Panoro Energy Asa · OSL:PEN
Panoro Energy Asa — Q3 2025 Earnings Presentation
19 slides from Panoro Energy Asa's earnings presentation, Nov 20, 2025
Slide 1: Sustainable Foundations, A Resilient Future
SUSTAINABLE FOUNDATIONS, A RESILIENT FUTURE Panoro Energy Q3 2025 TRADING AND FINANCIAL UPDATE 20 NOVEMBER 2025
Slide 2: Disclaimer
DISCLAIMER This presentation does not constitute an offer to These risks and uncertainties include, among buy or sell shares or other financial instruments others, uncertainties in the exploration for and of Panoro Energy ASA (“Company”). This development and production of oil and gas, 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 Hand Raising Button Slide 3 Panoro Ene
Slide 4: Key Messages
KEY MESSAGES Panoro’s outlook is one of strong production, FCF generation, exciting growth catalysts and material shareholder returns PRODUCTION EXPLORATION CORPORATE & RESERVES & APPRAISAL Stable and diversified production Block EG-23 offshore Equatorial Guinea Strong management team focused on bas
Slide 5: Results Highlights
RESULTS HIGHLIGHTS Robust performance and a strong commitment to delivering shareholder returns 9M 2025 HIGHLIGHTS SHAREHOLDER RETURNS 9M 2025 Reported Revenue 9M 2025 EBITDA 9M 2025 Capital Expenditure USD 149.5 million USD 70.0 million USD 29.7 million Q3 2025 CASH DISTRIBUTION DECLARED OF 9M 2024
Slide 6: Shareholder Returns in Line with 2025 Policy
SHAREHOLDER RETURNS IN LINE WITH 2025 POLICY 2025 KEY FACTORS • USD 45 million (~NOK 500 million*) maximum permitted returns for calendar year 2025 • Based on realised oil price of USD 70 / bbl (the Board may consider revisions should oil prices be lower) • No material unplanned interruption to prod
Slide 7: Production Update
PRODUCTION UPDATE Strong and stable performance at Dussafu, positive impact from workovers in Tunisia, unplanned facilities related downtime in Equatorial Guinea 3 weeks planned maintenance Average group working interest production: Working Interest bopd at Dussafu successfully completed in Q3 13,00
Slide 8: Crude Liftings and Sales
CRUDE LIFTINGS AND SALES 2025 liftings and sales weighted towards second half of the year 2025E: 3.1 to 3.4 MMbbls* • Q3 2025 liftings in line with previously communicated guidance Barrels lifted / expected Realised oil price after adjustments and customary fees • ~1% premium to average Brent oil pr
Slide 9: Debt Profile and Capex
DEBT PROFILE AND CAPEX Conservative leverage profile and significantly lower capital expenditure in 2025 9M 2025 CASH FLOW RECONCILIATION USD MILLION CAPITAL EXPENDITURE GUIDANCE – FOCUSED ON ORGANIC GROWTH PROJECTS 100 USD MM 15.0 • 2025 capex H1 weighted and primarily associated with drilling of t
Slide 10: Dussafu Operations Update
DUSSAFU OPERATIONS UPDATE Field delivery remains strong and steady Ownership DUSSAFU MARIN (Panoro 17.5%) MaBoMo Phase 2 • Utilise four remaining well slots • Final Investment Decision (FID) taken for the MaBoMo on MaBoMo platform Phase 2 drilling programme (previously named • Extend production plat
Slide 11: Potential to Repeat the Dussafu Success Story
POTENTIAL TO REPEAT THE DUSSAFU SUCCESS STORY Niosi and Guduma Blocks materially increase Panoro’s exposure to a large contiguous acreage position in a prolific and well understood oil fairway Ownership Niosi Marin area NIOSI & GUDUMA of main interest (Panoro 25%) (new seismic) • Award of blocks fin
Slide 12: Equatorial Guinea Operations Update
EQUATORIAL GUINEA OPERATIONS UPDATE Core oil production hub at Block G with surrounding ILX opportunities Ownership BLOCK G (Panoro 14.25%) • Production impacted by unplanned facilities related downtime at the Ceiba field - Progress being made with partial restoration of production BLOCK G (Ceiba Fi
Slide 13: Block EG-23 Ideally Located Near Infrastructure
BLOCK EG-23 IDEALLY LOCATED NEAR INFRASTRUCTURE Aligned with Equatorial Guinea’s ambition to unlock reserves and become a regional upstream and gas processing hub Ownership BLOCK EG-23 (Panoro 80%) Block EG-23 (Panoro 80%, operator) • Initiated seismic reprocessing and subsurface studies • Surface a
Slide 14: Estrella Discovery High-Graded
ESTRELLA DISCOVERY HIGH-GRADED Potential fast-track appraisal and development candidate in tie-back distance to existing infrastructure offshore Equatorial Guinea Estrella-1 well discovered 60 metres net Estrella discovery (2001) hydrocarbon pay in 2001 and was tested • 6,780 bopd (48 - 50° API) • 4
Slide 15: Tunisia Operations Update
TUNISIA OPERATIONS UPDATE TPS assets contain one of Tunisia’s largest oil producing concessions TPS ASSETS (CERCINA) Ownership • New production opportunities include perforation and stimulation activities on three further Cercina wells TPS ASSETS (Panoro 49%) • The extension of Cercina Concession is
Slide 16: Exciting Pipeline of Organic Growth Opportunities
EXCITING PIPELINE OF ORGANIC GROWTH OPPORTUNITIES COMMENTS • Bourdon discovery has scope to materially replace 2C resource recognition 2025 production (subject to independent validation) of high graded discoveries 180 • Substantial organic headroom in the portfolio Multiple prospects ‐ Discovered re
Slide 17: Key Messages
KEY MESSAGES Panoro’s outlook is one of strong production, FCF generation, exciting growth catalysts and material shareholder returns PRODUCTION EXPLORATION CORPORATE & RESERVES & APPRAISAL Stable and diversified production Block EG-23 offshore Equatorial Guinea Strong management team focused on bas
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 Hand Raising Button Slide 18 Panoro En
Slide 19: Contact details
Contact details 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