Update on strategic review process for Panoro Energy’s West Africa portfolio

Panoro Energy ASA (OSE ticker code “PEN), the independent oil and gas company with assets in West Africa and Brazil, is pleased to announce that it has received contingent offers for parts of its West African portfolio. The offers will now be evaluated, and the outcome of this process is expected to be communicated before the end of the year.

These offers are the result of Panoro Energy’s ongoing process to explore and evaluate potential strategic alternatives for its West African business unit with a view to enhancing shareholder value. This strategic alternatives process was previously announced to the market in July 2012.

Completion of any possible transaction(s) will, amongst other conditions, depend on the completion of due diligence, approval by the Board of Directors in Panoro Energy, and approval by partners and regulatory authorities.

For further information, please contact:

Jan Kielland
CEO
Cell: +47 415 69 974
Email: jan.kielland@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.