Amendment to the Nomination Committee’s recommendation to the Extraordinary General Meeting

Further to the recommendation that was made to the shareholders of Panoro Energy ASA (or the “Company”) on October 8, 2014, the Nomination Committee wishes to inform the shareholders of the Company that one of the recommended Directors, Mrs. Rosa Whitaker has withdrawn her nomination. The Committee has therefore amended its nomination and now recommends that the remaining four nominees be elected as Directors.

If the General Meeting approves the amended recommendation, the Board of Panoro Energy ASA will consist of:

• Mr. Julien Balkany (Chairman)
• Ms. Alexandra Herger
• Ms. Silje Christine Augustson
• Mr. Lars Brandeggen

The Nomination Committee’s recommendation is unanimous.

Oslo, October 14, 2014