Panoro Energy ASA

Panoro Energy provides an update on 30 September 2019 Dussafu reserves report

Oslo, 20 January 2020 - Panoro Energy ASA ("Panoro" or the "Company" with OSE

Ticker: "PEN") notes the announcement made today by our operating partner BW

Energy ("BWE") in connection with their contemplated IPO citing the public

release of the independent reserves auditor's reports addressed to BWE and

issued by Netherland, Sewell & Associates Inc. ("NSAI") certifying reserves for

Dussafu Marin Permit ("Dussafu"), offshore Gabon as of 30 September 2019.

The gross reserves from the NSAI reports remain the same as announced in our

press release of 30 October 2019 with:

· Proved (1P) reserves of 76.9 MMbbls

· Proved + Probable (2P) reserves of 112.4 MMbbls

· Proved + Probable + Possible (3P) reserves of 142.6 MMbbls

The reports contain additional details on Dussafu not previously provided. A

copy of the NSAI reports can be accessed from BW Energy's website at

www.bwenergy.no.

Enquiries

John Hamilton, Chief Executive Officer

Qazi Qadeer, Chief Financial Officer

Tel: +44 203 405 1060

About Panoro Energy

Panoro Energy ASA is an independent E&P company based in London and listed on

the Oslo Stock Exchange with ticker PEN. The Company holds high quality

production, exploration and development assets in Africa, namely the Dussafu

License offshore southern Gabon, OML 113 offshore western Nigeria, and the TPS

operated assets, Sfax Offshore Exploration Permit and Ras El Besh Concession,

offshore Tunisia. For more information, please visit the Company's website at

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