PEN – Evaluation of Strategic Alternatives for West Africa

Panoro Energy ASA (“PEN", OSE ticker code), the independent oil and gas company with assets in West Africa and Brazil is pleased to announce that it has retained FirstEnergy Capital LLP (“FirstEnergy") to initiate a process to explore and evaluate potential strategic alternatives for its West African business unit with a view to enhancing shareholder value.

FirstEnergy, as financial advisor to the Board, will assist in the process of analyzing and evaluating prospects and options to the Company which may include a sale, merger, listing, financing or other alternatives. The Company has not set a timetable for the completion of the review process and it does not intend to comment further regarding the review process unless a specific transaction is approved.

For further information, please contact:

Panoro Energy ASA

Nishant Dighe
President Africa
Tel: +44 203 405 1062
Email: Nishant.Dighe@panoroenergy.com

Carl Peter Berg
VP Commercial and Investor Relations
Tel: +55 21 3078 7472
Cell: + 55 21 8541 1907
Email: carl.peter.berg@panoroenergy.com

Please visit www.panoroenergy.com for more information.