Panoro Energy ASA

Earnings Release • Aug 24, 2017

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

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

Oslo, 24 August 2017 - Panoro Energy (the "Company" or "Panoro" with OSE ticker:

"PEN") today announces the second quarter 2017 financial results and provides

the following updates:

Dussafu

· Completion of the divestment of a 25% working interest in Dussafu for USD

11.0 million in cash and a non-recourse loan of up to USD 12.5 million

· Development planning for two initial wells at Tortue with material

operational progress

· Competent Person's Report commissioned to update reserves and resources

estimates

· First oil expected in 2H 2018 at an anticipated initial gross rate of 15,000

bopd

· Approval of the development plan submitted by the operator

Aje

· Legal dispute ongoing with arbitration hearing anticipated in 1Q 2018

· Aje-5 intervention completed with production levels lower than anticipated

· Impairment charge of USD 26.0 million reflecting current circumstances

Corporate

· Cash and cash equivalents of USD 8.7 million as at 30 June 2017, not

including USD 1.5 million held as security of costs in relation to the ongoing

dispute on OML 113

· Post-period, the Company launched and completed an initial tender offer

available to all its shareholders to repurchase up to 1,000,000 shares for

approximately USD 510 thousand

Mr. John Hamilton, CEO of Panoro, commented: "Panoro is very pleased with the

significant progress achieved at Dussafu and the clear determination of the

operator to bring this field into production as soon as possible. Key contracts

have been advanced, and we see strong momentum building up every week. We intend

to provide the market with additional operational and technical information on

Dussafu in the very near future. Although the legal dispute at Aje continues,

and we share our investors' frustration, the Company is committed to act in the

best interest of shareholders."

Panoro will hold a conference call today at 09:00 a.m. CET, during which the

Company will discuss the second quarter 2017 results. Participants are invited

to ask questions about the second quarter report following the discussion.

Participants are asked to dial-in five to ten minutes prior to the start time

using the number and confirmation code 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) 203 003

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.