Panoro Energy ASA

Earnings Release • Feb 28, 2018

Panoro Energy Announces Fourth Quarter 2017 Results and Provides Operations and Corporate Updates

Panoro Energy Announces Fourth Quarter 2017 Results and Provides Operations and Corporate Updates

Oslo, February 28, 2018 - Panoro Energy (the "Company" or "Panoro" with OSE

ticker: "PEN") today announces the fourth quarter 2017 financial results and

provides the following updates:

Dussafu

· Updated independent reserves report prepared by Netherland Sewell &

Associates Inc. ("NSAI") estimates gross Proved + Probable (2P) reserves of 23.5

MMbbls and Contingent (2C) resources of 11.6 MMbbls

· NSAI report supports Panoro's view of the long-term production potential at

Dussafu over its 20 year exploitation concession

· First development well, DTM-2H spudded in January, 2018; completion expected

in April, 2018

· First oil expected in 2H 2018 at an anticipated gross rate of 10,000 to

15,000 bopd (Operator estimate)

Aje

· Legal dispute with JV partners in relation to drilling of new development

wells fully resolved through an out-of-court settlement

· Current oil production operations continue; focus on advancing the Turonian

gas development plan

Corporate

· Cash and cash equivalents of USD 6.3 million as at December 31, 2017, not

including USD 1.5 million held as security with English Courts (to be released

as part of the Aje settlement agreement)

· Recurring General and Administration (G&A) costs reduced by approximately

10% year-on-year to USD 3.7 million in 2017 from USD 4.1 million in 2016

Mr. John Hamilton, CEO of Panoro, commented: "Recent key achievements have put

Panoro into an exciting position going into 2018. The Dussafu development is

fully underway with the ongoing drilling of the first producing well. We look

forward to a suite of operational milestones being achieved, and producing oil

at Dussafu in the second half of the year. The updated reserves report has

confirmed the potential at Tortue field and the wider Dussafu concession. At

Aje, the arbitration has have been resolved to our satisfaction, and planning is

moving ahead to develop the significant Turonian gas development."

Panoro will hold a conference call today at 09:30 a.m. CET, during which the

Company will discuss the fourth quarter 2017 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

For further information please contact:

Qazi Qadeer, Chief Financial Officer

Tel:     +44 203 405 1060

Email: info@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 production,

exploration and development assets in West Africa, namely the Dussafu License

offshore southern Gabon, and OML 113 offshore western Nigeria. In addition to

discovered hydrocarbon resources and reserves, both assets also hold significant

exploration potential. For more information, please visit the Company's website

at www.panoroenergy.com.