Panoro Energy ASA

Regulatory Filings • Aug 12, 2019

Panoro Kicks-off 2019 Exploration Campaign

Panoro Kicks-off 2019 Exploration Campaign

Oslo, August 12, 2019 - Panoro Energy ASA (the "Company" or "Panoro" with OSE

ticker: "PEN") has initiated its 2019/2020 drilling campaign with the spudding

of the Hibiscus Updip prospect on the Dussafu Marin Permit.

John Hamilton CEO of Panoro Energy said: "We have a very exciting 12 months

ahead of us with two material exploration wells to be drilled in 2019, first the

Hibiscus Updip well now spudded on the Dussafu permit in Gabon and the Panoro

-operated Salloum West well in Tunisia expected later this year. The Hibiscus

Updip prospect has been matured using 3D seismic and has the potential, if

successful, to add substantial resources which would be brought into production

alongside the Ruche and Ruche North East fields as part of Phase 3 on the

Dussafu permit. Our exploration activities are complemented by production growth

activities, with the upcoming subsequent development drilling at Tortue and

ongoing workover activities in Tunisia".

Dussafu Update - Spud of Hibiscus Updip Exploration Well

Drilling has commenced on the Hibiscus Updip prospect on the Dussafu Marin

Permit ("Dussafu"), offshore Gabon. This exploration well is being drilled with

the Borr Norve jackup drilling rig, and is the first well in an intensive 6 well

campaign planned on Dussafu during 2019 and 2020. The operator is BW Energy.

The Hibiscus Updip well ("DHIBM-1") is located about 56 km offshore Gabon in 116

m water depth. The well is planned as a vertical well to test the highly

productive Gamba and Dentale reservoirs. The DHIBM-1 well is also located

approximately 1.5 km southwest of the Hibiscus well ("HIBM-1") drilled by Arco

in 1991 based on 2D seismic data, and which found good quality Gamba reservoir

with live oil shows. The new well is positioned to intersect the Gamba at what

is believed, based on 3D seismic data acquired by Panoro in 2013, to be an updip

position from the HIBM-1 well.

As previously announced, following the DHIBM-1 well, the rig will move on to

drill four consecutive horizontal production wells at the Tortue field, followed

by an additional exploration well in 2020.

The location of the 2020 exploration well will be based on 3D seismic data that

is being currently re-processed with the latest techniques. Based on the results

of the processing and exploration wells, a further 2 additional exploration

wells may be drilled once the initial 6 well campaign has been completed.

Sfax Offshore Exploration Update - Salloum West Prospect

In Tunisia, planning is underway for drilling the Salloum West prospect towards

the end of the year. Advanced dialogue with contractors, regulators and the

National oil company, ETAP, is underway and continues to progress.

Simultaneously a reprocessing of the vintage seismic around the Salloum area is

being undertaken.

Enquiries

Panoro Energy ASA                                      +44 203 405 1060

John Hamilton, Chief Executive Officer         investors@panoroenergy.com

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 high quality

production, exploration and development assets in Africa, namely the Dussafu

License offshore southern Gabon, OML 113 offshore western Nigeria, and the TPS

operated assets, Sfax Offshore Exploration Permit and Ras El Besh Concession,

offshore Tunisia. For more information, please visit the Company's website

at www.panoroenergy.com.