Panoro Energy ASA

Share Issue/Capital Change • May 26, 2016

KEY INFORMATION RELATING TO THE REVERSE SPLIT TO BE CARRIED OUT BY PANORO ENERGY ASA

KEY INFORMATION RELATING TO THE REVERSE SPLIT TO BE CARRIED OUT BY PANORO ENERGY ASA

Oslo, 26 May 2016 - Reference is made to the stock exchange announcement made by

Panoro Energy ASA (the "Company" or "Panoro" with OSE Ticker: PEN) on 3 May 2016

regarding the notice of the Annual General Meeting and proposed reverse split of

the Company's shares, and to the subsequent stock exchange announcement made on

25 May 2016 containing the minutes from the general meeting where the proposed

reverse split with a ratio of 10:1 and a related share capital increase of NOK

0.04 was adopted.

Pursuant to the authorization given by the general meeting to the Company's

board of directors to determine the dates for the implementation of the reverse

split (including the last date the Company's shares will be traded with the old

nominal value and the first day of trading with the new nominal value (ex

-date)), the board of directors has resolved that the reverse split shall be

implemented based on the key dates set out below under "Key Information".

The key dates included below are based on, and thus contingent upon, an

assumption that the amendments to the share capital of the Company (including

the share capital increase of NOK 0.04) is registered with the Norwegian

Register of Business Enterprises (Foretaksregisteret) on 27 May 2016. The

Company will update the market in a separate announcement, to be made on 27 May

2016, wherein the registration will either be confirmed or, as the case may be,

a new timeline will be presented.

Key information:

Date on which the corporate action was made public: 3 May 2016

Reverse split ratio: 10:1 (10 existing shares give 1 new share)

Date of approval: 25 May 2016

Last day including right: 27 May 2016

Ex-date: 30 May 2016

Record date: 31 May 2016

Other information: Following effectuation of the reverse split and the share

capital increase, the Company will have a registered share capital of NOK

2,125,109.80 divided into 42,502,196 shares each with a nominal value of NOK

0.05.

This information is published in accordance with the requirements of the

Continuing Obligations.

Panoro Energy ASA,

For more information please contact:

Qazi Qadeer

Chief Financial Officer

+44 203 405 1060

info@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, 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.