30/04-2018 19:17:41: (PEN) Updated CPR for the Aje Field and Publication of Annual Statement of Reserves
Oslo, 30 April 2018 - Panoro Energy ASA (the "Company" or "Panoro" with OSE
Ticker: PEN) announces the release of its 2017 Annual Statement of Reserves (the
"ASR") incorporating the preliminary results of an updated Competent Persons
Report (the "CPR") on its Aje field located in OML 113, offshore western
Nigeria.

The results of the updated CPR have been provided to Panoro by the independent
reserves auditor AGR TRACS International Limited ("AGR TRACS"). This updated oil
reserves review, as of 1stJanuary 2018, has benefitted from the latest seismic
data, the results of the Aje-5 workover as well as its related sidetrack
campaign and subsequent completion in the Turonian oil rim, the production
history from the field start-up and the recently submitted Turonian Gas Field
Development Plan ("FDP").

As a result of the submission of the FDP, the Turonian resources at Aje have now
been categorized by AGR TRACS as Reserves Justified for Development.

AGR TRACS has certified the total gross recoverable reserves at Aje as follows:

· Proved (1P) reserves of 78.2 MMboe
· Proved + Probable (2P) reserves of 127.1 MMboe
· Proved + Probable + Possible (3P) reserves of 215 MMboe

AGR TRACS has calculated Panoro's net entitlement derived from the total gross
recoverable reserves, as follows:

· Proved (1P) reserves of 12.1 MMboe
· Proved + Probable (2P) reserves of 20.0 MMboe
· Proved + Probable + Possible (3P) reserves of 30.9 MMboe

The revised net 2P reserves of 20.0 MMboe at Aje is a significant increase
compared to Panoro's end of year 2016 Annual Statement of Reserves, which
reported net 2P reserves of 3.1 MMboe at Aje. This material change is mainly a
result of the reclassification of 19.6 MMboe of 2C Contingent Resources as net
2P reserves combined with a reduction in net 2P reserves of 2.6 MMBOE due to
2017 production and AGR TRACS review of the Aje oil reserves.

In addition to these reserves AGR TRACS has also certified the total gross
contingent resources at Aje, as follows:

· Low estimates of Contingent resources (1C) of 4 MMboe
· Best estimates of Contingent resources (2C) of 9 MMboe
· High estimates of Contingent resources (3C) of 17.5 MMboe

Panoro's reserves at Dussafu in the 2017 ASR remain identical to those reported
in January 2018 and extracted from the CPR provided by Netherland, Sewell &
Associates Inc. ("NSAI"). NSAI has estimated gross Proved + Probable (2P)
reserves of 23.5 MMboe at the Tortue field with a net entitlement to Panoro of
1.55 MMboe.

As of 31stDecember 2017, total proved (1P) reserves net to Panoro were 13.2
million barrels of oil ("MMboe"), total proved + probable (2P) reserves were
21.6 MMboe and total proved, probable + possible (3P) reserves were 32.7 MMboe.
Total contingent (2C) resources net to Panoro were approximately 2.6 MMboe.

Panoro's classification of reserves and resources complies with the guidelines
established by the Oslo Stock Exchange and are based on the definitions set by
the Petroleum Resources Management System (PRMS-2007), sponsored by the Society
of Petroleum Engineers/World Petroleum Council/American Association of Petroleum
Geologists/Society of Petroleum Evaluation Engineers (SPE/WPC/AAPG/SPEE) as
issued in March 2007.

Panoro's net entitlement reserves show the Company's net volumes after
deductions for royalties and other taxes, reflecting the production and cost
sharing agreements that govern the assets. The commerciality and economic tests
for the Aje reserves volumes are based on an oil and condensate price of US$60
per barrel, a LPG price of US$39 per barrel and a gas price of $4 per MMBtu and
those for Dussafu are based on an average oil price over the field life of US$59
per barrel.

A copy of the 2017 Annual Statement of Reserves is available on our website at
http://www.panoroenergy.com/investors/annual-statement-of-reserves/.