Issuance of 7.5 million PEN-J warrants to NEC-J warrantholders in connection with the demerger

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Panoro Energy ASA (“PEN”, OSE ticker code) announces that 7.5 million warrants will be issued in PEN tomorrow, June 15, 2010 as part of the demerger from Norse Energy Corp ASA (“NEC”). The strike price for the PEN warrants has been established at NOK 15.71 and the warrants expire July 1, 2011. 

Reference is made to the press release dated June 7, 2010. As part of the demerger of Panoro Energy from NEC ASA, PEN ASA issues 7.5 million warrants reflecting the 10:1 reverse split of Panoro Energy ASA. 

The PEN-J warrants are issued to holders of NEC-J warrants per June 14, 2010 and will start trading tomorrow, June 15, 2010 under ticker code PEN-J and ISIN  NO 001 0577273. The strike price for the PEN-J warrants is NOK 15.71. 

Prior to the demerger, the NEC-J warrants had a strike price of NOK 6.09. The new strike prices for PEN-J and NEC-J were decided based on the relative value of NEC ASA and PEN ASA on the five first days of separate trading. 

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