Q2-2011 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 second quarter 2011.

Natural gas production from the Manati field averaged 3.48 MMm3/day (2,188 boe/day net to PEN) in the second quarter 2011. This represents a decrease of approximately 16% from the first quarter 2011 and a decrease of approximately 38% compared to the second quarter 2010. The production decrease was caused by the previously announced maintenance on the platform risers during the quarter.

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 % ownership in the Manati gas field 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