Panoro Energy ASA

Earnings Release • Aug 24, 2016

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

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

Oslo, 24 August 2016 - Panoro Energy ("the Company" or "Panoro" with OSE Ticker:

PEN) today announces the second quarter 2016 financial results and provides the

following updates:

· First oil production at Aje, offshore Nigeria commenced in May 2016

· First lifting and sale of crude scheduled for September 2016

· Near term production anticipated at a rate of 7,000-9,000 bopd, pending

resolution of all mechanical issues

· Cash balance of USD 6.6 million as at 30 June 2016 and no debt

· Subsequent Offering of NOK 10 million (USD 1.2 million) completed in April

2016

· Development planning of Dussafu and Aje (phases 2 and 3) continues

Mr. John Hamilton, CEO of Panoro, commented: "Achieving oil production at Aje,

offshore Nigeria, in the second quarter was a key milestone for the Company. We

expect to sell our first cargo of oil during September, representing the start

of positive cash inflows from the Aje project. Realising the full potential at

Aje is the key priority for the Company and we remain focussed on moving the

Dussafu project forward in Gabon."

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

Company will discuss the second quarter 2016 results. Participants are invited

to ask questions about the second 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.