Panoro Energy ASA

Share Issue/Capital Change • Feb 10, 2021

Panoro Energy ASA - Key information regarding potential subsequent offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO BUY OR SUBSCRIBE OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Oslo, 10 February 2021

Reference is made to the stock exchange release by Panoro Energy ASA (the "Company" or "Panoro", with OSE Ticker: "PEN") earlier today regarding the successful completion of a private placement of 38,276,451 new shares at an offer price of NOK 15.50 per share (the "Private Placement") and that the Company is considering to conduct a subsequent share offering of up to 5,500,000 new shares (the "Subsequent Offering").

Date for announcement of terms: 10 February 2021

Last day including right to receive subscription rights: 9 February 2021

First day excluding right to receive subscription rights: 10 February 2021

Record date: 11 February 2021

Maximum number of new shares: 5,500,000

Subscription price: NOK 15.50 per share

Shall the rights be listed: No

The rights will not be transferrable.

The Subsequent Offering is subject to the Company resolving to initiate the Subsequent Offering, and the publication of a prospectus approved by the Norwegian Financial Supervisory Authority.

Notwithstanding the foregoing, the board of directors of Panoro may, in its sole discretion, decide that the Company shall not carry out the Subsequent Offering inter alia if the prevailing market price of the Company's shares trade lower than the subscription price of NOK 15.50 per share and thereby making a subsequent offering redundant.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

Enquiries

Panoro Energy ASA John Hamilton, Chief Executive Officer Qazi Qadeer, Chief Financial Officer Tel: +44 203 405 1060 Email: investors@panoroenergy.com

About Panoro Energy

Panoro Energy ASA is an independent exploration and production company based in London and listed on the main board of the Oslo Stock Exchange with the ticker PEN. Panoro holds production, exploration and development assets in Africa, namely the Dussafu License offshore southern Gabon, OML 113 offshore western Nigeria (held-for-sale, subject to completion), and the TPS operated assets, Sfax Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia. Subject to completion of certain conditions, Panoro has also farmed-into an exploration Block 2B, offshore South Africa.

For more information visit the Company's website at www.panoroenergy.com.