Hibiscus Extension Well Update
Oslo, 5 May 2021 - Panoro Energy ASA (the “Company” or “Panoro” with OSE Ticker: PEN) announces that the DHIBM-2 Hibiscus Extension well did not encounter hydrocarbons in the target Gamba reservoir. The Borr Norve jackup rig, currently drilling the DHIBM-2 well, has drilled through the main targeted Gamba sandstone in a structurally high position but logging results indicate that the Gamba is water wet and no hydrocarbon shows were encountered to date. The well will be drilled and logged to a Total Depth of 3,500 metres as planned. The rig will then move to drill the DTM-7H production