Panaro Finishes Farm Out of Santos Basin Blocks

Panoro Energy ASA, the independent oil and gas company with assets in West Africa and Brazil, has completed the farm-out of blocks BM-S-63, BM-S-71 and BM-S-72 in the Santos Basin, offshore Brazil to Vanco Brasil Exploração e Produção de Petróleo e Gas Natural Ltda, a wholly owned subsidiary of Vanco Overseas Energy.

In January 2011, Panoro Energy announced that the Company had reached agreement to farm out 35 percent of Panoro's 50 percent interest in its three shallow water exploration licenses BM-S-63 and BM-S-71 and BM-S-72.

With the completion of the transaction, Panoro Energy has now received $14.5 million for historical costs on the blocks. Furthermore, Vanco will finance Panoro's remaining 15 percent share of drilling costs for three exploration wells, one on each license.

The drilling campaign on these licenses is expected to start during the first half of 2012, comprising the drilling of the Sabiá, Canario and Jandaia prospects.

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