Wednesday 24 August 2016

Oslo, 24 August 2016 - Panoro Energy (“the Company” or “Panoro” with OSE Ticker: PEN) today announces the second quarter 2016 financial results and provides the following updates:

• First oil production at Aje, offshore Nigeria commenced in May 2016
• First lifting and sale of crude scheduled for September 2016
• Near term production anticipated at a rate of 7,000-9,000 bopd, pending resolution of all mechanical issues
• Cash balance of USD 6.6 million as at 30 June 2016 and no debt
• Subsequent Offering of NOK 10 million (USD 1.2 million) completed in April 2016
• Development planning of Dussafu and Aje (phases 2 and 3) continues

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