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Fourth Quarter Report 2010

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Panoro Energy ASA ("PEN" ticker code OSE) and its subsidiaries (“Panoro Energy” or “the Company”) report EBITDA of USD 5.3 million for the fourth quarter. During the quarter, the Manati field in Brazil delivered solid production and cash flow, a USD 140 million bond issue was closed, and the sale of the Ajapa field offshore Nigeria was completed for a consideration of USD 30 million. After the close of the quarter, development plans were submitted for the BS-3 area in Brazil, the Company signed a farm-down agreement for the exploration assets in the Santos Basin in Brazil for a consideration of USD 15 million, and secured financing for the drilling of three high impact exploration wells. Finally, the Company successfully raised NOK 550 million in a share issue in February. 

Fourth Quarter Highlights and Subsequent Events

  • Group net gas sales averaged 4,024 boe/day in the fourth quarter
  • Group EBITDA was USD 5.3 million, down from USD 7.0 million in the previous quarter
  • The sale of the Ajapa field offshore Nigeria was closed for a cash consideration of USD 30 million
  • Operator submitted new development plans for BS-3 in Brazil
  • Signed a farm-down agreement for three exploration blocks in Brazil for a consideration of USD 15 million and carried drilling of three deep high impact wells
  • Successful completion of USD 140 million 1st lien bond issue
  • Raised approximately NOK 550 million through share issue at NOK 7.80 per share, with a proposed NOK 50 million subsequent follow up repair issue

Please find enclosed the fourth quarter report and the investor presentation. The presentation will be broadcasted live from Shippingklubben in Oslo from 08:30 CET today, and can be seen using the following link http://www.serialive.com/watch.php?id=2242&key=f0525021f421f260bcfc43912bdc0682

For further information please contact:

Anders Kapstad, CFO
Tel.: +47 23 01 10 01
Cell: +47 918 17 442
Email: anders.kapstad@panoroenergy.com  

Jonas Gamre, Finance & Investor Relations Manager
Tel.: +47 23 01 10 02
Cell: +47 971 18 292
Email: jonas.gamre@panoroenergy.com

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