Panoro Energy ASA

Panoro Energy - Completion of Dussafu DTM-4H production well

Oslo, 10 December 2019 - Panoro Energy (the "Company" or "Panoro" with OSE

ticker: "PEN") is pleased to announce the successful completion of the DTM-4H

well, the first of the phase 2 Tortue development wells. The well was drilled

with the Borr Norve jackup drilling rig in 116 m water depth as a horizontal

production well in the Gamba reservoir. A long horizontal section of good

quality oil saturated Gamba sands was drilled and completed and the subsea tree

installed ready for hook up early next year. The rig has now moved to the DTM-5H

well location, the second of the four phase 2 production wells, and the DTM-5H

well was recently spud. First production from the phase 2 Tortue wells is

planned for March 2020 with all four phase 2 wells expected to be online by June

Enquiries

John Hamilton, Chief Executive Officer

Tel: +44 (0) 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 visit the Company's website at www.panoroenergy.com.

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