Panoro Energy (the "Company" or "Panoro" with OSE ticker: "PEN") is pleased to
announce that the Guebiba 10 sidetrack well ("Gue-10AST") located in the Guebiba
oilfield in Tunisia and part of the Thyna Production Services ("TPS") concession
has been successfully drilled and completed. The Gue-10AST well encountered two
separate commercial oil zones, with very encouraging results.

In addition, during October, production has several times exceeded 5,000 barrels
of oil per day ("bopd"), with average gross production levels at TPS for the
month of October to date of 4,850 bopd (Panoro net 29.4%), prior to any
contribution to come from Gue-10AST. A number of planned workover activities
have also been completed, with others still underway.

John Hamilton, CEO of Panoro, said: "We congratulate the entire teams at Panoro,
ETAP, and TPS for the close collaboration on the successful drilling of the
first well at TPS in the last 5 years. We had been able to resume postponed
operational activities in August and the results are now starting to be
harvested, despite very challenging logistical circumstances due to the current
pandemic. The JV has raised production from about 4,000 barrels per day in the
first half of the year to approximately 5,000 bopd. Further workover activity is
also underway and we look forward to continuing to deliver organic growth at the
TPS assets."

The Gue-10A sidetrack was drilled with the CTF Rig-06 and encountered a
significant oil-bearing upper reservoir interval in the Douleb that represents
an extremely attractive future development opportunity.

The sidetrack then penetrated the targeted deeper Bireno reservoir, which proved
to be oil bearing and broadly in line with expectations. The Bireno reservoir
will be produced first, pending future development of the Douleb. The well is
now temporarily closed in whilst the rig is demobilised from the well location,
it is expected to be on stream by mid-November. In due course, following
depletion of the Bireno, the Douleb reservoir will be produced and is expected
to deliver high rates of production for a number of years.

This is the first well to be drilled at TPS since 2015, reflecting Panoro's and
partner ETAP's resolve to increase production in this important set of oil
fields forming the TPS concessions.