Panoro Energy ASA

Legal Proceedings Report • Jan 6, 2017

Panoro wins court case

Panoro wins court case

Oslo, 6 January 2017 - Panoro Energy ASA (the "Company" or "Panoro" with OSE

Ticker: "PEN") is pleased to announce that a judgment has been granted in favour

of the Company by the Borgarting Court of Appeal in Oslo (the "Court of

Appeal"). Panoro was in a dispute with Euro-Latin Capital SA ("ELC"), an M&A

advisory firm, in relation to a baseless claim by ELC for the payment of a

success fee of up to USD 2.4 million on the sale of Panoro's assets in Brazil in

The Court of Appeal has dismissed all of ELC's claims and ordered ELC to pay

Panoro's costs, which together with costs awarded earlier are in excess of NOK 2

million. It is not yet known by the Company whether ELC will appeal the Court of

Appeal's decision to the Norwegian Supreme Court. There is a one month appeal

period available to ELC but in practice the Supreme Court allows few cases to be

heard.

Panoro is fully committed to act in the best interest of its shareholders and

will continue to take all necessary actions to protect shareholder value.

Enquiries:

Panoro Energy ASA                                                     +44 203

405 1060

Qazi Qadeer, Chief Financial 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.