Panoro Energy ASA

PANORO ENERGY: SUCCESSFUL COMPLETION OF APPRAISAL WELL ON DUSSAFU, OFFSHORE GABON

Oslo, September 27, 2018- Panoro Energy (the "Company" or "Panoro" with OSE

ticker: "PEN") is pleased to report the successful drilling and completion of

the Ruche North East (DRNEM-1) appraisal well located in the Dussafu Marin PSC,

offshore Gabon.

On August 31, 2018, Panoro announced an oil discovery in the pre-salt Gamba and

Dentale reservoirs, with log and pressure data indicating approximately 15

metres of good quality oil pay encountered in the Gamba Formation and 25 metres

of oil pay in stacked reservoirs within the Dentale Formation.

The Ruche North East oil discovery has now been further appraised by drilling a

sidetrack (DRNEM-1ST1) to the northwest to test the lateral extent and

structural elevation of both the Gamba and Dentale reservoirs. The sidetrack was

drilled to a total depth (TD) in the Dentale of 3,600 metres, (3,285 metres True

Vertical Depth Subsea (TVDSS) approximately 800 metres from the original

wellbore and found approximately 34 metres of total oil pay (TVD) in the Gamba

reservoir and Dentale reservoirs. In addition, several other stacked sands with

oil shows were encountered. The rig has been demobilized and the well will now

be plugged and abandoned. The joint venture will now perform an evaluation of

the future production of these resources in the next development phases.

John Hamilton, CEO of Panoro, said: "We are very pleased by this positive

appraisal sidetrack which demonstrates the materiality of the resources base on

the entire Dussafu permit. With Tortue Phase 1 now in production, and planning

for Phase 2 underway, the successive Ruche area discoveries provide the basis

for future development phases to unlock the full potential of Dussafu over the

next 20 years."

Enquiries

Panoro Energy ASA +44 203 405 1060

John Hamilton, Chief Executive Officer [email protected]

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 production,

exploration and development assets in Africa, namely the Dussafu License

offshore southern Gabon, the Sfax Offshore permit in Tunisia, and OML 113

offshore western Nigeria. 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.

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