Extended Asset PresentationNishant Dighe, COO

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Disclaimer

This presentation does not constitute an offer to buy or sell shares or other financialinstruments of Panoro Energy ASA (“Company”). This presentation contains certainstatements that are, or may be deemed to be, “forward-looking statements”, which includeall statements other than statements of historical fact. Forward-looking statements involvemaking certain assumptions based on the Company’s experience and perception ofhistorical trends, current conditions, expected future developments and other factors thatwe believe are appropriate under the circumstances. Although we believe that theexpectations reflected in these forward-looking statements are reasonable, actual events orresults may differ materially from those projected or implied in such forward-lookingstatements due to known or unknown risks, uncertainties and other factors. These risks anduncertainties include, among others, uncertainties in the exploration for and developmentand production of oil and gas, uncertainties inherent in estimating oil and gas reserves andprojecting future rates of production, uncertainties as to the amount and timing of futurecapital expenditures, unpredictable changes in general economic conditions, volatility of oiland gas prices, competitive risks, regulatory changes and other risks and uncertaintiesdiscussed in the Company’s periodic reports. Forward-looking statements are oftenidentified by the words “believe”, “budget”, “potential”, “expect”, “anticipate”, “intend”,“plan” and other similar terms and phrases. We caution you not to place undue reliance onthese forward-looking statements, which speak only as of the date of this presentation, andwe undertake no obligation to update or revise any of this information

Attractive asset portfolioE&P independent with South Atlantic focus

Manati

BS-3 (Santos)

Aje

Ajapa

Santos ExplorationCongo MKB

Dussafu

Offices: London, Rio, Oslo

Panoro license area

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Manati Brasil

Production Asset – Manati (Camamu-Almada)Brazil’s largest non-associated producing gas field

Manati (Brazil) BCAM-40

Operator Petrobras (35%)

Working Interest 10%

Other Partners Queiroz Galvão (45%), Brasoil (10%)

Net 2P reserves (MMboe) 15.8 (Gaffney, Cline per end 2009)

1st Prod 2007

Current stage Production

• Oct 2000 – Discovery well, followed by 4 appraisal

wells

• Nov 2002 – Declaration of commerciality

• 2006/2007 – 6 development wells drilled

• Jan 2007 – Production start up

• Production to Q2 2010 was approx 6 Bcm

• Manati reservoir

– Sergi Reservoir at 1300m with excellent

poroperm characteristics in a well defined

structure

– Porosity ca. 20%, Permeability: 100- 2000 mD

– Excellent well flow capacity of > 1 MMm3/d

• Field facilities

– 6 subsea production wells

– Well control / Manifold platform in 45m WD

– 125km 24 inch pipeline

– Onshore gas processing plant

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Production Asset – Manati (Camamu-Almada)Brazil’s largest non-associated producing gas field

• Strong Cash flow

– Average field production of 5.58 MMm3 (~35,000

boe) per day in Q2-2010

– Record field production on June 22, 2010 of 7.82

MMm3 (~49,000 boe) per day

– Take-or-pay contract with Petrobras securing long-

term cash flow –

• Total of 23 Bcm from inception

• 17 Bcm contracted from Q3 2010 onwards

• Additional contract volumes being negotiated.

• Requires compression in 2012

– Gas price of 7.73 USD/MMBtu in Q2-2010

• Further potential in the area

– Additional volume potential identified in the

north-eastern extension of the Manati field

– Nearby Camarão Norte (BAS-131) field declared

commercial in Q3 2009, estimated gross resources

in the order of 20 MMBOE

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4,314,96

5,485,83 5,86

5,58

6,41

0,0

1,0

2,0

3,0

4,0

5,0

6,0

7,0

Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 to date*

Gross production MMm3/day

* Through Aug 19, 2010

Ajapa Nigeria

Ajapa (Nigeria) OML 90

Operator Britannia-U (60%) Indigenous company

Working Interest 40%

Other Partners No others

1st Prod Commercial production in 2010

Current stage Field Commissioning

Ajapa status update

• Facilities installed and commissioned.

