• Panoro’s YE25 WI 2P reserves are estimated at 41 mmbbl (YE24: 42.3 mmbbl). Given that the company produced 3.7 mmbbl during 2025, this represents an organic Reserves Replacement Ratio of ~65%. • Including the acquisition of a 40.375% interest in Ceiba Okume, pro forma YE25 WI 2P reserves are estimated at ~84 mmboe. • The reserves addition reflects the Bourdon discovery and strong performance in Tunisia where the company has added ~1 mmbbl. • With priority being given to the development of Bour ....