Completion of sale of the OML 90 Ajapa field offshore Nigeria for USD 30 million

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Panoro Energy ASA ("PEN", OSE ticker code), the independent oil and gas company with assets in West Africa and Brazil, is pleased to announce completion of the sale of the Company’s 40% working interest in the Ajapa marginal field in OML 90, offshore Nigeria, for a consideration of USD 30 million.

Kjetil Solbrække, CEO of Panoro Energy commented "We are very pleased to have closed the sale of our interest in the Ajapa field.  The cash generated from this transaction will be used to fund the continued growth of the company through reinvestment in Panoro’s portfolio of assets in West Africa and Brazil".

For further information, please contact:
Anders Kapstad, CFO
Tel: +47 23 01 10
Cell: +47 918 17 442
Email: anders.kapstad@panoroenergy.com 

Jonas Gamre, Finance & Investor Relations Manager
Tel: +47 23 01 10 02
Cell: +47 971 18 292
Email: jonas.gamre@panoroenergy.com

Please visit www.panoroenergy.com for more information.