Q2 2026 Panoro Energy ASA Earnings Call

August 20, 2026

Speaker #1: The webinar will begin shortly. Please remain on the line. The broadcast is now starting. All attendees are in listen-only mode.

Speaker #2: Good morning, and welcome to Panoro's H1 results presentation. I would first like to draw your attention to this disclaimer: This presentation contains certain statements that are, or may be deemed to be, forward-looking statements, which include all statements other than statements of historical fact.

[Company Representative] (Panoro Energy): Good morning and welcome to Panoro's H1 Results Presentation. I would first like to draw your attention to this disclaimer. This presentation contains certain statements that are or may be deemed to be forward-looking statements, which include all statements other than statements of historical fact. Forward-looking statements involve making certain assumptions based on the company's experience and perception of historical trends, current conditions, expected future developments, and other factors that we believe are appropriate under the circumstances. Although we believe that the expectations reflected in these forward-looking statements are reasonable, actual events or results may differ materially from those projected or implied in such forward-looking statements due to unknown or known risks, uncertainties, and other factors. Next slide, please. There will be time for Q&A at the end of the presentation.

Andy Dymond: Good morning and welcome to Panoro's H1 Results Presentation. I would first like to draw your attention to this disclaimer. This presentation contains certain statements that are or may be deemed to be forward-looking statements, which include all statements other than statements of historical fact. Forward-looking statements involve making certain assumptions based on the company's experience and perception of historical trends, current conditions, expected future developments, and other factors that we believe are appropriate under the circumstances. Although we believe that the expectations reflected in these forward-looking statements are reasonable, actual events or results may differ materially from those projected or implied in such forward-looking statements due to unknown or known risks, uncertainties, and other factors. Next slide, please. There will be time for Q&A at the end of the presentation.

Speaker #2: Forward-looking statements involve making certain assumptions based on the company's experience and perception of historical trends, current conditions, expected future developments, and other factors that we believe are appropriate under the circumstances.

Speaker #2: Although we believe that the expectations reflected in these forward-looking statements are reasonable, actual events or results may differ materially from those projected or implied in such forward-looking statements, due to known or unknown risks, uncertainties, and other factors.

Speaker #2: Next slide, please. There will be time for Q&A at the end of the presentation. If you would like to ask a question during Q&A, you can raise your hand, and you'll be prompted to unmute your microphone.

[Company Representative] (Panoro Energy): If you would like to ask a question during Q&A, you can raise your hand, and you'll be prompted to unmute your microphone, or you can submit written questions through the text box. I would now like to hand you over to Julien Balkany, Panoro's Chairman, who will take you through some highlights of today's exciting news and our results.

Andy Dymond: If you would like to ask a question during Q&A, you can raise your hand, and you'll be prompted to unmute your microphone, or you can submit written questions through the text box. I would now like to hand you over to Julien Balkany, Panoro's Chairman, who will take you through some highlights of today's exciting news and our results.

Speaker #2: Or you can submit written questions through the text box. I would now like to hand you over to Julian Bolcone, Panoro's Chairman, who will take you through some highlights of today's exciting news and our results.

Speaker #3: Thank you, Andy. Good morning, everyone. I'm joined today on the call by Eric Dargentais, Panoro CEO and President, and Kazih Kadir, our CFO. Before we move to our half-year results, trading, financial, and operational update, I would like to say a few key words on the new transformational and accretive acquisitions that we announced yesterday evening.

Julien Balkany: Thank you, Andy. Good morning, everyone. I'm joined today on the call by Eric d'Argentré, Panoro CEO and President, and Qazi Qadeer, our CFO. Before we move to our half year results, trading, financial, and operation update, I would like to say a few key words on the new transformational and accretive acquisitions that we have announced yesterday evening. By now, you will have all seen the exciting announcement we made yesterday after market close, whereby we have signed a definitive agreement with DNO to acquire an indirect 9.09% interest in the gas-producing block, CI-27, offshore Ivory Coast. Before we talk in more detail in the next slide about our latest acquisition, I want to take a moment to reflect on how a well-timed and strongly accretive M&A strategy that is part of our DNA has been a core driver of our growth in recent years.

Speaker #3: By now, you will all have seen the exciting announcement we made yesterday after market close, whereby we have signed a definitive agreement with D&O to acquire an indirect 9.09% interest in the gas-producing block CI-27 offshore Ivory Coast.

Speaker #3: Before we talk in more detail in the next slide about our latest acquisition, I want to take a moment to reflect on how our well-timed and strongly accretive M&A strategy, that is part of our DNA, has been a core driver of our growth in recent years.

Speaker #3: Since 2018, we have successfully completed acquisition of production assets in Tunisia, Equatorial Guinea, Gabon, and now Ivory Coast, establishing a robust and well-diversified production business across four jurisdictions in Africa.

Julien Balkany: Since 2018, we have successfully completed acquisition of production asset in Tunisia, Equatorial Guinea, Gabon, and now Côte d'Ivoire, establishing a robust and well-diversified production business across four jurisdictions in Africa. This latest acquisition, which will be our second this year, coming hot on the heels of our recent purchase of an additional 40% interest in Block G from Kosmos Energy. It will establish a fourth production leg to our business in a new first-class jurisdiction that has a very strong oil and gas sector, and which we believe can position us for further follow-on growth opportunities at the right time. When we look at the business back, then compared to today, and following the number on this slide, they speak for themselves. Panoro is today a more resilient, better-diversified business than it has ever been at any point in its history.

Julien Balkany: Since 2018, we have successfully completed acquisition of production asset in Tunisia, Equatorial Guinea, Gabon, and now Ivory Coast, establishing a robust and well-diversified production business across four jurisdictions in Africa. This latest acquisition, which will be our second this year, coming hot on the heels of our recent purchase of an additional 40% interest in Block G from Kosmos Energy. It will establish a fourth production leg to our business in a new first-class jurisdiction that has a very strong oil and gas sector, and which we believe can position us for further follow-on growth opportunities at the right time. When we look at the business back, then compared to today, and following the number on this slide, they speak for themselves. Panoro is today a more resilient, better-diversified business than it has ever been at any point in its history.

Speaker #3: This latest acquisition, which will be our second this year, comes hot on the heels of our recent purchase of an additional 40% interest in Block G from Kosmos Energy.

Speaker #3: It will establish a fourth production leg to our business in a new, first-class jurisdiction that has a very strong oil and gas sector, and which we believe can position us for further follow-on growth opportunities at the right time.

Speaker #3: When we look at the business back then compared to today, and following the numbers on this slide, they speak for themselves. Panoro is today a more resilient, better-diversified business than it has ever been at any point in its history.

Speaker #3: If you look at it, we have rapidly scaled our production from virtually zero at the start of 2018 to a current pro forma rate of around 20,800 BOE per day.

Julien Balkany: If you look at it, we have rapidly scaled our production from virtually zero at the start of 2018 to a current pro forma rate of around 20,800 BOE per day, firmly positioning Panoro as a leading independent producer in Africa. We have increased our 2P reserve by a factor of more than four, with our overall 2P+2C resources have increased by almost eight times to 183 million BOE, illustrating the depth of organic growth reserves and resources opportunity we have within our portfolio today. Over this time and up to yesterday close, we have seen around a four and a half time appreciation to Panoro share price in the same period.

