Panoro Energy ASA

2016 Annual Statement of Reserves

Panoro Energy ASA (the "Company" or "Panoro" with OSE Ticker: PEN) publishes its

2016 Annual Statement of Reserves. At the end of 2016, total proven ("1P")

reserves were 1.7 million barrels of oil equivalent ("MMBOE"), total proved and

probable ("2P") reserves were 3.1 MMBOE and total contingent ("2C") resources

were 35.5 MMBOE.

Panoro's classification of reserves and resources complies with the guidelines

established by the Oslo Stock Exchange and are based on the definitions set by

the Petroleum Resources Management System (PRMS-2007), sponsored by the Society

of Petroleum Engineers/World Petroleum Council/American Association of Petroleum

Geologists/Society of Petroleum Evaluation Engineers (SPE/WPC/AAPG/SPEE) as

issued in March 2007.

Please find attached the 2016 Annual Statement of Reserves.

Enquires:

John Hamilton, Chief Executive Officer

Tel: +44 20 3405 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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