Panoro Energy ASA

Earnings Release • Feb 25, 2016

Panoro Energy Announces Fourth Quarter 2015 Results and Provides Operations and Corporate Updates

Panoro Energy Announces Fourth Quarter 2015 Results and Provides Operations and Corporate Updates

Thursday, 25 February 2016 - Panoro Energy (Oslo TICKER: PEN) ("Panoro" or the

"Company") today announces the fourth quarter 2015 financial results and

provides the following updates:

· Cash balance of USD 10.9 million as at 31 December 2015 and no debt

· Successful Equity Private Placement of new shares with gross proceeds of NOK

70 million during February 2016 (subject to shareholders' approval); subsequent

offering planned for up to NOK 10 million

· Production drilling on Aje (Nigeria) Cenomanian oil development completed

during Q4 and first oil production targeted for end of March 2016

· Interpretation of new 3D PSDM seismic on OML 113 in Nigeria has improved

understanding of oil resources at Aje and yielded exploration prospects

· Dussafu block (Gabon) Prospect B high graded with estimated 237 MMbbl P50

gross unrisked prospective resources

· Net loss from continuing operations for the quarter ended 31 December 2015,

of USD 1.6 million compared to USD 1.7 million in Q3 2015

Mr. John Hamilton, CEO of Panoro, commented: "Significant operational progress

was made during Q4 and subsequently into 2016 on the final phases of the

development of the Aje oilfield, offshore Nigeria.  We look forward to achieving

first oil production by the end of March.  This transformational milestone,

combined with the recent successful private placement, positions Panoro to

achieve its true potential and deliver value despite the current challenging

environment".

Panoro will hold a conference call today at 10:00 a.m. CET, during which the

Company will discuss the fourth quarter 2015 results. Participants are invited

to ask questions about the fourth quarter report following the

discussion. Participants are asked to dial-in five to ten minutes prior to the

start time using the number and confirmation code below:

Local - Oslo, Norway                                  +47 21 563 318

Toll Free - Norway                                      800 19 457

Local - New York, USA                               +1 646 843 4608

Toll Free - USA                                           +1 866 966 5335

Local - London, UK                                     +44 (0) 203 003 2666

Toll Free - UK                                             0808 109 0700

Password:                                                  Panoro

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.