01/06/2012

Q4-2011 Manati production update

Panoro Energy ASA ("PEN", OSE ticker code), the independent oil and gas company with assets in West Africa and Brazil is pleased to announce production volumes from the Manati field in Brazil for the fourth quarter 2011.

Natural gas production from the Manati field averaged 4.7 MMm3/day (2,931 boe/day net to PEN) in the fourth quarter 2011. This represents an increase of approximately 12 percent from the third quarter 2011 and a decline of approximately 30 percent compared to the fourth quarter 2010. During the month of December 2011, field production averaged 5.2 MMm3/day (3,263 boe/day net to PEN). 
As in earlier periods, reported sales volumes in our financial statements will be adjusted for retainage (usage, line loss and stripping of condensate) which has historically been approximately 6% below produced volumes.
The maintenance work on the risers is progressing as planned and will be completed on all risers shortly. During this time, the field is expected to continue to produce from five to six wells (out of a total six wells). Further maintenance work on the topside equipment will be conducted throughout the year, but should have limited impact on production. Actual production will depend on demand for natural gas.
For the full year 2011, natural gas production from the Manati field in Brazil averaged 4.1 MMm3/day (2,585 boe/day net to PEN), a decrease of approximately 34% compared to 2010, caused by the maintenance of the platform risers during 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: 
Jonas Gamre, Finance & Investor Relations Manager 
Tel: +47 23 01 10 02 
Cell: +47 971 18 292 
Email: jonas.gamre@panoroenergy.com 
Please visit www.panoroenergy.com for more information.

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