Panoro Energy an update on the divestment process for the Aje field in Nigeria

Panoro Energy announces that Lekoil has failed to pay the balance of USD 26 million plus an additional amount of approximately USD 1 million of working capital adjustment by November 6, 2013. Panoro Energy’s wholly-owned subsidiary Pan Petroleum Aje Limited (“PPAL”) is now entitled to terminate the SPA, retain the USD 4 million already paid into Panoro’s bank account, and in addition call the USD 3 million the bid bond. Lekoil has requested an additional extension to pay the outstanding balance of approximately USD 27 million for the transaction by November 25, 2013.

For further information, please contact:

Carl Peter Berg, VP Commercial and Investor Relations Cell: +47 928 05 029
Email: carl.peter.berg@panoroenergy.com

Nishant Dighe, Chief Operating Officer Cell: +44 7747807439
Email: nishant.dighe@panoroenergy.com

Please visit www.panoroenergy.com for more information. Panoro Energy ASA is listed on the Oslo Stock Exchange (Ticker code: “PEN”).