Panoro Energy ASA

Share Issue/Capital Change • Mar 14, 2016

Panoro Energy ASA : Subsequent Offering - Start of Subscription Period

Panoro Energy ASA : Subsequent Offering - Start of Subscription Period

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO

THE UNITED STATES, CANADA, AUSTRALIA, OR SWITZERLAND

Monday, 14 March 2016 - Reference is made to previous announcements by Panoro

Energy ASA (the "Company") relating to the subsequent offering (the "Subsequent

Offering") of up to 23,809,500 new shares (the "Offer Shares") for gross

proceeds of up to NOK 10,000,000. For further information, including the

complete terms and conditions of the Subsequent Offering, please refer to the

prospectus from the Company dated 11 March 2016 (the "Prospectus").

The Prospectus is available at www.arctic.com and www.panoroenergy.com. Hard

copies of the Prospectus may be obtained by contacting Arctic Securities (+47 21

01 30 40).

The subscription period for the Subsequent Offering will commence today, 14

March 2016 and expire at 16:30 p.m. CET on 31 March 2016 (the "Subscription

Period"). The subscription price in the Subsequent Offering is NOK 0.42 per

Offer Share.

The Company will allocate the Offer Shares to subscribers who (i) were

registered as holders of shares in the Company (the "Shares") in the Company as

of 9 February 2016 (the "Record date") as registered with the Norwegian Central

Securities Depositary (Nw. Verdipapirsentralen) (the "VPS") as of 11 February

2016 , (ii) were not allocated shares in the Private Placement, and (iii) are

not resident in a jurisdiction where such offering would be unlawful or, for

jurisdictions other than Norway, would require any prospectus, filing,

registration or similar action (the "Eligible Shareholders"). The Company will

look solely to registered holdings in the VPS as of expiry of the Record Date

and not possible underlying beneficial ownerships. Such Eligible Shareholders

will be granted non-tradable subscription rights (the "Subscription Rights")

giving right to subscribe and be allocated Offer Shares.

For each share recorded as held in the Company as of expiry of the Record Date,

each Eligible Shareholder will be entitled to allocation of 0.143115

Subscription Right(s), rounded down to the nearest whole Subscription Right. One

(1) Subscription Right will give the right to subscribe for one (1) Offer Share.

Oversubscription by Eligible Shareholders will be permitted. In the event that

not all issued subscription rights are exercised, subscribers who have

subscribed on the basis of subscription rights and who have over-subscribed,

will be allocated further offered shares proportionally to the number of

subscription rights they have exercised. Subscription without Subscription

Rights will not be allowed. The Subscription Rights will not be tradable. Upon

expiry of the Subscription Period, the Subscription Rights will expire and have

no value.

If an Eligible Shareholder holds Shares registered through a financial

intermediary as of expiry of the Record Date, the financial intermediary will

customarily give the Eligible Shareholder details of the Subscription Rights to

which it will be entitled. The relevant financial intermediary will customarily

supply each Eligible Shareholder with this information in accordance with its

usual customer relations procedures. Eligible Shareholders holding their

interests through a financial intermediary should contact the financial

intermediary in order to receive information with respect to the Subsequent

Offering. Note that the deadline for doing so might be earlier than 16:30 p.m.

CET on 31 March 2016.

The Offer Shares are expected to be registered with the ordinary ISIN

NO0010564701 of the Company and commence to trade under the Company's ordinary

trading symbol "PEN" on Oslo Børs on or about 8 April 2016.

Arctic Securities AS acts as Sole Manager of the Private Placement and the

Subsequent Offering.

For further information, please contact

Qazi Qadeer, Chief Financial Officer

Tel: +44 203 405 1060

Email: 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

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.