2011 Gross 2P normalisation of Ceiba field
Slide 13: Gabon Update – Dussafu is a Cornerstone Asset
Gabon Update – Dussafu is a Cornerstone Asset Field delivery remains strong and steady Location Key Figures Comments 116.0 MMbbls Operations Update MaBoMo Phase 2 Gross 2P • Utilise four remaining well reserves1 • Field delivery remains strong with high uptime slots on MaBoMo platform • Extend produ
Slide 14: 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 Operation Update TPS Assets (Cercina) Gross 2P • Panoro is joint operator alongside ETAP1 reserves2 • Recent workovers and well interventions TPS Assets having
Slide 15: New 3D Seismic Completed in Gabon
New 3D Seismic Completed in Gabon Potential to repeat the Dussafu success story Location Key Figures (Niosi & Guduma) 4,904 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 16: 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 26.3 MMboe 600 km2 Net 2C resources Surface area 80.0% JV Partn
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 Q1 pro forma Group production of MaBoMo Phas
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 Q1 2026 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