Manchester appeared to have a slight edge in the first three periods, leading 7-4 and 11-7 before Tilemachos Pissas launched a Penguin recovery with a man-up rocket that made it 11-8 as the last quarter began.
Pissas soon scored again - and again. Manchester were then rocking as Andrea Tulli produced two brilliant solo goals to cut the lead to 12-11. That was followed by an equaliser from Mehmet Ali Arat, who somehow managed to reach a high cross and nudge the ball into the net.
Then the fun started! 1.32 to go and Manchester's Joe O'Regan shrugged off heavy marking to put his side 13-12 up.
Four seconds left and Penguin levelled, Ali Arat netting from the rebound after a Penguin shot hit the base of a post. Huge celebrations from Penguin - until, with one second left, the London club's coach was judged to have called a time-out with his team not in possession.
Penalty! Now was the time for a Manchester hero to step forward. Penguin goalkeeper Elliot McHugh was that man, lunging to his right to save O'Regan's penalty. What a finish!
Photos (Alex Jenkins): Above - Penguin's Tilemachos Pissas in full flight against Manchester. He scored six goals. Below: Joe O'Regan blasts in the goal that, very briefly, put Manchester 13-12 up.