Panoro Energy ASA

Share Issue/Capital Change • Apr 1, 2016

Panoro Energy ASA: Subsequent Offering - Allocation

Panoro Energy ASA: Subsequent Offering - Allocation

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE

SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN,

OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL

OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES. THIS ANNOUNCEMENT DOES NOT

CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Reference is made to previous stock exchange announcements from Panoro Energy

ASA ("Panoro" or the "Company", ticker "PEN") concerning the subsequent offering

of up to NOK 10 million (the "Subsequent Offering"). The allocation of shares to

be issued in the Subsequent Offering has now been completed in VPS, in

accordance with the principles described in the prospectus of 11 March 2016. The

Subsequent Offering was fully subscribed. Allocation letters from VPS confirming

the number of shares allotted to the subscriber and the corresponding amount to

be paid will be distributed on or about today's date.

For further information on payment, registration and listing etc. of the new

shares, reference is made to announcement of 07:00 (CET) today, 1 April 2016.

Arctic Securities AS acted as manager for Subsequent Offering.

Oslo, Norway

Panoro Energy ASA

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

exploration and development assets in West Africa, namely the Dussafu License

offshore southern Gabon, and OML 113 offshore western Nigeria. Both assets have

discoveries with approved Field Development Plans. In addition to discovered

hydrocarbon resources and reserves, both assets also hold significant

exploration potential. For more information visit the Company's website at

www.panoroenergy.com.