Q1-2012 Manati production update
Panoro Energy ASA ("PEN", OSE ticker code), the independent oil and gas
company with assets in West Africa and Brazil is pleased to announce
production volumes from the Manati field in Brazil for the first quarter
Natural gas production from the Manati field averaged
5.2 MMm3/day (3,283 boe/day net to PEN) in the first quarter 2012. This
production level reflects first quarter 2012 gas demand in the region.
Production in first quarter 2012 represents an increase of approximately
12 percent from the fourth quarter 2011 and an increase of approximately
27 percent compared to the first quarter 2011.
As in earlier periods,
reported sales volumes in our financial statements will be adjusted for
retainage (usage, line loss and stripping of condensate) which has
historically been approximately 6% below produced volumes.
Energy ASA holds its 10 percent ownership in the Manati gas field,
pipeline and onshore gas processing facility through its Brazilian
subsidiary Rio das Contas.
For further information, please
Jonas Gamre, Finance & Investor Relations Manager
23 01 10 02
Cell: +47 971 18
visit www.panoroenergy.com for more in