Panoro Energy ASA

Share Issue/Capital Change • Mar 31, 2016

Panoro Energy ASA: Subsequent Offering - Last day of Subscription Period

Panoro Energy ASA: Subsequent Offering - Last day of Subscription Period

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.

Thursday, March 31, 2016 - Reference is made to the previous announcements by

Panoro Energy ASA (the "Company") in respect of the subsequent offering of up to

23,809,500 new shares in the Company (the "Subsequent Offering").

The subscription period for the Subsequent Offering will expire today, March 31,

2016 at 16:30 hours (CET). Correctly completed subscription forms must be

received by Arctic Securities, or, in the case of online subscriptions, be

registered, within this deadline.

Upon expiry of the subscription period, any subscription rights that have not

been exercised will expire and have no value.

For more information, please refer to the prospectus of the Company dated March

11, 2016 (the "Prospectus"). The Prospectus is available at www.panoroenergy.com

and www.arctic.com.

Arctic Securities AS have acted as the Sole Manager of the Subsequent Offering.

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

-12 of the Norwegian Securities Trading Act.

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.