Panoro Energy ASA（简称“Panoro”或“公司”）欣然公布2025年第三季度及前九个月的财务和运营业绩。Panoro

执行主席Julien Balkany评论道：

“正如我们此前所披露的，前九个月集团权益产量为10,611桶/日，较去年同期增长15%，这反映了我们在加蓬近海旗舰区块Dussafu的持续强劲表现。我们计划在未来几个月内恢复MaBoMo二期项目的开发钻井，同时也在推进Bourdon油田的最终投资决策。突尼斯的产量保持稳定，部分抵消了赤道几内亚G区块计划外停产的影响，目前G区块的延期产量正在恢复中。前九个月的财务业绩与我们的原油开采计划相符，符合预期。”

在勘探方面，我们正在加快各项工作进度，并在我们的投资组合中看到了一些积极的进展。在加蓬近海的Niosi和Guduma区块，我们大幅扩大了在杜萨富附近的勘探规模，即将开始进行新的三维地震勘探。在赤道几内亚，我们前景广阔的EG-23区块已探明可观的资源量，并拥有大量正在评估中的潜在油气藏，这些油气藏可能与附近现有的基础设施相连。

董事会今天宣布第三季度现金分红8000万挪威克朗，使今年迄今为止的现金分红总额达到3.2亿挪威克朗。加上今年迄今为止的8320万挪威克朗股票回购，我们已根据股东回报政策，在2025年向股东返还了超过4.03亿挪威克朗。

生产更新：

集团第三季度及2025年前九个月的权益产量如下：

预计2025年全年权益产量略低于11,000桶/日。

原油提货

量：第三季度及2025年前九个月的原油提货和销售量符合预期：
第三季度实际价格为每桶69.47美元，较同期布伦特原油平均价格溢价约1%。
11月中旬，加蓬完成了949,102桶原油的大规模提货作业，价格为每桶61.17美元（已扣除惯例调整和费用）。
预计2025年原油提货量为310万至340万桶，具体视计划安排而定。

财务更新

：第三季度报告收入为6350万美元（第二季度：6700万美元）。
第三季度EBITDA为1930万美元（第二季度：3540万美元），其中包含1410万美元的库存变动负值，该负值源于第二季度库存积压在第三季度提货并售出所产生的
费用。第三季度税前利润为150万美元（第二季度：1610万美元），净亏损为310万美元（第二季度：净利润1120万美元）。
前九个月的EBITDA为7000万美元（2024年前九个月：1.014亿美元），税前利润为预计2025年前九个月净利润为1220万美元（2024年前九个月：4660万美元），净亏损为500万美元（2024年前九个月：净利润2440万美元）。
前九个月经营活动产生的现金流量净额为2390万美元（2024年前九个月：8150万美元）。
2025年全年资本支出预期维持不变，为4000万美元。前九个月资本支出为2970万美元。
截至2025年9月30日，银行存款为4370万美元，其中包括为未来石油开采预收的1500万美元。
截至2025年9月30日，未偿债务总额仅包括1.5亿美元的高级担保票据。
截至2025年9月30日，净杠杆率为1.04倍，基于过去12个月的EBITDA。

股东回报

：根据公司此前公布的2025年股东回报政策，2025日历年允许的分配额为4500万美元（约5亿挪威克朗），其中包括所有已返还的款项。
已宣布的第三季度现金分配额为8000万挪威克朗，预计在2025年12月10日左右支付，届时2025年累计现金分配额将达到3.2亿挪威克朗。现金分配作为已缴资本的返还。
截至11月19日收盘，2025年累计股份回购额为8320万挪威克朗。

运营更新：

加蓬油田

在加蓬近海杜萨富海域许可证区域的交付依然强劲稳定（Panoro持股17.5%）。第三季度按计划完成了为期三周的年度维护，导致该季度产能利用率限制在80%。MaBoMo
二期钻井项目（原Hibiscus Ruche二期）已做出最终投资决定，该项目包括四口计划开发井。预计2026年下半年实现首批原油产出。
Bourdon油田的发现正朝着最终投资决策（FID）的方向发展，预计
将首先钻探三口井，并采用基于MaBoMo蓝图的开发集群概念。三维地震采集工作即将开始，覆盖Niosi、Guduma和Dussafu三个区块，预计将于2026年第一季度完成。

