Panoro Energy ASA

Panoro Energy Starts Oil Production from Tortue Phase 2, offshore Gabon

Oslo, 5 March 2020 - Panoro Energy (the "Company" or "Panoro" with OSE ticker:

"PEN") is pleased to announce the start of oil production from the Tortue Phase

2 field development project in the Dussafu Marin Permit, offshore Gabon. The

Gamba well DTM-5H was successfully brought online as of 4[th] March, ahead of

schedule. The second well, DTM-4H, is scheduled to be onstream in the coming

week.

The Tortue Phase 2 development consists of four production wells, tied back to

the FPSO BW Adolo, with DTM-4H and DTM-5H wells being the first of two clusters.

The second cluster is currently being drilled and is scheduled to begin

production by June 2020. Panoro has a 7.5% non-operated working interest in the

Dussafu Marin Permit.

John Hamilton, CEO Panoro said: "We are very pleased for all stakeholders with

first oil from the Tortue Phase 2 development and look forward to the material

growth in Dussafu production."

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 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 visit the Company's website at www.panoroenergy.com.

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.

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