Q2-2010 production update

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Panoro Energy ASA (“PEN”, OSE ticker code) is pleased to announce production volumes for the second quarter 2010. 

Natural gas production from the Manati field (10% working interest held through subsidiary Rio das Contas) in Brazil averaged 5.58 MMm3/day (3,510 boe/day net to PEN) in the second quarter 2010. This represents an increase of approximately 12% from the second quarter 2009 and a decrease of approximately 5% compared to the first quarter 2010. 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. 

For further information, please contact:
Jonas Gamre, Investor Relations
Tel: +47 23 01 10 02
Cell: +47 971 18 292
Email: jonas.gamre@panoroenergy.com 

Please visit www.panoroenergy.com for more information