Panoro Energy ASA

Regulatory Filings • Jul 27, 2015

PANORO ENERGY ANNOUNCES SPUD OF AJE-5 PRODUCTION WELL

PANORO ENERGY ANNOUNCES SPUD OF AJE-5 PRODUCTION WELL

Monday July 27, 2015 - Panoro Energy ASA ("PEN", OSE ticker code), the

independent E&P company with assets in Nigeria and Gabon, is pleased to announce

that drilling has commenced on the Aje-5 production well on the OML 113 license,

offshore Nigeria. The well is being drilled with the Saipem Scarabeo 3 semi

-submersible drilling rig.

Aje is an offshore field located in the western part of Nigeria in the Dahomey

Basin close to the border with Benin. The field is situated in water depths

ranging from 100 to 1,000 metres about 24 km from the coast. Panoro Energy holds

a 6.502% participating interest in OML 113 (with a 12.1913% revenue interest and

16.255% paying interest in the Aje Field). The Aje Field contains hydrocarbon

resources in sandstone reservoirs in three main levels - a Turonian gas

condensate reservoir, a Cenomanian oil reservoir and an Albian gas condensate

reservoir.

The Aje-5 well is being drilled from a seabed location close to Aje-4 in 300

metres water depth.  The well will be drilled as a deviated well targeting a

location close to the Aje-2 subsurface location where that well encountered and

tested high quality oil-bearing Cenomanian reservoir. Following drilling, the

Aje-5 well will be completed as a subsea oil production well. The drilling and

completion for Aje-5 is expected to take approximately 70 days. Following this

the rig will be used to re-enter the existing Aje-4 well to complete it as a

second Cenomanian subsea oil production well.

Installation of the production manifold, flowlines, umbilicals and risers will

take place in Q4 2015 after which the FPSO vessel the 'Front Puffin' will be

installed and commissioned. Production is expected to commence by year end 2015

at an initial anticipated production flow rate of approximately 1,100 bopd, net

to Panoro from these two wells, in accordance with the first phase of the

approved Field Development Plan.

For more information, please contact:

Nishant Dighe, President and Chief Operating Officer

Cell: +44 7747 807439

Email: nishant.dighe@panoroenergy.com

John Hamilton, Chief Executive Officer

Cell: +44 7515 588716

Email: john.hamilton@panoroenergy.com

About Panoro

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.