If you are mixing from commercial curry paste, read down.
Approximate เครื่องแกงพะแนง Panang Paste recipe from these sources:
RealThaiRecipes This one was really helpful but I went with a less simple paste recipe.
All Recipes
thedomesticman.com

I suggest at least doubling this.

• 3 large dried redchiles พริกสีแดงใหญ่  Ancho
• 1T dried wild red peppers    พริกขี้หนู
• 1 tsp toasted coriander seeds เมล็ดผักชี
• 1 tsp toasted cumin seeds เมล็ดยี่หร่า
• 3T″ lemongrass (white base of one stalk), chopped Fresh ตะไคร้
• 4T galangal, chopped Fresh ข่า
• 5 fresh (or dried) kaffir lime leaves Fresh ใบมะกรูด
• 1 tsp shrimp paste you could call it fresh กะปิ
• 2 cardamom pods (black cardamom)กระวานดำ
• 2 small shallots หอมแดง ??
• 2 cloves garlic fresh กระเทียม (1T)
• 1 tbsp salt เกลือ
• 1 tsp black peppercorns พริกไทย
• 2T peanuts toasted ถั่วลิสง
• bit of Thai holy basil (not traditional but its fresh) ใบกระเพา หนึ่งใบThe easiest way to make the paste is to grind the dry ingredients in a coffee grinder or if you have forearms a large stone mortar such as one from Ang Sila Thailand. If you use your coffee grinder wipe it out with a damp paper towel and then grind some rice in it. Wipe it out again and your next batch of coffee will only be “a little” interesting.
  The galanga and the lemon grass need to be cut very thin. The part of the lemon grass that can easily be used for this is the tender part inside the lower stalk. Use the rest for Tom Yum. The thinner you cut it the less stringy your curry will be. All the rest of the mashable damp stuff and the galanga and lemon grass can be loaded into a food processor and have the snot chopped out of it. Add oil for liquid. The coconut milk that you can buy now is devoid of coconut oil so you need to add at least 1/4 cup of oil to this recipe. It is handy for grinding the paste into (especially if you use a blender or food processor. You can use any oil. Coconut oil is usually pretty refined and tasteless and little flavor will be able to poke its head above the spices above so in my opinion the kind of oil matters very little. Store it in the refrigerator. This is not nearly as salty as commercial paste so do not expect it to keep for months.

Here is what you need to make food from the paste:

• 2 cups homemade (or 1 can) coconut milk กะทิ
• 1 tablespoon more shredded lime leaves fresh ใบมะกรูด
• sliced beef or pork เนื้อ
• fish sauceน้ำปลา
• one banana flower /and or someother vegetable. I like tomatillos and rutabaga.

Put the paste in the pan with a little more oil, cook it stirring constantly until it is just smokey and then add 1/2 cup coconut milk slowly stirring until evaporated and then add more. Cook out most of the water in the coconut milk quickly on high heat, but not all, add more coconut milk and keep at it keeping it dry. When the oil comes up (sometimes (always) commercial coconut milk is short on oil, especially these days, there is a market for it. If you get no oil, either add some coconut oil or use a few TB of a mild flavored oil.
Add all the meat and cook until tender with squirt of fish sauce. Add the banana flowers or other veges (sometimes I nuke them first). Add lime leaves added near the end of the cooking. Garni with a bit of basil, and a few paper thin slices of orange or lime or kaffir lime zest.

Do not forget that this is eaten with Jasmine Rice .

If you try this more than once try my new variaton Coco Mole Gaeng Panang and add 3TB of quality cocoa to the curry paste recipe.

2014-11-10 Made this again over the weekend with added sliced banana flower and tomatillo. The Banana flower was added just after the meat and the tomatillo when the banana was almost cooked. With the Ancho, this is really a mild on the spicy scale maybe a 2 or 3 on a scale of 5. It is not “gonna kill spicy”, but it might be a bit much for those to whom Pickapeppa sauce sounds scarey.