BS-3 update - Updated development plans filed with ANP

Panoro Energy ASA ("PEN", OSE ticker code), the independent oil and gas
company with assets in West Africa and Brazil, is pleased to announce
that new development plans for the Cavalo Marinho (PEN 50%) and Estrela
do Mar (PEN 65%) in the BS-3 area have been submitted to the Brazilian
National Petroleum Agency ("ANP").

The BS-3 area is located in the Southern Santos Basin offshore Brazil in
approximately 200 meters of water and includes four fields; Estrela do
Mar, Cavalo Marinho, Coral and Caravela.

The new development plans include a production well in the B1 reservoir
in Estrela do Mar, designed to demonstrate reservoir productivity and
commerciality. The B1 reservoir is a low-permeability reservoir present
in all the fields in the BS-3 area and contains up to 1 billion BOE
Oil-in-Place.

Final concept selection is expected to take place in Q3 2011, and
production is anticipated to commence in Q1 2015. Commercial terms
between the partners in the area will be agreed prior to the final
investment decision.

"The fact that we now have agreed a new plan for development with the
operator is a major milestone for Panoro Energy. We are excited about
the project, in particular with the inclusion of the B1 upside
potential", says CEO Kjetil Solbraekke.

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 (jonas.gamre@panoroenergy.com)