Panoro Energy PEN.OL

The Company and its subsidiaries (“Panoro” or the “Group”) are engaged in the exploration and production of oil and gas resources in North, West and Southern Africa . The consolidated financial statements of the Group for the year ended 31 December 2024 were authorised for issue by the Board of Directors on 24 April 2025. The Company regularly evaluates its financial position, cash flow forecasts and its compliance with financial covenants by considering multiple combinations of oil and gas prices, production volumes, and operational spend scenarios. As required under the Norwegian Accounting Act, the Company’s Board of Directors conducted a review of the going concern assumption considering all relevant information available up to the date the Panoro consolidated and Company accounts are issued and taking into account all available information about the future covering at least 12 months from the end of the reporting period. The Board of Directors’ review included, in particular, assessment of the Group’s projected cash reserves and access to financing arrangements, debt maturities, operational outlook and work programs, while maintaining appropriate headroom in respect of sound equity, liquidity and financial covenant compliance throughout the assessment period. Following its review, the Board of Directors confirmed, pursuant to the Norwegian Accounting Act section 3-3a, that the requirements of the going concern assumption are met and that these financial statements have been prepared on that basis. The Company’s shares are traded on the Oslo Stock Exchange under the ticker symbol PEN. The Company’s corporate bond is listed on Nordic Alternative Bond Market with ticker symbol PEN01.