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.
This information was brought to you by Cision http://newsroom.cision.com
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