Panoro Energy ASA

UPDATE: KEY INFORMATION RELATING TO THE REVERSE SPLIT TO BE CARRIED OUT BY PANORO ENERGY ASA

Oslo, 27 May 2016 - Reference is made to the stock exchange announcement made by

Panoro Energy ASA (the "Company" or "Panoro" with OSE Ticker: PEN) on 26 May

2016 regarding the reverse split of the Company's shares with a ratio of 10:1

and a related share capital increase of NOK 0.04.

The reverse split and the share capital increase has today, 27 May 2016, been

registered with the Norwegian Register of Business Enterprises

(Foretaksregisteret).

Consequently, the tentative key dates presented in the stock exchange

announcement published 26 May 2016, and as set out below, are thus confirmed as

the final dates for the implementation of the reverse split.

Key information:

Date on which the corporate action was made public: 3 May 2016

Reverse split ratio: 10:1 (10 existing shares give 1 new share)

Date of approval: 25 May 2016

Last day including right: 27 May 2016

Ex-date: 30 May 2016

Record date: 31 May 2016

Other information: Following effectuation of the reverse split and the share

capital increase, the Company will have a registered share capital of NOK

2,125,109.80 divided into 42,502,196 shares each with a nominal value of NOK

0.05.

This information is published in accordance with the requirements of the

Continuing Obligations.

Panoro Energy ASA,

For more information please contact:

Qazi Qadeer

Chief Financial Officer

+44 203 405 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 high quality

production, development, and exploration assets in West Africa, namely OML 113

offshore western Nigeria and the Dussafu License offshore southern Gabon. 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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