Panoro Energy Announces Receipt of Government Approvals of the Sale of all its Interest in OML 113, offshore Nigeria

Oslo, 27 January 2022 - Panoro Energy ASA ("Panoro" or the "Company") is pleased
to announce that all government approvals have now been received for the sale of
the shares of its fully-owned subsidiaries (the "Shares") that hold 100% of the
shares in Pan Petroleum Aje Limited ("Pan Aje") ("the Transaction") to PetroNor
E&P Limited ("PetroNor").  Pan Aje participates in the exploration for and
production of hydrocarbons in Nigeria and holds a 6.502% participating interest,
with 16.255% cost bearing interest, representing an economic interest of
12.1913% in Oil Mining Lease 113 ("OML 113"), which includes the Aje field.

Receipt of government approvals satisfies the last key condition precedent for
the completion of the Transaction. Panoro and PetroNor will now proceed with the
final steps to achieve completion of the Transaction, including the issuance of
new PetroNor shares for distribution to Panoro shareholders.  It is expected
that the transaction will close within the next 90 days, and further information
will become available in the coming weeks.

John Hamilton, CEO of Panoro, commented:

"The receipt of government approvals in Nigeria is a major achievement and
enables us to now proceed swiftly to completion of the sale of Panoro's interest
in OML 113 to PetroNor and unlock value for our shareholders. The divestment is
consistent with Panoro's strategy to rationalise and high grade its upstream
portfolio, placing emphasis on the allocation of capital to short-cycle oil
production projects and focused exploration close to infrastructure hubs. The
transfer of ownership of OML 113 to PetroNor will allow Panoro to reduce and
optimise its capital expenditures while preserving the ability for our
shareholders to benefit from future gas successes through the distribution of
shares in PetroNor to its shareholders. Panoro is confident that PetroNor is
strategically well positioned to unlock the gas potential at Aje for the benefit
of all stakeholders."

Enquiries

Qazi Qadeer, Chief Financial Officer
Tel: [phone]
Email: [e-mail]

About Panoro Energy

Panoro Energy ASA is an independent exploration and production company based in
London and listed on the main board of the Oslo Stock Exchange with the ticker
PEN. Panoro holds production, exploration and development assets in Africa,
namely a producing interest in Block-G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria (held-for
-sale, subject to completion), the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa.

Visit us at www.panoroenergy.com
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange