Panoro Energy ASA

PANORO PROVIDES OPERATIONAL AND CORPORATE UPDATE

Oslo, 28 April 2017 - Panoro Energy ASA ("Panoro" or the "Company") (OSE ticker:

PEN) provides the following operational and corporate update.

In Nigeria, we understand that remedial operations continue at Aje-5. Although

we have been unjustifiably excluded from some of the Aje JV information due to

the ongoing legal dispute, we are aware that certain JV partners have taken the

decision to side track Aje-5 and that delays and cost overruns have been

encountered. Drilling and completion operations are expected to take an

additional two to three weeks. Production continues to be restricted to only Aje

-4. We believe that the optional Aje-7 well has been removed from the current

drilling programme.

The dispute over drilling additional Aje wells is still pending. An arbital

tribunal has been convened, and Panoro expects that the hearing will take place

at the end of the second quarter, as previously announced.

Panoro continues to be frustrated by the lack of operational results and the

procedural errors in the JV. We are reviewing and considering all appropriate

actions.

In parallel, Panoro is actively working on business development opportunities to

acquire production and development assets in West Africa. These opportunities do

not involve a significant commitment of cash and would allow the Company to

diversify its current asset base. While there can be no assurance that any of

these transactions will materialise, we are very encouraged by our current

pipeline of external growth opportunities to create value for shareholders.

Enquiries:

Panoro Energy ASA +44 203 405 1060

John Hamilton, Chief Executive Officer [email protected]

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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