Notice of extraordinary general meeting

Panoro Energy ASA ("PEN" ticker code OSE) is pleased to invite the

shareholders in the Company to attend an Extraordinary General Meeting

(EGM) scheduled to be held on July 7, 2010 at 15:00 Oslo time at Hotel

Continental, Stortingsgaten 24/26 in Oslo.

On the agenda for the EGM is:

1. Opening of the general meeting by board member Katherine Støvring

who is nominated by the board to open the meeting

2. Presentation of list of attending shareholders and proxies

3. Election of chairperson and person to co-sign the minutes

4. Approval of notice and agenda

5. Election of new auditor

6. Election of three new members to the board of directors

7. Proposal for changes of the articles of association in connection

with merger with Pan-Petroleum Holdings AS (introduction of voting

restrictions)

Please find enclosed notice of EGM, appendices and registration/proxy

form.

For further information please contact:

Anders Kapstad

Tel: +47 918 17 442

Email:

Jonas Gamre, Investor Relations

Cell: +47 971 18 292

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