Panoro Energy Announces another Oil Discovery in the Pre-Salt Offshore Gabon

1/4/2013 12:50 AM EST

Panoro Energy ASA is pleased to a announce that it has encountered oil
in the wildcat well Dussafu Tortue Marin-1 (DTM-1) drilled in the
Dussafu Marin PSC, in the offshore waters of Gabon, West Africa. The
well was spudded on November 19 and is being drilled to test the
potential of the pre-salt Gamba and Dentale Formations.

Drilled with the Saipem Scarabeo 3 semi-submersible drilling unit in
118m water depth, the DTM-1 well has reached a vertical depth of 3432
meters within the Dentale Formation. Log evaluation and pressure data
indicate that Panoro Energy has discovered approximately 13 meters of
pay in a 22 meter oil column within the Gamba Formation and 38 meters of
pay within stacked reservoirs within the Dentale Formation.

Additional technical evaluation will be required to appraise this
discovery. Forward plans include fluid sampling and a sidetrack which
will appraise the Dentale sands in an updip location and the lateral
extent of the Gamba reservoir, with a provision for flow testing one or
more of the identified pay intervals. Panoro Energy will provide an
update on the drilling operations in due course.

Dussafu Marin is operated by Harvest Dussafu, B.V., an affiliate of
Harvest Natural Resources, Inc. Panoro Energy has a 33.33% stake held
through a subsidiary company.

For further information, please contact:
Carl Peter Berg, VP Commercial and Investor Relations Cell: +55 21 8541
1907
Email:  

Please visit www.panoroenergy.com for more information. Panoro Energy
ASA is listed on the Oslo Stock Exchange (Ticker code: "PEN").