Panoro Energy ASA

M&A Activity • Dec 21, 2018

Panoro Announces Closing of Acquisition of OMV Tunisia Upstream GmbH

Panoro Announces Closing of Acquisition of OMV Tunisia Upstream GmbH

Oslo, 21 December 2018 - Panoro Energy ASA (the "Company" or "Panoro" with OSE

Ticker: PEN) is pleased announce the completion of the acquisition of OMV

Tunisia Upstream GmbH and its Tunisian assets, as detailed in our prior press

releases.

Panoro Tunisia Production AS ("PTP", 60% owned) now holds an indirect 49%

interest in five oil producing concessions in Tunisia with net 2P reserves of

8.1 million barrels as at July 1, 2018, and current net production of

approximately 2,000 bopd from 14 wells. PTP also indirectly owns 50% of Thyna

Petroleum Services S.A. ("TPS"), the experienced Tunisian based operating

company for the five oil producing concessions.

John Hamilton, Chief Executive Officer of Panoro said: "We are extremely pleased

to have closed this transformational acquisition in Tunisia, which is consistent

with Panoro's strategy to continue building a leading international independent

exploration and production company focused on Africa. The TPS concessions are

high quality oil producing assets, with low decline rates and low breakeven

levels, are well managed, and contain substantial upside potential. We look

forward to working with ETAP, the experienced TPS team and all stakeholders

involved in these concessions. With our strategic partners Beender Petroleum and

Mercuria Energy we intend to achieve our ambitious in-country growth objectives

and to maximize the value of our portfolio over the short and long term."

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.