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Sustainable
Foundations,
A Resilient Future
Panoro Energy
2023 Sustainability Report
Overview Sustainable Operations Influential Partner Responsible Corporate Citizen Governance
Introduction
Contents Our values and principles
Overview 3
We strive to act with
Sustainable Operations 11
Influential Partner 36 professionalism, respect,
Responsible Corporate Citizen 42 honesty, transparency,
Governance 47
loyalty and trust. We maintain
Indexation 49
high ethical standards
Referenced reporting frameworks throughout all levels of
The information incorporated within this
Environmental, Social and Governance
the organisation.
(ESG) review is the result of the Company’s
continued engagement with internal and
external stakeholders and is informed by the
reporting guidelines of the Global Reporting
Initiative (GRI), Task Force on Climate-related
Financial Disclosures (TCFD), International
Petroleum Industry Environmental Conservation
Association (IPIECA), Sustainability Accounting
Standards Board (SASB), International Energy
Agency (IEA) and Euronext.
Reporting scope
The scope of this report comprises Panoro’s
activity and performance for the period from
1 January 2023 to 31 December 2023, unless
otherwise stated.
Disclaimer This report does not constitute an offer or any recommendation whether or not to buy or sell shares or other financial instruments of Panoro Energy ASA (“Company”). This report contains certain statements that are, or may be deemed to be, “forward-look-
ing 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 known or unknown risks, uncertainties and other factors. These risks and uncertainties include, among others, uncertainties in the exploration for and development and production of oil and gas, uncertainties inherent
in estimating oil and gas reserves and projecting future rates of production, uncertainties as to the amount and timing of future capital expenditures, unpredictable changes in general economic conditions, volatility of oil and gas prices, competitive risks, counterparty
risks including partner funding, regulatory changes and other risks and uncertainties discussed in the Company’s periodic reports. Forward-looking statements are often identified by the words “believe”, “budget”, “potential”, “expect”, “anticipate”, “intend”, “plan” and
other similar terms and phrases. We caution you not to place undue reliance on these forward-looking statements, which speak only as of the date of this report, and we undertake no obligation to update or revise any of this information.
Panoro Energy Sustainability Report 2023 Sustainable foundations, a resilient future 2

Overview
Panoro at a glance
Panoro Energy ASA (Panoro) Equatorial Guinea Block S covers a surface area of 1,245 km2 with Based on the results of this work, Panoro made
The Block G fields consist of the Ceiba Field and water depths ranging from 450 metres to 1,500 an application for Exploration Right (ER) 376 to
is an independent exploration Okume Complex fields a series of mid-life oil metres. The block surrounds the producing undertake early-phase exploration
and production (E&P) company production assets which started production in Ceiba Field and is adjacent to the producing for gas resources (natural gas and helium).
2000. The Ceiba Field is located in 600-800m Okume Complex.
headquartered in London of water depth on the slope of the southern Panoro plans to investigate existing boreholes
and listed on the Oslo Stock Rio Muni Basin approximately 35km offshore. Gabon and conduct airborne geophysical surveys to
The Okume Complex consists of five separate Panoro holds a 17.5% interest in the Dussafu determine whether there is a gas resource in the
Exchange with the ticker PEN.
oil fields: Okume; Ebano; Oveng; Akom North; license, a development and exploitation license area that would warrant further exploration.
and Elon. During 2023, gross production from in southern Gabon, alongside operator BW
Together with our partners and host
the Block G fields amounted to 9.3 MMbbls, Energy Gabon and non-operating partner Gabon Panoro held a 12.5% interest in Block 2B located
governments, it is our duty to produce
compared to 11.3 MMbbls in 2022. Oil Company. The Dussafu Marin Permit is a in the Orange Basin and operated by Eco Atlantic
hydrocarbons responsibly for the foreseeable
license with multiple discoveries and prospects Oil & Gas, the company relinquished its holding in
future in support of a just energy transition.
Panoro holds a 14.25% interest in the Block G lying within a proven oil and gas play fairway this licence on 6th December 2023.
fields, alongside operator Trident Energy and within the Southern Gabon Basin.
Assets
non-operating partners Kosmos Energy and
Tunisia
GE Petrol. The Permit lies at the southern end of the Tunisia
The TPS Assets comprise five oil field
South Gabon sub-basin in water depths ranging
concessions in the region of the city of Sfax,
In February 2023 Panoro was awarded a 56% from 100 to 500 m, there are eight oil fields;
onshore and shallow water offshore Tunisia.
interest and operatorship of Block EG-01 Moubenga, Walt Whitman, Ruche, Ruche North
The concessions are Cercina, Cercina Sud,
alongside partners Kosmos and GE Petrol. East, Tortue, Hibiscus, Hibiscus North and
Rhemoura, El Ain/Gremda and El Hajeb/Guebiba.
The partners have been awarded block EG-01 Hibiscus South. During 2023, gross production
for an initial period of three years during which from the Tortue and Hibiscus fields amounted
Panoro owns a 49% interest in the fields and
they will conduct subsurface studies based to 6.2 MMbbls, compared to 3.9 MMbbls in 2022
a 50% interest in the TPS operating company.
on existing seismic data to further define and from the Tortue field alone.
The remaining interests are held by the Tunisian
evaluate the prospectivity of the block. Following
State Oil Company ETAP. During 2023, gross
this, the partners will have the option to enter South Africa
production from the TPS fields amounted to 1.6 Equatorial
into a further two-year period, during which In August 2022 Panoro was awarded a 100%
MMbbls, compared to 1.5 MMbbls in 2022. Guinea
they will undertake drilling one exploration well. interest in Technical Co-operation Permit (“TCP”) Gabon
Past exploration activities on Block EG-01 have 218 onshore northern Free State Province,
The Sfax Offshore Exploration Permit, containing
tested and proven the key geological elements South Africa. TCP 218 covered a surface
the Ras El Besh Concession, lies in the prolific
for successful exploration. area of approximately 6,608 Km2 in the highly
oil and gas Cretaceous and Eocene carbonate
prospective Northern Karoo Basin which has a
platforms of the Pelagian Basin, offshore Tunisia.
In March 2023, Panoro farmed into a 12% non- proven working natural gas and helium system.
Panoro’s interest in the license is 87.5%, and
operating interest in Block S alongside operator Panoro undertook a 12-month study to evaluate
the permit area sits amongst numerous existing
Kosmos Energy and non-operating partners the helium and natural gas prospectivity of the South
producing fields with access to all our midstream
Trident Energy and GEPetrol. TCP area. Africa
infrastructure requirements.

Overview
2023
Panoro 2023 2022
Employees (number) 24 25
Highlights
Panoro employees in London,
Tunis and secondees in TPS.
Recordable safety incidents (number) 0 0

Any work-related injury or illness requiring
medical treatment beyond first aid.
Social investment (USD) 248,027 222,478

The use of finance for a positive
or beneficial social outcome.
Scope 1 emissions (metric tons CO2e) 152,849 158,881

Panoro 2023 2022 Consists of global Panoro data based on
Environmental and Social

working interest share of each asset.
Working interest 8,458 7,498
Operational
production average (bopd) TPS1 2023 2022
Employees (number) 172 175

2P reserves (MMBOE) 34.7 35.8 Number of employees in Tunisia
saw a slight fall due to retirements.
Lost time incident (LTI) 0 1

Defined by IOGP2, An accident that results in
time off from work, or loss of productive work.
Hours of HSSE training 2,854 675

Panoro 2023 2022 Supports our commitment to create a safe
and responsible working environment.
Revenue (USD million) 227.5 188.6
Financial
Social investment (USD) 310,955 272,772

The use of finance for a positive
or beneficial social outcome.
EBITDA (USD million) 135.4 127.2
Volume of hydrocarbon spills (bbls) 0.8 0.6
The total volume of oil lost to the
1
TPS is reported since Panoro has a 50% ownership of the TPS operating company and are consequently joint operators with ETAP
environment. All these volumes were
2
International Association of Oil and Gas Producers recovered.

Overview
An introduction from our CEO

Dear fellow stakeholder, In Tunisia and Equatorial Guinea, we continued
to invest in the capacity and capabilities of our
I am proud to present our people, the emphasis being on the development
second annual sustainability of skillsets to support Panoro’s growing influence
in our joint ventures.
report, a cornerstone in our
commitment to transparency Environmental stewardship is integral to
our sustainability agenda, and we are
and and measurement of our
actively pursuing initiatives to minimise
performance in all facets of our our environmental footprint. We have made
operations. This past year has significant progress in emissions measurement
and feasibility of potential mitigation projects,
been characterised by laying the groundwork for meaningful emissions
an unwavering dedication reduction initiatives across our operations.
to safety and advancements During 2023, we collaborated and
in our sustainability journey. engaged in more strategically advanced
and sophisticated sustainability activities
We made important strides in enhancing our and discussions, for example, supporting
safety culture across all operations. In Tunisia, Trident Energy, the operator at Block G offshore
the HSSE Enhancement Programme focused Equatorial Guinea, on a more comprehensive
on HSSE performance and management yielded emissions program that would see captured
immediate and positive results. gas being utilised as a power source.
In Equatorial Guinea, we launched a new Additionally, the proposed programme

Safety Awareness (SWA) programme for in Tunisia with ETAP and TPS to invest
our employee base, further reinforcing c. USD$8.2m in reducing flaring and fugitive
We are dedicated to making our commitment to providing a safe and healthy

work environment for our employees and
contractors. The company’s Total Recordable
emissions across our Tunisian operations
over the next four years is a significant step
toward our sustainability goals. This would
a positive difference in Incident Rate (TRIR) is now much improved

and in line with industry norms.
result in an 85% reduction of flared gas.
the communities where

we operate”
Overview
An introduction from our CEO

Furthermore, our continued collaboration on As we look ahead to the future, we remain
pipeline intelligent pigging and well management committed to sustainability and responsible
in Tunisia demonstrates our ongoing business practices. Our journey towards a
commitment to ensuring asset integrity while more sustainable future is ongoing, and we are
minimising environmental impact. committed to driving positive change every step
of the way.
From collaboration with the governorate on
social projects in Tunisia to support for social In summary, 2023 has been a year of good
impact initiatives in Equatorial Guinea, we are progress and achievement for Panoro,
dedicated to making a positive difference in underscoring our commitment to sustainability,
the communities where we operate. safety, and operational excellence. I am
confident that with our continued dedication
As we continue to navigate the evolving and unwavering commitment to our values, we
energy landscape, governance remains at the will continue to drive positive change and create
centre of our business. We are committed to long-term value for all stakeholders.
upholding the highest standards of corporate
governance and transparency, ensuring that our Thank you for your continued support and
stakeholders can trust in our long-term vision partnership.
and strategic direction.
John Hamilton
Critical to enabling this was a deeper CEO
interrogation of our Enterprise-Wide Risk
Management (EWRM) processes, conducting
a detailed risk register review, and embedding
these findings within our Double Materiality
Assessment (DMA) programme to ensure that
sustainability-related risks and opportunities
form an integral part of future decision making.
The DMA is our first step in embracing the new
sustainability regulations.

Overview
Stakeholders
We seek to deliver consistent, Effective stakeholder management is a Each of these priority areas is addressed within The company communicates to stakeholders
critical component of the successful delivery this report, with the most material highlighted transparently through the company website
coordinated and meaningful of our strategy. within our key activities for 2023. Stakeholders and social media sources and consultations are
stakeholder relations. are identified and managed through a structured also done through direct written communication
stakeholder management process. and meetings as part of the ongoing business
activities.
Stakeholder Why we engage Priorities Relevant 2023 activities
Employees We recognise the importance of retaining our highly Occupational health and safety Expanded the capacity of Panoro’s in country team in Tunisia
skilled employees, it is therefore key that we engage Non-discrimination and equal opportunity Enhanced health and safety culture with an HSSE enrichment programme
our workforce regularly and offer opportunities to
develop their skill sets. Freedom of association and collective bargaining Launched the Safety Awareness (SWA) programme in Equatorial Guinea
Conflict and security Established branch offices in Equatorial Guinea and Gabon and appointed
Employment practices key staff
Training and development
Investors and financial Panoro will seek to minimise shareholder risk and Economic performance Panoro Energy holds four quarterly presentations a year to shareholders,
institutions maximise value creation by adhering to the highest Financial obligations to host countries potential investors and analysts in connection with quarterly financial and
ethical standards in terms of environmental, legal and operational report
other risks. Climate adaption, resilience and transition
The company participated in multiple shareholder meetings throughout the
Asset integrity and critical incident management year
Local communities We seek to maintain positive relationships with Economic performance and contributions Collaboration with the governorate on social projects in Tunisia
communities at each asset. Biodiversity and environmental management Support for social impact initiatives in Equatorial Guinea
Employment opportunities Extensive community engagement as part of the South Africa ER 376
Rights of indigenous peoples Environmental Impact Assessment process
Conflict and security
Ethics and transparency
JV partners Panoro will seek to have a positive influence on Asset performance Technical and Operating Committee meetings are held for all assets to provide
partners to enable the seamless running of operations Asset integrity and critical incident management oversight of operational progress and to devise forward work programmes and
to the highest industry and regulatory standards. budgets
Employment practices
Detailed discussion on emissions measurement and feasibility of potential
HSSE and security practices mitigation projects
Climate adaptation, resilience and transition Collaboration on pipeline intelligent pigging and well management ensuring
asset integrity
Emissions reduction projects
Host Governments Developing and sustaining positive and transparent Economic performance and contributions Positive discussions with the new minister in Gabon
relationships with governments and regulators is Climate change-related activity Completion of the environmental impact assessment in collaboration with
crucial. National Agency for Environmental Protection (ANPE) in Tunisia
Biodiversity and environmental management
Labour and security practices Biodiversity protection programme in Tunisia with government approvals
Local community engagement programmes Community project collaborations across the company
Business ethics and transparency

Overview
Strategic framework
As a joint venture operator Safe & Sustainable Operations Influential Partner Responsible Corporate Citizen
and non-operating partner Alongside our partner ETAP, we are committed Leveraging our industry expertise, we will We continue to work towards mitigating our
Commitment
to excellent standards of health, safety and work closely with our partners to safely and social and environmental impacts and are now
in oil and gas assets across environmental management and we actively responsibly operate our assets and support a focused on working with our JV partners to
engage the communities surrounding the just and sustainable energy transition for the develop and implement projects that support
Africa, our ability to influence operations to understand the implications of continent of Africa. and enable/provide livelihoods.
and execute operational our activities on wider society.
matters varies. GHG emissions see page 26 GHG emissions see pages 38, 39 Employment practices see page 43
Major impacts in 2023

management management
As such, we have designed our ESG strategy Waste management see page 34 Waste management see page 37 Ethics and transparency see page 44
to comprise three elements all in support of Asset integrity and critical see page 17 Occupational health see pages 39, 41 Supply chain management see page 45
our corporate objectives: safe and sustainable incident management and safety
operations; acting as an influential partner; Occupational health see page 16 Conflict and security see page 37
and being a responsible corporate citizen. and safety
Freedom of association see page 45 Joint venture engagement see page 7
The following table outlines our key and collective bargaining
commitments in our approach to ESG
Conflict and security see page 13
management and maps our alignment to
our three identified pillars which we believe Access to capital see page 26
encapsulate the interests of our stakeholders.
Further discussion of these areas can be
found within our approach to materiality
and throughout this Report.

