Panoro Energy (PEN) Investor presentation summary

Portfolio overview and strategy

• Focuses on African upstream oil and gas with three core producing assets in Gabon, Equatorial Guinea, and Tunisia.

• Listed on Oslo Børs with a market cap of ~$230 million and 96% free float as of January 2026.

• Holds 42.3 MMbbls net 2P reserves and 25.6 MMbbls net 2C resources as of end 2024.

• Growth driven by opportunistic M&A and infrastructure-led exploration and appraisal.

Production and operational performance

• Achieved a 34% CAGR in production since 2018, reaching 10,263 bopd working interest in 2025.

• Maintains a diversified, cost-efficient production base with minimal third-party infrastructure reliance.

• PSCs are attractive, stable, and long-dated, supporting long-term production.

• Reserve life is ~10 years (2P) and ~16 years (2P+2C).

Financials and capital allocation

• Strong EBITDA generation with net debt/TTM EBITDA at 1.04x as of September 2025.

• 2025 capex focused on the Bourdon oil discovery in Gabon; 60% year-on-year reduction in capex.

• Quarterly cash distributions and share buybacks, returning ~36% of market cap since March 2022.

• Permitted distributions up to 50% of FCF to equity.