About Panoro Energy

Panoro Energy ASA is an independent exploration and production company listed on the main board of the Oslo Stock Exchange with the ticker PEN.

Panoro Energy holds production, exploration and development assets in Africa, namely interests in Block-G, Block S and Block EG-01, offshore Equatorial Guinea, the Dussafu License offshore southern Gabon, the TPS operated assets, Sfax Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia, and interests in an exploration Block 2B (up to relinquishment on 6 December 2023) and Technical Co-operation Permit 218 in South Africa.

Panoro Energy has a head office in London, UK, with country offices in Malabo, Equatorial Guinea, Libreville, Gabon and Tunis, Tunisia. The company holds a 50% interest in the TPS operating company based in Sfax, Tunisia. We employ 24 people across these locations.

Our Commitment To Ethical Business Practices

We strongly believe that our success is dependent on our reputation for operating with the highest standards for integrity, transparency and trust. Panoro Energy supports the UN’s Global Compact initiative and is actively committed to promoting the basic principles relating to the topics of human rights, labour standards, the environment and anti-corruption. To ensure that all directors, officers, employees, and suppliers of goods and services to Panoro Energy are aware of our commitment to ethical business practices, we have adopted an Anti-Bribery and Corruption and Business Associates Policy, a Code of Conduct and a Safety and Sustainability Policy, which together are compatible with the UN Global Compact and the OECD’s Guidelines for Multinational Enterprises. These policies set out our expectations for the behaviour of our Board of Directors, management, employees, and contractors. They require that we comply with all applicable laws and regulations in any country in which we do business.

Our Commitment To Human Rights And Decent Working Conditions

Panoro Energy supports and is committed to conducting its business in a way which is consistent with the human rights philosophy expressed in the Universal Declaration of Human Rights, the United Nations Guiding Principles on Business and Human Rights and the International Labor Organization Declaration on Fundamental Principles and Rights at Work.

The company is committed to being a good corporate citizen in all its places of operation; maintaining high ethical standards; obeying all applicable laws, rules and regulations; and respecting local and national cultures. Our commitment to human rights is aligned with this philosophy and approach and specifically encompasses the abolition of child labour, elimination of forced labour and workplace discrimination and harassment, and recognition of freedom of association.

Panoro Energy Supply Chain

Panoro Energy’s suppliers play an important role in the success of our organization. We work with more than one thousand suppliers who provide raw materials, goods and services. Driving risk management and quality performance throughout the supply chain is fundamental to our engagement with each supplier. Panoro Energy requires that each of our suppliers comply with all applicable laws, rulings and regulations in the jurisdictions where they do business. That includes laws related to equal opportunity and non-discrimination, and laws prohibiting human trafficking and slavery.

Panoro Energy and supplier employees are encouraged to report to the company management if they suspect that any supplier is engaging in unethical behavior or actions counter to our approach on human rights. There is a Whistleblowing Procedure accessible on the company’s website that permits confidentiality in the submission of such reports. If Panoro Energy verifies that any supplier is in violation of applicable laws, Panoro Energy has the right to terminate the agreement with that supplier.

Due Diligence Measures Implemented in 2023/4

As part of our initiative to identify and mitigate risk, we have taken the following steps during 2023/4:

• Prepared and issued a Supplier Code of Conduct to help ensure that each supplier’s business is operating compatible with the UN Global Compact. This is available on the Panoro Energy website and will be made available to each supplier as part of the normal tendering process.
• The company procurement standards and procedures have been updated so that they are aligned with the philosophies and principles set out in this document.
• The supplier risk screening exercise for the company operated activities initiated in 2022 has been revised for 2023. This assigns high/medium/low risk categorisation to our existing suppliers based on: a) their country of origin screened against the United Nations Development Programme Human Development Index; and b) whether the services provided have the potential to pose a higher risk of poor human rights and labour practices or create a risk to the environment.
• Sought details from our business partners in Equatorial Guinea and Gabon of their supply chain and where possible undertaken a similar supplier risk screening exercise to the company’s direct suppliers, otherwise we have requested assurance that they are guarding against UN Global Compact breaches.
• Where concerns arose on selected higher risk suppliers further checking was undertaken.

2022 was the first year that Panoro Energy conducted a due diligence risk assessment analysis of the company’s suppliers. The process shed light on our supplier base and the potential risks associated, plus some gaps in our processes related to evaluating and mitigating such risk. In 2023 we have continued the work so that we better understand the potential risks in our existing supplier base and deal appropriately with any issues identified; we have also further enhanced our procedures and processes to prevent exposure from future suppliers.

Training, Awareness and Reporting

Our internal policies and procedures aim to ensure that our employees understand and comply with all laws, rulings, and regulations in their area of business. We provide training to key employees to enable them to recognise and address any issues that may arise relating to human rights that may occur in our supply chain.

Employees are encouraged to seek guidance when they have questions or concerns regarding our policies and procedures from Panoro Energy senior management. Employees may also use the company Whistleblowing Procedure to report any concerns or suspicions related to company or supplier actions, details are available on the company website. The Whistleblowing Procedure is also available to employees of our supply chain and other third parties to raise issues or concerns regarding all compliance issues, including those involving modern slavery and human trafficking.

Finding of Adverse Impact

In the event of a finding of adverse impact through our due diligence process, Panoro Energy will fulfill its legal obligations to publish the findings and the measures taken to address the adverse impact. To date, our due diligence processes have not identified any situations with actual or potential negative consequences for basic human rights and decent working conditions.

In accordance with the Norwegian Transparency Act, Panoro Energy will provide information about our efforts to promote labour and human rights in our supply chain to anyone who requests this information. Inquiries should be directed to info@panoroenergy.com

Julien Balkany
Chairman of the Board

Torstein Sanness
Board member

Alexandra Herger
Board member

Gunvor Ellingsen
Board member

Garrett Soden
Board member

John Hamilton
Chief Executive Officer