Panoro Energy Announces Completion of MKB divestment

Panoro Energy ASA (“Panoro”) is pleased to announce that its wholly owned subsidiary, Prevail Energy Congo SAU (“Prevail”), has completed the sale of its 20% interest in the MKB permit to Société Nationale des Pétroles du Congo (“SNPC”) the Operator of the MKB Permit in the Republic of Congo for an undisclosed amount.

Under the obligations of the Sale and Purchase Agreement Panoro Energy is restricted from providing further details of the transaction.

Panoro’s CEO Jan Kielland commented, “The divestment of this asset has been discussed with SNPC for some time and we are pleased this has now been completed. We wish SNPC great success in the future development of the MKB asset which we believe over time will become an important production asset for both SNPC and the Republic of Congo”.

For further information, please contact:

Carl Peter Berg, VP Commercial and Investor Relations

Cell: +47 928 05 029

Email: carl.peter.berg@panoroenergy.com

Nishant Dighe, President Africa

Cell: +44 774 780 7439     

Email: nishant.dighe@panoroenergy.com

Please visit www.panoroenergy.com for more information. Panoro Energy ASA is listed on the Oslo Stock Exchange (Ticker code: “PEN”).