Approved prospectus

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION INTO OR IN THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA.

Reference is made to the stock exchange notices of February 3, 2011, February 4, 2011 and March 1, 2011 regarding the Private Placement conducted on February 4, 2011 and the Subsequent Offering.

The Financial Supervisory Authority of Norway (“Finanstilsynet”) has today approved the prospectus in connection with the listing of 54,105,292 Placement Shares resolved issued in the Private Placement and up to 6,500,000 Offer Shares to be issued in connection with the Subsequent Offering with subscription rights for eligible subscribers, each with a nominal value of NOK 1.460471768.

Panoro Energy ASA’s (the “Company”) shareholders per February 3, 2011 and the holders of the Company’s warrants per February 7, 2011, except for those Shareholders and Warrant holders who (a) were allocated Placement Shares in the Private Placement, or (b) are restricted from participating due to laws and regulations in their home country jurisdiction, will receive 1 non-transferable subscription right for each 26.376474 existing share in the Company per 3 February 2011 or each 26.376474 existing warrant in the company per 7 February 2011. Each subscription right will entitle the holder thereof to subscribe for one new share in the Company. The subscription price is 7.80 NOK per share. Oversubscription and subscription of shares without subscription rights is permitted. Subscription rights not used to subscribe for shares before the expiry of the subscription period will lapse without compensation to the holder, and consequently be of no value.

The subscription period for the Subsequent Offering will be from and including March 7, 2011 to and including 17:30 (CET) March 21, 2011.

Pareto Securities AS and Carnegie ASA have acted as joint lead managers in the private placement and the Subsequent Offering.

The prospectus will be available on the Company’s website www.panoroeenergy.com and www.pareto.no and www.carnegie.no. In addition the prospectus will be available free of charge by contacting either of the joint lead managers or the Company.

For more information, please contact:

Anders Kapstad, CFO
Cell: +47 918 17 442
Email: anders.kapstad@panoroenergy.com  

Jonas Gamre, Finance & Investor Relations Manager
Cell: +47 971 18 292
Email: jonas.gamre@panoroenergy.com