Overview
Evolving our approach to materiality

We recognise the importance We worked with Buchanan’s sustainability When considering the short- to medium-term Phase 5: Act on the results
practice to execute this scope of work. impacts of each material topic, we consider how We continue to work on integrating the results
of regular materiality they influence both capital expenditure (CapEx) of our review into our standards, processes
assessments to understand Process — encompassing investments in physical and procedures. Given that material issues are
Phase 1: Identify the universe of issues to assets and infrastructure — and operational closely linked to business risks, the analysis
the relative importance of key assess expenditure (OpEx), which relates to day-to-day fed into the identification of new risks within
sustainability issues to our Using our 2022 Materiality Assessment as a running costs and operational activities. the Company’s risk register.
basis, we undertook a review of our material
stakeholders. This helps
issues. Given the inherently close nature of wider Phase 3: Validation The work carried out to date on double
provide a framework for business risk and materiality, this process was To validate our material issues, stakeholder materiality has given us an appreciation of the
prioritising our efforts and commenced in line with our Enterprise-Wide interests and expectations are considered. financial and impact materiality of issues faced
Risk Management Review. Throughout 2023, Panoro carried out numerous by Panoro for the year 2023.
our capital, both now and in engagement activities including interviews,
the future. This is to ensure that our understanding and meetings and workshops. The Company sees this as a continual process
appreciation of the issues that matter most to and will continue to develop its approach and
Given Panoro’s continued growth, as well as our business are up-to-date and relevant. During Phase 4: Ensure relevant Governance understand these impacts over the stated time
macro and legislative changes throughout 2023, this phase, the Company added joint venture structures are in place horizons.
we conducted a review of our materiality profile engagement and supply chain management to To capture the nuances of Panoro’s priorities,
reviewing the most significant impacts (positive the list of topics to reflect the updates in our the Company engages key individuals across
and negative, actual and potential) generated by corporate risk register. the organisation. The Company’s governance
the organisation on the economy, environment infrastructure includes oversight of risks and
and people (“Impact Materiality” perspective). Phase 2: Gather evidence to prove the financial opportunities, as well as monitoring progress on
and impact materiality of the issues goals and commitments taken while monitoring
Anticipating the new requirements from the This phase looks to bring together evidence new emerging issues.
Corporate Sustainability Reporting Directive demonstrating the likelihood, scale and scope
(CSRD), the analysis was updated in line with of both directions of impact. From a financial As we delve further into our double materiality
a Double Materiality approach that requires materiality perspective, Panoro measures profile, we will continue to ensure that relevant
consideration of the Financial Materiality the materiality of an issue by considering the governance structures, processes and
perspective, identifying issues that present probability of occurrence and the magnitude of procedures are in place.
sustainability risks and opportunities that the financial effects.
significantly influence or may influence the
company’s future cash flows, affecting its Conversely, from an impact materiality
development, performance and positioning perspective, Panoro measures materiality by
in the short, medium or long term. gaining an appreciation of the severity and
likelihood of the impact on the environment and/
or society.

Overview
Evolving our approach to materiality

Actual impact on the Actual impact on financial
High Low Material issue Low High
environment and society and operational performance
152,849 tonnes of CO2 equivalent emissions GHG emissions No current cost of carbon. Investment into
emitted into the atmosphere. management emissions reduction initiatives on budget.
Over 3,000 tonnes of waste went to landfill

Waste No notice of violations but increased waste
largely attributed to the cleanup of a legacy oil
management management costs.
storage tank.
No loss of secondary containment or other Asset integrity and critical No notice of violations or remedial costs.
critical incidents. incident management Investments on budget.
Occupational health Increased CapEx investment into processes

0 LTIs and 1.0 TRIFR.
and safety and training on budget.
Employment No whistleblowing or discrimination cases

Job satisfaction and employee motivation.
practices against the company.
Freedom of association
Fair and equitable treatment of employees. Limited impact to operations.
and collective bargaining
Conflict and No impact to operations. Continued investment

Increased international conflict.
security on budget.
Ethics and No ethical breaches or incidents of non-

Responsible business practices.
transparency compliance.
Joint venture
Facilitating job creation in country. Maintained strong engagement.
engagement
Working with partners to drive sustainable Supply chain No adverse impacts identified by the
outcomes. management supplier due-diligence risk screening.
Transparent ESG reporting leading to improved Access to

Successfully raised funding in 2023.
communications. capital
Negative Positive
Overview Sustainable Operations
Sustainable Operations Influential Partner Responsible Corporate Citizen Governance
Safe &
sustainable
operations As we progress, our dedication
remains unwavering, envisioning
a Panoro that champions safety,
not just as a practice but as an
ingrained cultural ethos.”
Sofiane Gaied, Country Manager, Tunisia

Overview Sustainable
Sustainable Operations
Operations Influential Partner Responsible Corporate Citizen Governance
Our operating landscape
The following table, aligned with our strategic framework, outlines where Panoro
sees the greatest positive and negative impacts within our operating landscape.
Impact in 2023 in Tunisia Potential short- to medium-term impacts Strategic controls and response
GHG emissions management
Measures to reduce GHG emissions and contribute to operational and global sustainability goals.
152,849 tonnes of CO2 equivalent emissions were emitted into Capital investment programmes have been defined and are in Further information can be found in the TCFD section of this report.
the atmosphere. progress to reduce flaring across Panoro’s assets. In Tunisia, the Oversight of climate-related risk assessment was elevated to the
Capital investments to reduce emissions continued. ambition is to stop routine flaring by 2030. Board level and amongst operating businesses.
Feasibility studies completed at TPS for the gas valorisation project.
Waste management
Measures to effectively manage waste streams, minimise environmental impacts and enable efficient resource utilisation.
Over 3,000 tonnes of waste went to landfill. Maintain OpEx investment to incrementally enhance the Established a hazardous material management system.
Biodiversity Protection Programme proposed for the replacement management of waste streams. An audit of TPS emissions and waste management for 2023
of the TPS Cercina to Rhemoura pipeline received approval from the found the business to have robust systems in place with effective
ANPE. management of all hazardous and non-hazardous waste streams.
Asset integrity and critical incident management
Measures to promote asset integrity and incident management protocols to enable operational safety, reliability, and risk mitigation.
No process safety incidents were recorded during the year. Maintain annual OpEx investment required for asset integrity TPS plan to recruit a dedicated Process Safety Engineer and
Maintained OpEx investment required for intelligent pigging programmes to minimise the potential of environmental and safety implement monthly management meetings to track asset integrity
programme. incidents and maintain operational uptime. actions.
Completed the Well Integrity Management System design, Most TPS offshore facilities have now been surveyed for structural
ready for roll out across the asset. integrity, fitness for purpose studies completed and work
programmes are to be developed for asset life extension.
Refreshed emergency response protocols and undertook oil spill
response exercise. Implementing a formal well integrity management system.
A pipeline integrity management system is to be developed.
Occupational health and safety
Measures to prioritise the health and safety of workers by establishing and enforcing robust protocols to create secure working environments.
The company’s Total Recordable Incident Rate (TRIR) is now much Maintain annual OpEx investments on operational Health and Safety Activated HSSE Performance Enhancement Plan at TPS with a
improved and in line with industry norms. programmes to minimise negative social impacts such as harm to focus on HSSE performance and management.
Appointed HSSE Advisor and progressed TPS HSSE performance workers, and to promote positive working conditions. Annual review of Safety and Sustainability Policy.
enhancement plan. Conduct audit and inspection programme implemented for the
Increased investment in personnel, processes and training in health Health Risk Assessment initiative.
and safety initiatives to improve performance at TPS.

Our operating landscape
Freedom of association and collective bargaining
Measures that enable freedom of association and collective bargaining to foster healthy labour relations and ensure the rights of workers to organise and negotiate.
There was an increase in union activity with an agreement reached Maintain engagement framework to support positive social and TPS shareholders aligned with respect to engagement
in 2023. economic outcomes. with the unions.
Conflict and security management

Measures to mitigate impacts from conflict and security incidents.
Slight increase in unrest due to international conflicts, but no Maintain management framework to mitigate risks. Active engagement with local stakeholders.
impact on the welfare of workers or operations.
Access to capital
Measures to enable access to capital.
Maintained open and transparent engagement channels with Continue to meet increasing regulatory requirements to support Through strong, transparent and ethical corporate governance
relevant stakeholder groups. access to capital. We do not anticipate any material change to practices Panoro effectively manages its key risks and
Successfully raised funding in 2023. funding in the short to medium term but are aware of this risk and opportunities that have the potential to financially impact the
will continue to listen to our investor’s wishes for the business in company.
this respect.

Approach to Risk Management

Panoro’s culture is one To enhance the specificity of our risk
management efforts, we have divided our risk Board Risk Register
premised on setting high register into three distinct categories: corporate, Highly ranked issues that have serious potential people,
ethical and professional exploration, and assets. This segmentation environmental, reputational, or financial consequences.
allows for a more nuanced analysis and targeted
standards, characterised by mitigation strategies, ensuring a comprehensive
the values of respect, honesty, understanding of the unique challenges posed
by each aspect of our operations. The highest-
transparency and trust Company Risk Register
ranking risks within the company risk register are
throughout all levels of the discussed at each Board meeting. Rolled up risk register for all risks with risk ranking medium or above.
organisation.
Where Panoro is not the operator, we engage
our operating partners to share our expectations
Aligned with our Code of Conduct, we hold and work together to improve performance.
ourselves and our stakeholders to the same
standards, including host governments, partners,
employees, contractors, and customers. Information on Panoro’s
Through transparent corporate governance governance and management of Equatorial
Exploration Risk Tunisia Risk Gabon Risk
practices, Panoro effectively manages its key climate-related risk and opportunity Guinea Risk
Register Register Register
can be found in the TCFD section Register
risks and opportunities that have the potential to
financially impact the company. of this report on page 19.
We conduct six-monthly reviews of the risk

register and this year, in response to the evolving
landscape of environmental challenges, updated
our Enterprise-Wide Risk Management (EWRM)
framework. This comprised updates to climate
change, emissions, and biodiversity matters.

Approach to Risk Management

Management System Framework The senior management team monitor
Corporate Policy and Management Framework
Panoro is committed to operating responsibly by progress against agreed objectives and targets
reducing our emissions and other environmental during weekly operational meetings. Safety and
impacts from our activities with the intention sustainability matters affecting the company are
Safety and Sustainability Policy
being that the company’s presence has a an integral part of these meetings.
positive impact on its stakeholders.
Panoro’s Projects Director is responsible for
Environmental, Social and Governance (ESG) Framework Our Management System Framework collecting safety and sustainability data from all
(“Framework”) outlines the principal components operating assets to generate a monthly safety
for governing and managing safety and and sustainability report that is shared internally.
Corporate Standards sustainability within our operations and the
countries where we are active. Formal risk review meetings are held at least
two times every year, during which all existing
Health, Safety, Incident Our CEO holds overall responsibility for the or newly identified risks categorised as high (or
Code of Conduct Emergency
Security & Investigation &
(Ethics) Response safety and sustainability performance of the significant) are reviewed and discussed. This
Environment Reporting
Company, supported by his management team includes an assessment of the effectiveness
and with oversight from the Board Sustainability of risk reduction measures and whether the
Performance Audits and Committee. mitigated risk is then acceptable to the company.
Risk Management ESG Reporting
Monitoring Reviews Following this meeting, the company-wide and
To ensure the Company operates in a Board risk registers are updated, and a risk
responsible manner, this Framework was report is prepared for the Board.
created to guide those working on our behalf
Asset Level (Operated and Non-Operated)
to the standards expected and ensure good It is the senior management team’s responsibility
governance over all our business activities. to identify and implement effective risk reduction
measures to reduce risks to the company
Operating Company Management Systems and Procedures
Our Framework sets out our approach to by applying As Low As Reasonably Practical
operational sustainability, which includes the (ALARP) principles.
environment, climate change, health, safety
& security, social, economic and governance Further, we conduct a risk assessment when
structures, policies, standards and procedures. acquiring assets and roll the asset into the
biannual risk reviews immediately upon
completion, in line with our EWRM Standard.

Operating a safe and responsible environment

As a company that operates within the oil and Safety, health and security
We recognise the role that we play in supporting gas industry, sharing joint responsibility for At Panoro, ensuring safety remains our top
our operating assets in Tunisia and with non- priority. Our commitment is achieving zero harm
a just and responsible energy transition. We also operated positions elsewhere, our goal is to to individuals, zero lost-time incidents, and zero
recognise the impact the energy transition may minimise our direct and indirect impacts on the overall incidents.
have on developing economies that rely on oil and environment through the way we conduct our
own business and manage our offices, striving Every team member and contractor at Panoro
gas revenues and will work closely with our host to improve on historical performance and in the plays a crucial role in recognising, evaluating,
governments and other stakeholders to support ways that we manage our relationships with our and managing risks within the company. The
partners. Safety and Sustainability Policy underscores
an effective and balanced transition. our dedication to identifying, assessing,
Our people and managing Health, Safety, Security, and
Panoro is a relatively small organisation of 24 Environmental (HSSE) risks, subject to annual
office-based employees across London and review and approval by senior management.
Africa with systems in place appropriate for
a business of our size. As of the end of 2023, Our standards align with best industry practices,
we have offices in London, Tunisia, Equatorial drawing inspiration and guidance from
Guinea and Gabon. We hold equal and joint organisations like the International Association
responsibility for the TPS operations in Tunisia, of Oil and Gas Producers (IOGP) and adhering to
as a 50:50 partner with the state oil company recognised international standards such as ISO
ETAP. 45001 (Occupational Health and Safety), ISO
14001 (Environmental Management), and ISO
We are committed to retaining a highly skilled 9001 (Quality Management System).
and engaged workforce and developing and
investing in our colleagues. This starts with fair The Board takes responsibility for determining
and competitive compensation and benefits and acceptable risk levels, informed by management
includes providing an engaging and inclusive insights. It bi-annually scrutinises strategic
work environment. risks to the business and quarterly reviews the
highest-ranked risks catalogued in the Risk
Our teams are made up of experienced Register. The Board’s key focus is overseeing
personnel with broad and complementary risk mitigation strategies and ensuring the
skill sets that enable the growth ambitions adequacy of mitigation plans.
of the business. Our systems, policies and
processes accommodate national and Senior management is held accountable for
international laws and regulations regarding the company’s health, safety, security, and
labour practices and conditions, including environmental performance, with a continuous
matters relating to human rights. commitment to improvement.


Safety, health and security (Cont’d) Similar systems are managed by both BW Recognising the necessity for robust systems in
Operating in a manner that safeguards our Energy and Trident Energy which are aligned navigating a contracting environment, we have
employees, contractors, partners, suppliers, and with best practices. Further information on the embraced IOGP guidelines to outline measures
communities is ingrained in our ethos. As Panoro performance across our operated and non- for effective operation.
increases it’s operating footprint our focus has operated assets can be found throughout this
organically expanded and strengthened. report. This method ensures a transparent identification
of work scope and associated risks, shaping
Within our office environments, we’ve identified Training and development our contracting strategy. The tendering process
associated health and safety risks, including Panoro believes that value-driven leadership includes screening potential contractors to
those linked to business travel. All employees, encourages and inspires employees, driving verify their adherence to HSSE standards that
officers and directors receive information on development, security and a better working align with company requirements. Following the
safe work practices, business travel procedures, environment internally, as well as a stronger contract award, a regimen of regular audits and
and emergency preparedness, reinforcing our reputation externally. We provide the opportunity performance reviews is implemented, covering
commitment to a secure and resilient work for training for all Panoro employees on an ad pre-mobilisation, operational phases, and post-
environment. hoc basis or as appropriate to meet business completion assessments. This commitment
requirements and regulations. underscores our dedication to maintaining high
Asset integrity standards throughout the entire project lifecycle.
The TPS Well Integrity Management system At TPS an HSSE Performance Enhancement
establishes monitoring and measurement programme was launched during 2023 which Environment
requirements to ensure the integrity of all TPS in part comprised leadership training for the Panoro is committed to responsible and
wells. It will be established operationally during TPS management team. This programme will be As stated in our Code of Conduct, we focus sustainable environmental management,
the coming year. At Cercina, engineering design rolled out to the supervisory level and then field on high ethical standards, professionalism, applying acknowledged industry standards for
work is in progress to safeguard the integrity of operational level during the course of 2024. respect, honesty, transparency, loyalty and trust protecting the environment. The Company will
the existing facilities, with further enhancements throughout all levels of the organisation. operate responsibly wherever we work in the
planned to extend their lifespan in recognition Equal employment, diversity and inclusion world, and we have a commitment to continually
of the field life extension associated with the Panoro is an equal opportunity employer and Panoro had 24 permanent employees at the end reduce emissions for all our operations through
Cercina Concession renewal. has enshrined this within its policies. We have a of 2023 of which 79% were male and 21% were enhanced operating procedures, appropriate
responsibility to ensure that all employees feel female. These statistics exclude employment at maintenance and innovation.
TPS also have an ongoing comprehensive safe and supported. a joint venture level.
condition monitoring and chemical corrosion The company maintains a robust environmental
inhibition programme to ensure the integrity of The Company embraces a diversified working Contractor management management culture, ensuring that our
the process plant across the whole asset. Critical environment, and the Company’s personnel Our business success also rests with those employees and contractors receive proper
safety equipment is tested and maintained at policies promote equal opportunities and rights representing us, and therefore our management training and understand their environmental
appropriate intervals as part of the maintenance and prevent discrimination based on gender, processes in this regard are required to be clear responsibilities.
programme to ensure they will work on demand. ethnicity, colour, language, religion or belief. and robust. Every staff member and contractor
associated with Panoro plays a crucial role in
identifying, assessing, and managing risks within
the company.


