Panoro Energy ASA

First Quarter report 2014

First quarter 2014

presentation (http://mbpublicbinaryproxy/Public/399/9585549/9212462ff8759

695.pdf)Panoro Energy ASA and its subsidiaries ("Panoro Energy" or

"Panoro" or "the Company") report EBITDA of USD -2.2 million for the

first quarter 2014. The Company completed the closing of the sales

transaction of the Brazilian subsidiary Rio das Contas during the

quarter and received USD 140 million. Proceeds were used to repay

outstanding bond leaving the Company debt free. The Joint Venture

received approval of the Field Development Plan for Aje and completed

the 3D seismic survey over the OML 113 license.

First quarter 2014 highlights and subsequent events

EBITDA was USD -2.2 million, down from USD 14.4 million in the previous

quarter

EBIT of USD 51.4 million, up from -32.0 million in Q4-13

Completed closing of the sales transaction of Rio das Contas

Repayment of bonds leaving the Company debt free

Approval of Field Development plan for Aje

Completion of 3D seismic survey over the OML 113 license

Partnership surrendered the BS-3 licenses

No more licenses in Brazil following the BS-3 exit and sale of Manati

(RdC)

Continued focus on cost reduction

Ongoing strategic sales process

Please find enclosed the first quarter report and the investor

presentation. The presentation will be broadcasted live from Hotel

Continental in Oslo from 08:30 CET May 15, and can be seen using the

following link :

http://webtv.hegnar.no/presentation.php?webcastId=19246903

For further information please contact:

Carl Peter Berg, VP Commercial and Investor Relations

Cell: +47 92805029

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