Panoro has achieved an organic reserve replacement ratio of 309 percent in 2024. The company has made disclosure in its media release of its 2024 Annual Statement of Reserves (ASR). Consequently, the Company’s net working interest 2P reserves as of 31 December 2024 were 42.27 million barrels of oil (“MMbbls”), an increase of 7.6 MMbbls (or 22 percent) from the 34.67 MMbbls reported at end 2023.

According to Panoro , the volumes stated in the ASR do not incorporate any volumes associated with the Bourdon oil discovery on the Dussafu block offshore Gabon which was announced on 7 March 2025 and subsequent appraisal side-track which was announced on 22 April 2025.

After taking account of 2024 production of 3.6 MMbbls the total net working interest reserves for Panoro expressed in MMbbls as of 31 December 2024 were:

Proved (1P) reserves of 29.54  MMbbls (31 December 2023: 23.22 MMbbls)

Proved + Probable (2P) reserves of 42.27 MMbbls (31 December 2023: 34.67 MMbbls)

Proved + Probable + Possible (3P) reserves of 57.01 MMbbls (31 December 2023: 46.52 MMbbls)

Panoro’s 2P reserves at 31 December 2024 reflect an organic reserve addition of 11.2 MMbbls primarily in relation to the Hibiscus South Extension and Hibiscus North Flank discoveries made during the year offshore Gabon, stronger than expected well performance across the Hibiscus area offshore Gabon and re-classification of certain contingent resources at Block G offshore Equatorial Guinea in line with the operator’s planning. This represents a 309 percent organic reserve replacement ratio of volumes produced during the year.

In addition to stated reserves Panoro also has a 2C contingent resource base of 25.6 MMbbls. International petroleum consultants Netherland Sewell & Associates Inc carried out an independent assessment of Block G in Equatorial Guinea, Dussafu Marin in Gabon and TPS assets in Tunisia.