Speaker #3: Firmly positioning Panoro as a leading independent producer in Africa. We have increased our QP reserve by a factor of more than four, with our overall QP plus QC resources having increased by almost eight times to 183 million BOE, illustrating the depth of organic growth reserves and resources opportunity we have within our portfolio today.

Speaker #3: Over this time, up to yesterday's close, we have seen around four and a half times appreciation in the Panoro share price in the same period.

Speaker #3: It is important to note that when we have issued equity to fund external growth, we have always done so at a progressively higher valuation each time than the time before.

Julien Balkany: It is important to note that when we have issued equity to fund external growth, we have always done so at a progressively higher valuation each time than the time before, with today at NOK 28.77, we will issue share to DNO. Alongside this, we have responsibly used various form of debt financing and been careful to preserve what we believe to be a prudent and disciplined leverage profile. It has also allowed us to return substantial amount to shareholders, which, including the cash distribution announced today, amount to a total of NOK 950 million so far, or roughly about 25% of our market cap as yesterday close. Delivering enhanced shareholder return over the long run is a backbone and core to our strategy. Next slide, please. Acquisition of indirect 9.09% interest in Block CI-27.

Speaker #3: With today at NOK 28.77, we will issue shares to D&O. Alongside this, we have responsibly used various forms of debt financing and been careful to preserve what we believe to be a prudent and disciplined leverage profile.

Speaker #3: It has also allowed us to return a substantial amount to shareholders, which, including the cash distribution announced today, amounts to a total of NOK 950 million so far, or roughly about 25% of our market cap as of yesterday's close.

Speaker #3: Delivering enhanced shareholder return over the long run is our backbone and core to our strategy. Next slide, please. Acquisition of indirect 9.09% interest in Block CI-27.

Speaker #3: Moving on to this acquisition itself, Block CI-27 is operated by the privately held, first-class, and long-established operator Foxtrot International, whose principal business is a 27.27% effective participating interest in the asset.

Julien Balkany: Moving on this acquisition itself, Block CI-27 is operated by the privately held and excellent first class and longtime established operator of Foxtrot International, whose principal business is a 27.27% effective participating interest in the asset. The DNO subsidiary, which Panoro is acquiring, hold an indirect 33.33% interest in Foxtrot, and therefore an indirect 9.09% interest in that asset. Other joint venture partners in the asset include PETROCI, the national oil company, and SECI SA. The consideration is $80 million, and the effective date of the transaction is 1 January 2025. It is important to highlight that there is no regulatory approval pending or required, and there are no pre-emptive rights. This transaction is therefore fully de-risked, and we expect completion to occur by the end of Q3.

Speaker #3: The D&O subsidiary which Panoro is acquiring holds an indirect 33.33% interest in Foxtrot, and therefore, an indirect 9.09% interest in that asset. Other joint venture partners in the asset include PETROCI, the national oil company, and CCSR.

Speaker #3: The consideration is $80 million, and the effective date of the transaction is January 1, 2025. It is important to highlight that there is no regulatory approval pending or required, and there are no preemptive rights.

Speaker #3: This transaction is therefore fully de-risked, and we expect completion to occur by the end of Q3. I will let Eric talk to you in further detail about the asset, which holds the country's largest non-associated gas and meets over 70% of the country's gas need.

Julien Balkany: I will let Eric to talk to you in further details about the asset, which holds the country's largest non-associated gas, and meeting over 70% of the country gas need. Net production for our interest in the asset stand at approximately 3,334 BOE per day in H1 2026, and net 2P and 2C resources at 14.4 million BOE. In term of funding, to finance the acquisition, Panoro will issue 7 million new shares to DNO, which will represent about 4.9% of outstanding Panoro share, post-issuance of those shares. The share price is based on the VWAP for the last 5 trading days preceding the announcement, coming at a price of NOK 28.77 per share. Additionally, to diversify our credit profile, Panoro has placed a $50 million senior unsecured bond carrying a 10.25% coupon with maturity in 2031.

Speaker #3: Net production for our interest in the asset stands at approximately 3,334 BOE per day in the first half of 2026, and net QP and QC resources are at 14.4 million BOE.

Speaker #3: In terms of funding to finance the acquisition, Panoro will issue 7 million new shares to D&O, which will represent about 4.9% of outstanding Panoro shares.

Speaker #3: The share price is based on the VWAP for the last five trading days preceding the announcement, and so comes at a price of NOK 28.77 per share.

Speaker #3: Additionally, to diversify our credit profile, Panoro has placed a $50 million senior unsecured bond carrying a 10.25% coupon with maturity in 2031. The bond was fully placed and subscribed in the private domain by two long-standing strategic investors, along with primary insiders.

Julien Balkany: The bond was fully placed and subscribed in the private domain by 2 longstanding strategic investors along primary insiders. In summary, this new acquisition will continue to transform the scale, geographical diversity, and longevity of Panoro portfolio, and strengthen our capital structure, enabling us to deliver enhanced shareholder return over the long run, while also positioning us for further growth opportunities at the right time in Ivory Coast. Next slide, please. Some of you may not be too familiar with Côte d'Ivoire, so I think it is worth briefly touching on why the core country fundamentals are extremely supportive for gas business supplying the domestic market here. Natural gas sit at the heart of Côte d'Ivoire power system, accounting for around 65% of electricity generation, which makes reliable domestic gas supply a strategic priority rather than a marginal fuel source.

Speaker #3: In summary, this new acquisition will continue to transform the scale, geographical diversity, and longevity of the Panoro portfolio, and strengthen our capital structure, enabling us to deliver enhanced shareholder returns over the long run, while also positioning us for further growth opportunities at the right time in Ivory Coast.

Speaker #3: Next slide, please. Some of you may not be too familiar with Côte d'Ivoire, so I think it is worth briefly touching on why the core country fundamentals are extremely supportive for a gas business supplying the domestic market here.

Speaker #3: Natural gas sits at the heart of Côte d'Ivoire's power system, accounting for around 65% of electricity generation, which makes reliable domestic gas supply a strategic priority rather than a marginal fuel source.

Speaker #3: The country has delivered consistently strong economic growth, with the World Bank highlighting average real GDP growth consistently above 6% for the last several years. Growth in Ivory Coast is not dependent on a single sector.

Julien Balkany: The country has delivered consistently strong economic growth, with the World Bank highlighting average real GDP growth constantly above 6% for the last years. Growth in Ivory Coast is not dependent on a single sector. Côte d'Ivoire has developed into one of West Africa's most diversified and strong economy, with a BB- sovereign credit rating, underpinned by agriculture, mining, services, manufacturing, and a growing hydrocarbon sector. Indeed, Côte d'Ivoire has a thriving oil and gas sector and has yielding some of the largest and most impactful oil and gas exploration discoveries in West Africa in recent years. Eni with Baleine and Calao South discoveries. More recently, Murphy with Bubale discovery that was announced as being commercial in June. I will now hand over to Eric, our COO and President, who will take you through the next slides. Thank you.

