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Presentation at Pareto Conference, London 22 Jan 2020

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Presentation at Pareto Conference, London 22 Jan 2020 Pareto Conference London January 2020 www.panoroenergy.com Disclaimer This presentation does not constitute an offer to buy or sell shares or other financial instruments of Panoro Energy ASA (“Company”). This presentation contains certain statements that are, or may be deemed to be, “forward-looking statements”, which include all statements other than statements of historical fact. Forward-looking statements involve making certain assumptions based on the Company’s experience and perception of historical trends, current conditions, expected future developments and other factors that we believe are appropriate under the circumstances. Although we believe that the expectations reflected in these forward-looking statements are reasonable, actual events or results may differ materially from those projected or implied in such forward-looking statements due to known or unknown risks, uncertainties and other factors. These risks and uncertainties include, among others, uncertainties in the exploration for and development and production of oil and gas, uncertainties inherent in estimating oil and gas reserves and projecting future rates of production, uncertainties as to the amount and timing of future capital expenditures, unpredictable changes in general economic conditions, volatility of oil and gas prices, competitive risks, counterparty risks including partner funding, regulatory changes and other risks and uncertainties discussed in the Company’s periodic reports. Forward-looking statements are often identified by the words “believe”, “budget”, “potential”, “expect”, “anticipate”, “intend”, “plan” and other similar terms and phrases. We caution you not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation, and we undertake no obligation to update or revise any of this information. 2020 Corporate Presentation Slide 2 Panoro at a Glance Full-cycle oil and gas company with assets in Tunisia, Gabon and Nigeria Tunisia RECENT NEWS TOP SHAREHOLDERS • 75% increase gross prospective resources (Gabon) # Shareholder # Shares (%) • Material oil discovery at Hibiscus Updip (Gabon) 1 KISTEFOS 6,930,668 9.90% • 2P reserves increase of 220% during 2019 at Dussafu (Gabon) Nigeria • Signed SPA for sale of Nigerian assets Gabon 2 SUNDT AS 6,000,000 8.72% • $16 mm share placing October to fully finance capex 3 F2 FUNDS AS 3,785,176 5.50% JULIEN BALKANY AND ASSOCIATED 4 3,085,226 4.48% COMPANY PROFILE INVESTMENT COMPANIES 5 HORTULAN AS 2,500,360 3.63 % 6 ALDEN AS 2,300,000 3.34 % Market Cap Cash Debt Net Reserves Net Production 7 DANSKE INVEST NORGE VEKST 2,127,334 3.09 % ~US$150mm US$20 mm US$26 mm 28.8 MMbbl ~2400bopd 8 VERDIPAPIRFONDET DNB SMB 1,029,741 1.50% (approximate 2019 daily As at 30/9/19 As at 30/9/19 2P BOE 9 TVENGE 1,000,000 1.45 % (including cash held (from 2018 ASR, annual production) for bank gtee; post changes during VERDIPAPIRFONDET STOREBRAND As at 20/01/20 10 883,784 1.28 % period $16 mm 2019) VEKST fund raise) 1) Shareholder list as of 10.12.2019 2020 Corporate Presentation Slide 3 Team with a Strong Track-Record of Value-Creation EXECUTIVE MANAGEMENT TEAM BOARD OF DIRECTORS John Hamilton Qazi Qadeer Mr. Julien Balkany Ms. Alexandra Herger Chief Executive Officer Chief Financial Officer Chairman Joined 2015 Joined 2010 Joined 2014 Joined 2014 Richard Morton Nigel McKim Mr. Torstein Sanness Mrs. Hilde Ådland Technical Director Projects Director Deputy Chairman Joined 2008 Joined 2019 Joined 2015 Joined 2016 Mr. Garrett Soden • Team with strong technical and operating capabilities, and extensive experience from the industry Joined 2015 • Strong track-record of building independents 2019 Corporate Presentation Slide 4 Looking Forward to 2022: Significant Dividend Capacity 2019 2022 PHASE 2 TULLOW PRODUCTION ~2400 DUSSAFU BACK-IN ~5000 BOPD DILUTES TO 7.5% BOPD PHASE 3 REMOVE REVENUE ~$58 DUSSAFU ~$100 + MILLION PRODUCTION NIGERIA MILLION INCREASE IN FROM TUNISIA FINANCIALS EBITDA ~$30 ~$75 + MILLION REDUCTION IN MILLION Assumptions: $60 Brent, annualised figures, current operating and accounting assumptions OPEX/bbl First ever Dividend payment After tax operating cash flow Dividend/Buyback Capacity Gross debt substantially ($10 m in PetroNor shares in in 2022 and beyond ~$40-50 after Dussafu Phase 3 online, reduced 2020-2022 2020, subject to completion) million pa (before capex) policy to be communicated 2020 Corporate Presentation Slide 5 2020 News Flow EXPLORATION PRODUCTION CORPORATE Salloum West 1 Dussafu - 2 New Wells Onstream (March) Pursue Exploration Opportunities & (Tunisia, commence operations Q1, TPS Production Enhancements further accretive M&A transactions results end