Panoro Energy ASA

Panoro Energy 2015 Annual Statement of Reserves

Oslo, 29 April 2016 - Panoro Energy ASA (the "Company" or "Panoro" with OSE

Ticker: PEN) today reported its 2015 Annual Statement of Reserves ("ASR"). At

the end of 2015, total proven ("1P") reserves were 1.8 MMBOE, total proved and

probable ("2P") reserves were 3.2 MMBOE, and total Contingent Resources ("2C")

were 35.5 MMBOE.

Panoro's classification of reserves and resources complies with the guidelines

established by the Oslo Stock Exchange and are based on the definitions set by

the Petroleum Resources Management System (PRMS-2007), sponsored by the Society

of Petroleum Engineers/World Petroleum Council/ American Association of

Petroleum Geologists/ Society of Petroleum Evaluation Engineers

(SPE/WPC/AAPG/SPEE) as issued in March 2007. Panoro's reserves and resources are

estimated by Gaffney Cline & Associates and AGR TRACS International.

Panoro's 2015 Annual Statement of Reserves can be downloaded from the Company's

website at (http://www.panoroenergy.com/?page_id=61).

For further information, please contact:

John Hamilton, Chief Executive Officer

Tel: +44 20 3405 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

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. Please visit www.panoroenergy.com for more information.

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