Panoro Energy ASA

Earnings Release • May 23, 2019

Panoro Energy Announces First Quarter 2019 Results and Provides Operations and Corporate Updates

Panoro Energy Announces First Quarter 2019 Results and Provides Operations and Corporate Updates

Oslo, May 23, 2019 - Panoro Energy (the "Company" or "Panoro" with OSE ticker:

"PEN") today announces the first quarter 2019 financial results and subsequent

events:

Highlights

· Gross Revenue for the first quarter 2019 of USD 19.9 million and strong

EBITDA of USD 11.3 million

· Underlying operating profit before tax( Note 1) of USD 7.8 million on an

adjusted basis compared to reporting basis net income before tax of USD 3.5

million

· Q1 net group production (prior to royalty and tax) of approximately 2,600

bopd, a 6-fold increase in net production from Q1 2018 to Q1 2019

· Cash balances, including cash held for bank guarantee for Sfax Offshore

Exploration Permit (SOEP), at USD 18.1 million and debt of USD 28.2 million

Tunisia

· Current TPS gross daily production of approximately 4,300 bopd, initial

progress made towards near term objective of increasing production by 15-20%

during Q3 2019

· At TPS, targeting gross production of 5,000 bopd by the end of 2019, with

additional production opportunities identified

· On-going discussions with Tunisian authorities in relation to drilling at

SOEP, with Salloum West exploration prospect proposed to be drilled during Q4

2019

Dussafu

· Q1 average gross production rate over 12,500 bopd

· Current average gross production in excess of 12,000 bopd

· Tortue field gross 2P reserves increased by approximately 50% to 35.1 MMbbls

· Phase 2 planning activities advanced with drilling of development and

exploration wells due to commence in July 2019

· Hibiscus Updip prospect selected as first exploration well of the campaign

Aje

· Stable oil production at approximately 400 bopd net to Panoro during Q1 2019

· JV partners continue to focus on advancing the Turonian development plan

John Hamilton, CEO of Panoro, commented: "A robust set of first quarter 2019

financial results underlines the substantial transformation achieved by Panoro

Energy within the last year, and which now include for the first time the

contribution of our Tunisian transaction completed in December 2018. Current oil

production is up six-fold from a year ago, with Dussafu's performance higher

than expectation.  Looking forward, we have an exceptionally busy operational

programme which will include drilling multiple new production and exploration

wells, as well as promising workover activities. We remain on track to deliver

significant organic growth and continue to review new opportunities for the

benefit of shareholders."

(Note 1) Non-GAAP financial measures

As of the first quarter 2019, the Group has enhanced its disclosures and

introduced the reporting of Underlying Operating Profit/(Loss) before tax, a Non

-GAAP Financial Measure. Underlying Operating Profit/(Loss) before tax is

considered by the Group to be a useful additional measure to help understand

underlying operational performance. The definition and details of this non-GAAP

measure can be referred to on page 7 of the first quarter 2019 report.

Panoro will hold a conference call today at 09:00 a.m. CET, during which the

Company will discuss the first quarter 2019 results. Participants are invited to

ask questions following the discussion.

Participants are asked to dial-in five to ten minutes prior to the start time

using the number and password 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

Participants dialling in from outside these countries may use the UK or USA

number. A replay of the audio will be available shortly after the call is

finished and will remain on our website for approximately 7 days.

Enquiries

Qazi Qadeer, Chief Financial Officer

Tel:     +44 203 405 1060

Email: investors@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 Africa, namely the Dussafu

License offshore southern Gabon, OML 113 offshore western Nigeria, and the TPS

operated assets, Sfax Offshore Exploration Permit and Ras El Besh Concession,

offshore Tunisia.

For more information visit the Company's website at www.panoroenergy.com.