We also ensure that our contractors are Environmental management TPS actively manages a corrective actions An external environmental reporting audit of
informed about and adhere to our environmental Panoro has implemented a comprehensive register, with oversight from Partners ETAP and TPS is scheduled for late 2024, underscoring
standards. Additionally, we actively engage with management system, encompassing Panoro during quarterly Operating Committee the commitment to maintaining rigorous
our business partners to advocate for sound environmental management for its corporate Meetings. Environmental data is collected and environmental management standards.
environmental management practices. office in London and individual management reported monthly internally.
systems for its operating entities. TPS in Effluent management
Panoro’s ESG Management System is based Tunisia, BW Energy for the Dussafu asset Across the major assets, comprehensive Panoro supports the operating entities in
on international standards ISO 45001, 9001 in Gabon, and Trident Energy for the Block G programs are in place to reduce greenhouse minimising effluent discharge.
and 140001. asset in Equatorial Guinea each maintain their gas emissions. Specifically, TPS is advancing
respective management systems. environmentally-focused initiatives, including In TPS, Tunisia, and Block G, Equatorial Guinea,
Panoro monitors the Company’s environmental photovoltaic light installations, plastic waste produced water is reinjected into underground
performance on an ongoing basis through While these systems are yet to obtain ISO cleanup at onshore sites, and a gas-to-power reservoirs.
monthly performance monitoring and annual 14001 certification, they are supported by well- plant installation to reduce electrical power
auditing. defined job descriptions outlining environmental consumption from the grid and improve At Dussafu in Gabon, produced water, containing
responsibilities for all positions within Panoro resource efficiency. oil concentrations well below statutory limits and
and TPS. industry standards, is discharged as permitted.

Climate reporting
In July 2023, the Task Force Governance
Nomination
Describe the Board’s oversight of climate- Annual General Meeting
on Climate-related Financial Committee
related risks and opportunities
Corporate Governance
Disclosures (TCFD) took a Panoro’s Sustainability Committee, a Board
subcommittee, plays a key role in integrating
Oversight
significant step forward with its ESG performance and ambitions into the Board
integration into the International company’s practices during the energy
transition. Guided by management and
Financial Reporting Standards
external advice, the committee recommends Audit Remuneration Sustainability
(IFRS) as IFRS S2. governance, resource, and reporting frameworks Committee Committee Committee
aligned with global standards.
This development reflects a growing
recognition of the need to incorporate climate- With explicit oversight of Panoro’s Safety and Executive Management Team
related risks and opportunities into financial Sustainability Policy, the committee addresses
Management, Policy and

reporting. IFRS S2 seeks to standardise and
Operational Control
climate-related issues and ensures alignment
enhance the disclosure of climate-related with the highest standards of safe and
information, providing a comprehensive sustainable business practices, minimising ESG Management Framework
framework for companies to communicate risks associated with operations.
their climate impacts transparently.
Recognising climate change as a relevant risk,
The requirements remain consistent with the committee reports proceedings to the Operations (Operated and Non-Operated)
the four core recommendations and eleven Board after each meeting, ensuring
recommended disclosures originally published comprehensive oversight of climate-related
by the TCFD. issues. The Committee actively makes
recommendations to the Board for necessary
The framework provided by the TCFD is actions or improvements within its remit,
still recognised as a good starting point for reflecting the company’s commitment
companies as they transition to using the to addressing emerging challenges and
International Sustainability Standards Board opportunities.
(ISSB) Standards in the coming years,
therefore, the following pages remain Throughout the year, the Sustainability
structured around the recommended Committee convenes to address sustainability-
four themes of governance, strategy, risk related programs and make informed
management, and metrics and targets. recommendations for continuous improvement.

Climate reporting
Governance (Cont’d) Senior management oversees climate-related Strategy While these aspects can cover a wide range
Describe management’s role in assessing issues through the EWRM process, ensuring Describe the climate-related risks and of issues, we have identified the risks and
and managing climate-related risks and adequate resources and skilled personnel opportunities the organisation has identified opportunities that we believe are material for
opportunities for a comprehensive risk identification and over the short, medium and long term. Panoro due to their potential to impact our
Management at Panoro plays a pivotal role in review. Country managers implement the strategy.
assessing and managing climate-related risks EWRM process within their areas, managing We have defined time horizons as the following:
and opportunities. Our organisational structure, risk assessments and updating risk registers Short term (to the end of 2025) Climate-related risks are integrated into the
Code of Conduct, standards, and culture regularly. corporate risk register and therefore materiality
Medium term (2026 to 2030)
collectively constitute an internal control system and financial impact analysis are considered.
governing risk management. TPS reports safety and environmental Long term (post-2030) Policy and legal risks are presently rated most
incidents urgently based on severity, with daily highly within our EWRM risk register for the
This system ensures consistent and clear production reports providing health, safety, and In accordance with standard practice, we potential to financially impact our business,
reporting of risks from group operations to environmental highlights. Routine conversations consider climate-related risks and opportunities followed by access to capital which draws upon
management and the Board on a quarterly basis. allow deeper assessment of potential issues, under two broad categories: transition and market and reputational risks associated with
fostering a proactive risk management physical risks. climate change.
Responsibility for climate-related matters approach.
lies with our Projects Director, overseeing
decarbonisation programs, while our CFO
manages financial activities related to climate
change. The CEO, responsible for strategy
execution, considers the impacts and
opportunities of climate change.
Through our EWRM process, we identify,

monitor, and address ESG and climate-related
risks. Risks are assessed by identifying the
consequences and the likelihood of occurrence,
then ranked according to severity. Mitigation
actions are established to promote safe,
compliant, and efficient operations.

Climate reporting
Country Assessments A summary of the findings is included below,
Forming a key component of climate-related which should be read in conjunction with our
risk and opportunity assessment, we assessed risks and opportunity assessment thereafter.
key transitional parameters in each country of
operation.
Country Net zero commitment Carbon tax Climate-related legislation Climate-related litigation EU methane
Tunisia Tunisia increased its ambition in the revised Carbon Pricing mechanism Limited None identified. The EU has approved a
Nationally Determined Contribution (NDC) by proposed through 2021 crucial law imposing methane
setting a conditional emissions reduction target National Determination emission limits on fossil fuel
of 45% below 2010 levels by 2030. Commitment to the UN. imports. This aligns with the
Gabon Gabon's second NDC commits to staying carbon- Developing carbon credit 2022 decision to maintain None identified. European Green Deal’s aim
neutral beyond 2050, with a pledge to serve as mechanism. carbon neutrality. A methane to cut net greenhouse gas
a "net carbon sink" absorbing at least 100 million Mesurement, Reporting and emissions by at least 55% by
tCO2e annually with international support. The Verification (MRV) framework 2030. The law mandates the
adaptation component has been reinforced for the oil and gas industry gas, oil, and coal industries
with expanded sectoral coverage and additional is being proposed. Gabon to rigorously measure,
measures. endorses the World Bank’s monitor, report, and verify
Zero Routine Flaring by 2030. methane emissions. The EU
will use these transparency
Equatorial Guinea Equatorial Guinea, with United Nations None, presently. Limited. None identified. requirements in its dialogues
Development Programme (UNDP) assistance, with global energy partners.
submitted its revised NDC in October 2022.
Over 150 countries
UNDP supported the update by revising the
committed to the Global
greenhouse gas inventory, reviewing legal
Methane Pledge, aiming to
frameworks, and providing guidance on
reduce methane emissions
renewable energy policies. National institutions'
by 30% by 2030, fostering
capacity to engage in NDC enhancement and
collaborative efforts toward
implementation was also strengthened.
environmental goals.
South Africa South Africa's revised mitigation targets in its The official carbon tax rate Relevant legislation pre-dates Yes, with one case focused
updated NDC mark a significant progression. was set at $8 per tCO2e in 2010, however, no focus on on oil and gas exploration
The country commits to fixed greenhouse gas 2022. With the transition the oil and gas industry. activity.
emission levels of 398-510 million tCO2e by phase of the carbon tax
2025 and 350-420 million tCO2e by 2030, a extended from the end of
notable reduction from the previous targets of 2022 to the end of 2025,
398 and 614 million tCO2e between 2025 and the effective carbon tax rate
2030. The updated NDC includes the country's is expected to remain low,
first adaptation communication with detailed despite the planned increase
measures. Additionally, South Africa aims for in the headline official rate in
net-zero emissions by 2050 in its Low-Emission the coming years.
Development Strategy.

Climate reporting
Country Assessments (Cont’d)
Panoro considers the following to be key climate-related risks in the short, medium and long term.
Type Related risks Timeframe Potential financial impact Activities and mitigations
The potential to Medium Increased operating costs (e.g., Countries are strengthening action or making pledges to limit warming to 1.5°C and achieve a climate-neutral
Transition Risk
Policy and Legal
increase and/or higher compliance costs, increased and resilient world, including through updating their Nationally Determined Contributions under the Paris
introduce Greenhouse insurance premiums) Agreement. See the table above for relevant NDC commitments.
Gas (GHG) pricing to our We are monitoring policy and legislation developments in countries of interest on an ongoing basis which is
countries of operational also driving decisions on the ground with our operating partners.
or strategic focus.
Enhanced emissions Short Increased operating costs (e.g., All EU countries are required to monitor their emissions under the EU’s Climate Monitoring Mechanism,
reporting resourcing requirements and third- which sets the EU’s own internal reporting rules based on internationally agreed obligations. In addition,
party costs, which are evaluated on countries are making it mandatory for a range of entities to report on their climate-related risk in line with the
a project basis). recommendations of the global Taskforce on Climate-related Financial Disclosures (TCFD).
We are in the process of better understanding our emissions profile and becoming more sophisticated in
measuring our impact as the technology constantly evolves. We endeavour to provide an accurate figure,
though enhanced reporting baselining may evolve over time which makes target setting challenging.
Exposure to litigation Medium Increased costs and/or reduced The industry is witnessing increased litigation activity.
demand for products and services We are committed to transparent reporting and communication of emissions and climate risks. We will
resulting from fines and judgments. communicate the details of our decarbonisation plans and associated targets upon completion of numerous
Write-offs of licence costs in workstreams, where it is appropriate for us to do so and where we have operational control.
the event exploration and/or
development programmes are
halted by external parties opposed
to our activities.
Substitution of existing Medium - Long Write-offs and early retirement of The IEA reported meaningful investment into renewable sources of energy, such as wind and solar, and new
Technology
products and services existing assets sales records for electric vehicles in 2020. It highlighted that in certain markets, solar and wind now represent
with lower emissions the cheapest available sources for new electricity generation. However, under the Announced Pledges and
options Stated Policies Scenarios, oil demand remains at current or increasing levels through 2030.
Presently, our focus is to responsibly produce our energy sources and seek ways to decarbonise our
operating footprint.
Costs of transition to Medium - Long Capital investments in technology As a business, we are investing time and capital to decarbonise our operating footprint.
lower emissions development At TPS, we have commenced the development of a Marginal Abatement Cost Curve (MACC) model that
technology captures the broad set of decarbonisation projects.
Our partners in Gabon and Equatorial Guinea are developing similar programmes.

Climate reporting
Changing customer Long Reduced demand for goods and Reduced demand and price outlook for natural gas and oil have the potential to impact portfolio value. To be a
Transition Risk
Market
behaviour services due to shift in consumer reputable participant in the market, meaningful action on climate change is required which is why we are taking
preferences steps to understand our impact and set our own roadmap for how we can improve.
Based on Panoro’s beliefs and scenarios this is a longer-term risk to the business. The risk lies in people
moving quicker than expected to renewable sources of energy.
Uncertainty in market Short Abrupt and unexpected shifts in The energy transition is likely to entail wildly fluctuating energy prices and service industry costs, to an extent
signals energy costs not seen for several decades. In this context, it is important to create long-term planning objectives and then
manage the price and cost cycle opportunities that arise.
Increased cost of raw Short – Medium Increased production costs due to Global record-high natural gas prices are pushing some companies to curtail production in a trend that is
materials changing input prices and output adding to disruptions to global supply chains in some sectors such as food and could result in higher costs
requirements being passed on to their customers. As an exploration and production company, we factor opportunities to
reduce energy consumption, reduce emissions, and ensure regulatory compliance into our capital budget.
Shifts in consumer Medium Reduced revenue from decreased A decrease in demand in end-user consumption of oil and gas products remains a risk for the industry.
Reputation
preferences demand for goods/services However, we believe that in line with the IEA’s outlook, oil and gas will continue to play an important role within
the energy mix for decades to come.
Stigmatisation of sector Medium – Long Loss of investors, institutions who At a corporate level, the risk lies in financing and fundraising. To mitigate this, we are committed to defining
cannot invest in oil and gas, leading and delivering on climate-related targets as well as transparency of emissions and climate risk reporting.
to loss of company value through At a country level, there is a demand for investment into these sectors that create jobs and royalties and
sector rerating and declining share support a just transition in Africa. We continue to maintain ongoing engagements with shareholders,
prices employees, regulators and other key stakeholders.
Increased stakeholder Medium – Long Banks and other lenders unwilling Potential impact on the value of the Company related to changes in expectations. The recent energy crisis has
concern or negative to finance the company, leading created a knowledge gap in the industry, with departure of an aging cohort and challenges attracting younger
stakeholder feedback to higher financing costs for new talent to replace them.
opportunities resulting in lower Loss of skilled personnel in response to wildly fluctuating perceptions of the industry will have a very
growth disruptive impact on a smooth energy transition. It is incumbent on companies in the sector to explain their
role and assist in managing an effective transition by securing the capabilities required.
Risk of not being able Short – Long Panoro not reaching its own As an industry, we recognise our responsibility to support global decarbonisation objectives. We work with our
to influence operators goals, which have financing and partners to determine appropriate aims and objectives, based on a multitude of engineering, economic and
to reach sustainability reputational consequences environmental factors.
goals

Climate reporting
Increased severity of Medium – Long Reduced revenue from decreased For our operated asset in Tunisia, where there could be an impact, we:
Physical Risk
Acute
extreme weather events production capacity (e.g., - Support and enable investment into facilities and asset integrity of our process plant.
such as cyclones and transport difficulties, supply chain - Have in place emergency response measures and participate in emergency response exercises to mitigate
floods interruptions) the impact of such events.
The location of our projects across West Africa, predominantly offshore in relatively benign tropical
environments, helps mitigate the potential acute impact on our physical assets.
For our non-operated assets:
- We maintain a strong working relationship with the operator of the asset.
Changes in precipitation Medium – Long Increased capital costs (e.g., Minimal impact is expected for the current company production assets. The offshore assets of Block G and
Chronic
patterns and extreme damage to facilities) Dussafu lie in and close to the benign tropical marine environment of the Gulf of Guinea. The onshore assets
variability in weather of TPS in Sfax Tunisia are close to the coast and surrounded by well-maintained flood drainage, enhanced
patterns following two past storm events, minimising the chance of flooding risk at the company sites.
Supply chain disruption can be expected globally but this is hard to define and quantify on an asset-by-asset
basis.
Rising mean Medium – Long Operating cost increases Increasing summer heat in Tunisia requires management of operational activities where the workforce is at risk
temperatures of being impacted. Experience suggests this is restricted to several hours around midday on a limited number
of days of extreme temperatures. New TPS procedures for managing heat stress have been developed and
included as part of workforce training. The viability and life span of the existing assets will not be impacted.
Rising sea levels Long Write-offs and early retirement of None of the company assets will be at risk from rising sea levels during their lifetime
existing assets

Product
Panoro has recognised and A further initiative now being progressed Harnessing the potential of helium This strategic development in the Karoo
involves the optimisation of the TPS production In response to the escalating demand for helium Basin presents a dual advantage. The higher
is currently assessing the process to minimise venting and release of across various industries, Panoro is continuing to helium concentration allows for less gas
implementation of several fugitive emissions. actively explore for this resource, recognising its production and the extracted natural gas can
wide application in semiconductors, fibre-optic be utilised to generate electricity, reducing
climate-related opportunities Upgrades to the production system have been cables, computer chips, welding, industrial leak reliance on regional coal-fired power stations.
at a corporate level and within identified that are expected to reduce offgas detection, cryogenics, nuclear power plants, and
venting, whilst a methane camera is planned MRI machines. There is an additional carbon credit
our operated asset.
to be purchased to identify sources of fugitive potential in this project since the gas that
emissions, enabling more targeted equipment As traditional helium reserves in North America is the target for development is currently
Resource efficiency
repairs and process enhancements. dwindle, the global helium market faces naturally venting into the atmosphere from
Upon acquiring the TPS asset in 2018,
increasing pressure, making the search for new boreholes and natural geological features
Panoro initiated a strategic focus on
At TPS, ongoing waste minimisation efforts sources imperative. Panoro has set its sights on extending to the surface.
production efficiency, identifying opportunities
include the injection of produced water the Karoo Basin in South Africa, where helium-
for improved operations. The first step involved
into subsurface saline aquifers, enhancing bearing gas exhibits a higher concentration,
replacing oil trucking with a safer pipeline route
sustainability. Panoro is actively working to offering a more efficient supply compared to
between the Guebiba field and the Tank Battery
increase injection capacity at Guebiba to other global sources.
export terminal. This not only enhanced safety
minimise saltwater trucking.
but also reduced diesel usage and eliminated
the risk of spills.
These efforts have to date focussed on
increasing the injectivity of the single Guebiba
Collaborating with ETAP and TPS, the Panoro
water injector, a planned drilling of a second
team actively explores options to minimise gas
produced water injection well will, it is envisaged,
flaring in alignment with environmental impact
eradicate the need for any further saltwater
reduction goals.
trucking.
A gas valorisation feasibility study in 2021
Internally, our commitment to resource
assessed microturbines and gas engines
efficiency extends to monitoring and improving
to power infrastructure, with a subsequent
cooling and heating systems in our offices.
engineering concept study in 2022 emphasising
We strive to reduce trucking, optimise energy
the initial deployment of micro-turbine units at
use, and minimise boat journeys, resulting in
Guebiba and Tank Battery facilities. Detailed
multifaceted benefits across cost, safety, and
engineering work is underway to achieve these
the environment.
objectives.

