Manati update

Panoro Energy ASA ("PEN", OSE ticker code), the independent oil and gas company with assets in West Africa and Brazil is pleased to provide an update on the ongoing maintenance and repairs on the platform risers at the Manati field in Brazil.

During the month of November 2011, the field has produced from four to six wells with an average production of 5.0 MMm3/day (3,118 BOE/day net to PEN). In comparison, production in October 2011 was 3.8 MMm3/day (2,418 BOE/day net to PEN).

The operator continues the maintenance operations, during which the field is expected to be capable of producing from five to six wells. Actual production will depend on demand for natural gas.

Panoro 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 contact:

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

Please visit www.panoroenergy.com for more information.