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SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN,
OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL
OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES. THIS ANNOUNCEMENT DOES NOT
CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.
Reference is made to previous stock exchange announcements from Panoro Energy
ASA ("Panoro" or the "Company", ticker "PEN") concerning the subsequent offering
of up to NOK 10 million (the "Subsequent Offering"). The subscription period in
the Subsequent Offering ended yesterday, 31 March 2016, at 16.30 hours (CET).
The Subsequent Offering was significantly oversubscribed, and as a result the
Company will issue 23,809,500 new shares at NOK 0.42 per share, raising gross
proceeds of NOK 10 million.
All subscribers being allotted shares in the Subsequent Offering will shortly
receive a letter from VPS confirming the number of shares allotted to the
subscriber and the corresponding amount to be paid. This letter is expected to
be distributed on or about today's date. Payment for the new shares will fall
due on 5 April 2016 and delivery will take place on or about 8 April 2016.
The new shares may not be transferred or traded before they are fully paid and
the share capital increase pertaining to the Subsequent Offering has been
registered with the Norwegian Register of Business Enterprises. It is expected
that the share capital increase will be registered in the Norwegian Register of
Business Enterprises on or about 8 April 2016 and that the shares will
immediately thereafter be admitted to trading on Oslo Børs. Following
registration of the new shares, the total number of issued shares in the Company
will be 425,021,952.
Arctic Securities AS acted as manager for Subsequent Offering.
Oslo, Norway
Panoro Energy ASA
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.