Panoro Energy ASA

Major Shareholding Notification • May 26, 2014

Notification of substantial shareholding

Notification of substantial shareholding

Sector Asset Management acting through its subsidiary

Sector Omega AS in the capacity as discretionary

investment manager to underlying funds of Sector

Umbrella Trust- Sector Maritime Investments, Sector

Consolidare and Sector Speculare IV, has on May 26th,

2014 sold 14, 175, 025 shares of Panoro Energy ASA

(PEN) on behalf of Sector Speculare IV. After the

transaction Sector Speculare IV holds 1,809,411

shares and votes in Panoro Energy ASA (PEN). Sector

Asset Management acting through its subsidiary Sector

Omega AS in the capacity as discretionary investment

manager to underlying funds of Sector Umbrella Trust -

Sector Maritime Investments and Sector Speculare IV -

will after the transaction in Panoro Energy ASA

(PEN) control 1,809,411 shares equalling 0.77% in

Panoro Energy ASA (PEN).

On behalf of Sector Omega AS