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First Quarter report 2013

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Panoro Energy ASA and its subsidiaries (“Panoro Energy” or “Panoro” or “the Company”) report EBITDA of USD 8.0 million for the first quarter 2013. Production from Manati remained high as gas demand from thermoelectric power plants continued to be strong during the quarter. The divestment process for parts of the West African portfolio is ongoing, although the precise timing of any potential transactions remains uncertain.

First quarter 2013 highlights and subsequent events

  • Net gas sales averaged 3,955 BOE/day in the fourth quarter, versus 3,338 BOE/day in the previous quarter
  • EBITDA was USD 8.0 million, up from USD 5.6 million in the previous quarter
  • Divestment process continuing for the MKB assets in Congo-Brazzaville and Aje in Nigeria

Please find enclosed the fourth quarter report. The presentation will be broadcasted live from Hotel Continental in Oslo from 08:30 CET May 15, and can be seen using the following link http://webtv.hegnar.no/presentation.php?webcastId=1807511    

For further information please contact:

Carl Peter Berg, VP Commercial and Investor Relations
Cell: +55 21 8541 1907
Email: carl.peter.berg@panoroenergy.com

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