Q3-2013 Manati production update

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

Natural gas production from the Manati field averaged 6,23 MMm3/day (3921 boe/day net to PEN) in the third quarter 2013. This production level reflects third quarter 2013 gas demand in the region. The gas production for the first 9 months 2013 averaged 5,93 MMm3/day (3733 boe/day net to PEN).

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.

On May 15, 2013 Panoro announced the divestment of its Brazilian subsidiary Rio das Contas to GeoPark which includes Panoro's 10 % interest in Manati. The closing of the transaction will, amongst other conditions, depend on approval by the Brazilian regulatory authority ANP which can be anticipated within a 9 month timeframe from the May 15, 2013 signing date. The relevant documentation relating to the assignment process was filed with ANP in June and the approval process is progressing according to plan.

Until closing of the transaction Manati will be treated as an asset held for sale in Panoro’s balance sheet and recorded as continued operations in the Profit and Loss statement.

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

Please visit www.panoroenergy.com for more information.