Panoro Energy ASA

Panoro Energy - Disclosure of Major Shareholding

Oslo, 27 July 2022 - Panoro Energy ASA ("Panoro" or the "Company") with OSE

Ticker: ("PEN") makes reference to its recent announcement regarding completion

of the sale of its fully owned subsidiaries Pan-Petroleum Services Holding BV

and Pan-Petroleum Nigeria Holding BV (together referred to as "Divested

Subsidiaries" and which together hold 100% of the shares in Pan-Petroleum Aje

Limited) to PetroNor E&P ASA ("PetroNor" - OSE Ticker: "PNOR") for an upfront

consideration of USD 10 million to be settled in the form of PetroNor shares

("Consideration Shares") and today's stock exchange announcement by Panoro

Energy ASA that such shares have been issued.

The Company is pleased to confirm receipt of the Consideration Shares. Following

such receipt of shares, Panoro Energy ASA today, 27 July 2022, owns 96,577,537

shares in PetroNor E&P ASA, which represents 6.78% of all issued and outstanding

shares and votes in PetroNor. Consequently, the threshold of 5% holding of

shares and votes has been exceeded.

This announcement is made pursuant to the Continuing Obligations of Euronext

Oslo Børs.

Enquiries

Qazi Qadeer, Chief Financial Officer

Tel: +44 203 405 1060

About Panoro Energy

Panoro Energy ASA is an independent exploration and production company based in

London and listed on the main board of the Oslo Stock Exchange with the ticker

PEN. Panoro holds production, exploration and development assets in Africa,

namely a producing interest in Block-G, 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

participation interest in an exploration Block 2B, offshore South Africa.

Visit us at www.panoroenergy.com

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