Panoro Energy ASA

Drilling Commences at Dussafu

Oslo, 29 January 2018 - Panoro Energy ASA ("PEN", OSE ticker code) is pleased to

announce that drilling has just commenced on the DTM-2H production well on the

Tortue oil field, located offshore Gabon and part of the Dussafu Marin

Production Sharing Contract ("PSC"). The well is being drilled with the Borr

Norve jack-up rig.

Tortue is an offshore field located in the southern part of Gabon and situated

in a water depth of 116 metres approximately 50 km from the coast. Panoro Energy

holds an 8.33% interest in the Dussafu Marin PSC, operated by BW Energy Dussafu

BV. The Tortue field contains oil reserves in two main sandstone reservoirs -

the Gamba and the Dentale D6.

The DTM-2H well is being drilled as a horizontal well targeting the Dentale D6

reservoir at 3,140 m true vertical depth subsea. Following drilling, the well is

intended to be completed as a gas lifted, subsea oil production well with an

approximate 500 metre horizontal drain. The drilling and completion for DTM-2H

is expected to take approximately 70 days. Following the drilling of the DTM-2H

well the rig will move first to drill the DTM-3 pilot hole in order to appraise

the northwest of the Tortue field in both the Gamba and Dentale reservoirs.

Subsequently, the rig will drill the DTM 3-H production well targeting the Gamba

reservoir at Tortue.

Enquiries

John Hamilton, Chief Executive 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 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.

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