Oslo, 16 November 2023 - Panoro Energy ASA ("Panoro" or the "Company") today
provides an update on production and the planned drilling schedule at the
Dussafu Marin Permit offshore Gabon.
Highlights
· Gross average Q3 production of 23,257 bopd represents a new quarterly high
for Dussafu as new wells were brought onstream
· During Q4 to date (October 1 until November 15) gross production is
averaging approximately 30,000 bopd, with production ranges in the period of up
to 39,000 bopd as production was restored on ESP at the DHIBM-3 and DHIBM-4
wells
· Gross average production for Q4 is expected to be approximately 25,000 bopd
to 30,000 bopd as a period of further repair and maintenance will be undertaken
over the coming weeks on the electrical systems and ESPs which the Operator
believes are required for longer term optimisation
· The partners plan to fast-track the recent Hibiscus South oil discovery into
production, meaning the current drilling campaign offshore Gabon will now result
in a total of seven new production wells compared to previously communicated
plans for six new production wells
· Gross production is expected to increase to 40,000 bopd when all wells in
the current campaign are onstream
· The partners have agreed that the remaining rig option will be utilised to
drill the Bourdon Prospect ("Prospect B") which has an estimated mid-case
potential of 29 million barrels recoverable oil in the Gamba and Dentale
formations
John Hamilton, CEO of Panoro, commented:
"The better than expected well results at the Hibiscus field and the recent
discovery at Hibiscus South have prompted the Dussafu partners to expand the
scope of the current campaign to incorporate seven new production wells and re
-order the drilling sequence to optimise utilisation of remaining contracted rig
time. By introducing a well at the Bourdon prospect into the current campaign we
will continue to test the substantial organic upside potential identified on the
block, in line with our infrastructure lead exploration and appraisal strategy."
Background
Hibiscus Field
To date the partners have successfully drilled and completed four production
wells on the Hibiscus field, each of which was put onstream at rates of between
6,000 bopd and 6,500 bopd. The results of these wells have confirmed excellent
reservoir quality in the Gamba sandstones with potential positive implications
for recoverable oil volumes.
In light of this, the partners have elected to accelerate development of the
Hibiscus field in the current campaign and will next spud the DHIBM-7H
production well which is expected to be completed and put onstream in January.
Fast-track Development of Hibiscus South Discovery
The partners plan to return to the Hibiscus South well (DHBSM-1) in early 2024
and re-use the upper section of the well to drill a production section into the
newly discovered oil bearing zones in the Gamba reservoir. Hibiscus South is
located around 5 kilometres south-west of the BW Mabomo production facility with
preliminary estimates for recoverable volumes at six to seven million barrels on
a gross basis.
Ruche Field
Operations were temporarily paused on the DRM-3H production well on the Ruche
field in mid-October where, having been drilled to a depth of 5,351 metres and
encountering oil in the Gamba reservoir, it become evident that an alternative
final casing design is required. The Ruche Phase I development will therefore
now comprise one production well compared to the previously planned two wells,
the additional well on the Hibiscus field now being prioritised for the second
Ruche well rig slot.
Bourdon (Prospect B) Well
The Bourdon Prospect is located in a water depth of 115 metres approximately 7
kilometres to the southeast of the BW Mabomo production facility and 14
kilometres west of the BW Adolo FPSO.The Prospect has an estimated mid-case
potential of 83 million barrels in place and 29 million barrels recoverable in
the Gamba and Dentale formations. The well is to be drilled in the current
campaign, utilising the 8[th] and final rig slot, the timing of which will be
dependent on sequencing of the remaining production wells and arrival of
additional casing materials.
Enquiries
Qazi Qadeer, Chief Financial Officer
Tel: +44 203 405 1060
Email: investors@panoroenergy.com
About Panoro Energy
Panoro Energy ASA is an independent exploration and production company based in
London and listed on the main board of the Oslo Stock Exchange with the ticker
PEN. Panoro holds production, exploration and development assets in Africa,
namely interests in Block-G, Block S and Block EG-01 offshore Equatorial Guinea,
the Dussafu Marin License offshore southern Gabon, the TPS operated assets, Sfax
Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia, and
interests in offshore exploration Block 2B and onshore Technical Co-operation
Permit 218 in South Africa.
Visit us at www.panoroenergy.com.
Follow us on LinkedIn (https://www.linkedin.com/company/panoro-energy)