Increase in Oil Reserves at Tortue Field, Dussafu PSC

“This updated reserves review shows a surge of 80% in the mid-case scenario versus previous estimates, and clearly demonstrate the value of Tortue and more generally the huge potential for Dussafu to become a world-class producing asset. We are very encouraged and excited by the preliminary NSAI review which illustrates this material increase of our asset base. We expect to start producing oil at Dussafu in the second half of 2018”. NSAI has calculated the following estimates for the total gross economically recoverable oil reserves, derived from the assumed production from four oil wells at the Tortue field, as follows: Proved (1P) reserves of 15.9 MMbbls Proved + Probable (2P) reserves of 23.5 MMbbls Proved + Probable + Possible (3P) reserves of 31.4 MMbbls The preliminary results of the new NSAI reserves report illustrate: A material increase of over 80% of mid-case at Tortue, compared to the previous independent report completed in May 2014, prior to the new seismic data being available; and 3P reserves at Tortue are approximately equivalent to the total contingent resources previously calculated for all four oil discoveries at Dussafu. The NSAI reserves review does not yet include the other 3 discovered fields in the EEA (Ruche, Moubenga and Walt Whitman) which will be updated in due course. In addition, the independent reserves review also does not include prospective resources associated with the 27 prospects and leads already identified within the EEA. Panoro has provide an operational update on recent progress on its Dussafu asset, offshore Gabon. An updated detailed presentation has been posted on its website. Furthermore, the amended Field Development Plan (“FDP”) for the Tortue oil field, part of the Dussafu asset, has been approved by the Gabonese regulator, the Direction Général de Hydrocarbures (DGH). In addition, the Borre Novre drilling rig has recently arrived in Gabon, with the drilling operations to commence in Q1 2018. John Hamilton CEO of Panoro, said

“To complement our updated independent reserve review, we are pleased to report operational progresses at Dussafu. The amended FDP is a very important milestone for Panoro, and with drilling operations expected to start shortly, we remain on track to start producing at Dussafu during 2H 2018”
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