Speaker #3: Côte d'Ivoire has developed into one of West Africa's most diversified and strong economies, with a BB- sovereign credit rating. The economy is underpinned by agriculture, mining, services, manufacturing, and a growing hydrocarbon sector.

Speaker #3: Indeed, Côte d'Ivoire has a thriving oil and gas sector and has yielded some of the largest and most impactful oil and gas exploration discoveries in West Africa in recent years.

Speaker #3: E&I with Ballen and Callao South discoveries, and more recently, Murphy with the Bubale discovery that was announced as being commercial in June. I will now hand over to Eric, our COO and President, who will take you through the next slides.

Speaker #3: Thank you.

Speaker #1: Thank you, Julien. Good morning, everyone. I will take you through the presentation of the CI-27 asset overview. CI-27 is located between 12 and 15 kilometers offshore Ivory Coast, in what we call shallow water, with platform territories.

Eric d'Argentré: Thank you, Julien. Good morning, everyone. I will take you through the presentation of CI-27 asset overview. CI-27 is between 12 and 15 kilometers offshore Ivory Coast in what we call shallow water with platform territories. This is the largest non-associated gas accumulation in the country, and as Julien mentioned, meeting more than 70% of the domestic gas need. The asset was developed back in 1999, with the first 2 fields, Foxtrot and Mahi and the installation of the first platform, PFA, and the production has since increased and been very good and steady over the years. In 2015, Foxtrot developed the Marlin and Manta accumulation, as you can see on the right-hand side of the map, with installation of a second platform, Platform Bravo, PFB. Today, we have 12 wells on production.

Speaker #1: This is the largest non-associated gas accumulation in the country, and, as Julien mentioned, meeting more than 70% of the domestic gas need. The asset was developed back in 1999 with the first two fields, Foxtrot and Mahi.

Speaker #1: And the installation of the first platform, PFA, and the production has indeed increased and been very good and steady. Over the years, in 2015, Foxtrot developed the Marlin and Manta accumulations.

Speaker #1: As you can see on the right-hand side of the map, with the installation of a second platform, Platform Bravo (PFB), today we have 12 wells on production.

Speaker #1: Both platforms are equipped with all the required processes to treat the gas and condensate, as well as gas compression. I will come back to the compression later.

Eric d'Argentré: Both platforms are equipped with all the required processes to treat the gas and condensate, as well as gas compression. I will come back on the compression. There is a lot we see, and there is a lot of upside potential in the CI-27 in those current fields and additional appraisal fields or fields to be appraised, sorry. Today, Foxtrot started a drilling campaign four months ago on Foxtrot field with five wells to be drilled, infill wells. The first two wells have reached a reservoir with higher pressure than expected, which is a very good news. It means that the depletion assumed is lower than it is in reality, so more volume to be produced. Those volumes will be moved very shortly from 2P to PDPs, proved, developed, and producing volumes, and will help to extend the production plateau and increase depending on gas demand.

Speaker #1: There is a lot that we see, and there is a lot of upside potential in the CI-27 in those current fields, and additional appraisal fields.

Speaker #1: Or fields to be appraised, sorry. We have today, Foxtrot started the drilling campaign back four months ago on the Foxtrot field, with five wells to be drilled, in-field wells.

Speaker #1: The first two wells have reached the reservoir with higher pressure than expected, which is very good news. It means that the depletion assumed is lower than it is in reality.

Speaker #1: So, more volume is to be produced. So those volumes will be moved very shortly from 2P to PDPs—proved, developed, and producing volumes—and will help to extend the production plateau, and increase depending on gas demand.

Speaker #1: We are today producing an average of 200 million scuf per day for the last three to four years. If the demand grows, those wells will be available to match the demand if it does pick up.

Eric d'Argentré: We are today producing an average of 200 million scf per day for the last three to four years. If the demand grows, those wells will be available to match the demand if it does peak. To come back on the potential, there is a potential as well in surface facilities to upgrade. There is the gas compression system. Without entering too much in details, the lower the pressure is on the gas well, the better and the longer it will deliver in life. The compression can be worked on, and there is some compression project to be able to produce longer and drain more volume at lower pressure in future. Lots of potential way past the 2034 PSC terms. Next, please. In terms of gas and liquid sales agreement, we have a very strong partnership in Ivory Coast.

Speaker #1: To come back to the potential, there is also potential in surface facilities to upgrade. There is the gas compression system—without entering too much into detail—but the lower the pressure is on the gas well, the better and the longer it will deliver in life.

Speaker #1: And the compression can be worked on, and there is some compression project to be able to produce longer and drain more volume at lower pressure in the future.

Speaker #1: So, lots of potential way past the 2034 PSE terms. Next, please. So, in terms of gas and liquid sales agreements, we have a very strong partnership in Ivory Coast.

Speaker #1: The vast majority of our gas produced is sold to CI Energy, with CI Energy being a key partner in Ivory Coast. CIE’s mission is to ensure the supply of energy.

Eric d'Argentré: The vast majority of our gas produced is sold to CI-Energies. CI-Energies is a key partner in Ivory Coast. CI-Energies' mission is to ensure supply of energy, that supply of energy meets the demand. They lead a major structuring project in production, transport, and distribution of energy with rural electrification. CI-Energies is a key partner de-risking the gas export sales to the local consumers. We have long-term contract to the PSC term 2034, with a take-or-pay of 140 million scf a day. We are delivering average of 200, as mentioned earlier, and a gas price that is, again, around the $6.5 per MMBtu on the contract sales. Next, please. The group production updates.

Speaker #1: Supply of energy meets the demand. They lead major structuring projects in production, transport, and distribution of energy, with rural electrification. So CIE is a key partner de-risking the gas export sales to the local customers.

Speaker #1: We have a long-term contract to the PSE through 2034 with a takeover pay of $140 million SCOOF per day. We are delivering an average of 200, as mentioned earlier.

Speaker #1: And gas price that is around $6.50 per million BTU on the contract sales. Next, please. So, on the group production updates.

Speaker #1: Some of you will remember we communicated last quarter that Panoro was on the way to 20,000 barrels of oil per day net, once we would have recovered the full potential of the SEBA field in Equatorial Guinea.

Eric d'Argentré: Some of you will remember we communicated last quarter that Panoro was on the way to 20,000 BOE per day net once we would have recovered the full potential of the Ceiba field in Equatorial Guinea and, with the MaBoMo Phase 2 drilling campaign in Gabon with the well on stream. We are already today at 17,500 net, and that is a very strong performance in the last quarter. We are clearly on track to the 20,000 BOE per day in 2027, including the recently announced transaction from last night, that does accelerate the 20,000 milestone for the group. On the pro forma basis, we will already be above the 20, and therefore, Panoro net is more on the road to a 23,000 BOE per day net in 2027 once all the mentioned work will have been completed.

Speaker #1: And with the Mabomo phase two drilling campaign in Gabon, with the well on stream, we are already today at 17,500 net. And that's a strong, a very strong performance in the last quarter.

Speaker #1: We are clearly on track to reach 20,000 barrels of oil per day in 2027. Including the recently announced transaction from last night, that does accelerate the 20,000 milestone for the group.

Speaker #1: And on the pro forma basis, we would already be above the 20. And therefore, Panoro net is more on the road to 23,000 barrels of oil per day net in 2027, once all the mentioned work will have been completed.

