Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Equity Bottom-Up

<ul>
<li>2Q25 production of 11,064 bbl/d had already been reported.</li>
<li>The production was impacted by unplanned downtime at Ceiba (~5,000 bbl/d gross or ~700 bbl/d net to Panoro’s 14.25% WI).</li>
<li>Remedial works are expected to restore production in 4Q25.</li>
</ul>


2Q25 production of 11,064 bbl/d had already been reported.
The production was impacted by unplanned downtime at Ceiba (~5,000 bbl/d gross or ~700 bbl/d net to Panoro’s 14.25% WI).
Remedial works are expected to restore production in 4Q25.


Panoro Energy ASA (OSE: PEN): Large cash build-up expected in 2H25

<ul>
<li>2Q25 production averaged ~11,065 bbl/d, negatively affected by unplanned facilities-related downtime at the Ceiba field, as reported by Kosmos earlier this week.</li>
<li>WI production in EG fell to 3,136 bbl/d (vs. 3,661 bbl/d in 1Q25).</li>
<li>Remedial work is underway, with production expected to recover in 4Q25.</li>
</ul>


2Q25 production averaged ~11,065 bbl/d, negatively affected by unplanned facilities-related downtime at the Ceiba field, as reported by Kosmos earlier this week.
WI production in EG fell to 3,136 bbl/d (vs. 3,661 bbl/d in 1Q25).
Remedial work is underway, with production expected to recover in 4Q25.


Panoro Energy ASA (OSE: PEN): Minor temporary production downtime in EG. Initiating a new share buyback programme.

<ul><li>• 1Q25 production of ~12 mbbl/d and net debt at the end of March had been previously disclosed.</li><li> • The company has reaffirmed its FY25 production guidance of 11–13 mbbl/d but has raised its expected capex for 2025 from US$35 mm to US$40 mm.</li><li>This increase reflects additional spending to appraise the Bourdon discovery.</li></ul>

• 1Q25 production of ~12 mbbl/d and net debt at the end of March had been previously disclosed. • The company has reaffirmed its FY25 production guidance of 11–13 mbbl/d but has raised its expected capex for 2025 from US$35 mm to US$40 mm.This increase reflects additional spending to appraise the Bourdon discovery.

Panoro Energy ASA (OSE: PEN): Potential resources addition in EG, reducing costs in Gabon

<ul>
<li>1Q25 production was ~12 mbbl/d, including 6,841 bbl/d in Gabon, 3,661 bbl/d in Equatorial Guinea and 1,492 bbl/d in Tunisia.</li>
<li>Production in Gabon and Equatorial Guinea was previously reported by BW Energy and Kosmos Energy.</li>
<li>Equatorial Guinea output was temporarily impacted by unplanned downtime at the Ceiba Cluster, but operations are now back online.</li>
</ul>


1Q25 production was ~12 mbbl/d, including 6,841 bbl/d in Gabon, 3,661 bbl/d in Equatorial Guinea and 1,492 bbl/d in Tunisia.
Production in Gabon and Equatorial Guinea was previously reported by BW Energy and Kosmos Energy.
Equatorial Guinea output was temporarily impacted by unplanned downtime at the Ceiba Cluster, but operations are now back online.


Panoro Energy ASA (OSE: PEN): ~12 mbbl/d in 1Q25. Re-iterating FY25 guidance

<ul>
<li>YE24 2P reserves were independently estimated at 42.3 mmbbl (+7.6 mmbbl vs YE23, representing a Reserve Replacement Ration of 309%).</li>
<li>This figure far exceeds our previous expectation of 34.5 mmbbl for YE24 2P reserves - an estimate that included a 4 mmbbl addition in 1H24 to counterbalance 2024 production.</li>
<li>The higher than expected reserves addition is driven by robust reservoir performance in Gabon coupled with the conversion of contingent resources into 2P reserves in EG.</li>
</ul>


YE24 2P reserves were independently estimated at 42.3 mmbbl (+7.6 mmbbl vs YE23, representing a Reserve Replacement Ration of 309%).
This figure far exceeds our previous expectation of 34.5 mmbbl for YE24 2P reserves - an estimate that included a 4 mmbbl addition in 1H24 to counterbalance 2024 production.
The higher than expected reserves addition is driven by robust reservoir performance in Gabon coupled with the conversion of contingent resources into 2P reserves in EG.


Panoro Energy ASA (OSE: PEN): Reserves addition much larger than expected

Norway

Panoro Energy ASA explores for oil and natural gas in Brazil, Gabon, and Nigeria . The Company operates offshore in the Camamu-Almada and Santos basins.

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Panoro Energy ASA (PEN NO)

Panoro Energy ASA (OSE: PEN): Large cash build-up expected in 2H25

2Q25 production of 11,064 bbl/d had already been reported. The production was impacted by unplanned downtime at Ceiba (~5,000 bbl/d gross or ~700...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Potential resources addition in EG, reducing costs in Gabon

• 1Q25 production of ~12 mbbl/d and net debt at the end of March had been previously disclosed. • The company has reaffirmed its FY25 production...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): ~12 mbbl/d in 1Q25. Re-iterating FY25 guidance

1Q25 production was ~12 mbbl/d, including 6,841 bbl/d in Gabon, 3,661 bbl/d in Equatorial Guinea and 1,492 bbl/d in Tunisia.

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Reserves addition much larger than expected

YE24 2P reserves were independently estimated at 42.3 mmbbl (+7.6 mmbbl vs YE23, representing a Reserve Replacement Ration of 309%).

Auctus Advisors

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Panoro Energy ASA (OSE: PEN): Large cash build-up expected in 2H25

2Q25 production of 11,064 bbl/d had already been reported. The production was impacted by unplanned downtime at Ceiba (~5,000 bbl/d gross or ~700...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Minor temporary production downtime in EG. Initiating a new share buyback programme.

2Q25 production averaged ~11,065 bbl/d, negatively affected by unplanned facilities-related downtime at the Ceiba field, as reported by Kosmos...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Potential resources addition in EG, reducing costs in Gabon

• 1Q25 production of ~12 mbbl/d and net debt at the end of March had been previously disclosed. • The company has reaffirmed its FY25 production...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): ~12 mbbl/d in 1Q25. Re-iterating FY25 guidance

1Q25 production was ~12 mbbl/d, including 6,841 bbl/d in Gabon, 3,661 bbl/d in Equatorial Guinea and 1,492 bbl/d in Tunisia.

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Reserves addition much larger than expected

YE24 2P reserves were independently estimated at 42.3 mmbbl (+7.6 mmbbl vs YE23, representing a Reserve Replacement Ration of 309%).

Auctus Advisors