Panoro Energy ASA

Earnings Release • Feb 26, 2019

Panoro Energy Announces Fourth Quarter 2018 Results and Provides Operations and Corporate Updates

Panoro Energy Announces Fourth Quarter 2018 Results and Provides Operations and Corporate Updates

Oslo, February 26, 2019 - Panoro Energy (the "Company" or "Panoro" with OSE

ticker: "PEN") today announces the fourth quarter 2018 financial results and

subsequent events:

Highlights

· Completion of transactions in Tunisia and first oil at Dussafu have

materially transformed Panoro

· 6-fold increase in net production from January 2018 to January 2019. Current

net group production of approximately 2,500 bopd (prior to royalty and tax)

· 4-fold increase in net 2P oil reserves (24% increase in total net 2P

reserves) compared to Q3 and after taking into account 2018 net production

Tunisia

· Completed the acquisition of OMV Tunisia Upstream GmbH in December 2018

· Agreement with Tunisian authorities in relation to drilling at Sfax Offshore

Exploration Permit, with Salloum West prospect proposed to be drilled during

2019

· Near-term opportunities identified to increase production by 15-20% during

Q3 2019

Dussafu

· Tortue field gross 2P reserves increased by approximately 50% to 35.1 MMbbls

· 1.1 million gross barrels produced during the quarter from Tortue field, at

an average gross rate of 11,800 bopd

· Phase 2 planning activities are underway with drilling of development and

exploration wells due to commence during 2H 2019

Aje

· Current oil production operations continue with stable production at 368

bopd net to Panoro during Q4 2018

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

Corporate

· Cash balance as at December 31, 2018 of USD 23.1 million

· Successfully completed an Equity Private Placement in December, 2018,

raising USD 30 million in gross proceeds

· Closed a USD 35 million Secured Loan Facility agreement with Mercuria to

finance the acquisition of OMV Tunisia Upstream GmbH (Net to Panoro USD 21

million)

· Entered into a joint arrangement through a shareholder agreement with

Beender Petroleum Tunisia Limited ("Beender"), whereby Panoro and Beender

jointly own and control 60% and 40% respectively of Sfax Petroleum Corporation

AS

John Hamilton, CEO of Panoro, commented: "2018 was undeniably a transformational

year for Panoro. Group production ended the year with a 6-fold increase as

compared to the start. In addition, material reserve growth was achieved through

both the drill bit and acquisition. The extensive exploration portfolio was

enhanced through the 2 successive acquisitions in Tunisia, which nicely

complement the existing prospects at Dussafu. We have already identified near

term organic growth opportunities across our assets to further boost production

into 2020, supplemented by exploration drilling. In total, Panoro will be

involved in drilling at least 6 new wells in the next 15 months. We look forward

to an exciting year of operational activity."

Panoro will hold a conference call today at 09:00 a.m. CET, during which the

Company will discuss the fourth quarter 2018 results. Participants are invited

to ask questions about the fourth quarter report following the discussion.

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 - New York, USA          +1 212 999 6659

Toll Free - USA +1 866 966 5335

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

Toll Free - UK 0808 109 0700

Password: Panoro

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.