Panoro Energy ASA: Completion of Subsequent Offering

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Reference is made to previous stock exchange announcements from Panoro Energy ASA ("Panoro" or the "Company", ticker "PEN") concerning the subsequent offering of up to NOK 10 million (the "Subsequent Offering"). The subscription period in the Subsequent Offering ended yesterday, 31 March 2016, at 16.30 hours (CET).

The Subsequent Offering was significantly oversubscribed, and as a result the Company will issue 23,809,500 new shares at NOK 0.42 per share, raising gross proceeds of NOK 10 million.

All subscribers being allotted shares in the Subsequent Offering will shortly receive a letter from VPS confirming the number of shares allotted to the subscriber and the corresponding amount to be paid. This letter is expected to be distributed on or about today's date. Payment for the new shares will fall due on 5 April 2016 and delivery will take place on or about 8 April 2016.

The new shares may not be transferred or traded before they are fully paid and the share capital increase pertaining to the Subsequent Offering has been registered with the Norwegian Register of Business Enterprises. It is expected that the share capital increase will be registered in the Norwegian Register of Business Enterprises on or about 8 April 2016 and that the shares will immediately thereafter be admitted to trading on Oslo Børs. Following registration of the new shares, the total number of issued shares in the Company will be 425,021,952.

Arctic Securities AS acted as manager for Subsequent Offering.

Oslo, Norway

Panoro Energy ASA


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.

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