Q3-2010 Manati production update

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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 for the third quarter 2010. 

Natural gas production from the Manati field in Brazil averaged 6.63 MMm3/day (4,170 boe/day net to PEN) in the third quarter 2010. This represents an increase of approximately 21% from the third quarter 2009 and an increase of approximately 19% compared to the second 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. 

Towards the end of the quarter, the field achieved a new record daily production of 7.9 MMm3 (4,966 boe/day net to PEN) mainly caused by continued strong demand from thermo-electric plants in the north east of Brazil. 

Panoro Energy ASA through its Brazilian subsidiary Rio das Contas has 10 % ownership in the Manati gas field, with remaining certified 2P reserves per end 2009 of 15.8 MMBOE net to the company from that field. 

For further information, please contact:
Anders Kapstad, CFO
Cell: +47 918 17 442
Email: anders.kapstad@panoroenergy.com

Jonas Gamre, Investor Relations
Cell: +47 971 18 292
Email: jonas.gamre@panoroenergy.com