Panoro Energy ASA

Prospectus • Mar 11, 2016

Panoro Energy ASA: Approved Prospectus and listing of new shares

Panoro Energy ASA: Approved Prospectus and listing of new shares

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO

THE UNITED STATES, CANADA, AUSTRALIA, OR SWITZERLAND

Friday, 11 March 2016 - Reference is made to the stock exchange announcements

dated 9 and 10 February 2016 regarding the Private Placement in Panoro Energy

ASA ("Panoro" or the "Company) by way of issue of 166,666,666 new shares (the

"Private Placement Shares") and the resolution by the extraordinary general

meeting of Panoro Energy ASA on 2 March 2016 to issue between 1 and 23,809,500

additional shares (the "Offer Shares") in a subsequent offering (the

"Offering").

Shareholders as of 9 February 2016 (the date of the Private Placement) who were

not allocated shares in the Private Placement and who are not resident in a

jurisdiction where such offering would be unlawful or, for jurisdictions other

than Norway, would require any prospectus, filing, registration or similar

action, will receive 0.143115 subscription rights per each share held in the

Company. Each subscription right grants the owner the right to subscribe for and

be allocated one Offer Share.

The Financial Supervisory Authority of Norway has approved the prospectus for

the Offering on 11 March 2016. The subscription period commences, 14 March 2016,

and expires on 31 March 2016 at 16:30 (CET). The subscription price per Offer

Share is NOK 0.42, equal to the subscription price per Private Placement Share.

The Prospectus also concludes the listing of the 166,666,666 Private Placement

Shares. The Private Placement Shares will be listed on Oslo Børs on 14 March

2016. Reference is made to the stock exchange notice dated 8 March 2016 where

Panoro reported increase of its registered share capital by NOK 833,333.33,

equivalent to 166,666,666 shares, each having a face value of NOK 0.005.

The Private Placement Shares have until now been registered in the Norwegian

Central Securities Depository (VPS) with an ISIN-number separate from Panoro's

listed shares, pending completion of the Prospectus by Panoro and approval of

the Prospectus by The Financial Supervisory Authority of Norway.

The Prospectus is available at www.panoroenergy.com, www.arctic.com and at the

offices of Panoro and Arctic Securities.

Arctic Securities AS has been engaged as Sole Manager for the Offering.

For further information, please contact

Qazi Qadeer, Chief Financial Officer

Tel: +44 203 405 1060

Email: 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

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.