Panoro Energy – Extension of Block G Production Sharing Contract Offshore Equatorial Guinea
Oslo, 9 May 2022 – Panoro Energy ASA (“Panoro” or the “Company”) is pleased to announce that the Ministry of Mines and Hydrocarbons of Equatorial Guinea and the Joint Venture partners at Block G offshore Equatorial Guinea have agreed a material time extension of the Production Sharing Contract (“PSC”) until 31 December 2040 covering both the producing Ceiba and Okume Complex Fields. Prior to the extension the PSC expiry for the Ceiba Field was 2029 and for the Okume Complex field 2034. Management expects that Panoro’s net 2P reserves will increase by between 2 to 3 million barrels as a