Q1-2012 Manati production update

Panoro Energy ASA ("PEN", OSE ticker code), the independent oil and gas company with assets in West Africa and Brazil is pleased to announce production volumes from the Manati field in Brazil for the first quarter 2012.

Natural gas production from the Manati field averaged 5.2 MMm3/day (3,283 boe/day net to PEN) in the first quarter 2012. This production level reflects first quarter 2012 gas demand in the region. Production in first quarter 2012 represents an increase of approximately 12 percent from the fourth quarter 2011 and an increase of approximately 27 percent compared to the first quarter 2011.

As in earlier periods, reported sales volumes in our financial statements will be adjusted for retainage (usage, line loss and stripping of condensate) which has historically been approximately 6% below produced volumes.

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.