PEN – Drilling completed in Block BM-S-71 offshore Brazil

Panoro Energy ASA the independent oil and gas company with assets in West Africa and Brazil announces that the drilling of the Jandáia well is completed.

The Jandáia exploration well 1-VBEP-3-SPS was drilled in Concession BM-S-71 (Block S-M-1035) in the Santos basin. The well is located about 230 km south the town of Santos, São Paulo State, Brazil, in water depths of 160 meters. The target interval was penetrated without indication of reservoirs with hydrocarbons. The well reached final depth and the next operations will be well abandonment.

Panoro Energy holds a 15 % working interest in this block and its share of the drilling costs for the well Jandáia have been fully carried. The partners are Vanco Brasil Exploração e Produção de Petróleo e Gas Natural Ltda (Operator 70%) and Brasoil Round 9 Exploração Petrolífera Ltda (15%).

For further information, please contact:

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. Panoro Energy ASA is listed on the Oslo Stock Exchange (Ticker code: “PEN”).