赤道几内亚。

正如之前所沟通的，赤道几内亚近海G区块（Panoro持股14.25%）的生产受到Ceiba油田设施相关计划外停机的影响
。目前，已取得进展，Ceiba油田已部分恢复生产，正在努力恢复延期产量。预计到2026年第一季度，
赤道几内亚近海EG-23区块（Panoro持股80%，作业者）的产量将恢复正常。目前正在进行地震数据重处理和地下研究，重点关注现有发现（部分已进行测试）以及水深约60米的浅水区周边勘探前景。Estrella
油田已被高度重视，被认为是一个潜在的快速开发候选项目，其与现有基础设施的连接距离较近（早期概念正在评估中）。Estrella
-1井于2001年发现了60米净油气层，测试产量为6,780桶/日（API度48-50°）和4870万立方英尺/日。
在突尼斯区块，又发现了六个油气和凝析气藏。

突尼斯

TPS资产（Panoro持股49%）的产量保持稳定，正在进行的修井作业和即将开展的优化活动预计将对产量产生积极影响。网络研讨会： 公司将举办一场在线

网络研讨会。

将于2025年11月20日（星期四）欧洲中部时间上午9:00举行网络研讨会，届时管理层将讨论业绩和运营情况，随后进行问答环节。您

可以通过以下链接注册参加网络研讨会，该在线活动将提供实时提问功能。注册完成后，您将收到在线参与或使用本地拨入号码参与的说明。网络研讨会详情如下：

日期和时间：2025年11月20日，欧洲中部时间上午9:00；

注册链接：https://attendee.gotowebinar.com/register/4844511354814925403；

注册后，参与者将收到一封确认电子邮件，其中包含加入网络研讨会的信息。

参与者可以使用电话或电脑的麦克风和扬声器（网络电话）。

请至少在预定开始时间前十分钟加入活动。

网络研讨会的录像将在活动结束后不久提供，并将在我们的网站 (www.panoroenergy.com) 上保留约 7 天。

Panoro Energy ASA (“Panoro” or the “Company”) is pleased to report financial and operational performance for Q3 and the first nine months of 2025.

Julien Balkany, Executive Chairman of Panoro, commented:

“As previously communicated our group working interest production of 10,611 bopd in the first nine months is a 15 per cent increase compared to the same period last year, and reflects continued strong performance at our flagship Dussafu block offshore Gabon where we are set to resume development drilling in the coming months at MaBoMo Phase 2 and are also progressing the Bourdon discovery to final investment decision. Output in Tunisia has been stable partially offsetting the unplanned downtime in Equatorial Guinea, where deferred volumes are in the process of being restored at Block G. Our financial performance in the first nine months has tracked our crude oil lifting schedule which has been in line with expectations.

On the exploration side we are accelerating workstreams and seeing some positive activities across our portfolio. On the Niosi and Guduma blocks offshore Gabon that have vastly increased our footprint in the vicinity of Dussafu, we are about to start acquiring new 3D seismic. In Equatorial Guinea, our promising block EG-23 offers significant discovered resources with an extensive inventory of prospects that are under evaluation and could be tied back to nearby existing infrastructure.

The Board has today declared a Q3 cash distribution of NOK 80 million, bringing aggregate cash distributed year-to-date to NOK 320 million. Together with share buybacks year-to-date of NOK 83.2 million we have returned over NOK 403 million so far in 2025 to shareholders in line with our shareholder returns policy.”

Production Update

Group working interest production in Q3 and for the first nine months of 2025 was:

Full-year 2025 working interest production expected to be just below 11,000 bopd

Crude oil liftings

Crude oil volumes lifted and sold in Q3 and for the first nine months of 2025 were in line with guidance:
Realised price of USD 69.47/bbl in Q3 represents a premium of ~1 percent over the actual average Brent oil price in the same period
Major crude oil lifting of 949,102 barrels completed in Gabon mid-November at a price of USD 61.17 /bbl after customary adjustments and fees
2025 crude oil liftings expected to be 3.1 to 3.4 million barrels subject to scheduling