• Ajapa commissioning/test took place in 2010, cargoes have been delivered to Escravos

• Flowline problems due to storm damage has caused shut-in

• SPA recently signed between Panoro Energy and Brittania-U Nigeria Limited

• $30MM price fixed, with no further cash-calls

• Bank Guarantee and re-assignment of interest from Panoro Energy to Brittania-U Nigeria Limited still outstanding

• Reasons for disposal:

– Small reserves for company of Panoro’s size with limited upside

– Better investment opportunities within Panoro portfolio

Brittania-U I production barge

Wellhead platformOff taker Tanker Barge :

Brittania-U II

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MKB Republic of Congo

(Congo Brazzaville)

Mengo-Kundji-Bindi (20%)Pilot program commenced

MKB (Congo) MKB

Operator SNPC - Congo National Oil Company (60%)

Working Interest 20%

Other Partners PetroCI (20%)

1st Prod 2010 test production

Current stage Pilot project commenced

• 17 wells drilled to date within the MKB permit, including the latest 3 wellbores, KUN-4, KUN-4bis and KUN-5 drilled by SNPC

• Seismic coverage is represented by 1673km of 2D data, 1970’s and 1980’s vintage, reprocessed by Elf in 1990.

• Very large oil in place (>1 billion bbl) volumes with significant STOOIP upside

– The Mengo sandstones are always oil saturated wherever encountered

– Potential for large scale onshore development

• A proven producer: 700km2 licence area includes three fields previously produced by Elf from 1980 to 1992

• Following Elf’s exit , license holder’s progress was hampered by low oil price, local unrest and other priorities

• Modern hydraulic fracturing technology as well as future possible water injection and artificial lift will result in a step change in production performance

• Additional upside may exist in the deeper exploration play (proven in the giant M’Boundi field nearby) 10

MKB Regional Setting

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MKB - a proven producer

• Cumulative production c.1.5MMbbls

• Kundji Produced 670,000 bbls from two wells producing for 12 yrs

– Kundji-1 produced 516,000 bbls

– Kundji-2 produced 154,000 bbls

• Mengo Produced 700,000 bbls

Three wells producing for 12 years

– Men-102: produced 400,000 bbls

– Men-101: produced 200,000 bbls

– Men-105: produced 100,000 bbls

• Bindi Produced 175,000 bbls

• Kun 1 and 2 wells shows that production characterised by very steep decline from initial rate before achieving a long term rate

6-wells cumulative 12 year production (m3)

production cumulée 6 puits

0

10000

20000

30000

40000

50000

60000

70000

80000

90000

1980 1982 1984 1986 1988 1990 1992 1994

années

pro

du

cti

on

cu

mu

lée

en

m3

Bindi Pcum m3

Men101 Pcum m3

Men102 Pcum m3

Men 105 Pcum m3

Kunji1 Pcum m3

Kunji2 Pcum m3

MEN-102

KUN-1

MEN-101

KUN-2BIN-1

MEN-10512

Kundji-1 and 2 Historic Production

Mark to Supply Kun1 and 2 wells on one graph

0

50

100

150

200

250

300

350

août-81 août-82 août-83 août-84 août-85 août-86 août-87 août-88 août-89 août-90 août-91 août-92 août-93 août-94

Kun-1Kun-2

2008 and 2009 drilling activity

Kundji KUN-4bis and KUN-5 SNPC Rig No.1

Kundji Platform 100

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• From 2008 to 2009 this unit drilled three new boreholes from the refurbished KUN-1 well pad

• KUN-4/ KUN-4bis

– KUN -4: 1km NE of the KUN-1 in subsurface. Encountered little reservoir. Plugged and sidetracked,

– KUN-4bis: 100m SW of KUN-1 in subsurface. Found 143m gross, 56m net reservoir

• KUN-5

– 1km to the SW of KUN-1 in subsurface. Found 160m gross reservoir, 70m net reservoir

2010 Commencement of Pilot program

• Completion and hydraulic fracturing operations of the KUN-4bis and KUN-5 wells now executed.

• Kun-4bis well contained 3 fracs and placed 142,000 lbs of proppant

• Kun-5 well contained 3 fracs and placed 131,000 lb of proppant

• Initial trucking of produced oil to CORAF refinery where it is currently being stored

• During the clean-up program of the KUN-4bis and KUN-5 well, each well indicated oil rates of around 600 Bbl/day on a restricted choke.

• 6 additional pilot program wells planned to start in Q4. Preliminary cost estimate circa $7MM per well

• Engineering & Project Management contract entered into for Early Production Facility. Plan to commission in 2011 for longer term processing of pilot program production.

• Results of pilot program will be used to determine strategy for additional development in Kundji, as well as Mengo and Bindi areas. 14

Pilot Program - Main ActivitiesIndicative Schedule

Civil worksplatform 2

Tests KUN-4Bis & KUN-5

Temporary Production KUN-4Bis & KUN-5

EPF – Engineering and Procurement

Drill KUN 201 – 202 Comp201–202

EPF –Construction and Commissioning

Drill KUN 203 – 204 – 205 - 206

Temp Production KUN-201-202

EPF Production

Comp203–206

2D Seismic acquisition – 250-500 km?

