Panoro Energy ASA

Environmental & Social Information • Apr 30, 2019

Panoro Energy - Publication of 2018 Annual Statement of Reserves

Panoro Energy - Publication of 2018 Annual Statement of Reserves

Oslo, 30 April 2019 - Panoro Energy ASA (the "Company" or "Panoro" with OSE

Ticker: PEN) is pleased to announce the release of its 2018 Annual Statement of

Reserves (the "ASR").

After taking account of 2018 production, the gross reserves and resources for

Panoro's producing oil fields have materially increased, compared to the end of

2017, by the following amounts:

· 2P reserves at Tortue: increase of 49%

· 3P reserves at Tortue: increase of 62%

· 2C contingent resources at Dussafu: increase of 120%

· 2P oil reserves at Aje field: increase of 60%

As of 31 December 2018, the total net reserves and resources to Panoro in

million barrels of oil equivalent ("MMboe") were:

· Proved (1P) reserves of 16.6 MMboe

· Proved + Probable (2P) reserves of 28.8 MMboe

· Proved + Probable + Possible (3P) reserves of 40.4 MMboe

· Contingent (2C) resources of 5.9 MMboe

Panoro's classification of reserves and resources complies with the guidelines

established by the Oslo Stock Exchange and are based on the definitions set by

the Petroleum Resources Management System (PRMS), sponsored by the Society of

Petroleum Engineers/World Petroleum Council/American Association of Petroleum

Geologists/Society of Petroleum Evaluation Engineers (SPE/WPC/AAPG/SPEE) as

issued in June 2018.

A copy of the 2018 Annual Statement of Reserves is available on our website at

http://www.panoroenergy.com/investors/annual-statement-of-reserves/.

Enquiries

Qazi Qadeer, Chief Financial Officer

Tel: +44 20 3405 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, please visit the Company's website at

www.panoroenergy.com.