Panoro Energy ASA

Fourth quarter report 2013

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

"the Company") report EBITDA of USD 14.4 million for the fourth quarter

2013. During the quarter, the Company received USD 7 million from Lekoil

for terminating the Aje Sales and Purchase Agreement.

Closing of the divestment processes of its Brazilian subsidiary Rio das

Contas (Manati) is pending ANP (Agencia Nacional do Petroleo) approval

of replacement of Panoro Energy's parental guarantee with parental

guarantee from GeoPark Limited.

The Company has decided to fully impair the BS-3 assets.

Panoro has initiated a formal sales process of the Company.

Fourth quarter 2013 highlights and subsequent events

Net gas & condensate sales averaged 3,676 BOE/day in the fourth quarter,

versus 3,741 BOE/day in the previous quarter

EBITDA was USD 14.4 million, up from USD 3.8 million in the previous

quarter mainly due to the USD 7 million in extra income over the

contemplated Aje transaction and a USD 3.5 million reversal of

contingent liabilities related to BS-3 acquisition

Lekoil terminated the Sales and Purchase Agreement for the OML 113 (Aje)

transaction. Panoro received USD 7 million cash deposit related to the

transaction

The Aje joint venture initiated work on the Field Development Plan (FDP)

for the initial phase of the development of this Nigerian oil and gas

field based on an initial, two well development of the Cenomanian oil

reservoirs

Completed 3D seismic survey offshore Gabon covering the Dussafu license

Closing of the divestment processes of its Brazilian subsidiary Rio das

Contas (Manati) is pending ANP approval of replacement of Panoro

Energy's parental guarantee with parental guarantee from GeoPark Limited

Full impairment of BS-3 assets of USD 46.2 million after unsuccessful

farm-out leading to a decision to withdraw from/relinquish the licenses

Total number of employees have been reduced from 30 at the end of 2012

to 11 following the completion of the divestment of Rio das Contas

Panoro has initiated a formal sales process of the Company

Please find enclosed the fourth quarter report and the investor

presentation. The presentation will be broadcasted live from KS-Agenda

in Oslo from 08:30 CET February 20 and can be seen using the following

link:

http://webtv.hegnar.no/presentation.php?webcastId=19209823

For further information please contact:

Carl Peter Berg, VP Commercial and Investor Relations

Cell: +47 928 05 029

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