Civil works Appraisal Drilling

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August 2010

BS-3 Brasil

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BS-3A proven producer

BS-3 area (Brazil)Operator Petrobras (35-100%)

Working Interest 35-65%

Other Partners Queiroz Galvão (0-15%), Brasoil (0-15%)

1st Prod 2014

Current stage Field Development Planning

• BS-3 awarded Petrobras before 1998 monopoly ended

• Extensive exploration program resulted in 5 discoveries in Albian Carbonates

• 1998: Estrela do Mar and Coral among what was offered for joint ventures. Taken by Coplex (Now Panoro)

• 2001: Discovery of Cavalo Marinho and exploration area released

• After 2005: Panoro stakes:

– EdM: 65% (Petrobras 35%)

– Coral: 35% (Petrobras 35%, QGP 15%, Brasoil 15%

– CvM: 50% (Petrobras 35%, Brasoil 15%)

– Tubarao & Caravela Petrobras 100%

• Caravela (Petrobras 100%) production: 1994-2002 (ca 20MMbbl)

• Coral Production 2003-2008 (ca 12MMbbl)

Tubarão (Petrobras 100%)

BS-3 IntegratedPositive engagement from ANP

BS-3 integrated development (Panoro view)

• Joint development of c. 100MMbbls (B2/B3 reservoirs only) resources in the Cavalo Marinho, Estrela do Mar, Coral and Caravela discoveries in c.200m water depth

• Guaruja Carbonate B2/B3 Reservoirs at c. 5000m

• Development concept includes a FPSO with gas pipeline to onshore gas processing plant

• Production start expected in 2014

• Attractive fiscal terms

Possible greater area development (Petrobras view)

• Petrobras considers joint gas solution for BS-3 area with its two recent discoveries in BMS-40, Tiro and Sidon, approximately 50km northeast

• Success could mean lower development costs and accelerated production start-up

Development Approval Status

• 2007/2009: POD’s filed for CRV-CvM integrated and EdM standalone (rejected by ANP July 2010)

• Present status: Reviewing options for an Integrated Development 18

Caravela,2 Producers

Coral, (well reentries)1 producer, 1 WI

Estrela do Mar,1 producer B2(+B1 pilot)

Cavalo Marinho3 Producers, 1 WI

Exp. line + gas plant:

10 km

20 km

10 km

1 km

B1 Closure

Estrela do Mar

Coral

Caravela

CaravelaSul

CavaloMarinho

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• Significant resource potential confirmed by comprehensive AGR reservoir and field development studies

• B1 reservoir flowed on test within Estrela do Mar and Tubarão(100% Petrobras)

• Studies of Guaruja B1 reservoirs containing up to 1 billion boeOil-in-Place in Estrela do Mar and Cavalo Marinho

• The B1 low permeability (1-5 mD) reservoir is present in all the fields in the BS-3 area

• Largest areal extent of all the reservoirs

• Panoro has proposed pilot test in EdM as part of base-case development

BS-3 IntegratedB1 reservoir opportunity

Aje Nigeria

Field development project offshore Nigeria

• Chevron as Technical Advisor, YFP a reputable Nigerian Operator

• Aje is a discovered resource in a frontier area.

• The field is located in the deepwater portion of OML 113 located offshore Nigeria, adjacent to the Benin border.

• Located 24 km offshore and 12 km from West African Gas Pipeline (WAGP)

• The OML113 partners are continuing to progress the development of the Aje field.

• Further work is needed to ensure the project’s commercial aspects align with its technical elements.

• JV partners are evaluating this before commencing Front End Engineering and Design (FEED)

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Aje (Nigeria) OML 113

Operator YFP , Chevron Tech Adv

Participating Interest 6.502%*

Other Partners Vitol, Providence

1st Production TBD

Current stage Field Development Planning

*16.255% paying interest, 12.19% revenue interest

Aje (6.5%)Commercial aspects in focus

Dussafu Gabon

Dussafu (33.33%)Near term exploration

Proven hydrocarbon fairway

• Large exploration permit located in prolific Pre-Salt Gamba trend

• Four small existing discoveries (3 oil, 1 gas) with upside/appraisal potential

Attractive economics

• PSC with excellent fiscal terms

• Shallow water and low cost development

• Production infrastructure with available capacity nearby

Recent technical work program about to yield results

• 1200 sq km 3D seismic reprocessed ( PSDM ) and new prospect portfolio now defined for drilling

