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Second Quarter Report 2010

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Panoro Energy ASA ("PEN" ticker code OSE) and its subsidiaries (“Panoro Energy” or “the Company”) reports the completion of the demerger from Norse Energy Corp. ASA with listing of Panoro Energy ASA and subsequent merger with Pan-Petroleum, creating a new South Atlantic oil & gas independent. 

Second Quarter Highlights and Subsequent Events

Corporate

  • Listing of Panoro Energy ASA on the Oslo Stock Exchange on June 8, 2010, completing the demerger from Norse Energy Corp. ASA
  • Merger between Panoro Energy ASA and Pan-Petroleum completed on June 29, 2010
  • Election of new members to the Board of Directors
  • Completed gross USD 65 million equity raise in connection with the merger

    • Key financials and operations 

  • Group net production was 3,360 boe/day in Q2 – Strong production into Q3 from Manati
  • Group EBITDA was USD -3.6 million, including “one-off” M&A cost of USD 4.7 million
  • Confirmed oil flow from the MKB project in Congo-Brazzaville 

    • Please find enclosed the second quarter report and the investor presentations. The presentations will be broadcasted live from Shippingklubben in Oslo from 08:30 CET, and can be seen using the following link http://cikmedia.serialive.com/no_cast.php?id=49722.

    For further information please contact:
    Anders Kapstad, CFO
    Tel.: +47 23 01 10 01
    Cell: +47 918 17 442
    Email: anders.kapstad@panoroenergy.com   

    Jonas Gamre, Investor Relations
    Tel.: +47 23 01 10 02
    Cell: +47 9711 8292
    Email: jonas.gamre@panoroenergy.com

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