Third quarter report 2013

Panoro Energy ASA and its subsidiaries (“Panoro Energy” or “Panoro” or “the Company”) report EBITDA of USD 3.8 million for the third quarter 2013. During the quarter, the Company completed the sale of the MKB asset in Congo. Closing of the divestment processes of its Brazilian subsidiary Rio das Contas (Manati) and its interest in OML 113 (Aje) is anticipated in the fourth quarter.

Third quarter 2013 highlights and subsequent events

• Net gas & condensate sales averaged 3,741 BOE/day in the third quarter, versus 2,997 BOE/day in the previous quarter
• EBITDA was USD 3.8 million, up from USD 3.4 million in the previous quarter
  
• The divestment process for the MKB asset in Congo-Brazzaville was completed in the quarter
  
• Lekoil has requested an extension until November 25 for payment of the balance for the OML 113 (Aje) transaction. Panoro has received a USD 4 million cash deposit, and hold a callable USD 3 million bid-bond related to the transaction
  
• Ongoing seismic acquisition offshore Gabon covering the Dussafu license
  
• Received notice from ANP (Agência Nacional do Petróleo) requesting relinquishments of Cavalo Marinho and Estrela do Mar. The partnerships are evaluating options for response as a farm -out process of BS-3 assets has been initiated
  
• G&A costs are being reduced according to plan
  
  

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 November 7 and can be seen using the following link:

http://webtv.hegnar.no/presentation.php?webcastId=12277891

For further information please contact:

Carl Peter Berg, VP Commercial and Investor Relations
Cell: +47 928 05 029
Email: carl.peter.berg@panoroenergy.com