Panoro Energy ASA

Panoro Energy provides an update on the OML 113 license (Aje field) in Nigeria

Panoro is pleased to announce the completion of a 3D seismic survey over

OML 113 license in Nigeria. The Polarcus vessel MV Polarcus Nadia

commenced data acquisition on March 24, 2014 and completed shooting on

May 9, 2014. The survey was acquired in conjunction with the

neighbouring OPL 310 with Afren and covered an area of approximately

1045 km2 in the OML 113 portion, covering the entire block. The

processing and interpretation of the OML 113 data will be carried out by

Afren in tandem with OPL 310 license data where Afren has a Technical

Service Agreement. Once final processing is complete, scheduled for H2

2014, the data will be incorporated into the existing OML 113 seismic,

geological and well data. The database will be interpreted to mature the

existing exploration leads into drillable prospects. These prospects may

include Upper Cretaceous targets similar to Aje and additional syn-rift

targets already successfully drilled in OPL 310. The interpretation of

the new data will also be used to position additional wells in the Aje

field development phase, following on from the Aje-4 re-drill and the

Aje-5 development wells which are currently scheduled for early 2015.

Aje is an offshore field located in the western part of Nigeria in the

Dahomey Basin. The field is situated in water depths ranging from 100 to

1,000 meters about 24 km from the coast. Panoro Energy holds a 6.502%

participating interest in OML113 (with a 12.1913% revenue interest and

16.255% paying interest in the Aje Field). The Aje Field contains

hydrocarbon resources in sandstone reservoirs in three main levels - a

Turonian gas condensate reservoir, a Cenomanian oil reservoir and an

Albian gas condensate reservoir.

For further information, please contact:

Nishant Dighe, Chief Operating Officer

Cell: +44 7747807439

Carl Peter Berg, VP Commercial and Investor Relations

Cell: +55 21 8541 1907

Please visit www.panoroenergy.com for more information. Panoro Energy

ASA is listed on the Oslo Stock Exchange (Ticker code: "PEN").

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