Energy source
The Company’s Scope 2 The flaring of gas contributes to climate change Due to the uncertainty associated with the In response to the changing regulatory
and impacts the environment through the impact of climate change on severe weather landscape and our commitment to excellent
greenhouse gas emissions emission of CO₂, methane and other pollutants. events in the future, it is difficult to quantify the standards of environmental management, we
relate to electrical power It also wastes valuable energy resources that potential impacts associated with any increase continue to seek ways in which we can reduce
could be used to advance the sustainable in these risks. Nevertheless, we are taking steps the emissions profiles of our operations.
consumption at our offices development of producing countries. to improve the resilience of our operations to
in London, Equatorial Guinea, the physical changes that might occur. Financial planning – access to capital
Panoro introduced the use of photovoltaic Concerns surrounding the energy transition
Gabon and Tunisia, in addition to
cells at TPS to provide lighting on the Guebiba Through our EWRM process, we identify, monitor have the potential to reduce the appetite of
the office and operational sites and Tank Battery access roads. A study was and address ESG and climate-related risks to banks or investors to finance hydrocarbon
of TPS in Sfax which consume undertaken in 2022 to assess the feasibility of our business. This incorporates a risk register activities. We do not anticipate any material
implementing wider usage of this technology. through which we identify all significant risks, change to funding in the short to medium term
the vast majority of this power. It was concluded that additional use of assess their impact on the business and then but are aware of this risk and will continue to
photovoltaic cells at the off-grid GUE-7 well develop mitigating measures to reduce their listen to our investor’s wishes for the business
The operations in Tunisia utilise electrical pad location is recommended. Usage at the impact to acceptable levels. in this respect.
power supplied by STEG the national electricity Rhemoura and Tank Battery locations will be
company, plus self-generated electrical power considered if insufficient power is generated by Financial planning – capital allocation Describe the resilience of the organisation’s
from the combustion of associated gas and the gas valorisation project at these locations. We plan to allocate sufficient capital to strategy, taking into consideration different
diesel at the Cercina offshore field. accelerate our energy transition strategy. climate-related scenarios, including a 2°C or
Describe the impact of climate-related This includes investing in measures to reduce lower scenario
TPS risks and opportunities on the organisation’s the environmental impact of our existing oil We have conducted a modelling exercise to
An opportunity exists to improve the businesses, strategy and financial planning production operations, it extends to finding evaluate the impacts of some of our most direct
environmental efficiency of TPS operations Impact on strategy opportunities to invest in projects that may climate related risks and benchmark oil pricing
by minimising routine flaring and using this We recognise that the industry is aligned in its play a key role in the energy transition in the scenarios. This aids in assessing the resilience
associated gas to generate power for the need to deliver energy safely and responsibly years ahead, such as the South African ER 376 of the business to market fluctuations under
operation of the production facilities. Power to meet the aim of the Paris Agreement. With opportunity. various development scenarios.
generated will displace an equivalent provision of our partner in Tunisia, we continue to define our
electrical power supplied by the national grid. Scope 1 and 2 emissions reduction investment Financial planning – regulatory landscape
strategies and alongside our partners in Gabon Norway is seeking to more than triple its tax
We have an ambition to reduce annual routine and Equatorial Guinea, we are detailing specific on carbon dioxide by 2030, increasing its charge
flared gas volumes to zero in line with The World decarbonisation roadmaps that support a just for a ton of emitted CO₂ equivalents from €60
Bank’s Zero Routine Flaring by 2030 initiative and responsible energy transition in Africa. to €200, the government has stated in a wide-
and have started detailed engineering studies ranging white paper spelling out the country’s
to progress this gas valorisation project. At the The potential impacts of the physical risks we climate action plan. Whilst this does not affect
same time, this initiative will dramatically reduce have identified could include a reduction in any Panoro assets, this may be indicative of
the Company total Scope 2 greenhouse gas production, supply chain disruption and damage future changes in legislation in
emissions. to facilities. other jurisdictions.

Scenario Analysis
Climate considerations are The company has run sensitivities for its West Oil demand falls to just under 25 mb/d in 2050: The use of sustainable aviation fuels increases,
and North African oil assets in order to test the around 70% of this is accounted for by the but oil use for aviation nevertheless grows to
factored into a set of scenarios resilience of the Company’s business, using use of oil as a petrochemical feedstock and in the mid 2030s and then only declines slowly.
that have been used to test three of the four scenarios examining future products such as paraffin waxes, asphalt and Maritime oil use falls by 55% between 2022
energy trends published by the International bitumen where the oil is not combusted. Prices and 2050, however, half of the fuels used in
the resilience of the Group’s Energy Agency (IEA) in their World Energy fall along with demand to USD 44/bbl in 2030 ships in 2050 are low-emissions fuels. Oil
portfolio when assessed Outlook 2023 publication. and USD 26/bbl in 2050. prices decline from USD 77/bbl in 2030 to
USD 62/bbl in 2050.
on the basis of cash flows
The scenario impact on our portfolio value and Announced Pledges (APS)
and remaining recoverable reserves is assessed against that generated In the APS scenario all national energy and Stated Policies (STEPS)
resources. by our own oil price assumptions. We have climate targets made by governments are met In the STEPS scenario, oil demand reaches
assumed a linear bridging between end 2023 in full and on time, total energy demand flattens, its maximum level of 102 mb/d in the late
This includes factoring in current legislation prices and the first price point given by the IEA thanks to improved energy efficiencies. Demand 2020s before declining slightly to 97 mb/d in
(e.g., environmental taxes/fees) and estimation in 2030 and assess NPV forward-looking from falls to 93 mb/d in 2030 and to 55 mb/d in 2050. 2050, with reduced demand in road transport
of future levels of environmental taxes. The 2024. The scenarios, generated by changing oil Oil demand in road transport modes falls more as a result of the rise of EVs offset by increased
Group’s participation in the current licenses price assumptions only, have the following key sharply, with EVs accounting for more than 75% oil use in petrochemicals and in aviation. In
and concessions in various jurisdictions are not features: of passenger car and truck sales in 2050. Only in practice, this would probably mean an undulating
currently subject to specific carbon pricing. petrochemicals and aviation is more oil used plateau lasting for many years with demand
Net Zero Emissions (NZE) in 2050 than in 2022. There are plans to restrict moving slightly above and below a long-term
At the recent COP26 UN climate conference, NZE requires global greenhouse gas (GHG) or ban the production and utilisation of single- average from year to year. Oil prices decline
member states explicitly acknowledged the emissions to drop by around 50% by 2030, or use plastics and to scale up plastics recycling, slightly, reaching USD 88/bbl in 2030 and USD
importance of limiting global warming to less 7% per year from 2021, implying a rapid drop in but these do not prevent an overall increase in 86/bbl in 2050.
than 1.5°C, rather than the previous Paris oil and gas consumption, a massive push into global demand for plastics.
Agreement target of ‘well below 2°C’. Despite renewable energy, big gains in energy efficiency,
these targets, global energy demand is projected and rapid development and scaling-up of new Oil demand Oil price
125 150
to continue to grow rapidly, and emerging technologies, including carbon capture.

economies in Africa and other geographies are 100 120
increasingly looking to their fossil resources to Another major focus is reducing methane
emissions from fossil fuel operations. It also
75 90
underpin economic growth, finance their own
USD / barrel
mb/d
energy transition, and help to pay for urgently demands no further fossil fuel exploration and no 50 60
needed climate adaptation measures. new oil and gas production from fields beyond
those already approved for development. 25 30
Our strategy therefore aims to balance In the NZE Scenario, oil demand falls to 77 mb/d 0 0
environmental, energy security and economic in 2030. The electrification of cars and trucks 2000 2010 2020 2030 2040 2050 2020 2010 2020 2030 2040 2050
objectives by investing in efficient producing makes a bigger contribution than anything else STEPS APS NZE
assets in North, West and South Africa, and to reduce oil use, but efficiency improvements Oil demand and prices peak in the late-2020s in the STEPS;
working with our partners to support the and low-emissions fuels also play an important
transition to a low-carbon business. role, especially in aviation and shipping. there are much sharper declines in both the APS and NZE scenario.
Panoro Energy Sustainability Report 2023 Source: https://www.iea.org/reports/world-energy-outlook-2023 Sustainable foundations, a resilient future 27
Scenario Analysis
Key findings Moreover, a significant and prolonged reduction
Sensitivity analysis conducted show that the in oil and gas prices would likely result in
Company’s portfolio remains resilient under mitigating actions by the Group and its license
each of the above mentioned scenarios. Even partners; for example it could have an impact
under the most demanding NZE scenario, all on drilling plans and production profiles for
segments remain economic, even though NPVs new and existing assets.
are negatively impacted and would result in an
illustrative potential impairment loss of around Quantifying such impacts is considered
USD 81 million. impracticable, as it requires detailed evaluations
based on hypothetical scenarios and not based
A summary of the impact of the different future on existing business or development plans.
oil price scenarios on NPV and reserves are as
follows:
Percentage reduction/ Net Zero Emissions Announced Pledges Stated Policies

(increase) (NZE) (APS) (STEPS)
NPV10 48% 5% (13%)
Reserves 34% 10% 4%
These illustrative impairment sensitivities

assume no changes to assumptions other than
oil and gas prices. However, significant reduction
in the oil and gas prices, offset by foreign
currency effects, would likely impact the Group’s
investment levels. The illustrative sensitivities on
climate change are not considered to represent
a best estimate of an expected impairment
impact.
Panoro Energy Sustainability Report 2023 Source: https://www.iea.org/reports/world-energy-outlook-2023 Sustainable foundations, a resilient future 28
Risk Management
Describe the organisation’s processes for Through our EWRM process, we identify, We are and will be conducting internal and Describe how processes for identifying,
identifying and assessing climate-related risks monitor and address ESG and climate-related external auditing programmes to verify assessing, and managing climate-related risks
Panoro defines risk as exposure to the possibility risks to our business in addition to existing improvements. are integrated into the organisation’s overall
of loss, injury or other adverse or unwelcome and emerging regulatory requirements related risk management.
circumstances or situations involving such to climate change. The process is based on Once all the risks have been classified into Low, Our well-established risk management process
possibility. A risk is an uncertain event or a continuous improvement methodology Medium, High and Very High, risk reduction has been extended to address climate-related
condition that, if it occurs, has a negative effect that is an integral part of ISO 45001 measures must be developed to reduce any risks. This has identified and ranked the most
on the Company. For Panoro, risks are divided Occupational Health and Safety, ISO 14001 risk to as low as reasonably practical. All risk significant risks to which the business is
into six risk categories that best cover the work Environmental Management and ISO 9001 reduction measures should be SMART (Specific, exposed. As a consequence, projects mitigating
activities as follows: Quality Management Standards. Measurable, Attainable, Realistic and Timely). these risks have been defined and are beginning
Managing risks involves developing cost- to be implemented across the company assets.
1. People / Health and Safety
Our structured process for identifying hazards effective options to deal with them including: At our operated asset TPS, our objective is to
2. Security that may be present within the planned project reduce routine flaring to zero by 2030, currently
Avoiding
3. Environment or circumstance is conducted by a team our most significant climate-related project
with appropriate experience, expertise and Reducing activity. At our non-operated Block G, the
4. Public / Country / Reputation
knowledge. Once the various hazards have Transferring operator is proceeding with an ambitious capital
5. Assets and Operations / Climate Change
been identified, each one is assessed for Accepting investment programme that will reduce absolute
6. Financial Impact consequence and likelihood of occurrence emissions associated with flaring by up to 85%
using the EWRM Consequence Matrix. Our Each country maintains its own risk register by 2030.
We are committed to effectively managing consequence severity table provides some which is reviewed at regular management
all aspects of risk for the business to reduce guidance as to how consequence levels should 2023 has provided a second base year set
meetings. Risks classified as high should be
any negative effect by applying As Low As be selected for the specific risk. of data. Historical and current key performance
transferred to the Company wide Risk Register.
Reasonably Practical (ALARP) principles. The indicators relate to the accurate recording and
This register is reviewed every three months by
Company’s Safety and Sustainability Policy Describe the organisation’s processes for reporting of climate-related base line data. This
the Executive Team to monitor and review the
demonstrates a commitment to identify, assess managing climate-related risks. is expected to transition to target setting and
effectiveness of the risk reduction measures.
and manage all aspects of HSSE risks. Panoro We are managing climate-related risks by then monitoring progress against those targets
The company wide risk register will be presented
has a mandated ongoing process, risk registers carefully monitoring developments addressing in the years ahead.
and discussed at least twice per year in a Board
will be subject to a six-monthly review and cause, impacts and associated legislative meeting.
update, then rolled up to the Board. response. Through this understanding and
benchmarking performance against the
There are further reviews whenever there is upstream industry, we are setting goals and Panoro Risk Management Process
a significant change to the business, with the targets for improving.
Board being briefed as appropriate. This process
enables us to quickly identify, escalate and This extends to raw measurements and data Manage/ Monitor
Initiate Identify Assess
appropriately manage emerging risks. Mitigate and Review
gathering, the funding and implementing of
specific improvement projects to reduce
emissions, improving asset integrity and taking
steps to reduce flaring and venting.

Metrics and Targets

Disclose the metrics used by the These technical improvements now form
organisation to assess climate-related risks an integral part of the asset enhancement
and opportunities in line with its strategy programme for 2024 and will enable more
and risk management process accurate measurement of data and the ability
To effectively manage climate-related risks to set baseline and reduction targets for our
and opportunities, we gather and monitor our operations, this will ultimately allow the business
data in line with IOGP guidelines and historical to measure and report on the performance
performance indicators. We consider total of specific interim and longer-term emissions
GHG emissions, energy consumption and reduction projects.
hydrocarbons flared as our key metrics with
absolute and intensity levels of each variable Climate-related metrics are incorporated into
regularly monitored. the company KPIs, the performance against
which determines annual remuneration. The
In Q4 2022 we conducted a review and a formal Company is yet to define internal carbon prices
audit of emissions monitoring capabilities for target setting.
which highlighted the need to improve the
measurement of emissions to ensure a more
accurate emissions monitoring.
As part of a further emissions audit in Q1 2024

it was observed that higher accuracy metering
was being installed on the asset, separator
meters were upgraded during 2023 with high-
and low-pressure flare metering being installed
for the first time during 2024.
New technical upgrades are

enhancing data measurement,
enabling emission reduction target
setting and monitoring.

