Panoro Appoints New CEO

The Board of Directors at Panoro Energy ASA has appointed Mr. Jan Kielland as new CEO of PEN. Prior to his appointment as CEO Mr. Kielland was a member of the Board of Directors of PEN, a position he now has left as a consequence of his appointment as CEO. He will take over the position as CEO with immediate effect.

Mr. Kielland owns no shares in PEN.

Mr. Kielland (55) has over thirty years of experience working with oil and gas companies. He has a broad experience base ranging from starting as a Petrophysical Engineer with Shell International. Mr Kielland has held senior positions with Saga Petroleum ASA, DNO ASA, Lundin Petroleum and Sector Asset Management. During his time with Sector, he was elected as Chairman of the Board of EER Oil & Gas Limited from 2008 to 2009 and Pan Petroleum (Holding) Cyprus Limited from 2008 to 2010. In 2010, Mr. Kielland joined Canamens Limited as their CEO, being instrumental in restructuring the company. Mr. Kielland holds an MSc in Petroleum Engineering. He is a Norwegian citizen and resides in Oslo, Norway.

Chairman of the Board Phil Vingoe commented, "The Board is pleased that Mr. Kielland has accepted the position as CEO of PEN. We are convinced that Jan, with his long experience from within the industry and his knowledge of the Company is the right individual to build shareholder value and continue our efforts to build a strong, efficient and profitable company".

The Board of Directors wishes to thank Kjetil Solbrække for his contribution to the company during his tenure as CEO. His departure is based on an amicable agreement with the Board of Directors. Kjetil Solbrække will, in accordance with his employment contract, receive 18 months' severance pay.