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PEN: PANORO ENERGY: SUCCESSFUL COMPLETION OF APPRAISAL WELL ON DUSSAFU, OFFSHORE GABON

07:31
Oslo, September 27, 2018- Panoro Energy (the Company or Panoro with OSE
ticker: PEN) is pleased to report the successful drilling and completion of
the Ruche North East (DRNEM-1) appraisal well located inthe Dussafu Marin PSC,
offshore Gabon.

On August 31, 2018, Panoro announced an oil discovery in the pre-salt Gamba and
Dentale reservoirs, with log and pressure data indicating approximately 15
metres of good quality oil pay encountered in the Gamba Formation and 25 metres
of oil pay in stacked reservoirs within the Dentale Formation.

The Ruche North East oil discovery has now been further appraised by drilling a
sidetrack (DRNEM-1ST1) to the northwest to test the lateral extent and
structural elevation of both the Gamba and Dentale reservoirs. The sidetrack was
drilled to a total depth (TD) in the Dentale of 3,600 metres, (3,285 metres True
Vertical Depth Subsea (TVDSS) approximately 800 metres from the original
wellbore and found approximately 34 metres of total oil pay (TVD) in the Gamba
reservoir and Dentale reservoirs. In addition, several other stacked sands with
oil shows were encountered. The rig has been demobilized and the well will now
be plugged and abandoned. The joint venture will now perform an evaluation of
the future production of these resources in the next development phases.

John Hamilton, CEO of Panoro, said: We are very pleased by this positive
appraisal sidetrack which demonstrates the materiality of the resources base on
the entire Dussafu permit. With Tortue Phase 1 now in production, and planning
for Phase 2 underway, the successive Ruche area discoveries provide the basis
for future development phases to unlock the full potential of Dussafu over the
next 20 years.

Enquiries

Panoro Energy ASA +44 203 405 1060
John Hamilton, Chief Executive Officer investors@panoroenergy.com

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 production,
exploration and development assets in Africa, namely the Dussafu License
offshore southern Gabon, the Sfax Offshore permit in Tunisia, and OML 113
offshore western Nigeria. In addition to discovered hydrocarbon resources and
reserves, both assets also hold significant exploration potential. For more
information, please visit the Companys websit

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