Oslo, 22 April 2026 - Panoro Energy ASA ("Panoro" or the "Company") is pleased
to announce the release of its 2025 Annual Statement of Reserves (the "ASR").
Volumes stated in the ASR do not incorporate any volumes associated with the
transformational acquisition of an additional 40.375 per cent interest in Block
G offshore Equatorial Guinea which was announced on 24 February 2026.
ASR Highlights:
After taking account of 2025 production of 3.7 MMbbls the total net working
interest reserves for Panoro expressed in MMbbls as of 31 December 2025 were:
Proved (1P) reserves of 27.29 MMbbls (31 December 2024: 29.54 MMbbls)
Proved + Probable (2P) reserves of 40.99 MMbbls (31 December 2024: 42.27 MMbbls)
Proved + Probable + Possible (3P) reserves of 51.82 MMbbls (31 December 2024:
57.01 MMbbls)
Panoro's 2P reserves at 31 December 2025 reflect an organic reserve addition of
3.7 MMbbls primarily in relation to the Bourdon oil discovery made during the
year offshore Gabon, partially offset by aggregate revisions to previous
estimates of 1.3 MMbbls. This represents a 65 per cent organic reserve
replacement ratio of volumes produced during the year.
In addition to stated reserves Panoro also has a 2C contingent resource base of
56.4 MMboe (31 December 2024: 25.6 MMbbls), the year-on-year increase primarily
related to initial resource recognition at Block EG-23.
Pro Forma Volumes Including Additional Block G Interest Being Acquired:
Incorporating the volumes associated with the acquisition of an additional
40.375 per cent interest in Block G, which will increase Panoro's interest in
Block G to 54.625 per cent upon completion, total pro forma net working interest
reserves for Panoro expressed in MMbbls as of 31 December 2025 were:
Proved (1P) reserves of 57.94 MMbbls
Proved + Probable (2P) reserves of 83.79 MMbbls
Proved + Probable + Possible (3P) reserves of 105.77 MMbbls
In addition to stated reserves Panoro's pro forma 2C contingent resource base is
85.3 MMboe
A copy of the 2025 Annual Statement of Reserves is available on our website at
http://www.panoroenergy.com/investors/annual-statement-of-reserves/ and as an
attachment to this release.
International petroleum consultants Netherland Sewell & Associates Inc carried
out an independent assessment of Block G and Block EG-23 in Equatorial Guinea,
Dussafu Marin in Gabon and TPS assets in Tunisia.
Panoro's classification of reserves and resources complies with the guidelines
established by the Oslo Stock Exchange and are based on the definitions set by
the Petroleum Resources Management System (PRMS), sponsored by the Society of
Petroleum Engineers/World Petroleum Council/American Association of Petroleum
Geologists/Society of Petroleum Evaluation Engineers (SPE/WPC/AAPG/SPEE) as
issued in June 2018.
Enquiries
Qazi Qadeer, Chief Financial Officer
Tel: +44203 405 1060
Email:investors@panoroenergy.com
About Panoro Energy
Panoro Energy ASA is an independent exploration and production company based in
London and listed on the main board of the Oslo Stock Exchange with the ticker
PEN. Panoro holds production, exploration and development assets in Africa,
namely interests in Block G, Block EG-01 and Block EG-23 offshore Equatorial
Guinea, the Dussafu Marin, Niosi Marin and Guduma Marin Licenses offshore
southern Gabon, the TPS operated assets in Tunisia and onshore Exploration Right
376 in South Africa.
Visit us at www.panoroenergy.com.
Follow us on LinkedIn (https://www.linkedin.com/company/panoro-energy)