Panoro Energy ASA

Regulatory Filings • Feb 4, 2016

PANORO ENERGY PROVIDES AJE OPERATIONS UPDATE

PANORO ENERGY PROVIDES AJE OPERATIONS UPDATE

4 February 2016 - Panoro Energy ASA (OSE ticker: "PEN" - "the Company" or

"Panoro"), the independent E&P company with assets in Nigeria and Gabon, is

pleased to provide the following update for the Aje field operations in Nigeria.

The final works on the floating production, storage and offloading vessel (the

"FPSO") have been completed, and the vessel has now left Singapore. The vessel

is expected to arrive in Nigeria mid-March 2016, following a brief stop in Cape

Town.

All key equipment related to the field development has been delivered to

Nigeria. Anchor handling operations in the field started in January and will

continue until mid-February. The construction vessel has commenced operations

and will install the subsea equipment including the manifold and flowlines

during February. Once the FPSO arrives in Nigeria it will be hooked-up to the

mooring system and risers and a short test of the production systems will be

conducted.

Panoro's Chief Executive Officer, John Hamilton, said: "We are excited to be

approaching first oil at Aje, offshore Nigeria. Significant operational and

contractual progress has been made on the final phase of field development. With

the drilling phase now concluded, the installation work and the arrival of the

FPSO are the main remaining work streams. The field is expected to be producing

by the end of March 2016."

For further information about this press release, please contact:

John Hamilton, Chief Executive Officer

Tel: +44 (0) 203 405 1061

email: info@panoroenergy.com

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, please visit the Company's website

at www.panoroenergy.com.