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Panoro Updates Production Ops at Manati Field

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Panoro Energy ASA announced production volumes from the Manati field in Brazil for the fourth quarter 2012.

Natural gas production from the Manati field averaged 6.1 MMm3/d (3,837 boepd net to PEN) in the fourth quarter 2012. This production level reflects fourth quarter 2012 gas demand in the region. Production in the fourth quarter 2012 represents a decrease of approximately 8 percent from the third quarter 2012 and an increase of approximately 31 percent compared to the fourth quarter 2011.

As in earlier periods, reported sales volumes in our financial statements will be adjusted for retainage (usage, line loss and stripping of condensate). These sales volumes have historically been approximately 6% below produced volumes.

For the full year 2012, natural gas production from the Manati field in Brazil averaged 6.1 MMm3/d (3,860 boepd net to PEN), an increase of approximately 49% compared to 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.

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