Panoro Energy ASA

Minutes from Extraordinary General Meeting

Panoro Energy ASA ("PEN" ticker code OSE) informs that the Extraordinary

General Meeting ("EGM") in the Company was held today October 14, 2014.

All items on the agenda for the EGM were adopted as proposed by the

Board of Directors, except items 6 (resolution on prior agreement

regarding exemption from liability) and 7 (resolution on discharge of

liability). Items 6 and 7 were revoked and, if relevant, referred to a

later general meeting.

According to the EGM's resolution, the Board of Directors will have the

following composition:

Mr. Julien Balkany (new Chairman)

Ms. Silje Augustson (director)

Ms. Alexandra Herger (new director)

Mr. Lars Brandeggen (new director)

Please find attached the minutes of the EGM.

Jan Kielland Chief Executive Officer, said: "We are very pleased with

our newly elected directors, they bring extensive international

experience in the oil and gas industry and valuable new insights to

Panoro. It is a positive step for the Company."

Julien Balkany, newly elected non-executive Chairman added: "I would

like to thank our retiring directors for their years of loyalty, their

respective contributions and involvement in Panoro. I wish them success

for their future endeavors. The newly elected Board will work diligently

and proactively to unlock growth and value for our shareholders."

For further information please contact:

Qazi Qadeer, Interim Chief Financial Officer

Cell: +44 (0) 7981 690 670

Please visit www.panoroenergy.com for more information.

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