Operational Update – Commencement of drilling well Kundji-204 in Mengo-Kundji-Bindi, Republic of Congo (Brazzaville)

Panoro Energy ASA (“PEN”, OSE ticker code), the independent oil and gas company with assets in West Africa and Brazil is pleased to announce the commencement of drilling of well KUN-204 in Mengo-Kundji-Bindi (“MKB”).

KUN-204 is the fourth of six wells to be drilled from the Kundji-200 drilling platform in the current drilling campaign. The well is targeting a reservoir location 640m North East of the platform. Drilling operations are expected to take approximately one month.

The KUN-202 well has finished testing and Panoro Energy will release test results once available from the operator. The forward program now is to commence testing of the KUN-201 well.

The MKB permit is a 700 km2 license onshore in the Republic of Congo.  The Mengo, Kundji and Bindi fields contain light (32° API) oil in low permeability Lower Cretaceous sandstone reservoirs and had a total of six producing wells drilled by Elf in the 1980's and 1990's.  The permit was reissued to Société Nationale des Pétroles du Congo (“SNPC”) and partners in 2009.  Panoro Energy holds 20% in the license.

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  

Carl Peter Berg, VP Commercial and Investor Relations
Tel: +55 21 3078 7472
Cell: +55 21 8541 1907
Email: carl.peter.berg@panoroenergy.com  

Please visit www.panoroenergy.com for more information.