Q2 subject to final approvals) (Targeting ~5,000 bopd gross, during Feb) Aje Sale Completion Dussafu Exploration Well Dussafu - 2 More Wells on Stream (Subject to Approval, Summer) (Gabon, results end Q2) Production ~25,000 bopd gross peak (June) Dividend Petronor Shares 2x Exploration Wells TPS - Tunisia New Development Well (Subject to Completion) (Gabon, Contingent, Q3) (contingent, H2) Well planning additional TPS development plans (Gabon, Tunisia) (additional production opportunities) 2020 Corporate Presentation Slide 6 Proposed Sale of Nigerian Interests Win-Win Sale to PetroNor Aje/OML 113 • PetroNor E&P Limited (“PetroNor”), an Australian exploration & production oil and gas company listed on Oslo Axess, to purchase all outstanding shares in Panoro fully Operator: Yinka Folawiyo Petroleum owned subsidiaries holding OML 113 Revenue Interest: Initially 12.19% • Upfront consideration of new PetroNor shares with a value of USD 10 million (the Paying Interest: 16.255% “Share Consideration”) Working Interest: 6.502% • A contingent consideration of up to USD 25 million based on future gas production Other Partners: NewAge, EER, ADM volumes • Panoro’s intention is to propose and distribute to its shareholders the Share FIELD OVERVIEW Consideration received as a special dividend in order for Panoro shareholders to retain a direct exposure in OML 113 • Completion of the Transaction is conditional upon (1) the YFP Agreements achieving completion and (2) the authorisation of the Nigerian Department of Petroleum Resources and the consent of the Nigerian Minister of Petroleum Resources (anticipated mid 2020) • Disposal will result in removal of ~21 million 2P barrels 2020 Corporate Presentation Slide 7 FAST FACTS Gabon The Dussafu Marin Permit Panoro acreage SELECTED O&G COMPANIES IN GABON (2015-2018) Number of Discovered Fields 6 DUSSAFU MARIN 2P Gross Reserves 112 • Panoro active in Gabon since 2007 mmboe • Located in prolific oil fairway • PSC offers favourable climate for investment • Partnered with BW Energy, Tullow Oil, & Gabon Oil The Dussafu Marine Permit • Largest exploitation area in Gabon 7.5% ownership 2020 Corporate Presentation Dussafu Success Story: Past, Present and Future 2037 • Sanction Phase 3 (Panoro approved) • Phase 3 Drilling to bring production to ca 40,000 bopd FUTURE • Develop existing discoveries (Walt Whitman, Moubenga) PHASES • Further exploration (>10 additional prospects) • Further developments to maintain plateau • FPSO capacity upgrade possible PHASE 3 40 kbopd 2021 FUTURE 2020 30 kbopd • 18 month development • First oil September 2018 at ~12,000 bopd (gross) 20 • Successful appraisal well at Tortue PHASE 2 2016 kbopd 2011 2014 • Oil discovery at Ruche North East • 5x reserve increase • Ruche Discovery 10 • Phase 2 and 3 FID PHASE 1 • Tortue Discovery kbopd • Modern 3D Seismic acquired • Material oil discovery at Hibiscus Updip • EEA grant until 2038 • Commence Phase 2 development drilling PAST PRESENT Gross basis 2020 Corporate Presentation Slide 9 Dussafu by the Numbers Gross Production profile (kbopd) Gross Dussafu Capex (USDm) 41 42 Tortue phase 1 & 2 37 Ruche phase 1 34 Ruche phase 2 23 20 21 19 17 16 15 12 13 12 10 9 9 8 7 5 3 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 OPEX / bbl Gross Dussafu Reserves (million barrels) 20 118 Opex/bbl Opex/bbl bar Excl. FPSO lease Produced Tortue 15 5x 46 Ruche 72 Hibiscus 10 25 25 35 5 24 44 43 35 24 0 3 5 2019 2020 2021 2022 2023 2024 YE 2017 YE 2018 Mid-year 2019 30-Sep-19 2020 Corporate Presentation Operator estimates Slide 10 Transformational Hibiscus Discovery Substantial Oil Discovery in Dussafu • Hibiscus Well (DHIMB-1) - Gamba discovery with excellent reservoir properties - Main wellbore found 33 m oil column with 21 m of net pay - Sidetrack (DHIBM-1ST1) drilled 1.1 km to the northwest found 33 m oil column with 26 m of net pay - Oil water contact at the same level confirms continuity of the oil deposit - Broad flat structure with low relief Map showing newly discovered Hibiscus field and proximity to Ruche - Gross 2P reserves of 45.4 million barrels of oil (vs pre-drill 12) • Plans for development - Phase 3 redefined to include Hibiscus oil • Upside - Discovery de-risks other prospects in Hibiscus area - Exploration drilling to continue after current development drilling on Tortue Seismic line through Hibiscus field 2020 Corporate Presentation Slide 11 Phase 3 (now called Ruche Phase 1) Hibiscus has materially improved the next phases of Dussafu • Ruche and Hibiscus to bring gross production capacity to above current FPSO Ruche NE nameplate capacity of 40,000 bopd* Hibiscus - Phase 3 FID approved Ruche - First oil expected end 2021 • Wellhead platform to be tied back 19 km to BW Adolo FPSO for processing • 6 Gamba wells initially • Overall opex/barrel
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