Panoro Energy ASA

Earnings Release • Jul 19, 2016

Panoro Energy: Operational Update

Panoro Energy: Operational Update

Aje Field, Offshore Nigeria

July 19, 2016 - Panoro Energy ("the Company" or "Panoro" with Oslo Ticker: PEN)

is pleased to announce that the commissioning of the Front Puffin FPSO has now

been completed, and the Front Puffin FPSO is on hire following the 72 hour test.

Targeted stabilised production rates have not yet been achieved, due to

mechanical issues and Nigerian regulatory approvals. Until the outstanding

issues are resolved, which could take until the end of Q4 2016, production shall

be maintained at a restricted daily rate of approximately 7,000-8,000 barrels of

oil. We expect the first crude oil lifting from the Front Puffin FPSO to take

place at the end of August.

In the meantime we continue to be encouraged by the performance of the reservoir

to date.

Material reductions in operating costs have also been achieved at Aje, and

continuing efforts are being made to secure further savings.

Laboratory assays have been delivered on Aje crude oil which show it to be as

expected a high quality grade of approximately 42 degree API. Several

international oil companies and trading houses have expressed interest in

purchasing Aje crude.

Work continues for planning of Aje Phase 2 (additional Cenomanian oil wells) and

Phase 3 (Turonian gas and condensate), and in evaluating the wider exploration

potential on OML 113.

Dussafu, Gabon

Panoro has noted Harvest Natural Resources' recent press release of the proposed

sale of its Venezuela assets. With the renewed focus on Dussafu this

announcement brings, Panoros' JV with Harvest Natural Resources is accelerating

the evaluation of appraisal and development options for the block. Panoro

continues to have ongoing discussions with potential farm-in partners and is

examining other initiatives such as refined development plans.

John Hamilton, CEO of Panoro said: "We are very pleased with the reservoir

performance at Aje and are planning the next steps to realise its full

potential. At Dussafu, recent developments have reinforced our view of its

significant potential, where prospects A and B have a combined P50 of 482

million barrels of gross unrisked prospective resources. Both of these prospects

are within the Exclusive Exploitation Authorisation area. We are expecting to

agree on a forward plan for the exciting Dussafu project in the coming months".

For more information please contact:

John Hamilton

Chief Executive Officer

+44 203 405 1060

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, development, and exploration assets in West Africa, namely OML 113

offshore western Nigeria and the Dussafu License offshore southern Gabon. In

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

significant exploration potential. For more information, please visit the

Company's website at www.panoroenergy.com.