Panoro Energy ASA

PANORO ENERGY PROVIDES OPERATIONS AND CORPORATE UPDATE

Friday, 16 October 2015 - Panoro Energy ASA (OSE ticker code: "PEN" - "the

Company" or "Panoro"), the independent E&P company with assets in Nigeria and

Gabon, is pleased to provide the following operations and corporate update.

The Aje-5 production well located on the OML 113 license, offshore Nigeria, has

been successfully completed and the reservoir has been perforated in the Upper

and Lower Cenomanian Oil bearing zones. The subsea tree has been installed and

the well has been suspended ready for connection to the oil production

facilities prior to commencement of production. The Saipem Scarabeo 3 semi

-submersible drilling rig has been moved to re-enter the existing Aje-4 well for

completion as a second Cenomanian production well. All key equipment related to

the Aje oilfield development has now been delivered to Lagos, including the FPSO

moorings and turret buoy, the production manifold, the umbilical termination

assembly, and the umbilicals and flowlines. In addition, the ongoing

refurbishment of the Front Puffin FSPO is on schedule and it is anticipated that

the vessel will sail from Singapore approximately six weeks prior to its

installation date. Panoro currently estimates the project timing and costs to be

largely on track, although for planning purposes, the Company is now projecting

that first oil should take place towards the end of January 2016.

Finally, the Company also announces that Nishant Dighe will depart from his

position as Panoro's President and Chief Operating Officer, effective 30

November, 2015. Mr. Dighe will continue as an advisor to Panoro for a

transitional period. Mr. Julien Balkany, Chairman of the Board said, "On behalf

of the Company and the Board of Directors we express our sincere appreciation to

Nish for his dedication, valuable contribution, and hard work over the years.

Nish has played a key role in the establishment, growth and transformation of

the Company. We wish him the very best in his future endeavours."

For further information about this press release, please contact:

John Hamilton, Chief Executive Officer

Tel: +44 0203 405 1061

About Panoro

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

exploration and development assets in West Africa, namely the Dussafu License

offshore southern Gabon, and OML 113 offshore western Nigeria. Both assets have

discoveries with approved Field Development Plans. In addition to discovered

hydrocarbon resources and reserves, both assets also hold significant

exploration potential. For more information visit the Company's website

at www.panoroenergy.com.

AI Terminal