NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR
INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR ANY
OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO BUY OR SUBSCRIBE OF
ANY OF THE SECURITIES DESCRIBED HEREIN.
Oslo, 16 March 2021 - Reference is made to previous announcements by Panoro
Energy ASA (the "Company" or "Panoro" with OSE Ticker PEN) regarding a
subsequent offering of up to 5,500,000 new shares in the Company (the "Offer
Shares") at a subscription price of NOK 15.50 per Offer Share (the "Subsequent
Offering") and the prospectus dated 5 March 2021 (the "Prospectus").
The subscription period for the Subsequent Offering expired at 16:30 hours (CET)
on 15 March 2021. The Company has received valid subscriptions for in total
29,313,740 Offer Shares. Hence, the maximum number of 5,500,000 Offer Shares
will be issued.
The board of directors of Panoro has resolved completion of the Subsequent
Offering and the allocation of 5,500,000 Offer Shares based on the allocation
criteria set out in the Prospectus.
Notification of allocated Offer Shares and payment instructions will be set out
in a separate letter to each subscriber, which is expected to be issued during
the course of today, 16 March 2021. The deadline for payment for the Offer
Shares is 22 March 2021.
The Offer Shares may not be transferred or traded before they are fully paid,
the share capital increase has been registered with the Norwegian Register of
Business Enterprises and the Offer Shares have been registered in the Norwegian
Central Securities Depository ("VPS"). The Offer Shares are expected to be
delivered to the subscribers' VPS accounts on or about 25 March 2021. Listing
and first day of trading of the Offer Shares on Oslo Børs is expected on or
about 25 March 2021.
Following the issuance of the Offer Shares, the Company's share capital will be
NOK 5,639,935.50 divided into 112,798,710 shares, each with a face value of NOK
0.05.
The following primary insider or close associates of primary insider has been
allocated Offer Shares in the Subsequent Offering:
· Nanes Balkany Partners I LP, a New York-based investment fund in which Mr.
Julien Balkany, Chairman of Panoro, has a beneficial interest, has subscribed
for 94,146 Offer Shares. Following completion of the Subsequent Offering, Nanes
Balkany Partners I LP will hold 694,252 shares in Panoro. Following this, Mr.
Balkany directly and indirectly controls 3,582,970 shares in the Company.
Pareto Securities AS has acted as manager and Advokatfirmaet Schjødt AS has
acted as legal advisor to the Company in connection with the Subsequent
Offering.
Enquiries
Qazi Qadeer, Chief Financial Officer
Tel: +44 203 405 1060
Email: investors@panoroenergy.com
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 the Dussafu License offshore southern Gabon, OML 113 offshore western
Nigeria (held-for-sale, subject to completion), and the TPS operated assets,
Sfax Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia.
Subject to completion of certain conditions, Panoro has also farmed-into an
exploration Block 2B, offshore South Africa and acquired a producing interest in
Block G, offshore Equatorial Guinea.
Visit us at www.panoroenergy.com.
Follow us on Linkedin (https://www.linkedin.com/company/panoro-energy)
This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.