INVESTOR RELATIONS (IR) POLICY

Panoro Energy seeks to maintain a reliable and open relationship with investors, and the Company’s objective is to provide a higher return than alternative investments with a comparable risk profile. As a publicly listed Company, it is imperative to communicate effectively and in full compliance with the rules on full and fair disclosure of information.

All shareholders in Panoro Energy have equal rights and the Company treats all shareholders equally. The company has one share class and each share carries one vote at the Company’s general meetings. Panoro Energy ASA is a public limited company incorporated in Norway. The Company is therefore required to comply with the Norwegian Public Limited Companies Act, which includes compliance with the requirements of the Oslo Stock Exchange.

The Company is committed to good Corporate Governance and seeks to comply all requirements covered in the Norwegian Code of Practice for Corporate Governance. The Company provides its detailed Corporate Governance Policy on the Company’s website. The Company is also committed to providing timely, orderly, consistent and credible information. Information and communication are regulated by the Company’s Information and Communication guidelines and this IR Policy and covers disclosures to the investment community, the press, industry consultants and other audiences. All investors have equal access to material information, and all information provided externally by the Company is consistent with disclosures to the investment community.

During a period of atleast two weeks before the planned release of an interim financial report, the Company does not comment on matters related to the Company’s financial performance expectations, save for ordinary communication with analysts and investors on general aspects of the business.

The Company maintains a list of primary insiders which is available on the Company’s website. Further, the Company also maintains and monitors an internal list for insiders in cases sensitive to the stock prices. These Investor Relations activities together aim to ensure that:

• The information provided to the financial markets gives market players the best possible basis for establishing a precise picture of the company’s financial condition and factors which might affect its future value creation
• The market price of Panoro Energy’s shares reflects the fair value of the Company
• Panoro Energy’s shares remain as liquid as possible, with low volatility
• Panoro Energy maintains access to capital markets on the most favourable possible terms
• Panoro Energy’s Board of Directors and executive management are adequately informed about developments in financial markets and about stakeholder views on the company’s position and development