Panoro Energy ASA is pleased to announce that the Hibiscus Updip well (“DHIBM-1”), currently being drilled on the Dussafu Marin Permit (“Dussafu”) offshore Gabon, has encountered hydrocarbons.

Logging operations and evaluation of the oil discovery are currently underway, following which Panoro expects a side-track of DHIBM-1 to be drilled. Further updates will be provided following completion of these activities.

About Panoro Energy

Panoro Energy ASA (OSE ticker: “PEN”) is an independent E&P company based in London and listed on the Oslo Stock Exchange with ticker PEN. The Company holds high quality production, exploration and development assets in Africa, namely the Dussafu License offshore southern Gabon, OML 113 offshore western Nigeria, and the TPS operated assets, Sfax Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia.