Estimate changes from Crude Quarterly

Research evidence excerpt

Estimate changes from Crude Quarterly

Equity Research - 25 June 2026 06:51 CEST

Reason: Estimate change notificationPanoro Energy

• We raise our '26e oil price forecast to USD 84/bbl (prev. 81) and

reiterate our long-term oil price forecast of USD 75/bbl for '27e-'30e.

• We lower our '26e gas price forecast to USD 14.4/MMBtu (prev. Oil & Oil Services

14.6). We reiterate our '27e gas price forecast of USD 11.0/MMBtu

and our long-term gas price forecast of USD 9.0/MMBtu for '28e-'30e. Estimate changes (%)

• We reiterate our USD/NOK assumption of 10.0 from Q3'26e onwards. 2026e 2027e 2028e

• Please see the table below for a summary of the estimate changes Sales 3.1 -1.2 0.0 EBIT -11.4 -2.9 0.0

and refer to our Crude Quarterly report for further details.

EPS -29.0 -4.7 -0.3

Source: ABG Sundal Collier

In our 25 June Crude Quarterly report, we update our oil and gas price

assumptions for our covered E&Ps. See the report for more details on our PEN-NO/PEN NO

new oil market estimates and our updated price assumptions. Also, see Share price (NOK) 23/6/2026 28.35

below in this report for quarterly and annual company estimates. Target price (35.00) 32.00

Note: On 17 June, Panoro announced that it had closed the acquisition

of the additional 40% interest in Block G offshore Equatorial Guinea. MCap (NOKm) 3,783

This was ahead of expectations for closing during Q3'26, and our new MCap (EURm) 340

estimates reflect this. However, we note that the first scheduled lifting at

No. of shares (m) 133.4

Block G since completion of the acquisition is in July.

Free float (%) 67.0

Av. daily volume (k) 396

Next event Q2 report 20 August 2026

Performance

Source: ABG Sundal Collier 40.00

35.00

30.00

25.00

20.00

Aug-25 Oct-25 Dec-25 Feb-26 Apr-26 Jun-26

PEN-NO Norway OSE Benchmark