En gledens dag!

Oslo, 17 September 2018 - Panoro Energy (the "Company" or "Panoro" with OSE
ticker: "PEN") is pleased to announce that first oil production has started from
the Tortue field, within the Dussafu PSC, offshore Gabon. The introduction of
first hydrocarbons into the BW Adolo FPSO operated by BW Offshore has been
achieved on budget, safely, and comfortably within the guided timeframe.
Operations will now focus on stabilisation of production and completion of other
start up activities. Further announcements will be made in due course as to
production rates, and planning for Tortue Phase 2. In addition, the recent
successful well at Ruche North East is currently being appraised following a
side track and extensive logging. Results will be announced in the near future.

John Hamilton, Chief Executive Officer Panoro Energy said: "Achieving first oil
at Tortue is a material milestone for Panoro, having been involved in the
evolution of the Dussafu PSC, from oil discoveries, to modern interpretation
following seismic acquisition, and now to first commercial production. We are
extremely pleased for all stakeholders in this major production asset in Gabon,
and the commencement of oil production at Dussafu represents a significant
accomplishment for Gabon and the Dussafu project team."

Dussafu is an Exclusive Exploitation Area ("EEA") of 850 square kilometres
located in southern Gabon. The EEA is valid for 20 years from first oil
production. The EEA currently contains 5 pre-salt oil discoveries, and holds
multiple additional prospects and leads. Dussafu is operated by BW Energy and
Panoro holds a 8.333% interest. The development concept entails a current Phase
1 consisting of two horizontal wells tied back to the FPSO BW Adolo.



BWO:

BW Offshore is pleased to announce that first oil from the BW Adolo FPSO was safely achieved on 16 September 2018, 18 months after the initial investment was made in the Dussafu license offshore Gabon.

"We have achieved first oil from the Dussafu license within budget and on schedule", said Carl K. Arnet, the CEO of BW Offshore. "The execution of the Dussafu project confirms the attractiveness of our model by combining proven resources, a resourceful organisation and access to production assets to achieve short time-to-oil."

The BW Adolo arrived in Gabon in late July and hook up of mooring systems and installation of risers and umbilicals were completed in September. The project was safely completed without any harm to people or the environment.

The FPSO is installed on the Tortue field, one of five proven discoveries in the Dussafu license. The BW Adolo is a converted VLCC with a production capacity of 40,000 barrels of oil per day. The vessel has undergone an increased life extension scope enabling an extended production profile on the back of positive reserve developments.

"Our first priority now is to complete start-up activities and stabilise production on BW Adolo. We will at the same time work towards the final investment decision on Tortue Phase 2, which will unlock additional production volumes, and continue the appraisal program of the recently announced discovery at Ruche NE as well as to confirm additional resources and strengthen the commerciality of the Dussafu license," said Carl K. Arnet.