Panoro Energy ASA

Remuneration Information • May 28, 2021

Panoro Energy: Grant of Share Options

Panoro Energy: Grant of Share Options

Mandatory Notification of Trades

Oslo, 28 May 2021 - Following the approval by the ordinary general meeting of

Panoro Energy ASA ("Panoro" or the "Company" with OSE Ticker: PEN) held on 27

May 2021, the Company announces an award of 144,000 granted to the Board members

("Board Options") 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 17.34 per share. The exercise price, as per the

guidance of the Company's Nomination Committee, has been determined using 5-day

Volume-Weighted Average Price of Panoro's share immediately preceding the date

of the 2021 ordinary general meeting. The exercise period is limited to 5 years

from the grant date i.e. 27 May 2021 and only applicable to the vested Board

Options that are eligible for exercise.

The allocation of the Board Options granted, the current shareholding and the

total number of outstanding Board options for the Board members are as follows:

Name Title Grants Shareholding in the Total number of

(Number of Company(No. of Board Options

options) shares)* Outstanding

Mr. Julien Chairman 48,000 3,582,970 48,000

Balkany

Mr. Deputy 24,000 185,289 24,000

Torstein Chairman

Sanness

Ms. Board 24,000 20,950 24,000

Alexandra member

Herger

Ms. Hilde Board 24,000 22,322 24,000

Ådland member

Mr. Board 24,000 25,408 24,000

Garrett member

Soden

\*held directly or indirectly. \

Enquiries

Qazi Qadeer, Chief Financial Officer

Tel:     +44 203 405 1060

Email: investors@panoroenergy.com

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

Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

This information is subject to the disclosure requirements pursuant to section 5

-12 and section 4-2 of the Norwegian Securities Trading Act.