Panoro Energy ASA

Panoro Energy announces Approval of Development and Production Plan of Ruche, offshore Gabon

Panoro Energy ASA is pleased to announce that the Direction Général de

Hydrocarbures (DGH) has approved the Development and Production Plan

(FDP) for Ruche, which includes the Ruche A (formally Ruche), Ruche B

(Tortue), Ruche C (Moubenga) and Ruche D (Walt Whitman) discoveries.

The FDP is based on a centrally located Floating Production, Storage and

Offloading vessel (FPSO) with sub-sea wells tied back from each of these

discoveries.

Front End Engineering Design (FEED) studies are already underway, and

once completed a Final Investment Decision (FID) will be taken by the

Dussafu partners. FID is scheduled to be made in early Q1-15 and based

on the project schedule, production is expected to start in Q4-16.

The FDP approval by the DGH is an important milestone for the

development of Ruche. Panoro look forward to continuing working together

with our partner Harvest (Operator) and the Gabonese ministry to move

forward with the development of these discoveries and to further unlock

the significant pre-salt exploration potential within the Dussafu

license.

Panoro Energy holds a 33.33% stake in the Dussafu Marin permit. The

permit is operated by Harvest Dussafu, B.V. an affiliate of Harvest

Natural Resources, Inc.

For further information, please contact:

Jan Kielland, Chief Executive Officer

Cell: + 47 4156 9974

Nishant Dighe, Chief Operating Officer

Cell: +44 7747807439

Please visit www.panoroenergy.com for more information. Panoro Energy

ASA is listed on the Oslo Stock Exchange (Ticker code: "PEN").

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