Panoro Energy announced it has successfully raised $70 million in gross proceeds through the Private Placement of 38,276,451 new shares in the Company (the “Offer Shares”). The Private Placement was multiple times oversubscribed at a price per Offer Share of NOK 15.50 (the “Offer Price”), representing a 2% discount to the last closing price and equivalent to the 30-day VWAP. The Private Placement received strong interest from both existing and new investors, including high quality institutional investors in the Nordics and internationally. The net proceeds from the Private Placement will be used to partially finance the acquisitions in Equatorial Guinea and Gabon, and related fees and expenses as well as for general corporate purposes. In the event that one or both acquisitions do not close, the net proceeds will (in whole or in part) be used for general corporate purposes.