Speaker #1: I would like to highlight our resilience in terms of costs. It's important to note that our operating costs per barrel are at $23 today.

Eric d'Argentré: I would like to highlight our resilience in terms of costs. It is important to note that our operating costs per barrel is at $23 today with $3 to $5 of what we call the non-recurrent CapEx, meaning all the important integrity, FPSO life extension, class extension that needs to be done on a yearly basis. So between $26 and $28 a barrel. That makes Panoro very resilient in low price environment, which is a very good discipline to have. Next, please. On Equatorial Guinea, Block G update. As I said in my previous slide, very strong performance in production, especially in the last quarter, with some good results on Ceiba recovery from PDPs and sub-clusters, as well as in productive investments. Well intervention workover on the Okume Complex. That does illustrate the great potential of those two accumulations.

Speaker #1: With three to five dollars of what we call non-recurrent capex, meaning all the important integrity FPSO life extension and class extension that needs to be done on a yearly basis.

Speaker #1: So, between $26 and $28 per barrel. That makes Panoro very resilient in a low-price environment, which is a very good discipline to have.

Speaker #1: Next, please. On Equatorial Guinea, Block G update. As I said in my previous slide, very strong performance in production, especially in the last quarter.

Speaker #1: With some good reduction and good results on SEBA recovery from MPPs and subsea clusters, as well as in productive investments and well intervention workover on the Okume complex.

Speaker #1: That does illustrate the great potential of those two accumulations. The latest production net to Panoro today is above 11,000 barrels of oil per day.

Eric d'Argentré: The latest production net to Panoro to date is above 11,000 BOE per day. We are working on the future project with our partner and operator, Trident Energy. The recovery factor of the block is still low. Drilling campaign is being matured with our partner, and the objective is to take FID for the future campaign in Okume Complex with a conventional jackup rig. End of 2026 for the FID, so that we should be able to drill on Okume Complex by Q1, Q2 2028. Recovery factor is low, so any 1% additional recovery is 25 million barrels to be produced. That is the objective on the short, mid, and long term of the partnership. Next, please. In Gabon, update on Dussafu, our cornerstone asset.

Speaker #1: We are working on a future project with our partner and operator, Tridor Energy. The recovery factor of the block is still low.

Speaker #1: The drilling campaign is being matured with our partner, and the objective is to take FID for the future campaign in the Okume Complex with a jackup.

Speaker #1: Conventional jack-up rig, and end of 2026 for the FID, so that we should be able to drill on OKUME complex by Q1 or Q2 2028. Recovery factor is low.

Speaker #1: So any one percent additional recovery is 25 million barrels to be produced. And that's the objective in the short, mid, and long term of the partnership.

Speaker #1: Next, please. On in Gabon, updates on Dussafu cornerstone asset. Dussafu is a very prolific area, and we continue to have strong performance, good uptime, and good production in this very prolific block.

Eric d'Argentré: Dussafu is a very prolific area, and we continue to have a strong performance, good uptime, and good production in this very prolific block. We are today drilling in MaBoMo Phase 2, as it was announced previously. The rig is on location, drilling the first well. We have a campaign of delineation and infill wells for producing wells, maybe more depending on the results. There is some optionality for more wells. This MaBoMo Phase 2 drilling campaign will take us back to the nameplate capacity of the installation at 40,000 BOE a day. Another important milestone is the partnership took FID on the Bourdon discovery. That was announced last year. We have now FID-ed the project. Work is ongoing on the jackup conversion to become the Mo2, a little bit like the MaBoMo development.

Speaker #1: We are today drilling in Mabomo Phase Two, as was announced previously. The rig is on location, drilling the first well. We have a campaign of delineation and infill wells for producing wells.

Speaker #1: Maybe more, depending on the results. There is some optionality for more wells. This Mabomo Phase Two drilling campaign will take us back to the nameplate capacity of the installation at 40,000 barrels of oil per day.

Speaker #1: And another important milestone is, we—the partnership—took FID on the Bordeaux discovery. That was announced last year. We have now FID'd the project.

Speaker #1: Work is ongoing on the jackup conversion to become the MOPU, a little bit like the Mabomo development. We have three wells to be drilled and a pipeline to be installed to connect Bordeaux to the main pipeline.

Eric d'Argentré: We have three wells to be drilled and a pipeline to be installed to connect the Bourdon to the main pipeline. First oil of Bourdon is expected for Q1 2028. Lots of things happening in Dussafu, as well as the reprocessing of the recently shot seismic in Ezanga-Oudouma. That is as well covering the north part of the block and to mature the current and already recognized prospects. So bear with us on Dussafu, lots of things happening in the near term. Next, please. On Tunisia update. TPS asset, very stable production, above 3,000 BOE a day. Project being matured on workover, well intervention, and additional development in our deep values concession. We have managed in the last six to nine months to offset the natural decline by some productive investments and work on our wells. So it is encouraging for future projects. Next, please.

Speaker #1: First oil from Bordeaux is expected in Q1 2028, so lots of things happening in Dou Safour, as well as the reprocessing of the recently shot seismic in Nyozi Guduma.

Speaker #1: That is also covering the north part of the block, and to mature the current and already recognized prospects. So bear with us on Dou Safour.

Speaker #1: Lots of things happening in the near term. Next, please. On the Tunisia update: TPS asset, very stable production—above 3,000 barrels of oil per day.

Speaker #1: Projects are being matured on workover, well intervention, and additional development in our various concessions. We have managed, in the last six to nine months, to offset the natural decline through some productive investments.

Speaker #1: ...and work on our wells, so it's encouraging for future projects. Next, please. I will take you through quickly the Australia and Rhodo high-graded prospects in block AG23.

Eric d'Argentré: I will take you through quickly on the Estrella and Rodo high-graded prospect in Block EG-23. We have discussed and presented this in the past. It is a very exciting prospect. We are now working on a commingled development. As you can see on the map, the Estrella discovery in 2001, which is a gas condensate field accumulation, and next to it, the Rodo in green. The Rodo field, it is an oil accumulation. They are a few kilometers away, and our conceptual development plan is to install a drilling center in the middle and drill both accumulations in the same campaign and make what we call a commingled development. Engineering is ongoing for the well architecture, platform specification, and pipeline design and installation. We will progress that and give some more news on this development next quarter. Next, please.

Speaker #1: We have discussed and presented this in the past. It's a very exciting prospect. We are now working on an upcoming development. As you can see on the map, the Australia discovery in 2001, which is a gas condensate field accumulation.

Speaker #1: And next to it, the Rhodo in green—the Rhodo field. It's an oil accumulation a few kilometers away. Our conceptual development plan is to install a drilling center in the middle and drill both accumulations in the same campaign.

Speaker #1: And make what we call an upcoming development. Engineering is ongoing for the well architecture, platform specification, and pipeline design and installation. We will progress that and give some more news on this development next quarter.

Speaker #1: Next, please.

Speaker #2: Thank you very much, Eric, for the operational review. This is Kazi Qadir, and I'm the CFO of Panoro. I'll take you through the financial highlights.

