Panoro Energy ASA

Earnings Release • Nov 16, 2017

Panoro Energy Announces Third Quarter 2017 Results and Provides Operations and Corporate Updates

Panoro Energy Announces Third Quarter 2017 Results and Provides Operations and Corporate Updates

Oslo, 16 November 2017 - Panoro Energy (the "Company" or "Panoro" with OSE

ticker: "PEN") today announces the third quarter 2017 financial results and

provides the following updates:

Dussafu

· Material operational progress on initial two well development at Tortue

field

· First oil expected in 2H 2018 at an anticipated initial gross rate of up to

15,000 bopd

· Competent Person's Report commissioned to update independent reserves

estimates; results expected within two months

Aje

· Significant measures taken to resolve the dispute and discussions underway

on full settlement

· During an interim period of approximately one year, all spending at Aje

shall be limited to proceeds from sale of crude

Corporate

· Cash and cash equivalents of USD 6.8 million as at September 30, 2017, not

including USD 1.5 million held as security of costs in relation to the ongoing

dispute on OML 113. USD 1 million to be received by year-end completing the

Dussafu sale transaction

· Share buy-back completed on August 14, 2017, purchasing 1,000,000 own shares

for USD 0.5 million

Mr. John Hamilton, CEO of Panoro, commented: "The Dussafu development is now

entering the implementation phase, with in-field operations due to commence in

January 2018. Panoro continues to be confident with the operational capability

of the operator to bring this field into production as soon as possible. We

intend to provide the market an updated independent reserves report in the very

near future. At Aje, material steps have been taken towards a final legal

settlement of the ongoing dispute, and the JV is now focused on moving forward,

with a common goal of realizing the potential at OML 113."

Panoro will hold a conference call today at 09:30 a.m. CET, during which the

Company will discuss the third quarter 2017 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) 20 3003 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 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, please visit the Company's website

at www.panoroenergy.com.