TPS
Joint venture operations in Tunisia In addition, Panoro introduced a TPS procedure Underpinning this initiative is our belief that
In 2023, Panoro invested in the hiring of specific
roles and team members enhancing both the
0 LTIs at TPS aimed at guiding and supporting Management
Walkarounds that outline strategies for engaging
fostering a safety culture requires persistent
efforts. Panoro is pleased to report that in 2023,
efficiency and productivity of the team in Tunisia. with field personnel and highlights key aspects the shift in HSSE culture improved notably, we
The new hires play a key role in bridging cultural to observe during site visits. believe this improvement in safety culture is set
gaps and fostering a unified safety culture. In TRIR fell from to positively impact both uptime and efficiency
5.9 to 1.0
February, Andy Scott joined the team as Deputy HSSE enrichment campaign across Panoro’s operations.
General Manager with a focus on governance In the pursuit of fostering a robust safety culture,
of HSSE. Andy brings years of leadership and Panoro triggered an HSSE enrichment campaign
practical experience in leading oil companies. focusing on safety culture improvements. Case study
For all operational activities, every employee Key components include the update of Life Proactive management of stress fatigue
Health, safety and security and contractor has the right to immediately Saving Rules, the launch of the HSSE Leaders and heat stress
As a JV partner in TPS with the national oil issue a stop work order in the event of an Campaign, modernisation of STOP Cards, and
company ETAP, we take equal responsibility for unacceptable risk of accident or environmental a comprehensive review and update of HSSE Utilising the TPS risk assessment procedure,
the health, safety and welfare of our 172 TPS incident being identified. In the event of serious procedures. a detailed health risk assessment (HRA)
employees. Underpinning our commitment to incidents occurring or high-potential incidents was conducted to identify employees most
safety, and recognising it as our top priority, being identified, a comprehensive root cause The campaign encompasses the refinement susceptible to fatigue, stress, heat stress,
we operate a health and safety management analysis is conducted as part of post-incident of the HSSE Risk Assessment Matrix and the and mental health issues.
system with clear operating parameters that investigations, this identifies and prioritises areas development of detailed risk registers for all sites
capture all health and safety data; calculated and for improvement. and activities. Panoro has prioritised efficient The HRA was successfully completed,
reported in line with IOGP standards. incident reporting and performance monitoring, incorporating input from the Company
In 2023, Panoro updated and modernised with a focus on continual improvement in safety Doctor. Subsequently, TPS procedures on
TPS provides monthly health and safety updates the TPS Golden Rules in alignment with IOGP protocols. stress, fatigue, heat stress, and mental health
to Panoro, and this information is reviewed guidelines, tailoring them to be specifically management was developed and rolled out,
during the quarterly Technical and Operating applicable to TPS operations. The revised Panoro has achieved milestones, including with an ongoing awareness campaign across
Committee Meetings (TOCMs), which are in turn rules were rolled out across all offices and field the commencement of an H2S gap analysis, all levels of TPS, including contractors.
shared with Panoro’s leadership team and Board. sites, ensuring universal adoption. Additionally, updating TPS HSSE Procedures and providing
these rules were integrated into all contract targeted training to Workover crews. The To ensure proactive and reactive control
During 2023 there were 0 Lost Time documents to reinforce adherence. company is poised for a full roll-out of the ‘HSSE: measures are effective, they are integrated
Injuries (LTIs) at TPS and TRIR fell from 5.9 For Life’ campaign in the coming year, reaffirming into the HRA, with monitoring tools set to be
to 1.0. Tragically a contractor was killed on The finalised and approved versions were its dedication to safety and environmental included in 2024.
a neighbouring project unrelated to TPS, printed and distributed in three languages— responsibility.
learnings from this awful incident were English, French, and Arabic. Additionally, an annual auditing and inspection
shared with TPS staff. programme is being developed to keep stress,
fatigue, heat stress, and mental health on the
TPS radar, with implementation scheduled for
the 2024 audit programme.

TPS
Contractor health and safety In 2023 we continued our pipeline and flowline
We were deeply saddened by an accident intelligent pigging programme, an exercise Case study The exercise demonstrated effective
that occurred in November 2023 on a designed to verify that the production system is Cercina oil spill response exercise collaboration and response coordination.
neighbouring production facility, not part of being managed effectively to prevent any leaks.
the TPS asset. The ground collapsed during During 2023 the Well Integrity Management In September 2023, TPS, in collaboration The positive feedback and recommendations
pipeline welding operations by a Sfax-based System was completed and will be rolled out with the Mediterranean Oil Industry Group underscore the professionalism demonstrated
welding contractor, who is separately contracted across the asset during 2024. (MOIG), orchestrated the Cercina Tier-1 Oil by the Management Response Teams,
to TPS. The accident resulted in one fatality. Spill Response Exercise in Kerkennah Island, confirming their preparedness and adherence
Learnings taken from this event have been There is now a concerted effort to improve Tunisia, aiming to evaluate and enhance oil spill to safety standards in managing potential
communicated widely in TPS and across the integrity of the asset and update work response capabilities. The exercise focused oil spills.
the Panoro business.The contractor is being practices at site level with the aim to prevent on notification procedures, coordination of
monitored and supervised accordingly. any accidental leaks and improve the overall response actions, containment, recovery, and
safety performance. safety monitoring. Participants from TPS, ETAP,
Asset integrity and process safety Panoro and wider stakeholders collaborated to
We carefully plan our operations and seek to Emergency response achieve these objectives.
identify potential hazards and have rigorous Panoro’s Emergency Response standard
operating and maintenance practices to manage is rooted in the widely recognised Incident To oversee the management of the exercise, an
risks at every stage of the asset lifecycle. Command System, tailored to address Exercise Steering Committee (ESC) was formed
Given the mid-life nature of the TPS assets, command, control, and coordination matters consisting of representatives from TPS and the
the corrosive nature of the production fluids in preparation for emergency scenarios. Our MOIG. There were seven ESC meetings prior
and their location close to inhabited areas top priority in any emergency is to assist those to the exercise to define and discuss the scale,
onshore and a sensitive environment offshore, affected, minimise environmental damage, and scenario and management roles.
asset integrity remains a key priority. undertake activities such as oil clean-up and
wildlife protection. Scenario and Deployment
It is necessary to continuously monitor The chosen scenario simulated a crude oil
the condition of all existing equipment and TPS has an Emergency Response facility leakage in the flow line from CER-1 well to the
quality of the asset management processes, and protocols, covering all their operating storage tank, resulting in an estimated eight-
to this end, TPS is working to consolidate sites and the central office, this is linked to barrel spill. The response involved deploying a
structural, pipeline and well integrity systems the Panoro Emergency Response support 100-meter fence boom, weir skimmer, and sea
into a single, over-arching asset integrity provided by the Tunis office and the London vessels to support the Emergency Response
management system. At our shallow water Corporate office. The emergency response Team in deploying equipment.
operations, an area also used for local teams will undergo regular testing and
commercial fishing, we proactively ensure exercises throughout 2024, with lessons Evaluation and Recommendation
the integrity of pipelines. learned informing updates to response plans. According to the MOIG, the evaluation
revealed areas ranging from good to excellent
with objectives achieved above expectations.
The exercise was recommended as a reference
for future exercises.

TPS
Environmental management
Case study Panoro’s comprehensive environmental
Upgrading gas and fire detection management system reflects our commitment
to sustainability. Our integrated approach
In 2023, TPS executed a comprehensive encompasses key components to ensure
initiative to enhance safety on the Cercina environmental responsibility and continual
platform, completing a Fire & Gas Detection improvement.
Gap Analysis, engaging with Engineering
Management & Contracting, and conducting Firstly, we prioritise the cultivation of a strong
fire loop tests. environmental management culture within the
company. Our senior management team plays
The initiative paved the way for further a pivotal role in overseeing and enhancing the
improvements, including a detailed analysis company’s environmental performance.
of the current fire-fighting system and
identification of enhancements across In line with our dedication to ethical and
all platforms. responsible business conduct, Panoro pledges
to comply with all applicable national and
Following a site visit, a risk assessment was international laws, regulations, and standards
conducted, resulting in a mitigation plan with governing environmental practices and we
ten improvement points. Concepts were recognise the importance of a legal framework
explored based on reliability, maintenance, to guide our actions.
operational considerations, and cost.
To ensure our workforce has the skills
The mitigation plan includes installing a necessary to safely conduct their role, we
firefighting system, a fire and gas detection prioritise employee and contractor training.
system, revamping fusible plugs, a new Ensuring that our staff and partners are well-
emergency shutdown system, protective informed and aware of their environmental
systems for power generators, pressurisation, responsibilities is fundamental to our strategy.
automatic fire suppression for control and By fostering awareness and understanding,
electric rooms, and blast-resistant structures. we aim to create a collective force for positive
environmental impact.

TPS
Environmental management (Cont’d) Incident investigation and reporting Looking ahead to 2024, Panoro is focusing on
Robust emergency response plans form a key Our incident investigation standard aims its drilling programme and continuing efforts Case study
part of our management system framework to ensure safety, minimise environmental to improve waste management practices. The Emissions reduction initiatives
with regular tests to minimise potential damage, and inform senior management company is also taking steps to organise its
environmental impacts in the event of accidental promptly. Incidents are classified based on sites with recycling stations to ensure waste is In 2023, Panoro initiated projects to reduce
releases. Furthermore, we actively encourage severity, aligned with the EWRM Standard directed to the appropriate streams. emissions stemming from surplus gas flaring
our business partners and contractors to covering public, financial, production assets, at three TPS locations: the Cercina Platform,
adopt similar measures, ensuring a shared environmental, health and safety, and security Performance enhancement plan Tank Battery, and Guebiba Station. Flaring
responsibility for environmental stewardship. consequences. In 2023, the Performance Enhancement is essential for process safety within oil and
Plan that was established in November 2022 gas platforms and process plants, however, it
Panoro has in place a stringent incident High-potential incidents trigger reporting to continued its focus on enhancing operational results in emissions and resource wastage.
investigation and reporting standard in the senior management within 24 hours, prompting safety and environmental performance at TPS.
event of environmental accidents or near independent investigations and proposing The 18-month plan addresses identified areas Our proposed initiatives aim to minimise
misses. Thorough investigations are corrective actions. All recordable incidents for improvement through realistic ‘mini’ projects. operational flaring while utilising surplus gas
undertaken, and efficient corrective actions adhere to IOGP Standards, with monthly HSSE for electricity generation. Feasibility studies
are implemented promptly to prevent a reports providing insights and safety statistics Health, safety, security, and environmental indicate that approximately 80 to 85% of the
recurrence. This approach reflects our proactive benchmarked against industry standards. priorities include regular leadership meetings, flared gas can be repurposed for electricity
stance towards addressing environmental site inspections, and a robust audit programme. production.
challenges. Waste management New initiatives for 2024 involve formalising
In waste management, Panoro had over 3,000 a hazardous material management system, These projects involve installing mini turbines
Ensuring that our contractors comply with our tonnes of waste that ended up in landfills in refreshing emergency response exercises, at Guebiba Station and Tank Battery, along with
established environmental standards is a key 2023, primarily due to the cleanup of a legacy oil improving emissions monitoring accuracy and modifications at the Cercina Offshore Platform
aspect of our environmental management storage tank contaminated with organic chloride. rolling out the well integrity management system. to reinject surplus gas into the production
system. We believe in fostering a collective This incident, dating back to late 2018, occurred stream.
commitment to sustainable practices across our around the time Panoro acquired its interest Project champions across the asset are actively
entire ecosystem of collaborators. In addition, in the asset and significant steps towards driving the plan forward. The implementation timeline spans from
Panoro actively engages with business partners improving waste management practices has 2024 to 2027, with estimated costs totalling
to promote and uphold high standards of since been taken. $8.2million over the four-year period. By
environmental management. efficiently utilising gas resources for electricity
Panoro has implemented a robust hazardous generation, we aim to substantially reduce
To maintain accountability and track our material management system, which was operational expenditure, mitigate future CO2
progress, we conduct annual environmental subject to an audit in 2023. The findings of the taxation implications, and decrease emissions
performance audits. These audits provide a audit revealed that the company has effective intensity while lessening reliance on the
structured evaluation of our environmental systems in place for managing both hazardous national grid. Additionally, potential surplus
initiatives, ensuring that we meet and exceed and non-hazardous waste streams. electricity export opportunities may arise.
our established environmental goals.

TPS
Environmental management (Cont’d) relationships with stakeholders.
Biodiversity
As stated in our Safety and Sustainability
US $248,027
allocated annually by Panoro to a Corporate
Policy, we are committed to minimising the loss
Social Responsibility (CSR) programme
of natural habitat and protecting biodiversity,
ecosystems, flora and fauna, water sources
and water quality where we operate. This Community investments
commitment includes strict compliance with In collaboration with the Governorate,
relevant legislation and avoiding operations in Panoro allocated $248,027 in 2023 to a
ecologically sensitive areas. Responsibility for CSR programme. The initiative focuses on
biodiversity rests with Panoro’s Board-level financing projects that positively impact the
Sustainability Committee. local community. Our Agreement with the
Governorate includes a quarterly evaluation
We protect biodiversity, ecosystems, of the programme’s effectiveness.
and water sources across our operational
areas, encouraging our business partners to Restoration through waste removal
adopt similar practices. Our dedication extends In 2023, Panoro addressed a popular local
to preparing and implementation of action concern by allocating CSR funds to remove
plans to protect local ecosystems, thorough waste from a vast area near the Tank Battery
Environmental Impact Assessments and Site.
specific biodiversity assessments.
The diverse waste poses risks to both
In 2023, we completed offshore pipeline the environment and human health. Through the
replacement work, highlighting our commitment CSR initiative, Panoro efficiently disposed of
to prioritising environmental integrity. Our the waste and restored the area to a safe and
biodiversity protection plan received approval clean condition.
from the ANPE and discussions are underway
to shape the future management plans and Solar-Powered Illumination
key performance indicators, ensuring that our As part of its CSR commitment, Panoro
environmental efforts are in line with our long- invested in the photovoltaic illumination of
term sustainability goals. Guebiba Village. The initiative benefits the
local community by providing illumination to
sensitive road areas and received positive
feedback from the local community.
The solar-powered illumination enhances

safety for third-party road users, as well as
TPS employees, and ultimately fosters improved

Overview Sustainable Operations Influential
InfluentialPartner
Partner Responsible Corporate Citizen Governance
Influential
Partner
Collaborating closely with our
partners, we champion impactful
initiatives that position our
company as a leader in driving
positive change within our
communities.”
Antonino Ondo, Country Manager, Equatorial Guinea

InfluentialPartner
Influential Partner
Being a respected and trusted partner to our operating and JV partners

is crucial to meeting our respective business objectives.
Impact in 2023 Potential short- to medium-term impacts Strategic controls and response
GHG emissions management
Measures to reduce GHG emissions and contribute to operational and global sustainability goals.
Capital investments to reduce emissions continued across Distinct CapEx approved projects are in motion in both Equatorial Further information can be found within the TCFD section of this
Block G. Guinea and Gabon. report.
At Block G the Foxtrot compression project continued with In Equatorial Guinea the operator is planning to reduce flaring by
purchase of Long Lead materials and trials to inject offgas into the 80% by 2030. In Gabon the operator is working on flare reduction
Ceiba Field. through plant process optimisation.
Waste management
Measures to effectively manage waste streams, minimise environmental impacts and enable efficient resource utilisation.
The Block G operator launched a programme to reduce single use Maintain OpEx investment to incrementally enhance management Trident Energy maintains a clear position on waste management
plastic across onshore and offshore facilities. of waste streams. and introduced several new initiatives in order to minimise waste.
In Gabon, BW Energy was able to start diverting 50m3 of BW Energy distinguishes between hazardous, recyclable and
recyclable waste away from landfill for the first time since residual solid waste types and has in place a clear management
inception. system.
Occupational health and safety

Measures to prioritise the health and safety of workers by establishing and enforcing robust protocols to create secure working environments.
The Block G operator has rolled out a number of health initiatives. Maintain annual OpEx investments on operational Health and Stringent HSSE Management System in place in Equatorial Guinea.
Internal first aid, CPR and AED training sessions were held at Safety programmes to minimise negative social impacts such as BW Energy has risk management framework in place to ensure
Vistamar. harm to workers, and to promote positive working conditions. safe and effective operations in Gabon.
There were no Lost Time Injuries recorded for the year on Block G.
Conflict and security management
Measures to mitigate impacts from conflict and security incidents.
Slight increase in unrest due to international conflicts, but no Maintain management framework to mitigate risks. Conduct thorough risk assessments in operational regions.
impact to welfare of workers or operations. Active engagement with local stakeholders.
Joint venture engagement
Engaging in joint ventures involves navigating collaborative partnerships, requiring effective communication and shared goals for the success of all involved parties.
Maintained strong relationships with all JV partners. Maintain engagement practices and collaborate to meet Annual review of Safety and Sustainability Policy.
advancing regulatory conditions that have specific focus on Ensure operator alignment with Panoro standards and policies in
sustainability-related matters, such as carbon taxes and disclosure country organisations.
obligations.

