Panoro Energy ASA

Share Issue/Capital Change • Oct 31, 2019

Panoro Energy – Registration of New Shares

Oslo, 31 October 2019 - Panoro Energy ASA ("Panoro" or the "Company" with OSE Ticker "PEN") is pleased to announce that the Register of Business Enterprises has today registered the increase of share capital to include the issue of Private Placement shares announced on 22 October 2019. The Company's new registered share capital is NOK 3,439,992.90 divided into 68,799,858 shares, each having face value of NOK 0.05.

This information is subject to the disclosure requirements pursuant to section 5-12, section 4-2 and 4-4 of the Norwegian Securities Trading Act.

Enquiries

Qazi Qadeer, Chief Financial Officer Tel: +44 203 405 1060 Email: investors@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, 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, please visit the Company's website at www.panoroenergy.com.