Panoro Energy ASA

Report Publication Announcement • Jan 21, 2020

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

Oslo, 20 January2020 - Panoro EnergyASA("Panoro" or the "Company" with OSETicker: "PEN") notes the announcement made todaybyour operating partner BW Energy("BWE") in connection with their contemplated IPOciting the public release of the independent reserves auditor's reports addressed to BWEand 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 NSAIreports 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 previouslyprovided.Acopyof the NSAIreports can be accessed from BWEnergy's website at www.bwenergy.no.

Enquiries

John Hamilton, Chief Executive Officer Qazi Qadeer, Chief Financial Officer

Tel: +44 203 405 1060 Email: investors@panoroenergy.com

About PanoroEnergy

Panoro EnergyASAis an independent E&Pcompanybased in London and listed on the Oslo Stock Exchange with ticker PEN. The Companyholds high quality production, exploration and development assets inAfrica, namelythe Dussafu License offshore southern Gabon,OML 113 offshore western Nigeria, and the TPS operated assets, SfaxOffshore Exploration Permit and Ras El Besh Concession, offshore Tunisia. For more information, please visit the Company's website at www.panoroenergy.com.