TUNISIA/ GABON: Panoro Energy Provides Operations for H1 2020

Operational Highlights

Production and lifting operations maintained and largely unaffected through crisis

Health and Safety systems and protocols proved resilient

In Gabon, quarterly production at record high of 15,991 bopd gross on average, with current production in excess of 18,000 bopd

At Dussafu, seismic reprocessing completed, potential for material increase in hydrocarbon volumes at Hibiscus

Tunisian quarterly production of 3,903 bopd gross on average, with periods of production at 4,300

In Tunisia, operational constraints imposed by the COVID-19 pandemic gradually began to be released in the latter part of May though international travel restrictions still apply

Workover activities recommenced in June with multiple wells currently being prepared for production

Guebiba 10 side- track spud in August with rig CTF 06, targeting undrained oil in a location close to the crest of the field

Outlook and Guidance

  • Two international liftings (one of each Tunisia and Gabon) for 3Q; three liftings expected in 4Q (two Gabon, one Tunisia)
  • Hedging position remains strong at approximately 25% of production hedged until end 2021 at USD 55 per barrel
  • 2020 net production guidance of 2,300-2,500 bopd
  • In Gabon, production from DTM-6H (drilled but not tied in) and DTM-7H (to be drilled) to be brought into production likely during 1H 2021
  • Production growth activity in Tunisia at unprecedented levels
  • Dividend of PetroNor shares to Panoro shareholders upon completion of sale of Aje

(1) Discontinued Operations

Aje operations in Nigeria classified as discontinued operations following divestment agreement, pending completion, and excluded from continuing activities.

Panoro holds high quality production, exploration and development assets in Africa, namely the Dussafu License offshore southern Gabon, OML 113 offshore western Nigeria, and the TPS operated assets, Sfax Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia.