NOTIFICATION OF TRADES

Panoro Energy ASA (OSE ticker code “PEN”) announces that the following primary insiders in the Company have purchased shares on November 7, 2014:

Julien Balkany, non-executive Chairman and a member of the Board, has through Nanes Balkany Partners I LP, an affiliate indirectly controlled by him, bought 350,000 shares at an average price of NOK 2.28 per share. Following this purchase Julien Balkany has a direct and indirect control and beneficial ownership of 5,406,051 shares in Panoro Energy ASA.

Jan Kielland, Chief Executive Officer has bought 50,000 shares at an average price of NOK 2.36 per share. Following this, Jan Kielland controls 50,000 shares in Panoro Energy ASA.

Nishant Dighe, Chief Operating Officer has bought 15,331 shares at an average price of NOK 2.31 per share. Following this, Nishant Dighe controls 1,325,000 shares in Panoro Energy ASA.

Qazi Qadeer, Interim Chief Financial Officer has bought 25,000 shares at an average price of NOK 2.33 per share. Following this, Qazi Qadeer controls 25,000 shares in Panoro Energy ASA.

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

For more information, please contact:

Qazi Qadeer

Interim Chief Financial Officer

Tel.: +44 203 405 1084

Cell: +44 798 169 0670

Email: qazi.qadeer@panoroenergy.com