Panoro Energy ASA

Q4-2013 Manati production update

Panoro Energy ASA is pleased to announce production volumes from the

Manati field in Brazil for the fourth quarter 2013.

Natural gas production from the Manati field averaged 6.12 MMm3/day

(3,847 boe/day net to PEN) in the fourth quarter 2013. This production

level reflects fourth quarter 2013 gas demand in the region.

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.

For the full year 2013, natural gas production from the Manati field in

Brazil averaged 5.98 MMm3/day (3,762 boe/day net to PEN), a decrease of

approximately 2.5% compared to 2012.

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.

Until closing of the sales transaction of Rio das Contas to GeoPark,

Manati will be treated as an asset held for sale in Panoro's balance

sheet and recorded as continued operations in the Profit and Loss

statement.

For further information, please contact:

Carl Peter Berg, VP Commercial and Investor Relations

Tel: +55 21 3078 7472

Cell: +55 21 98541 1907

Please visit www.panoroenergy.com for more information.

AI Terminal