Panoro Energy – Equatorial Guinea infill drilling campaign commences
Oslo, 22 January 2024 – Panoro Energy ASA (“Panoro” or the “Company”) provides the following update on operations offshore Equatorial Guinea.
At Block G the planned three-well infill drilling campaign has commenced utilising the Island Innovator semi-submersible drilling rig. The first new infill well is expected onstream around the end of Q1, with all three wells expected onstream by mid-year. Panoro holds a 14.25 percent interest in Block G. Partners in Block G are Trident Energy (operator), Kosmos Energy and GEPetrol.
Following completion of the Block G infill drilling campaign, the Island Innovator rig will relocate to Block S where it will drill the Kosmos Energy operated Akeng Deep infrastructure-led exploration (“ILX”) well. The Akeng Deep ILX well is intended to test a play in the Albian, targeting an estimated gross mean resource of ~180 million barrels of oil in close proximity to existing infrastructure at Block G. Panoro holds a 12 per cent interest in Block S. Other partners in Block S are GEPetrol and Trident Energy who are delivering the drilling program on behalf of the joint venture partners.
John Hamilton, CEO of Panoro, commented:
“We are pleased to have commenced the planned infill drilling campaign at Block G which we expect to materially increase gross production at the Ceiba field and Okume Complex from the 2023 average level of 25,000 bopd once all three new wells are onstream. With the high-impact Akeng Deep infrastructure led exploration well at Block S due to follow the infill drilling campaign, and work underway evaluating prospectivity at the Panoro operated Block EG-01, we have an exciting organic growth opportunity set available to us in Equatorial Guinea.”
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 onshore Technical Co-operation Permit 218 in South Africa.
Visit us at www.panoroenergy.com.
Follow us on LinkedIn