Financial Update

Reported revenue in Q3 was USD 63.5 million (Q2: USD 67.0 million)
Q3 EBITDA was USD 19.3 million (Q2: USD 35.4 million) and reflects an inventory movement of negative USD 14.1 million arising from the expensing of Q2 inventory build up which was lifted and sold in Q3
Q3 profit before tax was USD 1.5 million (Q2: USD 16.1 million) and net loss USD 3.1 million (Q2: net profit USD 11.2 million)
EBITDA for the first nine months was USD 70 million (9M 2024: USD 101.4 million) with profit before tax of USD 12.2 million (9M 2024: USD 46.6 million) and net loss of USD 5.0 million (9M 2024: net profit 24.4 million)
Net cash from operations for the first nine months was USD 23.9 million (9M 2024: USD 81.5 million)
Full year 2025 capital expenditure guidance is unchanged at USD 40 million. Capital expenditures in the first nine months were USD 29.7 million
Cash at bank at 30 September 2025 was USD 43.7 million which includes advances taken against future oil liftings of USD 15 million
Gross debt outstanding at 30 September 2025 comprised solely of USD 150 million senior secured notes
Net leverage ratio 1.04x at 30 September 2025 based on trailing 12 month EBITDA

Shareholder returns

In line with the Company’s previously communicated 2025 shareholder returns policy, permitted distributions for calendar year 2025 are USD 45 million (NOK ~500 million) inclusive of all amounts returned year-to-date
Q3 cash distribution declared of NOK 80 million will bring cumulative cash 2025 distributions to NOK 320 million when paid on or around 10 December 2025. Cash distributions are paid as a return of paid in capital
As at market close on 19 November cumulative 2025 year-to-date share buybacks were NOK 83.2 million

Operations Update

Gabon

Field delivery remains strong and steady at the Dussafu Marin Permit offshore Gabon (Panoro 17.5 percent). Three weeks of planned annual maintenance was completed on schedule during Q3, limiting production availability to 80 percent for the period
Final Investment Decision (“FID”) taken for MaBoMo Phase 2 drilling programme (previously Hibiscus Ruche Phase 2), comprising four planned development wells. First oil targeted in H2 2026
Bourdon discovery being matured towards FID with an expected initial three wells and a development cluster concept based on the MaBoMo blueprint
3D seismic acquisition is due to commence shortly across the Niosi, Guduma and Dussafu licenses with completion anticipated during Q1 2026

Equatorial Guinea

As previously communicated, production at Block G offshore Equatorial Guinea (Panoro 14.25 percent) has been impacted by unplanned facilities related downtime at the Ceiba field
Progress towards recovery of deferred volumes is being made with partial restoration of production at Ceiba achieved. The expectation is that production will be normalised by Q1 2026
At Block EG-23 offshore Equatorial Guinea (Panoro 80 percent, operator) seismic reprocessing and subsurface studies are ongoing with particular focus on existing discoveries (some of which have been tested) and surrounding prospectivity in shallow water depths of ~60 metres
Estrella discovery has been high-graded as a potential fast-track development candidate within tie-back distance to existing infrastructure (early concepts being evaluated)
Estrella-1 well discovered 60 metres net hydrocarbon pay in 2001 and was tested at 6,780 bopd (48 - 50° API) and 48.7 MMscfd
Six further oil, gas and gas/condensate discoveries have been made on the block

Tunisia

Production has remained stable at the TPS Assets in Tunisia (Panoro 49 percent) where ongoing workovers and upcoming optimisation campaigns are expected to positively impact production

Webinar Presentation

The company will hold a live webinar presentation at 09:00 a.m. CET on Thursday 20 November 2025, during which management will discuss the results and operations, followed by a Q&A session.

The webinar presentation can be accessed through registering at the link below and the online event will be equipped with features to ask live questions. Joining instructions for participating online or through using local dial-in numbers will be available upon completion of registration. The webinar details are as follows:

Date and Time: 20 November 2025, 09:00 .a.m. CET

Registration: https://attendee.gotowebinar.com/register/4844511354814925403

After registering, participants will receive a confirmation email containing information about joining the webinar.

Participants can use their telephone or computer microphone and speakers (VoIP).

Please join the event at least ten minutes before the scheduled start time.

A replay of the webinar will be available shortly after the event is finished and will remain on our website (www.panoroenergy.com) for approximately 7 days.