NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO
THE UNITED STATES, CANADA, AUSTRALIA, OR SWITZERLAND
Monday, 14 March 2016 - Reference is made to previous announcements by Panoro
Energy ASA (the "Company") relating to the subsequent offering (the "Subsequent
Offering") of up to 23,809,500 new shares (the "Offer Shares") for gross
proceeds of up to NOK 10,000,000. For further information, including the
complete terms and conditions of the Subsequent Offering, please refer to the
prospectus from the Company dated 11 March 2016 (the "Prospectus").
The Prospectus is available at www.arctic.com and www.panoroenergy.com. Hard
copies of the Prospectus may be obtained by contacting Arctic Securities (+47 21
01 30 40).
The subscription period for the Subsequent Offering will commence today, 14
March 2016 and expire at 16:30 p.m. CET on 31 March 2016 (the "Subscription
Period"). The subscription price in the Subsequent Offering is NOK 0.42 per
Offer Share.
The Company will allocate the Offer Shares to subscribers who (i) were
registered as holders of shares in the Company (the "Shares") in the Company as
of 9 February 2016 (the "Record date") as registered with the Norwegian Central
Securities Depositary (Nw. Verdipapirsentralen) (the "VPS") as of 11 February
2016 , (ii) were not allocated shares in the Private Placement, and (iii) are
not resident in a jurisdiction where such offering would be unlawful or, for
jurisdictions other than Norway, would require any prospectus, filing,
registration or similar action (the "Eligible Shareholders"). The Company will
look solely to registered holdings in the VPS as of expiry of the Record Date
and not possible underlying beneficial ownerships. Such Eligible Shareholders
will be granted non-tradable subscription rights (the "Subscription Rights")
giving right to subscribe and be allocated Offer Shares.
For each share recorded as held in the Company as of expiry of the Record Date,
each Eligible Shareholder will be entitled to allocation of 0.143115
Subscription Right(s), rounded down to the nearest whole Subscription Right. One
(1) Subscription Right will give the right to subscribe for one (1) Offer Share.
Oversubscription by Eligible Shareholders will be permitted. In the event that
not all issued subscription rights are exercised, subscribers who have
subscribed on the basis of subscription rights and who have over-subscribed,
will be allocated further offered shares proportionally to the number of
subscription rights they have exercised. Subscription without Subscription
Rights will not be allowed. The Subscription Rights will not be tradable. Upon
expiry of the Subscription Period, the Subscription Rights will expire and have
no value.
If an Eligible Shareholder holds Shares registered through a financial
intermediary as of expiry of the Record Date, the financial intermediary will
customarily give the Eligible Shareholder details of the Subscription Rights to
which it will be entitled. The relevant financial intermediary will customarily
supply each Eligible Shareholder with this information in accordance with its
usual customer relations procedures. Eligible Shareholders holding their
interests through a financial intermediary should contact the financial
intermediary in order to receive information with respect to the Subsequent
Offering. Note that the deadline for doing so might be earlier than 16:30 p.m.
CET on 31 March 2016.
The Offer Shares are expected to be registered with the ordinary ISIN
NO0010564701 of the Company and commence to trade under the Company's ordinary
trading symbol "PEN" on Oslo Børs on or about 8 April 2016.
Arctic Securities AS acts as Sole Manager of the Private Placement and the
Subsequent Offering.
For further information, please contact
Qazi Qadeer, Chief Financial Officer
Tel: +44 203 405 1060
Email: info@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 high quality
exploration and development assets in West Africa, namely the Dussafu License
offshore southern Gabon, and OML 113 offshore western Nigeria. Both assets have
discoveries with approved Field Development Plans. In addition to discovered
hydrocarbon resources and reserves, both assets also hold significant
exploration potential. For more information visit the Company's website at
www.panoroenergy.com.