Q1-2013 Manati production update

Panoro Energy ASA is pleased to announce production volumes from the Manati field in Brazil for the first quarter 2013.

Natural gas production from the Manati field averaged 6.6 MMm3/day (4140 boe/day net to PEN) in the first quarter 2013. This production level reflects first quarter 2013 gas demand in the region. Production in the first quarter 2013 represents an increase of approximately 8 percent from the fourth quarter 2012 and an increase of approximately 26 percent compared to the first quarter 2012.

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

As previously announced the field is scheduled to shut-down for approximately three weeks starting April 5, 2013 for maintenance of the onshore gas processing plant (EVF) and replacement of certain topside equipment on the Manati platform (PMNT-1).

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:

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