Panoro Energy ASA

Second Quarter report 2014

Panoro Energy ASA and its subsidiaries ("Panoro Energy" or "Panoro" or

"the Company") report Net loss from continued operations of negative USD

2.0 million for the second quarter 2014 compared to negative USD 5.8

million in the previous quarter. Key milestone achieved on signing of

Declaration of Commerciality and the award of Exclusive Exploitation

Authorisation by Gabonese Government for Dussafu block. Proceeds from

the sale of the Brazilian subsidiary Rio das Contas were used to repay

the outstanding bonds leaving the Company debt free.

Second quarter 2014 highlights and subsequent events

Net loss from continuing operations was USD -2.0 million, down from USD

-5.8 million in the previous quarter

Declaration of Commerciality signed and award of Exclusive Exploitation

Authorisation on Dussafu permit

Major advancements towards Final Investment Decision in development of

Aje Field (OML-113)

Repayment of bonds leaving the Company debt free

The strategic sales process is still ongoing

Please find enclosed the second quarter report and the investor

presentation. The presentation will be broadcasted live

from Konferansesenteret Høyres Hus in Oslo from 08:30 CET August 14, and

can be seen using the following link :

http://webtv.hegnar.no/presentation.php?webcastId=19371591

For further information please contact:

Qazi Qadeer, Interim CFO

Tel: +44 20 34051084

Cell: +44 798 169 0670

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