Panoro Energy ASA

Earnings Release • Aug 22, 2019

Panoro Energy Announces Second Quarter 2019 Results and Provides Operations and Corporate Updates

Panoro Energy Announces Second Quarter 2019 Results and Provides Operations and Corporate Updates

Oslo, 22 August 2019 - Panoro Energy (the "Company" or "Panoro" with OSE ticker:

"PEN") today announces the second quarter 2019 financial results and subsequent

events:

Highlights

· Gross Revenue for the second quarter 2019 of USD 10.7 million (1H19: USD

30.6 million) and EBITDA of USD 5.1 million (1H19: USD 16.3 million), in line

with liftings guidance

· Underlying operating profit before tax (Note 1) for the second quarter 2019

of USD 1 million (1H19: USD 8.8 million) on an adjusted basis compared to

reporting basis net profit before tax of USD 10.5 million (1H19: USD 14

million), largely due to reversal of impairment for Dussafu in the second

quarter

· Cash balances, including cash held for bank guarantee related to Sfax

Offshore Exploration Permit (SOEP), at USD 25.5 million and gross debt of USD

27.4 million

Tunisia

· Average TPS gross daily production of approximately 3,950 bopd for the

quarter, near-term objective of increasing production by 15-20% around the end

of Q3 2019

· Targeting gross production of 5,000 bopd by the end of 2019, with additional

near-term production opportunities identified

· Planning underway for drilling the Salloum West prospect towards end 2019

Dussafu

· Q2 average gross daily production over 12,000 bopd and continues producing

above expectation

· Exploration well spud on the Hibiscus Up-dip prospect in August 2019

· Phase 2 production drilling campaign to start in September

Aje

· Stable oil production at approximately 360 bopd net to Panoro during Q2 2019

· JV partners continue to focus on advancing the Turonian development plan

John Hamilton, CEO of Panoro, commented: "Our Q2 results are in line with our

guidance and taken together with Q1 results show the recent successful

transformation of Panoro into a fully cycle and well-balanced e&p operator. Over

the next 12 months we expect a further significant ramp-up of our production

with drilling and workover activities in Gabon and Tunisia. We have also kicked

-off our intensive exploration campaign with the Hibiscus Up-dip prospect and in

total plan to drill 3 to 5 exploration wells in the next 9 months. We are

looking forward to our near-term organic activities, which when combined with

other initiatives, should continue delivering solid growth."

(Note 1) Non-GAAP financial measures

From first quarter 2019, the Group has enhanced its disclosures and introduced

the reporting of Underlying Operating Profit/(Loss) before tax, a Non-GAAP

Financial Measure. Underlying Operating Profit/(Loss) before tax is considered

by the Group to be a useful additional measure to help understand underlying

operational performance. The definition and details of this Non-GAAP measure can

be referred to on page 7 of the second quarter, 2019 report.

Panoro will hold a live webcast presentation of the 2Q results today at 09:00

a.m. CET, during which the Company will discuss the second quarter 2019 results.

The webcast can be accessed through the following link where a presentation will

be relayed in listen only mode. (http://view-w.tv/819-1577-22158/en).

Should the participants wish to ask questions, the audio of the webcast can be

accessed through the following calling numbers with the features to ask live

questions. Participants are asked to dial-in five to ten minutes prior to the

start time using the number and password below:

Local - Oslo, Norway +47 21 563 318

Toll Free - Norway 800 19 457

Local - Washington DC, USA      +1 202 204 1514

Toll Free - USA +1 866 966 5335

Local - London, UK +44 (0) 20 3003 2666

Toll Free - UK 0808 109 0700

Password: Panoro

Participants dialling in from outside these countries may use the UK or USA

number. A replay of the webcast will be available shortly after the event is

finished and will remain on our website for approximately 7 days.

Enquiries

Qazi Qadeer, Chief Financial Officer

Tel:     +44 203 405 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.