Panoro Energy ASA

Board/Management Information • May 22, 2015

THE NOMINATION COMMITTEE PROPOSES THE ELECTION OF TORSTEIN SANNESS AS A FIFTH BOARD MEMBER OF PANORO

THE NOMINATION COMMITTEE PROPOSES THE ELECTION OF TORSTEIN SANNESS AS A FIFTH BOARD MEMBER OF PANORO

May 22, 2015 - Reference is made to the calling notice for the Annual General

Meeting (the "AGM") of Panoro Energy ASA (TICKER: PEN - Oslo) ("Panoro" or the

"Company"), to be held on 27 May 2015.

The Nomination Committee consisting of Petter Mannsverk Andresen (Chairman), Odd

Rune Heggheim and Stig Roar Myrseth is pleased to propose the election of

Torstein Sanness to the board of directors (the "Board") of the Company.

If the recommendation is approved at the AGM, the Board will then include five

members: Julien Balkany (Chairman), Alexandra Herger, Silje Auguston, Garrett

Soden and Torstein Sanness.

Mr. Torstein Sanness, a Norwegian Citizen residing in Norway has extensive

experience and technical expertise in the oil and gas industry. Mr. Sanness

became the Chairman of Lundin Petroleum Norway in April 2015. Prior to this

position Mr. Sanness was Managing Director of Lundin Petroleum Norway from 2004

to April 2015. Under his leadership Lundin Norway has turned into one of the

most successful players on the NCS and added net discovered resources of close

to a billion boe to its portfolio through the discoveries of among others E.

Grieg and Johan Sverdrup.

Before joining Lundin Norway Mr. Sanness was Managing Director of Det Norske

Oljeselskap AS (wholly owned by DNO at the time) and instrumental in the

discoveries of Alvheim, Volund and others.

From 1975 to 2000, Mr. Sanness was at Saga Petroleum until its sale to Norsk

Hydro and Statoil, where he held several executive positions in Norway as well

as in the US, including being responsible for Saga's international operations

and entry into Libya, Angola, Namibia, and Indonesia.

Mr. Sanness is a graduate of the Norwegian Institute of Technology in Trondheim

where he obtained a Master of Engineering (geology, geophysics and mining

engineering).

Julien Balkany, Chairman of the Board of the Company, said: "We are very pleased

by the nomination of Torstein Sanness to the Board of Director. Torstein is a

well-known oil and gas figure in Norway and his outstanding track record will be

a great contribution to optimise Panoro's assets and create shareholder value".

For further information about this press release please contact:

Qazi Qadeer, Chief Financial Officer

Tel: +44 203 405 1084

Email: Qazi.Qadeer@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.