Panoro Energy ASA

Update on Panoro Energy ASA's Tender Offer

Oslo, 11 August 2017 - Reference is made to the stock exchange announcements

published by Panoro Energy ASA ("Panoro" or the "Company" with OSE Ticker:

"PEN") on 09 and 10 August 2017 concerning a tender offer (the "Offer") in

connection with Panoro's share buyback program.

In line with its regulatory obligations to provide interim updates on the Offer,

as of this morning Panoro received acceptances for 1,000,138 shares, at an offer

price of NOK 4.05 per share (as set out in the Offer). Currently, Panoro Energy

ASA owns no shares in the Company. If the purchase is implemented in accordance

with the Offer, Panoro will become owner of 1,000,000 voting shares in the

Company representing approximately 2.35% of the share capital.

The offer period expires at 16:30 (CET) on 11 August 2017. The Company reserves,

at its sole discretion, the right to accept shares tendered after the end of the

Period, as well as to extend the initial Period. The terms and conditions of the

Offer are further described in the stock exchange notice from Panoro on 09

August 2017.

Arctic Securities AS is engaged as receiving agent in connection with the Offer.

This information is subject to the disclosure requirements according to section

5-12 of the Norwegian Securities Trading Act.

Enquiries:

Panoro Energy ASA

Tel: +44 203 405 1060

Arctic Securities AS

Tel: +47 21 01 30 40

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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