Third quarter report 2012

Panoro Energy ASA ("PEN" ticker code on the OSE) and its subsidiaries (“Panoro Energy” or “the Company”) report EBITDA of USD 6.7 million for the third quarter 2012. Production from Manati remained high as gas demand from thermoelectric power plants was strong during the quarter. Drilling commenced on the last of the of the three well exploration campaign in the southern Santos basin, Brazil. The Scarabeo 3 drilling rig has been secured for drilling the Tortue prospect on the Dussafu Marin Permit, offshore Gabon and is expected to be spudded during fourth quarter 2012.

The Company is evaluating the offers received for parts of its West African portfolio

Third Quarter Highlights and Subsequent Events

• Group net gas sales averaged 4,004 BOE/day in the third quarter versus 3,952 BOE/day in the previous quarter
• Group EBITDA was USD 6.7 million, up from USD 6.5 million in the previous quarter
• Drilling completed in Block BM-S-72 (the Sabiá well) in the Santos basin offshore Brazil
• Drilling completed in Block BM-S-63 (the Canário well) in the Santos basin offshore Brazil
• Drilling commenced in Block BM-S-71 (the Jandáia well), the last of the carried three well exploration campaign in Brazil
• Rig secured for drilling the Tortue prospect on the Dussafu Marin Permit offshore Gabon
• The Company has received contingent offers for parts of its West African portfolio

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=77800

For further information please contact:

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