Panoro Energy ASA

Panoro Energy announces Declaration of Commerciality and Award of an Exclusive Exploitation Authorisation for the Dussafu block offshore Gabon

Panoro Energy ASA ("Panoro") is pleased to announce the signing of a

Declaration of Commerciality ("DOC") and the award of an Exclusive

Exploitation Authorisation ("EEA") by the Gabonese Authorities covering

four oilfields in the Ruche area, collectively called "Ruche".

The executed DOC and award of the EEA means that Ruche, comprising the

Ruche A, Ruche B, Ruche C and Ruche D discoveries (also known as Ruche,

Tortue, Moubenga and Walt Whitman fields) can now be commercially

exploited. As previously disclosed, these fields have been independently

assessed by Gaffney Cline & Associates to hold 1C, 2C and 3C

economically recoverable gross contingent resources of 13.2 mmbo, 33.4

mmbo and 70.3 mmbo respectively. The area awarded under the EEA covers

850.5km2 including all four Ruche discoveries and numerous undrilled

structures that could be economically and expeditiously developed

through the Ruche development infrastructure. This will allow for rapid

reserve base growth for Ruche going forward and preserves the partners'

rights to the fields and near field prospectivity in the EEA area for a

period of up to 20 years. As such the DOC and EEA represent major

milestones for all stakeholders in the Dussafu license and for the State

of Gabon.

Panoro looks forward to working together with our partner and the

Gabonese Authorities to move forward with the commercial development of

these discoveries and to unlock the significant pre-salt potential

within the Dussafu license. In accordance with the terms of the Dussafu

Production Sharing Contract, the Dussafu partners will within 90 days

submit a field development plan for approval.

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

permit is operated by Harvest Dussafu, B.V. a wholly-owned subsidiary of

Harvest Natural Resources, Inc.

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For further information, please contact:

Nishant Dighe, Chief Operating Officer

Cell: +44 7747807439

Carl Peter Berg, VP Commercial and Investor Relations

Cell: +47 92805029

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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