Panoro Energy ASA

Earnings Release • Feb 20, 2014

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
• EBITDAwas 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 Email: carl.peter.berg@panoroenergy.com