Qazi Qadeer: Thank you very much, Eric, for the operational review. This is Qazi Qadeer. I am the CFO of Panoro, and I will take you through the financial highlights. We have had a relatively stable quarter on an IFRS basis for Q2. The H1 results, as we published this morning, with lesser liftings compared to the previous period in 2025. This is largely due to timing differences on how the parcels are spread out through the course of the year. Other than that, there is no major difference which I would like to flag. However, the eventful thing that happened during the quarter, right at the very end, was the completion of our acquisition of the enhanced interest in Block G in Equatorial Guinea, which has been now integrated into our financial statements.

Speaker #2: We have had a relatively stable quarter on an IFRS basis for the second quarter. The half-year results, as we published this morning, show lesser liftings compared to the previous period in 2025.

Speaker #2: This is largely due to timing differences in how the parcels are spread out through the course of the year. Other than that, there's no major difference which I would like to flag.

Speaker #2: However, the eventful thing that happened during the quarter, right at the very end, was the completion of our acquisition of the enhanced interest in Block G in Equatorial Guinea.

Speaker #2: Which has now been integrated into our financial statements. So you would expect to see an increase in assets and liabilities, which were consolidated through a purchase price allocation exercise on a provisional basis.

Qazi Qadeer: You would expect to see an increase in assets and liabilities which were consolidated through a purchase price allocation exercise on a provisional basis as of 30 June. Because the completion only happened around mid-June, there is very little reflected in the results with no sales and costs associated with the acquisition. Henceforth, we have prepared details on a pro forma basis to facilitate analysis. On a pro forma basis, H1 results are strong, with revenue of $130 million and a pro forma EBITDA of $68 million, based on accounting policies and assumptions consistently used by Panoro as a group. We have been carrying a sizable amount of inventory as well at the end of the quarter, with about unsold 1.3 million barrels as of 30 June.

Speaker #2: As of June 30th, because the completion only happened around mid-June, there is very little reflected in the results, with no sales and no costs associated with the acquisition.

Speaker #2: Henceforth, we have prepared details on a pro forma basis to facilitate analysis. On a pro forma basis, first-half results are strong, with revenue of $130 million and a pro forma EBITDA of $68 million, based on accounting policies and assumptions consistently used by Panoro as a group.

Speaker #2: We have been carrying a sizable amount of inventory as well at the end of the quarter, with about 1.3 million barrels unsold as of 30th June.

Qazi Qadeer: We continue to make distributions to our shareholders, and this morning we have announced a NOK 50 million distribution for this quarter, which is expected to be paid by 21 September 2026. Next slide, please. Again, just continuing on the theme for shareholder distributions. I will echo the points made by Julien that the company has consistently returned cash to the shareholders, and we will continue to make it part of our philosophy going forward as well. However, just to point out and repeat here, like we always do, is that the distributions are determined after taking into account various factors, including oil prices, operational performance, which is what we bring to the equation every time we make a decision to distribute.

Speaker #2: We continue to make distributions to our shareholders. This morning, we have announced a 50 million krona distribution for this quarter, which is expected to be paid by 21st of September, 2026.

Speaker #2: Next slide, please. Again, just continuing on the theme of shareholder distributions, I will echo the points made by Julian that the company has consistently returned cash to the shareholders.

Speaker #2: And we will continue to make it part of our philosophy going forward as well. However, just to point out and repeat here, like we always do, the distributions are determined after taking into account various factors, including oil prices and operational performance, which is what we bring to the equation every time we make a decision to distribute.

Speaker #2: Our capacity to distribute is determined under the bond terms, which is basically 50% of full-year cash flow, which was determined to be about $21 million.

Qazi Qadeer: Our capacity to distribute is determined under the bond terms, which is basically 50% of full year cash flow, which was determined to be about $21 million for the calendar year 2026. We have basically followed the guidance that we gave at the start of the year and are following in equal distributions throughout the year. Next slide, please. We are going to talk a little bit about liftings. As I mentioned earlier, Q2 was a stable quarter with no enhanced barrels added on an IFRS basis from the acquisition. Following the completion of the Block G acquisition, we will expect a more pronounced H2 2026 with higher volumes and an improved frequency of liftings, which you would see that we are guiding about 1.3 to 1.5 million barrels for Q3.

Speaker #2: For the calendar year 2026, we have basically followed the guidance that we gave at the start of the year and are following it in equal distributions throughout the year.

Speaker #2: Next slide, please. We are going to talk a little bit about liftings. So, as I mentioned earlier, the second quarter was a stable quarter with no enhanced barrels added on an IFRS basis from the acquisition.

Speaker #2: So, following the completion of the Block G acquisition, we expect a more pronounced second half of 2026 with higher volumes and improved frequency of liftings. You will see that we are guiding about 1.3 to 1.5 million barrels for Q3.

Speaker #2: Again, this is all coming from the inventory we are carrying as of June 30th, which I mentioned a few minutes ago. The fourth quarter guidance, again, is of a similar nature, with consistent volumes available to be lifted in the fourth quarter.

Qazi Qadeer: Again, this is all coming from the inventory we are carrying at 30 June, which I mentioned a few minutes ago. The Q4 guidance again is of a similar nature with consistent volumes available to be lifted in Q4. Next slide, please. This is a busy slide, but the key points here are to guide towards the CapEx. CapEx guidance has remained unchanged at $55 million on a core basis. Since we have now acquired Block G business, the $72 million guidance for the full calendar year on a pro forma basis is now confirmed. On an IFRS basis, up to end of June, we have spent only $12.5 million year to date, which is the current run rate at the moment, but expected to increase because of the higher percentage we are carrying in the assets we have just acquired.

Speaker #2: Next slide, please. This is a busy slide, but the key points here are to guide towards the capex. Capex guidance has remained unchanged at $55 million on a core basis.

Speaker #2: Since we have now acquired Block G business, the $72 million guidance for the full calendar year on a pro forma basis is now confirmed.

Speaker #2: On an IFRS basis, up to the end of June, we have spent only $12.5 million year to date, which is the current run rate at the moment.

Speaker #2: But expected to increase because of the higher percentage we are carrying in the assets we have just acquired. We are not giving any guidance at the moment on our newly announced acquisition in Ivory Coast.

Qazi Qadeer: We are not giving any guidance at the moment on our newly announced acquisition in Ivory Coast. We will include the refined pro forma-based guidance once we have made a completion of the acquisition. Hopefully, we should be able to give all the details by the time of our Q3 results later this year. I will now leave Eric to conclude on the next slide and open up for questions.

Speaker #2: We will include the refined pro forma-based guidance once we have completed the acquisition, and hopefully we should be able to provide all the details by the time of our third quarter results.

Speaker #2: Later this year. I will now leave Eric to conclude on the next slide and open up for questions.

Speaker #3: Thank you, Kezzy. In conclusion, I would like to return to today's presentation on the strong operational performance, the disciplined financial management of Panoro, and the delivery of the growth strategy.

Eric d'Argentré: Thank you, Kazi. As a conclusion, I would like to come back on today's presentation on the strong operational performance, the disciplined financial management of Panoro, and the delivery of the growth strategy. Panoro has three main pillar in this strategy. Production and reserve in our asset portfolio. Gold production today is at record level, as I mentioned, at 17,500 BOE per day, without the additional announced transaction. We are above the 20,000, including CI-27 transaction. We are drilling in Dussafu as we speak with two pilot wells and four additional wells. That's a very exciting project that will increase even more our production and delivery. We have material reserve and resources base with almost 170 million BOE in 2P+2C.