InfluentialPartner
Equatorial Guinea
Oil and gas exports have The main hydrocarbon plays include Eocene The company has a dedicated management
sands and Upper Cretaceous turbidites, with the system with policies, procedures, standards,
been central to Equatorial potential for deeper Albian targets similar to the and guidelines aligned with international
Guinea’s growth and are Block S prospect scheduled for drilling in 2024. standards and the United Nations Sustainable
Development Goals.
expected to continue driving Operational partner, Trident Energy
the economy going forward Leveraging our industry expertise, we work
closely with our partners to enable the safe and
Trident discloses a variety of GHG-related
emissions data including methane, flaring
Nationality
as it diversifies along the oil
responsible operation of assets, and to support intensity and CO₂ intensity and aims to Nationals – 66%
and gas value chain. a just and sustainable energy transition for the reduce emissions by targeting gas flaring, and
Expats – 34%
continent of Africa. eliminating non-routine flaring volumes. They
In February 2023, Panoro achieved a significant also have clear policies on water, waste and
milestone by securing a 56% interest and Trident’s strategy involves acquiring neglected biodiversity management.
operatorship of Block EG-01, situated in water mid-life assets around the globe and revitalising
depths ranging from 30 to 500 meters. them through redevelopment to boost The company has a clear approach to diversity
production and unlock reserves. and inclusion, with all staff subject to their Equal
With an initial three-year period, Panoro and its Opportunities and Anti-Harassment and Bullying
partners will leverage existing seismic data to Trident’s Board of Directors is responsible for policies, and annual training on workplace issues.
conduct in-depth subsurface studies, evaluating overseeing sustainability management and They employ many people in the UK, Equatorial
the block’s prospects. performance and provides strategic guidance. Guinea and Brazil and aim to increase female
The Board meets four times a year and the ESG representation in the industry through various
Following this phase, a potential two-year committee covers ethics, compliance, health events.
extension allows for the drilling of one & safety, and the environment. The company
exploration well. Previous exploration activities has a strong commitment to managing climate Trident’s “building true capacity” approach has
have affirmed key geological elements, risk and setting reduction targets and has an resulted in their supply chain operations showing Gender
identifying an extensive prospect inventory Enterprise Risk Management Framework. solid trust in local vendors and steady figures
within tie-back distance to Ceiba Field and when it comes to hiring in-country services and Male – 75%
Okume Complex facilities. purchasing locally sourced goods since taking Female – 25%
on the asset in Equatorial Guinea.
As of December 2023, the workforce

comprised 548 employees, of which
66% were nationals. Source: Trident Energy Sustainability report 20021

InfluentialPartner
Equatorial Guinea
Operational partner, Trident Energy (Cont’d) Emergency response The dedicated HSSE Management System
Gas flaring The completion of Trident’s comprehensive implements safe, reliable and compliant Case study
Our assets in Equatorial Guinea are not able to Restrata Emergency Response training for operations across the Trident Group. Additionally, Safety leadership with Leaders in
rely on existing networks to utilise gas; therefore, offshore assets and the subsequent OSRL they have a raft of policies that are embedded in Health and Safety (LiHS) train-the-trainer
flaring in Equatorial Guinea is a major contributor inspection reflect Trident’s dedication to their management system, have a well-defined programme
to our GHG emissions footprint. To tackle this, maintaining effective response capabilities approach to crisis and emergency management
Trident is looking to sanction an ambitious in the face of major incidents. and take process safety very seriously. In the Recognising the pivotal role of leadership in
capital programme to eliminate routine flaring to management of process safety, they base their health and safety, Trident initiated the LiHS
only that which is required for safe operations. In 2023, major Emergency Response Plans approach on industry guidelines such as IOGP Train-the-Trainer programme. The objective
were revised and approved further exemplifying 638 covering process safety fundamentals, and was to equip designated leaders with the
The project involves the improvement of the Trident’s proactive approach to emergency IOGP 456 on recommended practice for KPIs. necessary expertise to conduct training
existing gas network and new facilities for preparedness. sessions, fostering a culture of safety across
injecting the produced gas into the reservoir for Trident conducted an audit of 26 contractors all assets. These leaders, now well-versed in
future use. If sanctioned, this project will reduce Training and recruitment initiatives in 2023, ensuring the highest safety standards the principles of safety leadership, assumed
absolute emissions associated with flaring by up In 2023, eight HSE Representatives participated across its operations. In addition, the the responsibility of conducting training
to 85% by 2030. in Process Safety Management training implementation of regular presentations on sessions for employees at various assets.
provided by the National Examination Board Malaria, Hepatitis, Typhoid and the successful
Risk management and compliance in Occupational Safety and Health, resulting rollout of the TEGI Medical Examination A total of 382 individuals have actively
Trident demonstrated a proactive commitment in internationally recognised qualifications Procedure contributes to health awareness participated in the LiHS sessions, spanning
to risk management and compliance throughout helping to raise the competence of safety and among employees. across 18 training sessions. The LiHS training
the year. The successful acquisition of all environmental professionals. initiative was also extended to include
outstanding HSE licenses ensures that the As part of a new Offshore Travel Mandate, contractors ensuring that all personnel
company remains in adherence to regulatory Furthermore, the appointment of a new local Trident ensures compliance through the involved in activities possess essential safety
requirements. HSE representative aligns with Trident’s International Minimum Industry Safety Training leadership skills.
recruitment strategy, strengthening safety roles and select Offshore Survival Training for all
Additionally, the implementation of a new risk within the company and contributing to the offshore staff and contractors.
management standard and the integration of overall development of local talent.
Job Safety Analysis processes across assets
underscore their dedication to enhancing Health and safety focus
hazard identification and risk assessment
methodologies.

InfluentialPartner
Equatorial Guinea
Community engagement Social Investment Programme,
We believe that working with communities Equatorial Guinea
with the purpose of developing long-standing With our partners, we have been supporting
partnerships is the most effective way to achieve local communities and promoting social and
real results and lasting change. economic development since the beginning
of 2021 with funds originating under the
Our approach is to engage with our Block G Production Sharing Agreement.
neighbours, community leaders, non-
governmental organisations and charities Working with Trident and collaborating with the
with respect and dignity to understand the Ministry of Mines and Hydrocarbons and the
implications of our activities and changes State of Equatorial Guinea, we invest in high-
in the industry and wider society. impact and sustainable projects, programmes
and initiatives that maximise value to
Our vision is to create more jobs in-country communities throughout Equatorial Guinea.
and help diversify the local economy. We always
encourage the employment of local staff and We focus on the most vulnerable
engage in capacity building through the transfer communities close to our business,
of skills and technologies. Our aim is to support addressing their fundamental needs, such
local companies’ growth and expand their as healthcare, education, infrastructure and
participation in the local economy, to generate environmental projects.
local value for people and communities.
We always strive to source from

companies locally, for example,
in 2023, 78% of our spending at TPS
and 58% in Equatorial Guinea was
devoted to local suppliers.

InfluentialPartner
Gabon
Gabon is a mature oil industry leaders convened promptly, outlining The Company is aligning its activities The Company follows the International
their commitment to business continuity. The in Gabon with the following voluntary standards: Association of Oil and Gas Producers guidelines
producer in West Africa that meeting, held just two days after the coup, for incident reporting and, at an asset level,
derives a significant amount aimed at ensuring seamless operations and Equator Principles IV (EP) (dated July 2020 provides its partners with quarterly HSSE
reorganising the country’s systems in alignment and effective 1 October 2020) performance analysis.
of its revenue from crude with the evolving political landscape. International Finance Corporation (IFC)
oil production. Performance Standards on Environmental and
The Minister of Petroleum’s attendance at the Social Sustainability (2012) (the IFC Performance
In recent years, Gabon has positioned itself as a October Energy Week in Cape Town signals Standards)
climate champion, prioritising a green economy a proactive effort to attract major investors,
World Bank Group (WBG) Environmental, Health
strategy involving agriculture, mining, sustainable particularly in the oil and gas industry.
and Safety (EHS) Guidelines (April 2007)
fishery, timber resources, clean energy, and
ecotourism. In navigating these political changes, Panoro WBG EHS Guidelines for Offshore Oil and Gas
remains committed to continued collaboration Development (June 2015)
Notably, Gabon stands out as the first African within Gabon to contribute positively to its
country to receive payment from the UN- economic and social development. BW Energy monitors, Process Safety,
hosted Central African Forest Initiative for its Occupational Safety, Environmental and
commitment to forest protection and emission Operational partner, BW Energy Asset Integrity performance, among its key
reduction. Nevertheless, challenges persist, BW Energy is dedicated to conducting business areas of focus.
with one in three young Gabonese experiencing with integrity and a focus on sustainable and
unemployment and two-thirds of job vacancies responsible operations, guided by principles
remaining unfilled. of good corporate governance. The company
has a risk management framework to ensure
The landscape in Gabon witnessed a significant
transformation in late August 2023, marked by
safe and effective operations while minimising
environmental and social impacts.
“Effective communication stands as
a military coup leading to a reorganisation of the
government. This development, while posing These factors are integrated into their the cornerstone of our engagements
challenges, has been handled with a focus on strategy, risk management and business
maintaining stability and ensuring a peaceful development, and BW Energy seeks to create in-country. As collaborators, it is key that
transition. local employment and contribute to social and
economic development. we remain trustworthy, proactive, and
Looking ahead, Gabon is gearing up for
constitutional changes, with a referendum BW Energy’s Operating Management System respectful within our operational sphere
scheduled for April 2024. In the interim, Framework addresses a wide range of risks,
transitional institutions were established with the
government actively communicating to provide
impacts or threats related to occupational
safety and health, environmental and social
and amongst our JV partners.”
clarity and maintain continuity. responsibility, and process safety, quality, and Ghislain Boukoubi, Country Manager, Gabon
In response to these political developments, security.

Overview Sustainable Operations Influential Partner Responsible
ResponsibleCorporate
CorporateCitizen
Citizen Governance
Responsible
Corporate
Citizen Our commitment to upholding the
highest standards of ethical conduct
and corporate governance extends
beyond mere compliance, as we actively
engage with our JV partners to
foster a culture of transparency,
integrity, and accountability
in all our endeavours.”
Gunnvor Ellingsen, Non-Executive Director

CorporateCitizen
Citizen Governance
Responsible Corporate Citizen
We collaborate with our joint venture partners to create and execute projects that support livelihoods.
Ethics and transparency
Measure to ensure high ethical standards and transparency to build trust with stakeholders and maintain accountable business practices.
Continued investment into maintenance of ethical business Maintain investment into ethical business practices and conduct Panoro adheres to a robust ethical framework, ensuring
practices. anti-bribery and corruption (ABC) training for company staff. compliance with industry standards and legal requirements.
Implemented Whistleblower Procedure. Communicate expectations with all stakeholder groups as we More detail in our code of conduct.
No reportable incidents. consider new ventures.
Supply chain management

Measures to responsibly manage supply chain to ensure that partners and suppliers adhere to ethical and sustainable practices, contributing to a more responsible and resilient global supply chain.
$27.6 million spend with TPS suppliers during the year, Maintain robust engagement practices. Panoro set clear expectations of suppliers from the start.
and 78% with local suppliers. Advance project development plans to anticipate longer lead Panoro Supplier Code of Conduct to be issued as part of
Defined scope of supplier population and ensured appropriate times on certain key products and services. tendering exercises.
Human Rights safeguards existed in Operator procurement Contractor audits conducted in TPS resulting in enhanced
processes. procurement processes and improvements through supply chain.
Published first Transparency Act Statement summarising
initiatives progressed to safeguard Human Rights within
company supply chain.
Employment practices
Measures to promote fair and equitable employment practices, inclusive workplaces and a culture that values and supports its workforce.
Comprehensive regulated company pay scale and benefits system Maintain annual OpEx investment into employment practices to Panoro hold equal and joint responsibility for the TPS operations
that is reviewed annually by ETAP and Panoro. enhance positive working conditions. and systems, policies and processes to accommodate national
No whistleblowing or discrimination cases during 2023. and international laws and regulations regarding labour practices
and conditions, including matters relating to human rights.
Progressed mitigation actions arising from the Human Rights risk
assessment. Provide fair and competitive compensation and benefits
and provide an engaging and inclusive work environment.

CorporateCitizen
Citizen Governance
Ethical behaviour
Our Code of Conduct We are committed to upholding applicable Contractually, these payments may be made
national and international laws and regulations, in cash or in barrels of oil. Other payments
encapsulates the guiding while demonstrating cultural sensitivity within are related to services and dependent on the
principles for daily life within the bounds of generally accepted business activity. There may also be a need to make
conduct. In our pursuit of fair competition and one-off payments for licence extensions or
the Panoro culture. It sets forth ethical conduct, no employee or representative farm-ins to licences.
the overarching guidelines that acting on behalf of Panoro shall engage in
arrangements contrary to competition and anti- Panoro Energy has prepared a report of
underscore our commitment
corruption laws. payments to governments in accordance
to high ethical standards, with the Norwegian Accounting Act 3-3d
professionalism, respect, Our accounting systems and procedures are and Securities Trading Act 5-5a. This report
designed to ensure accurate reflection of all forms part of the statement on Corporate
honesty, transparency, loyalty, transactions, payments, receipts, and assets in Governance in the Company’s Annual Report.
and trust at all levels of the the books. All financial reporting, including annual The Act states that the companies engaged
or interim accounts, are meticulously registered in the activities within the extractive industries
organisation. and documented in accordance with relevant shall annually prepare and publish a report
laws and accounting practices. containing information about their payments to
Operating in challenging global environments,
governments at the country and project levels.
we recognise the paramount importance of
Engaging with host Governments
maintaining ethical and responsible practices.
We recognise the importance of having open
It is imperative that everyone within the
and transparent relationships with government
organisation is familiar with and comprehends
authorities in the countries in which we operate.
the conduct and behavioural expectations
outlined in our Code of Conduct.
In all countries where we have a presence, we
maintain good working relationships, keeping
Every employee is expected to consistently
our host governments informed of our activities,
exercise good judgement, care, and
ongoing projects and key concerns as well as
consideration, striving to achieve the best
engaging in a wide range of policy and regulatory
outcomes for all stakeholders. Managers
compliance. Payments to Governments are
play a crucial role in ensuring awareness
based on three main aspects, royalties on
and adherence to these guidelines within
production, tax and the Domestic Market
their divisions. Compliance with the Code of
Obligation discount.
Conduct and the continuous development of
our value-driven company culture are shared
responsibilities among all.

CorporateCitizen
Citizen Governance
Ethical behaviour
Investing with other parties As stated in our Anti-Bribery, Corruption and Panoro is also subject to the anti-corruption In 2022, the Norwegian Transparency Act
Panoro seeks to engage with third parties that Business Associates Policy, we require that laws of other jurisdictions, including in countries was passed into law. The Act requires all
operate with similar values. Hence, it seeks to Panoro and its business associates comply where Panoro is doing business. companies to respect fundamental human
obtain proper declarations from such parties with applicable laws and high ethical standards. rights and provide decent working conditions
where relevant. Where necessary, Panoro will The Policy must be complied with at all times Human rights and ensure freedom of access to information
seek additional information to satisfy itself by all employees, contractors, trainees, As an international Company, we have a regarding how enterprises address adverse
that third parties operate under and perform seconded staff, home workers, casual workers, responsibility to uphold and protect the rights impacts on fundamental human rights and
to similar ethical standards. Panoro requires agency staff, volunteers, interns, sponsors, of individuals in all aspects of our operations decent working conditions.
that all business associates comply with laws or any other person or persons associated across the world. We also recognise the
and high ethical standards. Any violation by with us, or any acting for or through Panoro opportunity we have to contribute positively Panoro is subject to this Act and has a duty
a business associate has the potential to anywhere in the world. to global efforts to ensure that human rights to carry out human rights risk assessments of
negatively impact Panoro. are understood and observed. its own business directly and for that of its
Corruption, including bribery, trading in supply chain and business partners.
Prior to engaging in a new relationship with an influence and facilitation payments, is strictly Panoro is committed to observing the UN
intermediary or a contractor who may carry out prohibited by Panoro. Pursuant to the UK Guiding Principles on Human Rights. Where the company identifies higher
services on behalf of Panoro, we carry out due Bribery Act 2010, Panoro also has a legal risk aspects of the business, it must take
diligence on whether there is any indication of obligation to put in place adequate procedures The company will comply with the following proportionate measures to mitigate these risks.
unlawful and/or unethical business conduct. to prevent bribery. Panoro is committed to principles: The company must be prepared to respond to
acting professionally, fairly, and with integrity potential information requests from the public
Respect and promote internationally recognised
Red flags, as well as any other findings that may in all business dealings and relationships, covering actions taken in response to the Act’s
human rights standards throughout the
cause concern are brought to the immediate wherever in the country we operate. requirements.
company;
attention of the CEO and the manager of the
relevant area. We keep a written record of all As a Norwegian company, Panoro Energy Respect the rights and dignity of every employee Consequently, Panoro conducted a human rights
information obtained and received through ASA and its Norwegian subsidiaries are subject and contractor and promote equal opportunities risk assessment capturing employee practices,
due diligence carried out on potential partners, to anti-corruption provisions set out in the to ensure nobody is discriminated against due to supply chain management, customer practices
contractors and business associates subject Norwegian Criminal Code, both when doing race, sexuality and/or religion; and people in the community and environment.
to the relevant laws and regulations on data business in Norway and abroad. Maintain zero tolerance of all forms of modern
protection. slavery, child labour and any form of human Specifically, we are focussed on working
The Panoro London office as well as the Tunis trafficking; conditions, freedom of association, and labour
office and any other Norwegian subsidiaries will Provide human rights training to our employees practices that involve forced and child labour
Anti-bribery and corruption be subject to the UK Bribery Act 2010, to the and promote awareness of human rights with our within our supply chain. More widely we seek to
Our corporate conduct is based on our extent their activities are controlled or managed stakeholders; prevent environmental and community impacts
commitment to acting professionally, fairly by the London office. that may impinge on the human rights of those
Respect the rights of indigenous people and
and with integrity. Panoro does not tolerate that come into contact with our operations or
seek their free and informed consent;
any form of bribery and corruption. those of our partners.
Protect and support cultural heritage.

