Dussafu update

Panoro Energy ASA ("PEN", OSE ticker code), the independent oil and gas company with assets in West Africa and Brazil, provides an update on the Ruche DRM-1 exploration drilling programme offshore Gabon. Panoro Energy holds 33.33% in the PSC. The well was spudded on April 28, 2011 and drilled to test the potential of the pre-salt Gamba and Dentale formations.

The DRM-1 well found 17 metres of pay in a 27 metre column in the Gamba interval. The well was deepened to TD at a vertical depth of 3,463 metres in the Lower Dentale formation. The deepened section of the well found 10 metres of net pay in the Middle Dentale section. Following the deepening, a sidetrack to appraise the Gamba discovery was drilled 1.2 km to the southwest and found 6 metres of net pay. The sidetrack was TD’ed at 2,874 metres vertical depth.  

A second sidetrack will now be drilled to the northwest with an aim to further appraise the extent of the Gamba hydrocarbons and evaluate the potential for commerciality of the Ruche discovery.

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:
Jonas Gamre, Finance & Investor Relations Manager
Cell: +47 971 18 292
Email: jonas.gamre@panoroenergy.com