Panoro Energy ASA

Legal Proceedings Report • Feb 18, 2020

Panoro Announces Additional Well in Tunisia and High Levels of Production Activity

Panoro Announces Additional Well in Tunisia and High Levels of Production Activity

Oslo, February 18, 2020 - Panoro Energy ASA (the "Company" or "Panoro" with OSE

ticker: "PEN") is extremely pleased to announce that it has approved, along with

its joint venture partner ETAP, the Tunisian National Oil Company, the drilling

of a production well on the Guebiba onshore field, part of the Thyna Production

Services S.A. ("TPS") operated assets in Tunisia. This will be the first

drilling operation on the TPS operated assets since 2015.

This production well is anticipated to spud in May, and will be drilled using

the CTF 06 rig, a 2,000-horsepower onshore rig owned by Compagnie Tunisienne de

Forage ("CTF"), the Tunisian state-owned drilling contractor. The operations

will utilise an existing top hole section and will target a new production

interval on the Bireno formation at 3,600 meters in a known fault block

compartment, where an assessment of the historical performance of the field has

concluded that a further drainage point is required to effectively exploit the

resource potential present in the western panel of the field. The expected

incremental production uplift from this well is expected to significantly

increase the daily output at the TPS operated assets.

John Hamilton, CEO Panoro, said: "We are extremely pleased to have secured the

CTF 06 rig to drill at the Guebiba onshore field, in advance of its use on our

Salloum West exploration well. Our Tunisian assets are undergoing an

unprecedented high level of activity and we expect this to yield results in

material additional production during the first half of 2020."

This additional well at the Guebiba onshore field will be drilled in advance of

the Salloum West exploration well, also targeting the Bireno formation, which

has been slightly delayed due to outstanding regulatory approvals. Once the rig

CTF 06 has concluded drilling operations at Guebiba, the intention is to

immediately mobilise the same rig to drill Salloum West, following an

anticipated final approval being received.

In addition, further production activities are underway, with three wells in the

final stages of being completed and brought on-line in stages by the end of 1Q

2020. Collectively, these workover activities are expected to increase the TPS

operated assets gross production to ca. 5,000 bopd. TPS have had a workover rig

on site since December and these workover activities have contributed to a rise

in gross production to in excess of 4,000 bopd, up from the Q3 2019 average

production of 3,450 bopd previously announced (Q4 2019 averaged approximately

3,500 bopd).

Other activities to boost daily output are also in the advanced phase of

planning, with implementation expected during the next few months. As an

example, a recent well stimulation exercise on one well in the Rhemoura field,

part of TPS operated assets, resulted in a fourfold increase in production. As a

result, the joint venture partners are now planning a campaign of similar

stimulations in several other TPS fields.

Enquiries

Panoro Energy ASA                                       +44 203 405 1060

John Hamilton, Chief Executive Officer         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, please visit the Company's website

at www.panoroenergy.com.