Panoro Energy ASA has made reference to its recent announcement regarding completion of the sale of its fully owned subsidiaries Pan-Petroleum Services Holding BV and Pan-Petroleum Nigeria Holding BV (together referred to as “Divested Subsidiaries” and which together hold 100% of the shares in Pan-Petroleum Aje Limited) to PetroNor E&P ASA for an upfront consideration of USD 10 million to be settled in the form of PetroNor shares (Consideration Shares) and today’s stock exchange announcement by Panoro Energy ASA that such shares have been issued.

The Company is pleased to confirm receipt of the Consideration Shares. Following such receipt of shares, Panoro Energy ASA today, 27 July 2022, owns 96,577,537 shares in PetroNor E&P ASA, which represents 6.78% of all issued and outstanding shares and votes in PetroNor. Consequently, the threshold of 5% holding of shares and votes has been exceeded.