Speaker #3: Panoro has three main pillars in its strategy: production and reserves in our asset portfolio. Production today is at a record level, as I mentioned, at 17,500 barrels of oil per day, without the additional announced transaction.

Speaker #3: We are above the 20,000, including CI-27 transaction. We are drilling in Dusafu as we speak, with two pilot wells and four production wells.

Speaker #3: That's a very exciting project. That will increase even more our production and delivery. And we have material reserves and resource base with almost 170 million barrels of oil equivalent in 2P plus 2C.

Speaker #3: And it's important to highlight the very healthy position within our 2P base, with more than 15 years of production in our 2P volumes.

Eric d'Argentré: It is important to highlight that the very healthy position with our 2P base, with more than 15 years of production in our 2P volumes. That is a very good position to be in. That is the first pillar. The second pillar of Panoro is to mature its asset portfolio and extend reserve life. We are doing this with the FID of Bourdon, as explained earlier in the presentation. Estrella and Rodo in Block EG-23. It is a very exciting project. I have explained you the conceptual development plan we are working on. We are targeting first oil and first gas on this coming development by mid-2028. That is a very exciting part of the business. The 3D seismic, again, shot last year in south of Gabon is explaining and demonstrating the maturing and the work done on exploration and asset portfolio. A lot of project on this pillar 2.

Speaker #3: That's a very good position to be in. So that's the first pillar. The second pillar of Panoro is to mature its asset portfolio and extend reserve life.

Speaker #3: We are doing this with the FID of Bordeaux, as explained earlier in the presentation. Australia and Rodo in EG23. It's a very exciting project.

Speaker #3: I have explained to you the conceptual development plan we are working on. We are targeting first oil and first gas from this upcoming oil development by mid-2028.

Speaker #3: That's a very exciting part of the business. And the 3D seismic shot last year in the south of Gabon is explaining and demonstrating the maturing and the work done on exploration and the asset portfolio.

Speaker #3: So, lots of projects on this pillar two. And the third one, and a very important one that Julien explained in his introductory slide, is on the corporate and external growth strategy.

Eric d'Argentré: The third one, and a very important one that Julien explained in his introductory slide on the corporate and external growth strategy. Panoro has a strong track record in its DNA, accredited M&A transaction. We have announced earlier the Block G with Kosmos Energy. Today with the DNO indirect interest in CI-27, that is a demonstration of our strategy on growing the Panoro business. Thank you.

Speaker #3: Panoro has a strong track record and its DNA is accredited to M&A transactions. We have announced earlier the Block G with Kosmos Energy. Today, with the DNO indirect interest in CI-27.

Speaker #3: And that's a demonstration of our strategy for growing the Panoro business. Thank you.

Speaker #1: Thank you very much.

[Company Representative] (Panoro Energy): Thank you very much. We will now move to Q&A. If you have a question, please raise your hand and you will be requested to unmute your microphone. The first question will come from Stéphane Foucart. Stéphane, if you can unmute your microphone and ask your question, please.

Andy Dymond: Thank you very much. We will now move to Q&A. If you have a question, please raise your hand and you will be requested to unmute your microphone. The first question will come from Stéphane Foucart. Stéphane, if you can unmute your microphone and ask your question, please.

Speaker #2: And we will now move to Q&A. If you have questions, please raise your hand and you will either be requested to unmute your microphone. The first question will come from Stephane Foucard.

Speaker #2: Stéphane, if you can unmute your microphone and ask your question, please.

Speaker #4: Yeah, thanks, and good morning, everyone. I've got a few on Côte d'Ivoire. So, the transaction has an effective date of early '25. There is a consideration of about $80 million.

Stéphane Foucart: Yeah. Thanks, Andy, and morning everyone. I have got a few on Côte d'Ivoire. The transaction has an effective date of early 2025. There is a consideration of about $80 million. Is it what you expect to pay on closing in Q3? That is my first question. Then I was wondering whether you could talk about payback for the acquisition, maybe the remaining CapEx for 2P, if there are any decommissioning and when that would happen. Lastly, Panoro would hold a stake in Foxtrot. How do you see the mechanism for the cash from Foxtrot to go back to Panoro? Thank you.

Speaker #4: Is that what you expect to pay on closing in Q3? That's my first question. And I was wondering whether you could talk about payback for the acquisition.

Speaker #4: Maybe the remaining capex to produce the 2P. Is there any decommissioning? And when will that happen? And lastly, does Panoro withhold a stake in Foxtrot?

Speaker #4: So, how do you see the mechanism for the cash from Foxtrot to go back to Panoro? Thank you.

Speaker #5: Thank you very much, Stephane. This is Kazi Khadir. I have a few questions—if you don't mind. I may ask you to repeat some if I haven't noted them down.

Qazi Qadeer: Thank you very much, Stéphane. This is Kazi Qadeer. I will. Well, you noted down a few questions, so I may ask you to repeat some.

Speaker #5: I think I'll take the last one first. There is a very well-established mechanism from Foxtrot to the entities we will own. In a few weeks' time.

Stéphane Foucart: Yeah.

Qazi Qadeer: I think I will take the last one first. There is a very well-established mechanism from Foxtrot International to the entities we will own in a few weeks or months time, which is basically a formalized arrangement between the Foxtrot International and up the chain, how the money distributes. What we see is that instantly when funds are paid by the buyer of gas, they land in dedicated accounts, and those bank accounts have instructions to basically flow the money up the chain pretty much immediately. There is hardly a lag of about a day or two from collection to reaching the top of the chain. But, financially speaking, the way the funds flow is technically distributions from down the chain to the top of the chain.

Speaker #5: Which is basically a formalized arrangement between Foxtrot and, up the chain, how the money is distributed. So what we see is that instantly, when funds are paid by the buyer of gas, they land in dedicated accounts, and those bank accounts have instructions to basically flow the money up the chain pretty much immediately.

Speaker #5: So there is hardly a lag of about a day or two from collection to reaching the top of the chain. But, financially speaking, the way the funds flow is technically distributions from down the chain to the top of the chain.

Speaker #4: Thank you. So, sort of a dividend on a regular basis.

Stéphane Foucart: Thank you. So sort of dividend on a regular basis.

Speaker #5: Yes, dividends on a regular basis. But it is a function of how the mechanism is designed. There's no lag; it is on a proceeds basis that the funds are routed up the chain.

Qazi Qadeer: Yes, dividend on a regular basis, but it is a function of how the mechanism is designed. There is no lag. It is on a proceeds basis that the funds are routing up the chain.

Speaker #4: Thank you.

Stéphane Foucart: Thank you.

Speaker #5: Okay, then your other question was about—

Qazi Qadeer: Okay. Your other question was about-

Speaker #4: closing price.

Stéphane Foucart: Closing price.

Speaker #5: Closing price. Yes, so I'll let Julien answer that.

Qazi Qadeer: Closing price, yes. I will let Julien answer that.

