Q3-2012 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 third quarter 2012.

Natural gas production from the Manati field averaged 6.7 MMm3/day (4,191 boe/day net to PEN) in the third quarter 2012. The production level during this quarter reflects the gas demand in the region over this period and represents an increase of approximately 2 percent from the second quarter 2012 and an increase of approximately 60 percent compared to the third 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:

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