Second quarter report 2012

Panoro Energy ASA ("PEN" ticker code OSE) and its subsidiaries ("Panoro Energy" or "the Company") report EBITDA of USD 6.5 million for the second quarter 2012. Production from the Manati field in Brazil continued being strong averaging 6.6 MMm3/day during the quarter. Exploration drilling commenced in Block BM-S-72. Drilling of the KUN-204, KUN-205 and KUN-206 wells in the Mengo-Kundji-Bindi project onshore Congo-Brazzaville were completed.

Second Quarter Highlights and Subsequent Events

• Group net gas sales averaged 3,952 BOE/day in the second quarter versus 3,192 BOE/day in the previous quarter
• Group EBITDA was USD 6.5 million, up from USD 5.3 million in the previous quarter
• Drilling commenced in Block BM-S-72 (the Sabiá well) in the Santos basin offshore Brazil
• The KUN-204, KUN-205 and KUN-206 wells were drilled in the Mengo-Kundji-Bindi project in Congo-Brazzaville
• The Company has retained FirstEnergy Capital to evaluate potential strategic alternatives for its West African business unit, as part of a broader review of the assets

Please find enclosed the second quarter report and the investor presentation. The presentation will be broadcasted live from Hotel Continental in Oslo from 08:30 CET today, and can be seen using the following link http://webtv.hegnar.no/webcast.php?id=67520

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