Operational Update -Mengo-Kundji-Bindi (MKB), Republic of Congo (Brazzaville)
Operational Update -Mengo-Kundji-Bindi (MKB), Republic of Congo
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 ongoing operations in Mengo-Kundji-Bindi ("MKB"), Republic
of Congo (Brazzaville).
The KUN-201, KUN-202 and KUN-203 wells were drilled in Q4 2011 as part
of the Kundji pilot program consisting of up to six wells. Individual
production testing on these wells is ongoing to fully assess
productivity of the wells, however some initial results are now
The KUN-203 well has been fracked in two zones and, after kicking off
with nitrogen lift, was flowed naturally for around 5 days prior to
production testing. The well was tested on a 20/64" choke and over a 24
hour period produced at an average rate of 573 bopd. The choke was then
decreased to 18/64" and over a 6 hour period the well produced at an
average rate of 341 bopd. The well has now been shut in, in order to be
able to test the other wells.
The KUN-202 well has been fracked in the lower zone only and has been
kicked off with nitrogen lift. After initial clean up, the well produced
an average of 472 bopd over four days on a 18/64" choke. Following the
completion of the production test on the KUN- 203 well, a longer period
of production testing is now being conducted on the KUN-202 well. This
production testing is expected to last a further week.
The KUN-201 well has been fracked in the lower zone only and the well
has flowed oil to surface. Once production testing on the KUN-202 well
has been completed, the KUN-201 will be production tested.
CEO Kjetil Solbrække commented, "We are very encouraged with the
drilling and preliminary production results to date and look forward to
further production data from these wells. We also look forward to
resuming drilling operations in April 2012 to complete the drilling of
the remaining three wells of the six well pilot program."
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:
Jonas Gamre, Finance & Investor Relations Manager
Tel: +47 23 01 10 02
Cell: +47 971 18 292