Finalization of bond restructuring

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Panoro Energy ASA (“PEN”, OSE ticker code) – reference is made to the Norse Energy Corp. ASA (“NEC”) press releases dated December 9 and 17, 2009 regarding the bond restructuring proposal and subsequent approval of such restructuring by bondholders. Reference is also made to NEC’s press release December 21, 2009 concerning the demerger of NEC, and the therein included resolutions. 

The bond restructuring has now been finalized and is effective per June 30, 2010. Please find attached the restated loan agreement and amendment agreement. 

Upon the recently announced demerger from NEC, PEN assumed obligations as borrower for the NOK 286.5 million NEC01 bond loan. The completion of the bond restructuring means PEN and NEC no longer are jointly liable for each other’s bond debt. 

A prepayment of approximately NOK 43 million (15%) plus accumulated interest will be made to NEC01 bondholders on or about July 14, 2010. Furthermore, principal repayments amount to approximately NOK 122 million in 2011 and 122 million 2012. The loan carries a fixed interest rate of 13.5% from July 13, 2010 onwards. 

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

Please visit www.panoroenergy.com for more information.