Panoro Energy ASA: Subsequent Offering – Allocation

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Reference is made to previous stock exchange announcements from Panoro Energy ASA ("Panoro" or the "Company", ticker "PEN") concerning the subsequent offering of up to NOK 10 million (the "Subsequent Offering"). The allocation of shares to be issued in the Subsequent Offering has now been completed in VPS, in accordance with the principles described in the prospectus of 11 March 2016. The Subsequent Offering was fully subscribed. Allocation letters from VPS confirming the number of shares allotted to the subscriber and the corresponding amount to be paid will be distributed on or about today’s date. 

For further information on payment, registration and listing etc. of the new shares, reference is made to announcement of 07:00 (CET) today, 1 April 2016.

Arctic Securities AS acted as manager for Subsequent Offering.

Oslo, Norway

Panoro Energy ASA

About Panoro Energy

Panoro Energy ASA is an independent E&P company based in London and listed on the Oslo Stock Exchange with ticker PEN. The Company holds high quality exploration and development assets in West Africa, namely the Dussafu License offshore southern Gabon, and OML 113 offshore western Nigeria. Both assets have discoveries with approved Field Development Plans. In addition to discovered hydrocarbon resources and reserves, both assets also hold significant exploration potential. For more information visit the Company's website at www.panoroenergy.com.