Following the approval by the Ordinary General Meeting ("2023 AGM") of Panoro Energy ASA ("Panoro" or the "Company" with OSE Ticker: PEN) held on 24 May 2023, the Company announces an award of 24,000 options ("Board Options") granted to the Ms Gunvor Ellingsen which will vest equally over a three-year period each at the date of the Annual General Meetings of upcoming years. Each Board Option entitles the holder to one ordinary share in the Company. Once vested, the options are exercisable at NOK 27.40 per share. The exercise price, as per the approved resolution in the 2023 AGM, has been determined using Volume-Weighted Average Price of Panoro's share from and including the date of the publication of the 2023 AGM notice to the date of the 2023 AGM meeting i.e. from 28 April 2023 to 24 May 2023. The exercise period is limited to 5 years from the award date i.e. 24 May 2023 and only applicable to the vested Board Options that are eligible for exercise.
Ms. Ellingsen does not hold any shares in the Company as of the date of this announcement.