Panoro Energy ASA

Panoro Energy Announces Receipt of Government Approvals of the Sale of all its Interest in OML 113, offshore Nigeria

Oslo, 27 January 2022 - Panoro Energy ASA ("Panoro" or the "Company") is pleased

to announce that all government approvals have now been received for the sale of

the shares of its fully-owned subsidiaries (the "Shares") that hold 100% of the

shares in Pan Petroleum Aje Limited ("Pan Aje") ("the Transaction") to PetroNor

E&P Limited ("PetroNor"). Pan Aje participates in the exploration for and

production of hydrocarbons in Nigeria and holds a 6.502% participating interest,

with 16.255% cost bearing interest, representing an economic interest of

12.1913% in Oil Mining Lease 113 ("OML 113"), which includes the Aje field.

Receipt of government approvals satisfies the last key condition precedent for

the completion of the Transaction. Panoro and PetroNor will now proceed with the

final steps to achieve completion of the Transaction, including the issuance of

new PetroNor shares for distribution to Panoro shareholders. It is expected

that the transaction will close within the next 90 days, and further information

will become available in the coming weeks.

John Hamilton, CEO of Panoro, commented:

"The receipt of government approvals in Nigeria is a major achievement and

enables us to now proceed swiftly to completion of the sale of Panoro's interest

in OML 113 to PetroNor and unlock value for our shareholders. The divestment is

consistent with Panoro's strategy to rationalise and high grade its upstream

portfolio, placing emphasis on the allocation of capital to short-cycle oil

production projects and focused exploration close to infrastructure hubs. The

transfer of ownership of OML 113 to PetroNor will allow Panoro to reduce and

optimise its capital expenditures while preserving the ability for our

shareholders to benefit from future gas successes through the distribution of

shares in PetroNor to its shareholders. Panoro is confident that PetroNor is

strategically well positioned to unlock the gas potential at Aje for the benefit

of all stakeholders."

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, OML 113 offshore western Nigeria (held-for

-sale, subject to completion), 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

AI Terminal