Pareto s 8th annual E&P Independents Conference London, January 22, 2013 Jan Kielland (CEO)

Pareto s 8th annual E&P Independents Conference London, January 22, 2013 Jan Kielland (CEO)

Disclaimer This presentation does not constitute an offer to buy or sell shares or other financial instruments of Panoro Energy ASA ( Company ). This presentation contains certain statements that are, or may be deemed to be, forward-looking statements, which include all statements other than statements of historical fact. Forward-looking statements involve making certain assumptions based on the Company s experience and perception of historical trends, current conditions, expected future developments and other factors that we believe are appropriate under the circumstances. Although we believe that the expectations reflected in these forward-looking statements are reasonable, actual events or results may differ materially from those projected or implied in such forward-looking statements due to known or unknown risks, uncertainties and other factors. These risks and uncertainties include, among others, uncertainties in the exploration for and development and production of oil and gas, uncertainties inherent in estimating oil and gas reserves and projecting future rates of production, uncertainties as to the amount and timing of future capital expenditures, unpredictable changes in general economic conditions, volatility of oil and gas prices, competitive risks, regulatory changes and other risks and uncertainties discussed in the Company s periodic reports. Forward-looking statements are often identified by the words believe, budget, potential, expect, anticipate, intend, plan and other similar terms and phrases. We caution you not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation, and we undertake no obligation to update or revise any of this information 2

Panoro Energy ASA Company snapshot - Listing: Oslo Stock Exchange (OSE) - Offices: Rio de Janeiro (HQ), London and Oslo Manati - Assets: Brazil Manati Production BS-3 (Santos) - Development Santos - Exploration West Africa Aje (Nigeria) Dussafu (Gabon) MKB (Congo) Aje BS-3 Dussafu Round 9 Congo MKB Shaded areas denote countries where Panoro is listed or has a presence through operations or offices. 3

Update on WA asset strategic review of portfolio MKB - Decision has been made to exit the asset Panoro received notice of interest from several parties and also a contingent bid, but no transaction has been entered into yet Discussions with the operator SNPC are ongoing regarding historical costs Whilst issues remain unresolved, Panoro has halted further investments in MKB and will continue working towards a divestment Aje - Early oil development looking viable and there is continued interest in the asset. We see good potential in this project, but also continue to discuss possible divestment with interested parties Dussafu - The recent exploration success is currently being assessed. No current plans to divest 4

Mengo-Kundji-Bindi (MKB) Kundji pilot program in production testing MKB (Congo) Operator SNPC - Congo National Oil Company (60%) Working Interest 20% Other Partners PetroCI (20%) 1st Prod 2010 test production Current stage Pilot project ongoing Production ongoing on wells KUN 4bis, KUN 5, KUN- 201, KUN-204 and KUN-205 KUN-202, KUN-203 and KUN-206 is currently closed to allow for pressure build up Operator is moving forward with 3D seismic acquisition program over Kundji field 5

Aje Large gas, condensate and oil discovery Aje (Nigeria) OML 113 Operator YFP Participating Interest 6.502%* Other Partners Vitol, Jacka Resources, Chevron 1st Production TBD Current stage Field Development Planning Gas, condensate and oil discovery in range of water depth 100 1,500 metres, 24 km from coast, close to Lagos and WAGP Seismic inversion work completed on new PSDM data The joint venture is considering an appraisal well followed by a potential fast track oil development Environmental Impact Assessment will commence shortly * 16.255% paying interest, 12.19% revenue interest 6

Dussafu Recent additional discovery Large exploration license with multiple prospects Dussafu (Gabon) Exploration portfolio Operator Harvest Natural Resources (66.67%) Working Interest 33.33% Other Partners No others Current stage Exploration Key Facts Dussafu license 2,775 Km 2 PSC with favourable fiscal terms Exploration permit located in prolific Gamba trend, in a proven hydrocarbon fairway in shallow water One recent oil discovery (Ruche, 2011) plus three previous discoveries (2 oil, 1 gas): 23MMboe Numerous additional leads and prospects identified on 2D and 3D Project Status Entered into the 3rd exploration period in May 2012 - four years with one well commitment Ruche-Marine-1 (2011 discovery) - development is considered marginal on its own Decision taken to drill the Tortue prospect in order to find additional volumes to enable commercial development. Tortue well spudded in Q4 2012 announced discovery January 2013 Sidetrack to appraise Tortue discovery underway 7

