Panoro Energy ASA

Major Shareholding Notification • Jan 8, 2018

Increase in Oil Reserves at Tortue Field, Dussafu PSC

Increase in Oil Reserves at Tortue Field, Dussafu PSC

Oslo, 8 January 2018 - Panoro Energy ASA (the "Company" or "Panoro" with OSE

ticker: "PEN") is pleased to announce the updated preliminary oil reserves

review from independent reserves auditor Netherland, Sewell & Associates Inc.

("NSAI") of the Tortue oil field, located offshore Gabon and part of the Dussafu

Production Sharing Contract ("PSC").

The Tortue structure is one of four existing oil discoveries in the Dussafu

Exclusive Exploitation Area ("EEA") in which Panoro holds 8.33% working

interest.

These preliminary estimates have been provided to the operator BW Energy Gabon

by NSAI. A final report to BW Energy and Panoro is due to be made available

during Q1. As a result of the Final Investment Decision taken by Panoro and BW

Energy, previously booked Contingent Resources at Tortue can now be categorized

as reserves. The NSAI reserves review has benefitted from the new high quality

seismic data acquired by Panoro in 2013, and subsequently interpreted in 2015.

John Hamilton, Chief Executive Officer of Panoro, said "This updated reserves

review shows a surge of 80% in the mid-case scenario versus previous estimates,

and clearly demonstrate the value of Tortue and more generally the huge

potential for Dussafu to become a world-class producing asset. We are very

encouraged and excited by the preliminary NSAI review which illustrates this

material increase of our asset base. We expect to start producing oil at Dussafu

in the second half of 2018".

NSAI has calculated the following estimates for the total gross economically

recoverable oil reserves, derived from the assumed production from four oil

wells at the Tortue field, as follows:

· Proved (1P) reserves of 15.9 MMbbls

· Proved + Probable (2P) reserves of 23.5 MMbbls

· Proved + Probable + Possible (3P) reserves of 31.4 MMbbls

The preliminary results of the new NSAI reserves report illustrate:

· A material increase of over 80% of mid-case at Tortue, compared to the

previous independent report completed in May 2014, prior to the new seismic data

being available; and

· 3P reserves at Tortue are approximately equivalent to the total contingent

resources previously calculated for all four oil discoveries at Dussafu.

The NSAI reserves review does not yet include the other 3 discovered fields in

the EEA (Ruche, Moubenga and Walt Whitman) which will be updated in due course.

In addition, the independent reserves review also does not include prospective

resources associated with the 27 prospects and leads already identified within

the EEA.

Enquiries:

John Hamilton, Chief Executive 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.