Panoro Energy ASA

M&A Activity • Apr 7, 2017

UPDATE ON DUSSAFU TRANSACTION

UPDATE ON DUSSAFU TRANSACTION

Oslo, 7 April 2017- Panoro Energy ASA ("Panoro" or the "Company") (OSE ticker

"PEN") notes the announcement by Harvest Natural Resources ("Harvest"), our

Joint Venture partner and operator of the Dussafu Marin Production Sharing

Contract ("Dussafu PSC"), regarding the anticipated completion on 10 April 2017

of the sale of its subsidiary Harvest Dussafu BV to BW Energy Gabon Pte. Ltd.

("BWEG").

The completion of Harvest's transaction is one of the key conditions to the

completion of Panoro's transaction with BWEG. As previously announced, Panoro's

fully-owned subsidiary, Pan-Petroleum Gabon B.V. ("PPGBV"), has entered into a

definitive Sale and Purchase Agreement with BWEG to divest 25% interest in the

Dussafu PSC.

Panoro is pleased to confirm that it has also received all the necessary

Gabonese governmental approvals for its transaction, and is now working with

BWEG on the final documentary procedures for completion. We anticipate Panoro's

closing to take place as soon as practically possible after completion of the

Harvest's transaction.

We look forward to updating the market on Panoro's completion in the near

future.

Enquiries:

Panoro Energy ASA                                          +44 203 405 1060

John Hamilton, Chief Executive Officer              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 high quality

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.