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>Panoro has completed the acquisition of a 40.375% interest in Block G, Equatorial Guinea, from Kosmos Energy earlier than we had anticipated (we had assumed a 3Q26 close).</li>
<li>Completion payments totalled US$127 mm, broadly in line with our expectation of US$130 mm in 3Q26.</li>
<li>Our prior closing‑price assumption had incorporated the next crude‑oil lifting, which will now be recognised separately.</li>
</ul>


Panoro has completed the acquisition of a 40.375% interest in Block G, Equatorial Guinea, from Kosmos Energy earlier than we had anticipated (we had assumed a 3Q26 close).
Completion payments totalled US$127 mm, broadly in line with our expectation of US$130 mm in 3Q26.
Our prior closing‑price assumption had incorporated the next crude‑oil lifting, which will now be recognised separately.


Panoro Energy ASA (OSE: PEN): Low closing price for EG acquisition

<ul><li>• 1Q26 WI production and net debt at end-March had already been disclosed.</li><li>• Completion of the additional 40.375% WI acquisition in Ceiba–Okume remains on track for 3Q26.</li><li>• In 2Q26, Panoro has lifted ~546 mbbl on a pro forma basis at a realized price of US$114/bbl, generating ~US$62 mm of pro forma revenue.</li></ul>

• 1Q26 WI production and net debt at end-March had already been disclosed.• Completion of the additional 40.375% WI acquisition in Ceiba–Okume remains on track for 3Q26.• In 2Q26, Panoro has lifted ~546 mbbl on a pro forma basis at a realized price of US$114/bbl, generating ~US$62 mm of pro forma revenue.

Panoro Energy ASA (OSE: PEN): 1Q26 in line – Gabon drilling to commence mid-year and EG acquisition to close in 3Q26.

<ul>
<li>1Q26 WI production, pro forma for the additional Ceiba–Okume interests, averaged 14,960 bbl/d (or 8,515 bbl/d excluding the recently acquired stake).</li>
<li>This is consistent with the production reported by BW Energy in Gabon and Kosmos Energy in Equatorial Guinea.</li>
<li>Tunisia WI production of 1,552 bbl/d was also in line with our expectations.</li>
</ul>


1Q26 WI production, pro forma for the additional Ceiba–Okume interests, averaged 14,960 bbl/d (or 8,515 bbl/d excluding the recently acquired stake).
This is consistent with the production reported by BW Energy in Gabon and Kosmos Energy in Equatorial Guinea.
Tunisia WI production of 1,552 bbl/d was also in line with our expectations.


Panoro Energy ASA (OSE: PEN): On track to reach 20 mbbl/d in 2027. Expect 2Q26 liftings at significant premium to Brent

<ul>
<li>Panoro’s YE25 WI 2P reserves are estimated at 41 mmbbl (YE24: 42.3 mmbbl).</li>
<li>Given that the company produced 3.7 mmbbl during 2025, this represents an organic Reserves Replacement Ratio of ~65%.</li>
<li>Including the acquisition of a 40.375% interest in Ceiba Okume, pro forma YE25 WI 2P reserves are estimated at ~84 mmboe.</li>
</ul>


Panoro’s YE25 WI 2P reserves are estimated at 41 mmbbl (YE24: 42.3 mmbbl).
Given that the company produced 3.7 mmbbl during 2025, this represents an organic Reserves Replacement Ratio of ~65%.
Including the acquisition of a 40.375% interest in Ceiba Okume, pro forma YE25 WI 2P reserves are estimated at ~84 mmboe.


Panoro Energy ASA (OSE: PEN): First audited contingent resources at EG-23

<ul>
<li>The Dussafu PSC term has been extended from 2038 to 2053.</li>
<li>The fiscal terms for the extension remain unchanged from the current regime, and no additional work commitments have been imposed.</li>
<li>This longer licence life has several positive implications for Panoro.</li>
</ul>


The Dussafu PSC term has been extended from 2038 to 2053.
The fiscal terms for the extension remain unchanged from the current regime, and no additional work commitments have been imposed.
This longer licence life has several positive implications for Panoro.


Panoro Energy ASA (OSE: PEN): Extending the Dussafu licence by up to 15 year unlocks reserves

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): Low closing price for EG acquisition

Panoro has completed the acquisition of a 40.375% interest in Block G, Equatorial Guinea, from Kosmos Energy earlier than we had anticipated (we...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): 1Q26 in line – Gabon drilling to commence mid-year and EG acquisition to close in 3Q26.

• 1Q26 WI production and net debt at end-March had already been disclosed. • Completion of the additional 40.375% WI acquisition in Ceiba–Okume...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): On track to reach 20 mbbl/d in 2027. Expect 2Q26 liftings at significant premium to Brent

1Q26 WI production, pro forma for the additional Ceiba–Okume interests, averaged 14,960 bbl/d (or 8,515 bbl/d excluding the recently acquired stake).

Auctus Advisors

Panoro Energy ASA (OSE: PEN): First audited contingent resources at EG-23

Given that the company produced 3.7 mmbbl during 2025, this represents an organic Reserves Replacement Ratio of ~65%.

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Extending the Dussafu licence by up to 15 year unlocks reserves

The Dussafu PSC term has been extended from 2038 to 2053. The fiscal terms for the extension remain unchanged from the current regime, and no...

Auctus Advisors

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Panoro Energy ASA (OSE: PEN): Low closing price for EG acquisition

Panoro has completed the acquisition of a 40.375% interest in Block G, Equatorial Guinea, from Kosmos Energy earlier than we had anticipated (we...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): 1Q26 in line – Gabon drilling to commence mid-year and EG acquisition to close in 3Q26.

• 1Q26 WI production and net debt at end-March had already been disclosed. • Completion of the additional 40.375% WI acquisition in Ceiba–Okume...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): On track to reach 20 mbbl/d in 2027. Expect 2Q26 liftings at significant premium to Brent

1Q26 WI production, pro forma for the additional Ceiba–Okume interests, averaged 14,960 bbl/d (or 8,515 bbl/d excluding the recently acquired stake).

Auctus Advisors

Panoro Energy ASA (OSE: PEN): First audited contingent resources at EG-23

Given that the company produced 3.7 mmbbl during 2025, this represents an organic Reserves Replacement Ratio of ~65%.

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Extending the Dussafu licence by up to 15 year unlocks reserves

The Dussafu PSC term has been extended from 2038 to 2053. The fiscal terms for the extension remain unchanged from the current regime, and no...

Auctus Advisors

Panoro has completed the acquisition of a 40.375% interest in Block G, Equatorial Guinea, from Kosmos Energy earlier than we had anticipated (we...