Gaffney, Cline & Associates confirm increased STOIIP for the Kundji area, Republic of Congo (Brazzaville)
Panoro Energy ASA ("PEN", OSE ticker code), the independent oil and gas
company with assets in West Africa and Brazil is pleased to provide an
update on the Stock Tank Oil Initially In Place (STOIIP) assessment for
the Kundji development area within the ("MKB") license, Republic of
Following the drilling of the first four wells of the pilot program (KUN
-201, -202, -203 and -204) Gaffney, Cline & Associates (GCA) has
conducted a review of Panoro's STOIIP assessment for the Kundji area of
the MKB license. Based on the log results of these four wells, the
revised STOIIP assessment more than doubles the P50 STOIIP assessment
conducted by GCA in April 2011.
The GCA P50 STOIIP assessment prior to drilling these four wells was 223
MMstb and this has now been revised to 480 MMstb, representing an
increase of 115 %. The P10 STOIIP assessment has increased from 645
MMstb to 1010 MMstb, an increase of 57%. Similarly the P90 STOIIP
assessment of the Kundji area has now increased from 90 MMstb to 278
MMstb, an increase of 208 %.
GCA has not conduced a review of the Mengo or the Bindi areas of the MKB
license, however a review conducted by AGR in January 2010 assessed the
Mengo P90, Most Likely and P10 STOIIP to be 226 MMstb, 899 MMstb and
1656 MMstb respectively and for Bindi to be 24 MMbbl, 163MMstb and 443
CEO Kjetil Solbrække commented, "This Gaffney Cline & Associates´ review
provides support to our conclusion that the recent drilling has
significantly increased the oil in place estimate for the Kundji area"
The MKB permit is a 700 km2 license onshore in the Republic of Congo.
The Mengo, Kundji and Bindi fields contain light (32° API) oil in low
permeability Lower Cretaceous sandstone reservoirs and had a total of
six producing wells drilled by Elf in the 1980's and 1990's. The permit
was reissued to Société Nationale des Pétroles du Congo ("SNPC") and
partners in 2009. Panoro Energy holds 20% in the license through its
subsidiary company Prevail Energy Congo.
For further information, please contact:
Carl Peter Berg, VP Commercial and Investor Relations
Tel: +55 21 3078 7472
Cell: +55 21 8541 1907