Panoro Energy ASA

Board/Management Information • Oct 14, 2014

Amendment to the Nomination Committee's recommendation to the Extraordinary General Meeting

Amendment to the Nomination Committee's recommendation to the Extraordinary General Meeting

Further to the recommendation that was made to the shareholders of

Panoro Energy ASA (or the "Company") on October 8, 2014, the Nomination

Committee wishes to inform the shareholders of the Company that one of

the recommended Directors, Mrs. Rosa Whitaker has withdrawn her

nomination. The Committee has therefore amended its nomination and now

recommends that the remaining four nominees be elected as Directors.

If the General Meeting approves the amended recommendation, the Board of

Panoro Energy ASA will consist of:

· Mr. Julien Balkany (Chairman)

· Ms. Alexandra Herger

· Ms. Silje Christine Augustson

· Mr. Lars Brandeggen

The Nomination Committee's recommendation is unanimous.

Oslo, October 14, 2014

Petter Mannsverk Odd Rune Stig Roar Myrseth

Andersen             Heggheim       (sign.)

(sign.)            (sign.)