Panoro Energy ASA

Board/Management Information • May 5, 2015

PANORO ENERGY ANNOUNCES CHANGE OF DIRECTOR AT THE ANNUAL GENERAL MEETING

PANORO ENERGY ANNOUNCES CHANGE OF DIRECTOR AT THE ANNUAL GENERAL MEETING

May 5, 2015, Panoro Energy ASA (Ticker: PEN - Oslo) ("Panoro" or the "Company")

today announced that Lars Brandeggen has decided to step down as a member of the

board of directors (the "Board") of Panoro at the Annual General Meeting that

will be held on 27thMay, 2015. In his resignation, Mr. Brandeggen cites

potential conflicts of interest due to other engagements.

The Nomination Committee is pleased to propose the election of Garrett Soden to

the Board. Mr. Soden has experience across the natural resources sector in

government, investment banking and public company management. He has been

working with the Lundin Group of Companies since 2007 as a senior executive and

board member. Mr. Soden is Chairman of the Board and former Chief Executive

Officer of RusForest AB (NASDAQ OMX: RUSF), a Swedish forestry company focused

on Russia. He is also a board member of Etrion Corporation (TSX/NASDAQ OMX:

ETX), a Canadian solar power producer with assets in Italy, Chile and Japan. Mr.

Soden is the former Chief Financial Officer of Etrion and PetroFalcon

Corporation (TSX: PFC), a Canadian oil and gas company focused on Venezuela. He

was previously an equity research analyst covering oil and gas companies for

Lehman Brothers in New York and a financial analyst in the M&A group at Salomon

Brothers in New York. Mr. Soden also previously served in the White House at the

National Economic Council and was Senior Policy Advisor to the U.S. Secretary of

Energy. He holds a BSc honors degree from the London School of Economics and an

MBA from Columbia Business School.

In connection with his departure, Mr. Brandeggen commented, "Since my election

last October, Panoro has implemented proactive steps to restore shareholder

value including corporate reorganization, strong financial discipline on cash

management, and tight cost control to improve efficiency. Under the leadership

of the new Board and its renewed efforts to strategically reposition Panoro, I

am confident that the Company will realize its true potential."

Julien Balkany, Chairman of the Board of the Company, commented, "We are

disappointed that Lars was conflicted from continuing as a director. On behalf

of the Board, I would like to wholeheartedly thank him for his valuable

contributions and support during his tenure. We welcome Garrett Soden as a new

board nominee to replace Lars. Garrett is a well-known executive in the

Scandinavian capital markets with significant international experience in the

oil and gas and financial sectors."

For further information, please contact:

Nishant Dighe, Chief Executive Officer

Cell: +44 7747 807 439

Email: nishant.dighe@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.