CorporateCitizen
Citizen Governance
Ethical behaviour
Human rights (Cont’d) Corporate Governance
Nomination
Panoro took a proportionate risk-based process Panoro’s corporate governance is based on the Annual General Meeting
Committee
to ensure compliance with the Act and it sought recommendations of the Norwegian Code of
Corporate Governance
to identify significant risks in the business Practice for Corporate Governance.
through conducting due diligence assessments.
Oversight
Having identified higher-risk elements, The main objective for the company’s Corporate Board
proportionate measures to mitigate these risks Governance is to develop a strong, sustainable,
are being undertaken, including revising policies competitive and successful Exploration
& procedures, conducting background checks and Production company acting in the best Audit Remuneration Sustainability
and updating supplier contract clauses. interest of all stakeholders, within the laws and Committee Committee Committee
regulations of the respective countries in which it
To date, we have completed a first-pass risk operates. The Board and management aim for a
assessment including a full review of our controlled and profitable development and long- Executive Management Team
companywide EWRM which now embeds human term creation of growth through well-founded
Management, Policy and

Operational Control
rights considerations and we have activated governance principles and risk management.
business partner engagement for supply chain
risk assessment. Board Composition ESG Management Framework
The Panoro Board comprises experienced oil
TPS requires all suppliers to make a commitment and gas professionals with extensive operational
to uphold human rights and decent working and non-executive expertise. This ensures strict
conditions. Vendors commit to adhere to the adherence to established oil and gas industry Operations (Operated and Non-Operated)
core labour standards and related conventions practices. Members of the Board are elected for
published from time to time by the International a maximum period of two years.
Labour Organisation.
Modern slavery
Panoro fully abides by the provisions of the UK
2015 Modern Slavery Act. In accordance with its
Code of Conduct, Panoro opposes the crime of Board Board
slavery in all of its forms, including child labour,
servitude, forced or compulsory labour and Diversity Tenure
human trafficking.
Male – 60% 0-3 years – 20%
Female – 40% 4-6 years – 80%

CorporateCitizen
Citizen Governance
Governance
Governance

CorporateCitizen
Citizen Governance
Board Committees
Each Committee makes Remuneration Committee Sustainability Committee Reviewing updates on corporate social
The Remuneration Committee’s objective is to The Sustainability Committee is responsible responsibility activities, including the Block
recommendations it deems serve as a preparatory and advisory body for for reviewing the systems that are used G CSR programme, and compliance with the
appropriate on any area the Board of Directors’ consideration of matters to manage the Company’s commitment Norwegian Transparency Act
concerning: to sustainability, encompassing ESG. This
within its remit. incorporates management of health, safety,
Approving the publication of the Panoro
Remuneration and compensation of Whistleblowing Procedure
security, environmental (including emissions)
Nomination Committee management; Reviewing updates on Enterprise-Wide Risk
and biodiversity risks and corporate social
The Nomination Committee is appointed by Overseeing and approving the determination of Management (EWRM) workshops and identifying
responsibility, overseeing the appropriate
the Shareholders and consists of two to three performance criteria of variable remuneration; key areas of focus
governance, resource and reporting frameworks
members elected at the Annual General Meeting
Preside in other matters including any potential that have been put in place to achieve this. Reviewing the updated Company Corporate Risk
and with a tenure of two to three years. The
deferral periods or Company’s claims to a refund Register, including highlighting conscientious
majority of the Nomination Committee shall be
of variable compensation; The Committee makes recommendations to asset acquisition in Africa
independent of the Board and the executive
The committee is only responsible to the whole the Board it deems appropriate on any area Discussing the evolving ESG regulatory
management.
Board of Directors of Panoro and only has within its remit where it believes action or landscape and host country legislation
recommendatory authority with regard to that improvement is needed.
The Nomination Committee’s duties are to Overseeing the updating of the TPS HSSE
propose to the General Meeting shareholder body. Enrichment Programme
The Committee meets no less than two times a
elected candidates for election to the Board
year and at such other times as the Chair of the
and to propose remuneration to the Board. There are separate instructions for the
Committee requires.
The Nomination Committee justifies its Remuneration Committee. In order to reduce the
recommendations, and the recommendations risks of conflict of interest, no senior executive
In 2023, the Sustainability Committee met
consider the interests of shareholders and shall participate in the preparation or resolution
four times. Key areas of focus for the year
the Company’s requirements in respect of of remuneration-related matters in which they
include:
independence, expertise, gender, capacity and are directly affected.
diversity. Welcoming Gunnvor Ellingsen as the new Chair
Audit Committee of the Committee
The Audit Committee’s objective is to: Approving the publication of the Safety and
Focus on internal control of the company’s Sustainability Policy on the company website
business activities; Review of health and safety reporting quality and
Ensure independence of the auditors; frequency
Provide reassurance that the company operates Monitoring contractor performance, updating
an effective risk management programme; procedures, and reviewing environmental
performance data
Review the Company’s financial standing.

Indexation

UN SDGs
SDG Progress
Energy is a key driver of sustainable development, without which

Material impact
most of the other SDGs cannot be achieved. At the very core of our
business, we aim to ensure universal access to affordable, reliable and
modern energy services through improving energy efficiencies within
our operations.
Sustainable development necessitates job creation and inclusive economic

growth. In 2023, Tunisia’s unemployment rate increased
to 16.4% with an anticipated decline to 9% in Equatorial Guinea and
a projected increase to 22% in Gabon. Although we play a modest
role within a broader context, we consistently prioritise local recruitment
when feasible.
Through continuous improvement and technological upgrades,

we are working to achieve the sustainable management and efficient
use of natural resources for example through a reduction in routine
gas flaring.
It is necessary to balance the requirements of water throughout the

Moderate impact
oil and gas value chain with local water needs, particularly in water-
scarce locations. In 2023, at TPS, we utilised an estimated 4,440 cubic
meters of freshwater and reinjected all produced water so no associated
hydrocarbons are released to the environment. No freshwater is used
within the production process.
Our Management System Framework outlines the principal

components of how we govern and manage sustainability within our
operations and the countries where we are active.

SASB
The data presented in the Where advised, reference is also made to: the Where direct measurements are not available, Last year we reported that the quality of
Intergovernmental Panel on Climate Change emissions are estimated using the approaches metering and compositional analysis of
following table is prepared (IPCC) Fifth Assessment Report (2014), The set out in the API Compendium. produced fluids needed to be enhanced,
following the SASB Greenhouse Gas Protocol, A Corporate Page 30 provides details on the status of
Accounting and Reporting Standard; the IPIECA/ We have spent the past couple of years metering upgrades at TPS to improve on the
Sustainability Accounting API/OGP Petroleum Industry Guidelines for establishing data gathering processes within accuracy of this particular data.
Standard. Reporting Greenhouse Gas Emissions, Fourth TPS sufficient to populate the following table.
Edition, 2020; and API’s Compendium of This work culminated in Panoro led audits in Glossary
Greenhouse Gas Emissions Methodologies for November 2022 and January 2024 which has NA = Not available
the Natural Gas and Oil Industry 2021. better established data quality and areas for NR = Not relevant
improvement.
Topic Accounting metric Category Unit Code Data Commentary

2020 2021 2022 2023
Oil & Gas - Exploration and Production
Gross global Scope 1 emissions Metric tons CO2-e (t) N/A 127,967 158,881 152,849
Percentage Methane N/A 10.8 10.0 9.3% Global Panoro data based on working interest
Quantitative EM-EP-110a.1
Percentage covered under emissions- Percentage (%) share of each asset: TPS; Block G; Dussafu.
0 0 0 0
limiting regulations
Flared hydrocarbons N/A 69,633 90,920 78,904 Global Panoro data based on working interest
Other combustion N/A 48,488 58,055 63,012 share of each asset: TPS; Block G; Dussafu.
Process emissions N/A N/A N/A N/A Process, other vented and fugitive emissions
Quantitative Metric tons CO2-e (t) EM-EP-110a.2
Greenhouse Gas not available for all assets. Data listed as not
Emissions: Scope 1 Other vented emissions N/A N/A N/A N/A
available results from lack of provision of Dussafu
Fugitive emissions N/A N/A N/A N/A data in these categories.
Discussion of long-term or short-term An initial data gathering and focus on quality

strategy or plan to manage Scope 1 and robustness of measurements is now
Discussion and
emissions, emissions reduction targets, N/A EM-EP-110a.3 N/A N/A N/A N/A transitioning to a focus on measures to reduce
analysis
and an analysis of performance against those emissions. A primary focus at this time is on
those targets significantly reducing routine flaring by 2030.
Calculated by emissions from electricity supply to

company offices and TPS operations. Increases
Greenhouse Gas
Gross global Scope 2 emissions Quantitative Metric tons CO2-e (t) N/A 3,390 3,838 4,417 5,329 relate to increased power consumption at the
Emissions: Scope 2
Guebiba field, number of ESPs operating and
water volumes being lifted.
NOx (excluding N2O) 102.7 102.7 102.7 102.7
Air Quality, Air SOx 86.5 105.9 118.3 135.7
Quantitative Metric tons (t) EM-EP-120a.1 TPS data only.
Emissions Volatile organic compounds (VOCs) 769.3 833.1 782.7 860.7
Particulate matter (PM10) 8.7E-04 1.1E-03 1.1E-03 1.1E-03

SASB
2020 2021 2022 2023
Thousand cubic meters
Total fresh water withdrawn 2.62 0.43 0.82 4.44
(m3)
Percentage in High or Extremely High TPS data only. Water metering errors account
Percentage (%) 0 0 0 0 for an under-reporting 2020-2022. The 2023
Baseline Water Stress regions
Quantitative EM-EP-140a.1 figure is an estimate based on the 2023 audit
Thousand cubic meters exercise outcome, more accurate reporting is
Total fresh water consumed 2.62 0.43 0.82 4.44
(m3) now in place for 2024 onwards.
Percentage in High or Extremely High
Percentage (%) 0 0 0 0
Baseline Water Stress regions
Volume of produced water and flowback Thousands cubic meters
625 711 625 699
generated (m3)
Water Management Percentage discharged Percentage (%) 0 0 0 0 TPS data only. All produced water is
Quantitative EM-EP-140a.2 reinjected, no hydrocarbons are released to
Percentage injected Percentage (%) 100 100 100 100
the environment.
Percentage recycled Percentage (%) 0 0 0 0
Hydrocarbon content in water Metric tons (t) 0 0 0 0
Percentage of hydraulically fractured
Not relevant, there are no hydraulically fractured
wells for which there is public disclosure Quantitative Percentage (%) EM-EP-140a.3 NR NR NR NR
wells in TPS operations.
of all fracturing fluid chemicals used
Percentage of hydraulic fracturing sites

Not relevant, there are no hydraulically fractured
where ground or surface water quality Quantitative Percentage (%) EM-EP-140a.4 NR NR NR NR
wells in TPS operations.
deteriorated compared to a baseline
Corporate policy statements and management

Description of environmental
Discussion and standards all established. All environmental
management policies and practices for N/A EM-EP-160a.1 N/A N/A N/A N/A
analysis impacts are reported to enable continuously
active sites
improved operational performance.
Biodiversity Impacts Number of hydrocarbon spills Number 3 1 2 3

Aggregate volume of hydrocarbon spills Barrels (bbls) 9.5 0.3 0.6 0.8
Volume of spills in Arctic Barrels (bbls) 0 0 0 0
Quantitative EM-EP-160a.2 TPS data only.
Volume of spills impacting shorelines with
Barrels (bbls) 0 0 0 0
ESI rankings 8-10
Volume spills recovered Barrels (bbls) 9.5 0.3 0.6 0.8

SASB
2020 2021 2022 2023
Percentage of proved reserves in or near

sites with protected conservation status 0 0 0 0
or endangered species habitat
Biodiversity Impacts Quantitative Percentage (%) EM-EP-160a.3 TPS data only.
Percentage of probable reserves in or
near sites with protected conservation 0 0 0 0
status or endangered species habitat

0 0 0 0
areas of conflict
Quantitative Percentage (%) EM-EP-210a.1 TPS data only.
0 0 0 0
near areas of conflict
0 0 0 0
indigenous land
Security, Human Quantitative Percentage (%) EM-EP-210a.2 TPS data only.
Rights & Rights of 0 0 0 0
near indigenous land
Indigenous Peoples
The company fully respects Human Rights as
Discussion of engagement processes enshrined by the UN and OECD Guiding Principles.
and due diligence practices with respect Discussion and Risk assessments have been completed for TPS
N/A EM-EP-210a.3 N/A N/A N/A N/A
to human rights, indigenous rights, and analysis operations in this regard. None of our operations
operation in areas of conflict are located in areas of conflict or sensitive to
indigenous rights.
The TPS organisation engages in regular dialogue

with its own union and the Sfax union and
Discussion of process to manage risks
Discussion and maintains regular dialogue with the Sfax Governor.
and opportunities associated with N/A EM-EP-210b.1 N/A N/A N/A N/A
analysis Despite this, there have been site blockades
community rights and interests
in direct attempts by local residents to seek
Community employment.
Relations
Number of non-technical delays Number 1 0 3 0 TPS data only.
In 2020, we witnessed one partial shutdown of

Quantitative EM-EP-210b.2
Duration of non-technical delays Days 10 0 8 0 the Guebiba field and in 2022 there were three full
shutdowns.

SASB
2020 2021 2022 2023
Total recordable incident rate (TRIR): full-
4.43 4.17 2.32 0
time employees
Total recordable incident rate (TRIR):
0.00 1.63 8.24 1.62
contract employees TPS data only. N/A = Not available.
Fatality rate: full-time employees 0 0 0 0
TRIR is calculated per million hours worked and
Fatality rate: contract employees 0 0 0 0
training is calculated per 200,000 hours worked.
Near miss frequency rate (NMFR) N/A N/A N/A N/A
Average hours of health, safety, Quantitative Rate EM-EP-320a.1 Hours of HSSE training entered as total hours /
and emergency response training 2.6 6.9 22.3 12.6 numbers of employees, previous years corrected.
Workforce Health & for full-time employees
Safety Average hours of health, safety, Emergency response training reduced
and emergency response training 6.2 2.8 4.9 4.6 during 2023 with a focus instead on planning and
for contract employees executing the Cercina Oil Spill Response exercise.
Average hours of health, safety,
and emergency response training N/A N/A N/A N/A
for short-service employees
Discussion of management systems TPS has engaged a dedicated HSSE Advisor
used to integrate a culture of safety Discussion and during 2023 to enhance the Management System
N/A EM-EP-320a.2 N/A N/A N/A N/A
throughout the exploration and analysis and deliver an organisational cultural safety
production lifecycle programme.
(1) -12 (1) -12 (1) NZE
Sensitivity of hydrocarbon reserve levels
(2) -3 (2) -3 (2) APS
to future price projection scenarios that Quantitative Million barrels (MMbbls) EM-EP-420a.1 N/A N/A
(3) -1 (3) -1 (3) STEPS
account for a price on carbon emissions
For an explanation, see page 27.
Reserves Estimated carbon dioxide emissions
Valuation & Capital embedded in proved hydrocarbon Quantitative Metric tons CO2-e (t) EM-EP-420a.2 N/A N/A N/A N/A This will be reported in subsequent years.
Expenditures reserves
Amount invested in renewable energy 0 0 0 0
Revenue generated by renewable energy Quantitative Reporting currency EM-EP-420a.3 TPS data only.
0 0 0 0
sales
We plan to allocate sufficient capital to
accelerate our energy transition strategy.
Discussion of how price and demand for
This includes investing in measures to reduce
Reserves hydrocarbons and/or climate regulation
Discussion and the environmental impact of our existing oil
Valuation & Capital influence the capital expenditure N/A EM-EP-420a.4 N/A N/A N/A N/A
analysis production operations, it extends to finding
Expenditures strategy for exploration, acquisition, and
opportunities to invest in projects that may play
development of assets
a key role in the energy transition in the years
ahead.

