Completion of subsequent offering

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

Reference is made to the stock exchange notice of March 4, 2011 and Panoro Energy ASA’s (“PEN”) prospectus of the same date concerning the subsequent offering of up to 6,500,000 shares in PEN at a subscription price of NOK 7.80 (the “Subsequent Offering”).

The Subsequent Offering was conducted in order to facilitate equal treatment of PEN shareholders and warrant holders not participating in the NOK 550 million Private Placement announced completed February 4, 2011.

The subscription period in the Subsequent Offering ended on Monday March 21, 2011 at 17:30 CET. As a preliminary result of the subscriptions received in the Subsequent Offering, PEN will issue 98,705 new shares at NOK 7.80 per share raising gross proceeds of NOK 0.77 million.

All subscribers being allotted offer shares will receive a letter confirming the number of offer shares allotted to the subscriber and the corresponding amount to be paid. This letter will be distributed shortly.

Payment of the shares will fall due on March 25, 2011 and delivery will take place on or about March 29, 2011. Following registration of the shares, the total number of issued shares will increase by 98,705, from 234,447,081 to 234,545,786 shares.

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

For further information, please contact:

Anders Kapstad, CFO
Tel: +47 23 01 10 01
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  

This information is subject of the disclosure requirements acc. to §5-12
(Norwegian Securities Trading Act).