Panoro Energy ASA

Quarterly Report • Aug 20, 2015

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

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

Thursday, August 20, 2015 - Panoro Energy ASA (TICKER: PEN) ("Panoro" or the

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

provides the following updates:

· Cash balance of USD 33.3 million as at June 30, 2015 and no debt in

comparison to the cash balance of USD 36.1 million at March 31, 2015

· Operations at the Aje development in Nigeria remain on schedule with

production drilling underway in Q3-2015 and first oil production targeted for

the end of 2015

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

· Finalizing review of the 3D PSDM seismic on the Dussafu Block in Gabon

· Board and management team strengthened with seasoned oil and gas

professionals

· Net loss from continuing operations for the three months ended June 30,

2015, of USD 34.1 million compared to USD 1.9 million in Q1-2015

· Non-cash impairment of USD 32.4 million on the Dussafu asset

· Continuing efforts to reduce G&A expenses

Mr. John Hamilton, CEO of Panoro, said: "We are very encouraged by our ongoing

drilling progress in Nigeria. Despite the challenging macro-economic environment

for oil and gas, we are establishing a solid platform for 2016 and beyond. Going

forward, we will continue to aggressively focus on project execution, cost

control, maintaining financial discipline and positioning the Company for growth

to deliver value to our shareholders."

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

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

to ask questions about the second 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                               +1 212 999 6659

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: qazi.qadeer@panoroenergy.com