Panoro Energy ASA

PANORO ENERGY - CANCELLATION OF SUBSEQUENT OFFERING

Oslo, 11 December 2018 - Panoro Energy ASA (the "Company" or "Panoro" with OSE

Ticker: PEN) refers to the previous information concerning a contemplated

subsequent offering directed towards shareholders as of 6 November 2018 as

registered with VPS on 8 November 2018 ("Eligible Shareholders"). The

subscription price is set at NOK 16.10 per share with the subscription estimated

to commence on 11 December 2018. Further, reference is made to the extraordinary

general meeting held 29 November 2018, where, inter alia, the board of directors

of Panoro was given the authority to cancel the subsequent offering if

prevailing market conditions so dictate. The current share price of Panoro is

below NOK 13 per share and the prevailing market share price has been below the

subscription price of NOK 16.10 per share since 19 November 2018. This means

that Eligible Shareholders who want to buy Panoro shares may purchase Panoro

shares in the market at a substantially lower price than the subscription price

for the subsequent offering. For this reason, the board has decided to cancel

the subsequent offering as the prevailing market conditions so dictate.

The shares in the completed private placement have been issued and delivered to

an ISIN separate from the Company's ordinary ISIN. The Company expects that the

listing prospectus for these shares are soon to be approved by the Financial

Supervisory Authority after which point in time the shares will be transferred

to the Company's ordinary ISIN and become tradable on Oslo Børs.

Enquiries

Qazi Qadeer, Chief Financial Officer

Tel: +44 203 405 1060

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 Sfax

Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia. For

more information, please visit the Company's website at www.panoroenergy.com.

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