Panoro Energy ASA

Regulatory Filings • Dec 10, 2019

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 2020.

Enquiries

John Hamilton, Chief Executive Officer Tel: +44 (0) 203 405 1060 email: investors@panoroenergy.com

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.