Speaker #1: Yeah. Good morning, Stephane. I guess obviously it depends on what will be the timing, but I would say, more or less, we would expect the closing price to be around $70 million.

Julien Balkany: Yeah. Good morning, Stéphane. Based obviously on what will be the timing, I would say to be on the more or less we would expect the closing price around $70 million.

Speaker #4: Okay. Thank you.

Stéphane Foucart: Okay. Thank you.

Speaker #1: You had some additional question?

Eric d'Argentré: You had some additional question?

Speaker #4: Yes. Then maybe a sense of payback on the acquisition, if you had. And then I have some questions around the technicalities—some technicality on the asset.

Stéphane Foucart: Yes, then maybe a sense of payback on the acquisition, if you had, and then I had some question around some technicality on the asset.

Speaker #1: Yeah, I believe the asset has been consistently generating between $17 to $20 million in free cash flow per year. So, on the SEF side, I would say it would be somewhere between its 3.5 times.

Eric d'Argentré: Yeah, I believe the asset has been constantly generating between $17 million to $20 million in free cash flow per year. So on the debt side, I would say it would be somewhere between, it's 3.5x. So, it give you an idea about the payback.

Speaker #1: So it gives you an idea about the payback.

Speaker #4: Yeah, great, thank you. And then I have one more question about the asset, which is the remaining capex to produce the 2P reserve, and whether there is some decommissioning and by when.

Stéphane Foucart: Yeah. Great, thank you. I have more question about the asset, which is, the remaining CapEx to produce the 2P reserve and whether there are some decommissioning and by when.

Speaker #1: Yeah, this is Eric. The remaining capex for the ongoing drilling campaign has a budget of around a million dollars gross for the five wells that are being drilled on the Foxtrot field.

Eric d'Argentré: Yeah, this is Eric. The remaining CapEx, well, the ongoing drilling campaign has a budget of around $220 million gross for the five wells that are being drilled on the Foxtrot field. Decommissioning is not We have numbers. There is obviously numbers on decommissioning, but it's not something that is imminent at all. As I said, there is more than 520 Bcf of 2P and almost more than 900 Bcf of potential altogether with 2P+2C. The contract will undoubtedly be extended and the life of the field extended.

Speaker #1: And decommissioning is not—we have numbers, there are obviously numbers on decommissioning—but it's not something that is imminent at all. As I said, there is more than 520 Bcf of 2P and almost more than 900 Bcf of potential altogether with 2P plus 2C.

Speaker #1: And the contract will end up being extended, and the life of the field extended.

Speaker #2: Yeah, so just to add to that, Stephane, we see that the remaining productive life is 15 years or more for the asset. So it's a very long-dated, stable, steady profile.

[Company Representative] (Panoro Energy): Yeah. So just to add to that, Stephan, we see that the remaining productive life is 15 years or more, for the asset. So it's a very long-dated, stable, steady profile. The decommissioning is at the back end of that.

Andy Dymond: Yeah. So just to add to that, Stephan, we see that the remaining productive life is 15 years or more, for the asset. So it's a very long-dated, stable, steady profile. The decommissioning is at the back end of that.

Speaker #2: And so the decommissioning is at the back end of that.

Speaker #1: Thank you.

Stéphane Foucart: Thank you.

Speaker #2: Thank you. The next question will be from Teodor Sven Nielsen. Teodor, if you could unmute your microphone and go ahead with your question, please.

[Company Representative] (Panoro Energy): Thank you. The next question will be from Teodor Sveen-Nilsen. Teodor, if you could unmute your microphone and go ahead with your question, please.

Andy Dymond: Thank you. The next question will be from Teodor Sveen-Nilsen. Teodor, if you could unmute your microphone and go ahead with your question, please.

Speaker #5: Good morning, guys. Thanks for taking my questions. A few questions, first on the deal. The Ivory Coast deal definitely establishes you in a new country and a new jurisdiction.

Teodor Sveen-Nilsen: Good morning, guys, and thanks for taking my questions. A few questions first on the deal. The Ivory Coast deal definitely establishes you in a new country and a new jurisdiction. How should we think about this deal as a platform to do more M&A in the country, and what kind of opportunities do you see in the country? Second question on the deal specifically, that is, I understand that the gas is priced at $6.5 per MMBtu. Is that a fixed price for the entire volume, or is that a function on a gas price or oil price? Any comments around that would be useful.

Speaker #5: How should we think about this deal as a platform to do more M&A in the country, and what kind of opportunities do you see in the country?

Speaker #5: And second question on the deal specifically: as I understand, the gas is priced at $6.50 per MMBtu. Is that a fixed price for the entire volume, or is that a function of any gas or oil price, and it comes around that? That would be useful.

Speaker #4: Yeah, thank you, Teodor. This is Julien. Yeah, so clearly it's an exciting new entry for us in a well-established oil and gas jurisdiction, as I mentioned earlier.

Eric d'Argentré: Yeah. Thank you, Teodor. This is Julien. So clearly, it is an exciting new entry for us in a well-established oil and gas jurisdiction, as I mentioned earlier. Obviously, it is a first step, and I think it is going to position us in the near future for further on growth opportunities. But I would say it will be in the future, not right now. First thing first, we have to close on this transaction, and we will have to digest it.

Speaker #4: And obviously, it's a first step. I think it's going to position us in the near future for long-term growth opportunities. But I would say that will be in the future, not right now.

Speaker #4: First things first, we have to close on this transaction, and we will have to digest it.

Speaker #5: Understood, thanks. And on the pricing, can you share some more details on how we should think about the pricing, other than the $6.50 per MMBtu?

Teodor Sveen-Nilsen: Understood. Thanks. On the pricing, can you share some more details on how we should think around the pricing other than the $6.5 per MMBtu?

Speaker #4: Yeah, so there's a minimum fixed price of $6 per MMBtu, and there's an indexation applied to that, which has increased the current pricing to around $6.50 per MMBtu.

[Company Representative] (Panoro Energy): Yeah. There's a minimum fixed price of $6 per MMBtu, and there's an indexation applied to that, which has increased the current pricing to around the $6.50 per MMBtu. So there's a very, very stable minimum price, and there's underpinned by a take-or-pay feature within the gas sales agreements. So there's virtually no volatility on 95% of the product sales from the asset.

Andy Dymond: Yeah. There's a minimum fixed price of $6 per MMBtu, and there's an indexation applied to that, which has increased the current pricing to around the $6.50 per MMBtu. So there's a very, very stable minimum price, and there's underpinned by a take-or-pay feature within the gas sales agreements. So there's virtually no volatility on 95% of the product sales from the asset.

Speaker #4: So there's a very, very stable minimum price, and that's underpinned by a take-or-pay feature within the gas sales agreements. So there's virtually no volatility on 95% of the product sales.

Speaker #4: From the asset.

Speaker #5: Okay, understood. And a couple more questions here. On the overall production for your portfolio, you're talking about a few new wells in Gabon and EG in the second half of the year.

Teodor Sveen-Nilsen: Okay. Understood. A couple of more questions here on the overall production for your portfolio. You're talking about a few new wells in Gabon and Egypt in H2 2024. From the portfolio, excluding Ivory Coast, how much growth should we expect in H2 2024?

