Panoro Energy ASA

Contingent Resources Updated at Dussafu

Oslo, 22 February 2018 - Panoro Energy ASA ("PEN", OSE ticker code) is pleased

to report that, further to the announcement made on 8 January 2018 regarding the

updated preliminary report on oil reserves from independent reserves auditor

Netherland Sewell & Associates Inc. ("NSAI") of the Tortue Field, NSAI has now

completed its work and re-confirmed the estimates previously provided for the

total gross economically recoverable oil reserves from the assumed production

from four oil wells at the Tortue field. Oil prices used to determine economic

recoverability are based on Brent Crude futures prices published as at 26

December 2017, and are adjusted for quality, transportation fees, and market

differentials.

In addition to the Proved + Probable (2P) reserves of 23.5 MMbbls already

reported, NSAI has also now estimated the gross contingent oil resources as the

Tortue field as follows:

1C (low estimate): 3.7 MMbbls

2C (best estimate): 11.6 MMbbls

3C (high estimate): 28.9 MMbbls

The NSAI reserves review does not yet include the other 3 discovered fields

(commonly known as Ruche, Moubenga and Walt Whitman) in the Exclusive

Exploitation Authorisation ("EEA") area which will be updated in due course. In

addition, the independent reserves review also does not include prospective

resources associated with the 27 prospects and leads already identified within

the EEA area.

Panoro will use the NSAI reserve and contingent resource numbers in its Annual

Statement of Reserves when published in April.

Enquiries

John Hamilton, Chief Executive Officer

Tel: +44 203 405 1060

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,

development, and exploration assets in West Africa, namely OML 113 offshore

western Nigeria and the Dussafu License offshore southern Gabon. 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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