Panoro Energy Confirms 85 Bcf Helium and Over 4 Tcf Methane at ER 376 in South Africa

Panoro Energy ASA said an independent assessment confirmed a gross recoverable un-risked mean of 85 Bcf of helium and over 4 Tcf of methane at Exploration Right 376 onshore South Africa, where it holds a 100 per cent interest. The company announced the results on November 10, 2026.

What Sproule ERCE Assessed at ER 376

Panoro Energy is an independent exploration and production company listed on the Oslo Stock Exchange with production, exploration and development assets in Africa. The assessment by Sproule ERCE covered three plays: a combined helium and methane play in Fractured Basement Precambrian metasediments of the Ventersdorp and Witwatersrand Groups, a regional methane play in the Permian Vryheid Sandstones formation, and a Permian Ecca Group coalbed methane play.

For helium in the Fractured Basement, the assessment gives a 1U of 3.9 Bcf, a 2U of 38.8 Bcf, a 3U of 193.5 Bcf, an unrisked mean of 84.7 Bcf, a 49 per cent chance of success and a risked mean of 41.5 Bcf. Total methane carries an unrisked mean of 4,079.3 Bcf and a risked mean of 1,767.8 Bcf.

Eric d'Argentre, Chief Operating Officer and President of Panoro, said: "The independent confirmation of material prospective helium and natural gas resources at ER 376 is an important milestone and underscores the strategic value and externally overlooked upside we see in the asset." He added that the company "will evaluate the optimal pathway to realise value for shareholders."

Panoro's Block G and Funding Records

According to akta.pro company records, Panoro completed in June 2026 its acquisition of Kosmos Energy's 40.375 per cent non-operated working interest in Block G for approximately $127 million final cash consideration plus up to $40 million contingent, lifting its stake from 14.25 per cent to 54.625 per cent. In February 2026 the company completed a $150 million tap issue on its senior secured bond maturing December 2029 alongside a NOK 467 million private placement of 19,999,999 new shares at NOK 23.35 per share, both earmarked to finance the Block G acquisition.

Earlier Panoro Milestones in 2026

Panoro's Dussafu joint venture drilled two appraisal wells in Gabon, finding 16m and 30m oil columns in Gamba sands, news.cision.com reported in October 2026. In September 2026 the company completed its acquisition of DNO CI LLC, which holds a 9.09 per cent indirect stake in Block CI-27 offshore Côte d'Ivoire, for $64.4 million, comprising $43 million in cash and $21.4 million in new shares, news.cision.com reported. Panoro's share capital increase was registered with the Register of Business Enterprises in September 2026, raising the total to NOK 7,022,202.35 divided into 140,444,047 shares, following an issue of shares to DNO ASA announced on September 14, 2026, news.cision.com reported.

ER 376's Path From Permit to Exploration Right

Panoro's activity at ER 376 dates to 2022, when it was awarded a one-year Technical Cooperation Permit, TCP 218, for desktop geological and geophysical studies. The company converted TCP 218 into Exploration Right 376 after identifying key elements of the helium and natural gas plays.