Panoro Energy ASA

Earnings Release • May 25, 2016

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

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

Oslo, 25 May 2016 - Panoro Energy ("the Company" or "Panoro" with OSE Ticker:

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

following updates:

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

· The two Aje wells have separately tested in excess of 5,000 bopd each

· Cash balance of USD 7.6 million as at March 31, 2016 and no debt

· Successful Equity Private Placement of new shares with gross proceeds of NOK

70 million (USD 8.1 million) during February 2016, with Subsequent Offering of

NOK 10 million (USD 1.2 million) completed in April 2016

· Operator continues to evaluate development plans and a possible exploration

well at Dussafu, Gabon

Mr. John Hamilton, CEO of Panoro, commented: "We are extremely pleased to have

reached first oil production at Aje, offshore Nigeria. This is a

transformational milestone and establishes Panoro as a full cycle E&P company.

In Gabon, we continue to see enormous potential upside at Dussafu where we are

working on securing partners to drill an exploration well. We feel this well

will be the catalyst to move the project forward and unlock its inherent value.

Having achieved production at Aje, we have established a strong platform from

which to grow Panoro and add value for our shareholders. Looking forward, our

strategy is to now expand our portfolio by acquiring further high quality

production and development assets in West Africa. "

Panoro will hold a conference call today at 9:30 a.m. CET, during which the

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

ask questions about the first 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.