The TPS Assets comprise five oil field concessions in the region of the city of Sfax, onshore and shallow water offshore Tunisia. The concessions are Cercina, Cercina Sud, Rhemoura, El Ain/Gremda and El Hajeb/Guebiba. The oil fields were discovered in the 1980’s and early 1990’s and have produced over 60 million barrels of oil to date. Production has remained stable at rates of between 3,000 to 4,000 barrels of oil per day since Panoro acquired the assets in 2018 and the Company sees opportunities to restore production to historic levels of 6,000 bopd gross. Approximately 50 wells have been drilled in the TPS fields to date, whilst some of these wells have been abandoned, 12 remain on production with 7 wells currently shut-in awaiting workovers or reactivation. Two wells are used for disposal of produced water. Production facilities consist of the various wellhead installations, connected via intra-field pipelines to processing, storage and transportation systems. Crude is transported to a storage and export terminal about 70 km south of the Assets at La Skhira. Panoro Tunisia Production AS indirectly owns a 49% interest in the fields and a 50% interest in the TPS operating company. The remaining interests are held by the Tunisian State Oil Company ETAP.  Panoro’s net interest in TPS operations is 49% ⁽¹⁾.