Panoro Energy ASA

Earnings Release • Nov 19, 2015

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

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

Thursday, November 19, 2015 - Panoro Energy (TICKER: PEN) ("Panoro" or the

"Company") today announces third quarter 2015 financial results and provides the

following updates:

· Cash balance of USD 17.1 million as at September 30, 2015 and no debt in

comparison to the cash balance of USD 33.3 million at June 30, 2015

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

during Q4 and first oil production targeted for end January 2016

· Upgrade of the Dussafu (Gabon) prospect inventory to Pmean approximately 1

billion barrels, acquisition of site survey data and selection of possible

drilling site

· Interpretation of new 3D PSDM seismic on OML 113 in Nigeria underway;

results to be announced Q1 2016

· Net loss from continuing operations for the quarter ended September 30,

2015, of USD 1.7 million compared to USD 34.1 million in Q2 2015

A presentation on Dussafu exploration update will be available later today on

our website at www.panoroenergy.com/?page_id=65.

Mr. John Hamilton, CEO of Panoro, said: "We are pleased with the number of

positive developments recently reported including key operational milestones on

the Aje project in Nigeria and progress on the exploration potential at Dussafu

in Gabon. We look forward to continue rebuilding value for the benefit of all of

our shareholders."

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

Company will discuss the third quarter 2015 results. Participants are invited to

ask questions about the third 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 1084

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.