Minutes from the Annual General Meeting

Panoro Energy ASA ("PEN" ticker code OSE) informs that the Annual General Meeting ("AGM") in the Company was held today 20 June, 2013. All items on the agenda for the AGM were adopted as proposed by the Board of Directors, except item 5 (remuneration to the members of the Board of Directors) and item 12 resolution no 1 (general authorization to the Board of Directors to increase the share capital).

According to the AGM's resolution, the Board of Directors was granted with the following authorizations to increase the share capital:

i) An authorization to issue shares under the company’s incentive program, and
ii) An authorization to issue shares to Prevail Energy Holdings Ltd

According to the AGM's resolution, the Board of Directors will have the following composition:

Endre O Sund (Chairman)
Silje Augustson (director)
Dr George Edward Watkins (director)
Tone Kristin Omsted (new director)

Please find attached the minutes from the AGM.

For further information, please contact:
Carl Peter Berg, VP Commercial and Investor Relations
Cell: + 55 21 8541 1907
E-mail: carl.peter.berg@panoroenergy.com

Please visit www.panoroenergy.com for more information