SASB
2020 2021 2022 2023
Percentage of proved reserves in
countries that have the 20 lowest
0 0 0 0
rankings in Transparency International’s
Corruption Perception Index
Quantitative Percentage (%) EM-EP-510a.1 TPS data only.
Percentage of probable reserves in
Business Ethics & countries that have the 20 lowest
0 0 0 0
Transparency rankings in Transparency International’s
Corruption Perception Index
A corporate anti-bribery and corruption policy
Description of the management system
Discussion and was established and posted on the company
for prevention of corruption and bribery N/A EM-EP-510a.2 N/A N/A N/A N/A
analysis website as well as training provided to all Panoro
throughout the value chain
employees.
The Company runs an Enterprise-Wide Risk

Discussion of corporate positions related Assessment process reviewed every quarter
Management of the
to government regulations and/or policy Discussion and with the Board and receiving major updates every
Legal & Regulatory N/A EM-EP-530a.1 N/A N/A N/A N/A
proposals that address environmental analysis six months. This process addresses all risks and
Environment
and social factors affecting the industry opportunities the organisation encounters. More
details are provided in this Sustainability Report.
Process Safety Event (PSE) rates for Loss

of Primary Containment (LOPC) of greater Quantitative Rate EM-EP-540a.1 0.000 0.000 0.210 0.000 TPS data only.
consequence (Tier 1)
Critical Incident Risk
Management A Major Accident Event (MAE) hazard assessment
Description of management systems
Discussion and and controls study to make sure that MAE risks
used to identify and mitigate catastrophic N/A EM-EP-540a.2 N/A N/A N/A N/A
analysis are minimised to an As Low As Reasonably
and tail-end risks
Practicable level was completed in 2022.
Oil Mbbl/d 2.211 7.583 7.498 7.673 Global Panoro data based on working interest
Natural Gas MMscf/d 0.597 3.756 4.552 4.108 share of each asset: TPS; Block G; Dussafu.
Quantitative EM-EP-000.A
2020/21/22 Natural Gas data reported
Synthetic Oil 0 0 0 0 erroneously previously, this now corrected.
Production Synthetic Gas 0 0 0 0
Oil - Controlled/Monitored Mbbl/d 3.919 4.558 4.232 4.290
Natural Gas - Controlled/Monitored MMscf/d 1.381 1.576 1.578 1.610
Quantitative EM-EP-000.A TPS data only.
Synthetic Oil Mbbl/d 0 0 0 0
Synthetic Gas MMscf/d 0 0 0 0
Offshore Quantitative Number EM-EP-000.B 1 1 1 1 TPS: Cercina.
Sites
Terrestrial Quantitative Number EM-EP-000.C 4 4 4 4 TPS: Guebiba; El Ain; Rhemoura; Tank Battery.

GRI
Content within this report was produced in reference with the GRI standards.
2 General Disclosures 2021

2-1 Organisational details Panoro Energy Ltd,
Headquarters: 78 Brook
Street, London, W1K 5EF,
United Kingdom
Countries of operation:
Tunisia, Equatorial Guinea,
Gabon, South Africa
2-2 Entities included in the organization’s sustainability reporting 2
2-3 Reporting period, frequency and contact point 2
2-5 External assurance No external assurance
2-6 Activities, value chain and other business relationships 3
2-7 Employees 4
2-8 Workers who are not employees 45
2-9 Governance structure and composition 46 and See AR
2-10 Nomination and selection of the highest governance body 48
2-11 Chair of the highest governance body See AR
2-12 Role of the highest governance body in overseeing the management of impacts 14, 15, 19, 29
2-13 Delegation of responsibility for managing impacts 14, 15, 19, 29
2-14 Role of the highest governance body in sustainability reporting Not reported
2-15 Conflicts of interest 48
2-16 Communication of critical concerns 32
2-17 Collective knowledge of the highest governance body 46, 48 and See AR
2-18 Evaluation of the performance of the highest governance body See AR
2-19 Remuneration policies 48 and See AR
2-20 Process to determine remuneration 48 and See AR
2-21 Annual total compensation ratio See AR
2-22 Statement on sustainable development strategy 5, 6
2-23 Policy commitments 15, 45, and See AR
2-24 Embedding policy commitments 15, 16, 29, 35, 45
2-25 Processes to remediate negative impacts 32-35, 39
2-26 Mechanisms for seeking advice and raising concerns 43, 48
2-27 Compliance with laws and regulations 10
2-28 Membership associations See AR
2-29 Approach to stakeholder engagement 7
2-30 Collective bargaining agreements 13, 35

GRI
3 Material Topics 2021
3-1 Process to determine material topics 9
3-2 List of material topics 10
3-3 Management of material topics Throughout the report
Sector specific: Describe actions taken to manage flaring and venting and the effectiveness of actions taken. 5, 12, 25, 26, 29, 34, 37-39
Sector specific: Describe policies, commitments, and actions of the organization to prevent or mitigate the impacts of the transition to a low-carbon economy on workers and local 6-8, 35, 40
communities.
Sector specific: Report the level and function within the organization that has been assigned responsibility for managing risks and opportunities due to climate change. 19
Sector specific: Describe the board’s oversight in managing risks and opportunities due to climate change. 19
Sector specific: Describe the climate change-related scenarios used to assess the resilience of the organization’s strategy, including a 2°C or lower scenario. 27, 28
Sector specific: Describe policies and commitments to achieving no net loss or a net gain to biodiversity on operational sites; and whether these commitments apply to existing and 35
future operations and to operations beyond areas of high biodiversity value.
Sector specific: Describe the community development programs in place that are intended to enhance positive impacts for local communities, including the approach to providing 6-8, 12, 17, 35, 39, 40
employment, procurement, and training opportunities.
Sector specific: Describe the approach to identifying stakeholders within local communities and to engaging with them. 7
Sector specific: List the vulnerable groups that the organization has identified within local communities. 40
Sector specific: Describe the approach to engaging with vulnerable groups, including how it seeks to ensure meaningful engagement 7, 40
Sector specific: Describe the approach to engaging with affected vulnerable groups, including how the organization seeks to ensure engagement is meaningful 7, 40
Sector specific: List the locations of operations in areas of conflict No locations are in areas
of conflict
Sector specific: Describe the approach to ensuring respect for human rights by public and private security providers. 45, 46
Sector specific: Describe how potential impacts of corruption or risks of corruption are managed in the organization’s supply chain. 45
Sector specific: Describe the whistleblowing and other mechanisms in place for individuals to raise concerns about corruption. 48
Sector specific: Describe the organization’s stance on significant issues that are the focus of its participation in public policy development and lobbying; and any differences 41
between these positions and its stated policies, goals, or other public positions.
201-2 Financial implications and other risks and opportunities due to climate change 21-24, 27, 28
Sector specific: Report the internal carbon-pricing and oil and gas pricing assumptions that have informed the identification of risks and opportunities due to climate change. 27, 28
Sector specific: Describe how climate change-related risks and opportunities affect or could affect the organization’s operations or revenue, including: 21-24
- development of currently proven and probable reserves; 27, 28
- potential write-offs and early closure of existing assets; 27, 28
201 Economic Performance 2016

201-3 Defined benefit plan obligations and other retirement plans 16, 43
203 Indirect Economic Impacts 2016

203-1 Infrastructure investments and services supported 38-40
203-2 Significant indirect economic impacts 38-40
204 Procurement Practices 2016

204-1 Proportion of spending on local suppliers 40, 43

GRI
205 Anti-Corruption 2016
205-2 Communication and training about anti-corruption policies and procedures 45, 55
207 Tax 2019

207-1 Approach to tax See AR
207-2 Tax governance, control, and risk management See AR
207-3 Stakeholder engagement and management of concerns related to tax See AR
207-4 Country-by-country reporting See AR
303 Water and Effluents 2018

303-1 Interactions with water as a shared resource 18, 25, 32, 35, 38, 50, 52
303-2 Management of water discharge-related impacts 18, 25, 32, 35, 38, 50, 52
303-3 Water withdrawal 52
303-4 Water discharge 52
Sector specific: Report volume in megaliters of produced water and process wastewater discharged. 52
Sector specific: Report the concentration (mg/L) of hydrocarbons discharged in produced water and process wastewater. 52
303-5 Water consumption 52
305 Emissions 2016

305-1 Direct (Scope 1) GHG emissions 51
Sector specific: Report the percentage of gross direct (Scope 1) GHG emissions from CH4. 51
Sector specific: Report the breakdown of gross direct (Scope 1) GHG emissions by type of source (stationary combustion, process, fugitive). 51
305-2 Energy indirect (Scope 2) GHG emissions 51
306 Waste 2020

306-1 Waste generation and significant waste-related impacts 10, 12, 34, 35, 37
306-2 Management of significant waste-related impacts 10, 12, 34, 35, 37
306-3 Waste generated 12, 34
306-4 Waste diverted from disposal 34, 37
308 Supplier Environmental Assessment 2016

308-1 New suppliers that were screened using environmental criteria 10 (No adverse impacts
identified by the supplier due-
diligence risk screening), 17
308-2 Negative environmental impacts in the supply chain and actions taken 10 (No adverse impacts

GRI
401 Employment 2016
401-1 New employee hires and employee turnover 4
403 Occupational Health and Safety 2018

403-1 Occupational health and safety management system 14-17, 31-33, 39, 41
403-2 Hazard identification, risk assessment, and incident investigation 14-17, 31-33, 39, 41
403-3 Occupational health services 14-17, 31-33, 39, 41
403-4 Worker participation, consultation, and communication on occupational health and safety 14-17, 31-33, 39, 41
403-5 Worker training on occupational health and safety 14-17, 31-33, 39, 41
403-6 Promotion of worker health 14-17, 31-33, 39, 41
403-7 Prevention and mitigation of occupational health and safety impacts directly linked by business relationships 14-17, 31-33, 39, 41
403-9 Work-related injuries 54
403-10 Work-related ill health 54
404 Training and Education 2016

404-1 Average hours of training per year per employee 4 (HSSE Training)
404-2 Programs for upgrading employee skills and transition assistance programs 17
405 Diversity and Equal Opportunity 2016

405-1 Diversity of governance bodies and employees 17, 38, 46
413 Local Communities 2016

413-1 Operations with local community engagement, impact assessments, and development programs 7, 35, 40, 53
414 Supplier Social Assessment 2016

414-1 New suppliers that were screened using social criteria 10 (No adverse impacts
414-2 Negative social impacts in the supply chain and actions taken 10 (No adverse impacts

GRI
416 Customer Health and Safety 2016
416-1 Assessment of the health and safety impacts of product and service categories 25
Sector specific: Describe actions taken to improve product quality to reduce air emissions 25, 34
416-2 Incidents of non-compliance concerning the health and safety impacts of products and services 10
417 Marketing and Labeling 2016

417-1 Requirements for product and service information and labeling Not material
417-2 Incidents of non-compliance concerning product and service information and labeling Not material
417-3 Incidents of non-compliance concerning marketing communications Not material
418 Customer Privacy 2016

418-1 Substantiated complaints concerning breaches of customer privacy and losses of customer data Not material

Glossary
ALARP As Low As Reasonably Practical STEG Société Tunisienne de l’Electricité et du Gaz
ANPE L’Agence Nationale de Protection de l’Environnement STEPS Stated Energy Policies Scenario
API American Petroleum Institute TCFD Task Force on Climate-related Financial Disclosures
APS Announced Pledges Scenario tCO2e Tonnes CO2 equivalent
CAPEX Capital Expenditure TCP Technical Co-operation Permit
CSR Corporate Social Responsibility TOCMs Technical and Operating Committee Meetings
DMO Domestic Market Obligation TPS Thyna Petroleum Services
EIS Environmental Impact Study TRIR Total Recordable Injury Rate
EG Equatorial Guinea UN United Nations
ESG Environment Social Governance UNDP United Nations Development Programme
ETAP Entreprise Tunisienne d’Activités Pétrolières ZRF Zero Routine Flaring
EWRM Enterprise Wide Risk Management
GHG Greenhouse Gas
GRI Global Reporting Initiative
HSSE Health Safety Security and Environment
ICS Incident Command System
IEA International Energy Agency
IFRS International Financial Reporting Standards
IMS Integrate Management System
IOGP International Association of Oil and Gas Producers
IPIECA International Petroleum Industry Environmental
Conservation Association
ISO International Organization for Standardisation
ISSB International Sustainability Standards Board
JV Joint Venture
KPI Key Performance Indicator
MRI Magnetic Resonance Imaging
MRV Measurement, Reporting and Verification
NDC Nationally Determined Contribution
NZE Net Zero Emissions
NPV Net Present Value
OECD Organisation for Economic Co-operation and Development
OMS Operating Management System
OPEX Operational Expenditure
PESTEL Political Economic Social Technological Environmental Legal
SASB Sustainability Accounting Standards Board
SDG Sustainable Development Goal
SMART Specific Measurable Attainable Realistic Timely

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Sustainable

Panoro Energy Sustainability Report 2023 Sustainable foundations, a resilient future 2

Panoro Energy Sustainability Report 2023 Sustainable foundations, a resilient future 3

Recordable safety incidents (number) 0 0

Social investment (USD) 248,027 222,478

Scope 1 emissions (metric tons CO2e) 152,849 158,881

Environmental and Social

production average (bopd) TPS1 2023 2022

Employees (number) 172 175

Lost time incident (LTI) 0 1

Hours of HSSE training 2,854 675

Social investment (USD) 310,955 272,772

Panoro Energy Sustainability Report 2023 Sustainable foundations, a resilient future 4

An introduction from our CEO

In Equatorial Guinea, we launched a new Additionally, the proposed programme

We are dedicated to making our commitment to providing a safe and healthy

a positive difference in Incident Rate (TRIR) is now much improved

the communities where

An introduction from our CEO

Panoro Energy Sustainability Report 2023 Sustainable foundations, a resilient future 6

Panoro Energy Sustainability Report 2023 Sustainable foundations, a resilient future 7

Major impacts in 2023

Panoro Energy Sustainability Report 2023 Sustainable foundations, a resilient future 8

Evolving our approach to materiality

Panoro Energy Sustainability Report 2023 Sustainable foundations, a resilient future 9

Evolving our approach to materiality

Over 3,000 tonnes of waste went to landfill

Occupational health Increased CapEx investment into processes

Employment No whistleblowing or discrimination cases

Conflict and No impact to operations. Continued investment

Ethics and No ethical breaches or incidents of non-

Transparent ESG reporting leading to improved Access to

Panoro Energy Sustainability Report 2023 Sustainable foundations, a resilient future 11

Our operating landscape

Panoro Energy Sustainability Report 2023 Sustainable foundations, a resilient future 12

Our operating landscape

Conflict and security management

Panoro Energy Sustainability Report 2023 Sustainable foundations, a resilient future 13

Approach to Risk Management

We conduct six-monthly reviews of the risk

Panoro Energy Sustainability Report 2023 Sustainable foundations, a resilient future 14

Approach to Risk Management

Panoro Energy Sustainability Report 2023 Sustainable foundations, a resilient future 15

Operating a safe and responsible environment

Panoro Energy Sustainability Report 2023 Sustainable foundations, a resilient future 16

Operating a safe and responsible environment

Panoro Energy Sustainability Report 2023 Sustainable foundations, a resilient future 17

Operating a safe and responsible environment

Panoro Energy Sustainability Report 2023 Sustainable foundations, a resilient future 18

Management, Policy and

Panoro Energy Sustainability Report 2023 Sustainable foundations, a resilient future 19

Through our EWRM process, we identify,

Panoro Energy Sustainability Report 2023 Sustainable foundations, a resilient future 20

Panoro Energy Sustainability Report 2023 Sustainable foundations, a resilient future 21

Policy and Legal

Panoro Energy Sustainability Report 2023 Sustainable foundations, a resilient future 22

Panoro Energy Sustainability Report 2023 Sustainable foundations, a resilient future 23

Panoro Energy Sustainability Report 2023 Sustainable foundations, a resilient future 24

Panoro Energy Sustainability Report 2023 Sustainable foundations, a resilient future 25