Q4-2012 Manati production update

Panoro Energy ASA is pleased to announce production volumes from the Manati field in Brazil for the fourth quarter 2012.

Natural gas production from the Manati field averaged 6.1 MMm3/day (3,837 boe/day net to PEN) in the fourth quarter 2012. This production level reflects fourth quarter 2012 gas demand in the region. Production in the fourth quarter 2012 represents a decrease of approximately 8 percent from the third quarter 2012 and an increase of approximately 31 percent compared to the fourth 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).These sales volumes have historically been approximately 6% below produced volumes.

For the full year 2012, natural gas production from the Manati field in Brazil averaged 6.1 MMm3/day (3,860 boe/day net to PEN), an increase of approximately 49 % compared to 2011.

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

Please visit www.panoroenergy.com for more information. Panoro Energy ASA is listed on the Oslo Stock Exchange (Ticker code: “PEN”).