MANDATORY NOTIFICATION OF TRADE

DIRECTOR ALLOCATED SHARES IN SUBSEQUENT OFFERING OF PANORO ENERGY ASA

Thursday, April 7, 2016 - Reference is made to Panoro Energy ASA’s (Oslo Ticker code: “PEN” or “the Company”) previous stock exchange releases regarding allocation of 23,809,500 new shares at a subscription price of NOK 0.42 per new share (the “Subsequent Offering”).

Garrett Soden, a primary insider and a member of the Board of Directors of the Company, has been notified by his custodian on April 6, 2016 that he has been allocated 33,082 new shares in the Subsequent Offering, each such share allocated at the subscription price of NOK 0.42/share. After the transaction, Mr. Soden owns 100,082 shares and has no share options in the Company.

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

For more 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.