Panoro Energy ASA

Major Shareholding Notification • Dec 6, 2018

Disclosure of Holdings

Disclosure of Holdings

Oslo, 6 December 2018 – DNO ASA, the Norwegian oil and gas operator, today announced that its shareholding in Oslo-listed Panoro Energy ASA has been diluted below the five percent threshold following the completion of a private placement and issuance of new shares by Panoro Energy ASA.

DNO holds 2,641,465 shares in Panoro Energy ASA, representing 4.23 percent of the outstanding shares.

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For further information, please contact:

Media: media@dno.no

Investors: investor.relations@dno.no

Tel: +47 911 57 197

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DNO ASA is a Norwegian oil and gas operator focused on the Middle East and the North Sea. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, Oman, the United Kingdom and Yemen.

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This information is subject to the disclosure requirements pursuant to section 4-3 of the Norwegian Securities Trading Act.