Panoro: No Oil at Jandáia Well (Brazil)

Panoro Energy ASA the independent oil and gas company with assets in West Africa and Brazil announces that the drilling of the Jandáia well, offshore Brazil, is completed.

The Jandáia exploration well 1-VBEP-3-SPS was drilled in Concession BM-S-71 (Block S-M-1035) in the Santos basin. The well is located about 230 km south the town of Santos, São Paulo State, Brazil, in water depths of 160 meters. The target interval was penetrated without indication of reservoirs with hydrocarbons. The well reached final depth and the next operations will be well abandonment.

Panoro Energy holds a 15 % working interest in this block and its share of the drilling costs for the well Jandáia have been fully carried. The partners are Vanco Brasil Exploração e Produção de Petróleo e Gas Natural Ltda (Operator 70%) and Brasoil Round 9 Exploração Petrolífera Ltda (15%).

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Press Release, December 27, 2012