Speaker #5: From the portfolio excluding Ivory Coast, how much growth should we expect in the second half?

Speaker #2: So sorry Teodor. Just you're asking about the production growth organically in the second half of the year or including proforma the acquisition?

[Company Representative] (Panoro Energy): Sorry, Teodor, you're asking about the production growth organically in H2 2024 or including pro forma the acquisition?

Andy Dymond: Sorry, Teodor, you're asking about the production growth organically in H2 2024 or including pro forma the acquisition?

Speaker #5: Organically excluding Ivory Coal's assets.

Teodor Sveen-Nilsen: Organically excluding Côte d'Ivoire assets.

Speaker #4: Okay. Yeah, that's Eric. Production growth, as I mentioned earlier in Block G, has been very strong—very good and positive in the first half of the year.

Eric d'Argentré: Okay. Yeah, that's Eric. Production growth, as I mentioned earlier in Block G, has been very strong, very good, and positive in the H1 of the year. We started the year a bit softly with some, the Ceiba subsidy problems and some in Okume Complex as well. We have regained a very good level at almost 22,000 BOE per day growth in Block G today. We were more in the 15,000, 16,000 earlier this year. There is still work ongoing in productive investment in Okume Complex. The workover unit is still doing one intervention, so we expect to increase.

Speaker #4: We started the year a bit softly with some of the SEBA subsidy problems, and some in Okumi as well. We have regained a very good level—at almost 22,000 barrels of oil per day gross in Block G today.

Speaker #4: We were more in the 15, 16 range earlier this year. There is still work ongoing in productive investment, in doing one intervention. So we expect to increase.

Speaker #4: An important point I did not mention, not to enter into too much detail, but the long-term problems we had on water injection in the SEBA accumulation as well as in Okumi have been repaired.

Eric d'Argentré: An important point I did not mention, not to enter in too much details, but the long-term problems we had on water injection in the Ceiba accumulation as well as in Okume Complex has been repaired, and we see now a very positive effect on the Ceiba production from the water injection. That's a very steady operation, and we will regain potential on a long-term basis on Ceiba with water injection. We have as well a dedicated team working on the Suncrest cluster and C45 well intervention. That takes more time with supply chain and engineering, but we hope to do the intervention end of the year and next year on those wells. Yes, organically, Block G will continue to increase.

Speaker #4: And we see now a very positive effect on the SEBA production from the water injection. So, that's very steady operation, and we will regain potential on a long-term basis on SEBA with the water injection.

Speaker #4: We also have a dedicated team working on the central cluster and C45 well intervention. That takes more time with supply chain and engineering, but we hope to do the intervention by the end of the year and next year.

Speaker #4: On those wells. So yes, organically Block G will continue to increase. Tunisia will remain stable with a slight increase, and importantly, in Dussafu we will be on an increasing trend from now on, with a well coming on stream every two to three months on the Mabomo phase two drilling.

Eric d'Argentré: Tunisia will remain stable with a slight increase, and importantly, in Dussafu, we will be on an increasing trend from now on with a well coming on stream every two to three months on the MaBoMo Phase 2 drilling, and very shortly after the Bourdon development. Yes, production will remain strong in 2026 and continue to increase in 2027.

Speaker #4: And very shortly after, the Bordeaux development. So yes, production will remain strong in 2026 and continue to increase in 2027.

Speaker #5: Okay, thank you. And my final question is just on accounting technicalities for the Ivory Coast assets. I assume you will account for that using full consolidation.

Teodor Sveen-Nilsen: Okay, thank you. My final question is just on accounting technicality for the Ivory Coast assets. I assume you will account for that, or use full consolidation, or will this be accounted for as an associate company?

Speaker #5: Or will this be accounted for as an associate company?

Speaker #4: I think, Teodor, the accounting assessment at present is the same as how the vendor used to account for it, so it will be accounted for as an associate.

Qazi Qadeer: I think, Teodor, the accounting assessment at present is the same how the vendor used to account for it, so it will be accounted as an associate. We will obviously include the enhanced pro forma disclosures to capture the fundamentals on a like for like basis.

Speaker #4: But we will obviously include enhanced pro forma disclosures to capture the fundamentals on a like-for-like basis.

Speaker #5: Okay, understood. That's useful. That's all from me. Thank you.

Teodor Sveen-Nilsen: Okay, understood. That is useful. That is all from me. Thank you.

Speaker #4: Thank you. The next question is from Robert Udegbe. If you could please unmute your microphone and ask your question, please.

[Company Representative] (Panoro Energy): Thank you. The next question is from Robert Vobejda. If you could please unmute your microphone and ask your question, please.

Andy Dymond: Thank you. The next question is from Robert Vobejda. If you could please unmute your microphone and ask your question, please.

Speaker #5: Good morning, everyone. Good morning, sirs. Thank you. Thank you for your presentation. This is my question: With the PLC extension in Gabon to 2053, and Panoro's focus on the long-term asset, how is Panoro approaching government relations and local content strategy to ensure regulatory stability and sustainable partnership across the West African countries, including Equatorial Guinea?

Robert Vobejda: Good morning, everyone. Good morning, Sas.

Robert Vobejda: Good morning.

Robert Vobejda: Thank you for your presentation. This is my question. With the PSC extension in Gabon to 2053 and Panoro's focus on the long-term asset, how is Panoro approaching government relation and local content strategy to ensure regulatory stability and sustainable partnership across the West African country, including Equatorial Guinea? Thank you.

Speaker #5: Thank you.

Speaker #4: Hi, this is Eric. Thank you for your question. As you mentioned, yes, we have a long-term extension on our PSC in Gabon to 2053.

Eric d'Argentré: Hi, Cedric. Thank you for your question. As you mentioned, yes, we have a long-term extension on our PSC in Gabon, 2053. Part of our policy and strategy in Panoro is to have a very healthy and positive relationship with all stakeholders, including the authority in each country where we operate. Local content is part of the strategy that we are monitoring and implementing with our partners when we are non-operated. There is a strong local content policy and reporting, and a regular reporting from our operator in Gabon as well as in Equatorial Guinea, where we have a regular meeting, operating committee meeting, and other statutory meeting with government, national company, and ministries to demonstrate our involvement in the local content and sustainability part of our operation.

Speaker #4: Part of our policy and strategy at Panoro is to have a very healthy and positive relationship with all stakeholders, including the authorities in each country where we operate.

Speaker #4: Local content is part of the strategy that we are monitoring and implementing with our partners when we are non-operated. There is a strong local content policy and regular reporting from our operator in Gabon, as well as in Equatorial Guinea.

Speaker #4: We have regular meetings—operating committee meetings and other statutory meetings—with government, national companies, and ministries to demonstrate our involvement in the local content and sustainability part of our operation.

Speaker #4: Thank you Eric. And with no further questions that will conclude today's Q&A. And I'll welcome us. Thank you all very much.

[Company Representative] (Panoro Energy): Thank you, Eric. With no further questions, that will conclude today's Q&A and our webcast. Thank you all very much. Bye.

Andy Dymond: Thank you, Eric. With no further questions, that will conclude today's Q&A and our webcast. Thank you all very much. Bye.