Panoro Energy ASA

Major Shareholding Notification • Jul 30, 2018

DNO ASA: Disclosure of Holdings

DNO ASA: Disclosure of Holdings

Oslo, 30 July 2018 - DNO ASA, the Norwegian oil and gas operator, today announced it has subscribed to 2,641,465 shares in Oslo-listed Panoro Energy ASA at a price of NOK 12.82 per share.

Following this transaction, DNO holds 2,641,465 shares in Panoro, representing 5.65 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.