Panoro Energy ASA

Earnings Release • Nov 17, 2016

Panoro Energy Announces Third Quarter 2016 Results and Provides Operations and Corporate Updates

Panoro Energy Announces Third Quarter 2016 Results and Provides Operations and Corporate Updates

Oslo, 17 November 2016 - Panoro Energy ("the Company" or "Panoro" with OSE

ticker: PEN) today announces the third quarter 2016 financial results and

provides the following updates:

· First lifting and sale of crude in September 2016, proceeds received in

October 2016

· Cash balance of USD 3.5 million as at 30 September 2016 and no debt. In

addition, net oil revenues of USD 3.0 million received in October 2016 million

(USD 3.5 million in revenue before taxes and royalty)

· Remediation work on Aje-5 well scheduled to commence in December 2016

· Aje oil production guidance at a range of 7,000 to 9,000 bopd gross remains

unchanged, pending resolution of all current mechanical issues

Mr. John Hamilton, CEO of Panoro, commented: "The first lifting of Aje crude was

another important milestone for our Nigerian project. Resolution of mechanical

issues at Aje are now underway and on track to be fully resolved by the

beginning of Q1 2017. We note our partner Harvest's recent announcement

concerning a possible disposal at Dussafu and we welcome all progress on this

important asset."

Panoro will hold a conference call today at 9:00 a.m. CET, during which the

Company will discuss the third quarter 2016 results. Participants are invited to

ask questions about the third quarter report following the

discussion. Participants are asked to dial-in five to ten minutes prior to the

start time using the number and confirmation code below:

Local - Oslo, Norway                                   +47 21 563

318

Toll Free - Norway                                      800 19

457

Local - New York, USA                                +1 212 999

6659

Toll Free - USA                                             +1 866 966

5335

Local - London, UK                                       +44 (0) 203 003

2666

Toll Free - UK                                              0808 109

0700

Password:

Panoro

For further information please contact:

Qazi Qadeer, Chief Financial Officer

Tel:         +44 203 405 1060

Email:    info@panoroenergy.com

About Panoro Energy

Panoro Energy ASA is an independent E&P company based in London and listed on

the Oslo Stock Exchange with ticker PEN. The Company holds high quality

production, exploration and development assets in West Africa, namely the

Dussafu License offshore southern Gabon, and OML 113 offshore western Nigeria.

In addition to discovered hydrocarbon resources and reserves, both assets also

hold significant exploration potential. For more information visit the Company's

website at www.panoroenergy.com.