Panoro Energy ASA

AGM Information • May 3, 2016

PANORO ENERGY ASA - Notice of Annual General Meeting

PANORO ENERGY ASA - Notice of Annual General Meeting

Oslo, 3 May 2016 - Panoro Energy ASA (the "Company" or "Panoro" with OSE Ticker:

PEN) is pleased to invite its shareholders to attend the Annual General Meeting

(the "AGM") scheduled to be held on 25 May 2016 at 11:00 AM CET at Hotel

Continental, Stortingsgaten 24/26, 0161 Oso, Norway.

Agenda:

1.     Opening by the Chairman of the Board - Registration of attending

shareholders

2.     Election of person to chair the meeting

3.     Election of one person to co-sign the minutes

4.     Approval of the calling notice and the agenda for the meeting

5.     Approval of the annual accounts and the annual report for the financial

year 2015

6.     Statement on corporate governance

7.     Approval of remuneration to the Board

8.     Approval of remuneration to members of the Audit Committee and the

Compensation Committee

9.     Approval of remuneration to the members of the Nomination Committee

10.   Remuneration to the auditor

11.   Approval of the statement by the Board regarding remuneration and other

benefits for leading employees

12.   Amendments to the Articles of Association - reverse split of the Company's

shares

Pursuant to the Oslo Børs' Continuing Obligation, the trading price per share

must be above NOK 1. If the prevailing share price remains below this threshold,

the listed company is obliged to take measures to increase the trading price per

share to above NOK 1. Consequently, the Board will propose to carry out a

reverse split of the Company's shares by merging 10 shares into one and thereby

increasing the nominal value of each share from NOK 0.005 to NOK 0.05. It is

currently expected that the last day of trading with the current nominal value

("last day inclusive") will be 27 May 2016, the first day of trading with the

new nominal value (the "ex-date") will be 30 May 2016, and the "record date"

will be 31 May 2016. These contemplated dates are subject to approval of the

proposal by the ordinary general meeting and the timing of the registration of

the reverse split with the Register of Business Enterprises. The Company will

confirm the dates following the AGM and such registration in a separate stock

exchange release in accordance with the requirements of the Oslo Børs'

Continuing Obligations.

13.   Amendments to the Articles of Association - Voting rights for shares held

in nominee accounts

14.   Proposal to give authorisation to the Board to conduct capital increases

by way of share issues under the Company's incentive program

15.   Proposal to give the authorisation to the Board to conduct capital

increases by way of share issues for mergers and acquisitions etc.

16.   Election of members to the Nomination Committee

17.   Closing

The AGM notice, registration and proxy forms and the respective attachments can

be downloaded from Panoro's website at

(http://www.panoroenergy.com/?page_id=67).

Oslo, Panoro Energy ASA

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

exploration and development assets in West Africa, namely the Dussafu License

offshore southern Gabon, and OML 113 offshore western Nigeria. Both assets have

discoveries with approved Field Development Plans. In addition to discovered

hydrocarbon resources and reserves, both assets also hold significant

exploration potential. For more information visit the Company's website at

www.panoroenergy.com.