These seemed to be popular here in the US in the late 80's and early 90's. With a 25mm lens, I assume it really is panoramic. I have a couple of similar ones that switch between 'normal' and 'panoramic'. Really, all they do is mask the top and bottom of the frame. It's still 36mm wide, but about 18mm high. Shutter speeds usually run 1/100 to 1/200, and the lens is probably about f8.0. That's just a guess, but is typical.
Have fun with it!