Tortue Discovery Tortue Discovery announced 4 th January 2013 Pre-salt play with stacked targets - 4-way closure at presalt Gamba and Dentale levels Gamba Structure 13m of pay in 22m column in Gamba 38m of pay in stacked Dentale reservoirs Fluid sampling and sidetrack to appraise discovery Provision for testing one or more pay intervals Dentale Structure Red contour is P90 closure Blue contour is P50 closure Dentale syn-rift play in Gabon pre-salt Plans progressing for accelerated development Small-scale fields nearby for tieback and cluster development. e.g. Ruche, Moubenga, Walt Whitman 8

Dussafu Phase 3 Exploration Moubenga Walt Whitman Ruche 300 250 200 150 100 50 Dussafu - Illustrative Economics Discovered Numerous Dentale and Gamba Leads and Prospects based on current 3D and 2D (not including 2011 3D) Unrisked Resources (MMboe) Contingent Resource* 23 + Tortue Propsects (11) 212 Leads (12) 170 TOTAL 405 + Tortue *includes Ruche, Moubenga, Walt Whitman and GMC-1X (gas) Tortue 9

Manati field Continued strong production Manati (Brazil) BCAM-40 Operator Petrobras (35%) Working Interest 10% Other Partners Queiroz Galvão (45%), Brasoil (10%) 1st Prod 2007 Current stage Production Gas price of 7.96 USD/MMBtu, in Q3-12. Price will be adjusted according to inflation effective as of 1 Jan 2013 Average production of 6.1 MMm3/day (3,860 BOE/day) in 2012, an increase of 49 % compared to 2011 Average field production for 2013 expected to be around 5.50 to 6.00 MMm3/day (~3,450 to 3,700 BOE/day net to PEN) 2-3 weeks planned maintenance stop now postponed to April 2013 due to high gas demand in Brazil 10

Round 9 exploration blocks Drilling campaign in southern Santos completed Round 9 (Brazil) BM-S-63, BM-S-71, BM-S-72 Operator Vanco (40%) Working Interest 15% Other partners Brasoil 15 % Ecopetrol 30% Current stage Drilling completed Drilling of blocks BM-S-63 (Canário) and BM-S-71 (Jandaia) did not encounter commercial hydrocarbons volumes Blocks will be relinquished Limited financial write down for Panoro as drilling was carried Panoro s Round 9 Blocks: Macuco Jandaia Sabia Pre-salt Canario Drilling of block BM-S-72 (Sabiá) encountered hydrocarbon bearing zones, but non-commercial on a stand alone basis Joint Venture will make final decision for the block by Q1-2013 Upper Cretaceous Lower Cretaceous Pre-Salt

BS-3 area Santos Basin developments - Cavalo Marinho (50%), Estrela do Mar (65%), Coral (35%) BS-3 area (Brazil) Operator W.I. range Petrobras (35-100%) Working Interest range 35-65% Other Partners Queiroz Galvão (0-15%), Brasoil (0-15%) 1st Prod To be decided Current stage Field Development Planning Plan of Development for BS-3 area being discussed and evaluated with ANP and Petrobras Evaluating gas export solutions through Merluza pipeline, combined with gas from other fields Maruja Due to delays in project development and lack of a firm gas export solution reserves on BS-3 likely to be reclassified to resources BM-S-12 PEN is seeking partners or alternatively divestment of the project 12

Brazil -11th license Round Basins to be included in 11 th Round Parnaíba 11 th license Round will likely take place in May 2013 172 blocks will be offered 86 onshore 86 offshore Panoro possesses approximately 150,000 km 2D seismic database We have identified more than 40 leads Recôncavo Espírito Santo Sergipe- Alagoas Basin Offshore/Onshore Number of blocks Barreirinhas Offshore 26 Ceara Offshore 11 Foz do Amazonas Offshore 32 Para Maranhao Offshore 6 Espirito Santos Onshore 6 Parnaiba Onshore 20 Reconcavo Onshore 16 Sergipe Onshore 25 Potiguar Offshore/onshore 30 13

Outlook Complete sidetrack in Dussafu and potential production test Evaluate field development and further exploration strategy in Dussafu Ongoing divestment process for West African assets Manati gas production for 2013 estimate ~ 5.5-6.0 MMm3/day, depending on actual demand Prepare for upcoming 11 th Round in Brazil Consider M&A opportunities 14

Q&A Please visit www.panoroenergy.com for more information