• 675km 2D seismic acquired in October 2008 –targeting the Syn-rift

• Significant G&G and engineering studies completed 2009

• Several attractive prospects identified on 3D

• First exploration well planned for H1 2011

Dussafu (Gabon) Exploration portfolio

Operator Harvest Natural Resources (66.67%)

Working Interest 33.33%

Other Partners No others

Exploration well H1 2011

Current stage Well planning

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Dussafu Area Discoveries and Prospects

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Ebouri(Gamba)

24 MMbbls

Tchibala/Avouma(Gamba/Dentale)

26 MMbbls

M’Bya-M’Wengui(Melania)

115MMbbls

Lucina116MMbbls

Proven

Hinge

Zone

Fairway

Potential

Evolving

Outboard

Fairway

Etame(Gamba/Dentale)

62 MMbbls

Planned Exploration well Ruche Marine -1

(Gamba/Dentale) Mean 35Mmbbls,

29% CoS

Follow-on Exploration wellTchibobo North prospect,

Gamba/Dentale) Mean 35Mmbbls, 29% CoS

Ruche Prospect

• Primary target Gamba with 4-way dip closure (low risk (COS 29%)

• Secondary target Deeper Dentale

• New improved imaging has helped unlock the potential of these proven plays

• Mean size 35MMbbls

• Dry hole basis, 30-40 days

• Success case will include a test and sidetrack

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Hibiscus well 28m Gamba Sst some oil staining and seeping from

core – DST mostly water

Ruche Marine-1

Location

Round 9 Brasil

SM-1035 SM-1036

SM-1100

Panoro Round 9 blocks

Panoro BS3 development

Area

Round 9 (Brazil) SM-1035, SM-1036, SM-1100

Operator Panoro Energy (50%)

Working Interest 50%

Other Partners Brasoil 50%

Drill decision Q1 2011

Current stage 3D seismic interpretation

• 9th license round with award of three licenses as Operator in the Santos basin

• Highly prospective acreage

– Post-salt leads identified with gross potential of 200-800 Mmboe

– On trend with BS3 area Carbonate discoveries and recent Piracuca and Guaiama U Cretturbidite discoveries

– Proximity to large pre-salt discoveries

• Technical studies in progress

– 3D survey covering exploration licenses completed

– Survey covered 783 sq km processed PSDM 3D data recently received from PGS

– Company interpretation and recommendation by Q3 2010

• Enter 2nd exploration phase in Q1 2011

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Round 9 exploration blocksSM-1035, SM-1036 and SM-1100

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Santos Basin – Regional Setting

• Albian Carbonate (Guaruja) reservoir play fairway outlined with green lines (proven BS3 Fields)

• Upper Cretaceous (Itajai/Ilhabela) turbidite reservoir play outlined with blue lines (proven Piracuca, Merluza/Lagosta)

Panoro BS3development Area

Panoro Round 9 Blocks

Petrobras (August 09)

Piracuca

Merluza &

Lagosta

Mexilhao

Tupi

Deepwater Pre-Salt Play Area

400m

1000m

2000m

Tiro &

Sidon

Round 9 ProspectsSeismic Transect across block

MultiClient Data licensed from PGS

Investigação Petrolífera Limitada Four primary prospects identified:

- Albian Carbonate prospects Jandaia and Macuco

- Upper Cretaceous Turbidite prospects Canario and Sabia

Additional deep pre-salt potential under review on new PSDM data

Jandaia

Macuco

Canario Sabia

SW NE

Top Turbidite

Top Carbonate

Base Salt

SM-1100 SM-1036SM-1035

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Round 9 Blocks – Next Steps

• Significant technical work underway to define prospect portfolio

• TCM and Technical engagements with Partners and third party external evaluators during September

• Joint dataroom with Brasoil scheduled to open October 1st

• March 2011 end of exploration Phase 1 (Well commitment to retain acreage)

Technical Assessment (London & Rio)

PSDM Delivery

Open Dataroom

Dataroom Farmout Process

Close Dataroom

End of Exploration Phase 1

Start PSDM

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Q2Q4 Q1 Q4Q3Q1Q4Q3Q2Q3

201220112010

Pilot project testing & appraisal drilling Production build-up & appraisal

Activity

Potential wells 9th round blocks

3D seismic results

West Africa explorationDussafu firm well + contingent well

BS-3, Brazil FID

Partner discussions & commercial terms

MKB, Congo

Aje, Nigeria

Brazil exploration

Ajapa, Nigeria Finalize sale

Manati, Brazil Additional gas contract/compressor station decision

Farm out

Portfolio overviewIndicative timelines

Thank You