Panoro Energy Announces another Oil Discovery in the Pre-Salt Offshore Gabon

Panoro Energy ASA is pleased to a announce that it has encountered oil in the wildcat well Dussafu Tortue Marin-1 (DTM-1) drilled in the Dussafu Marin PSC, in the offshore waters of Gabon, West Africa. The well was spudded on November 19 and is being drilled to test the potential of the pre-salt Gamba and Dentale Formations.

Drilled with the Saipem Scarabeo 3 semi-submersible drilling unit in 118m water depth, the DTM-1 well has reached a vertical depth of 3432 meters within the Dentale Formation. Log evaluation and pressure data indicate that Panoro Energy has discovered approximately 13 meters of pay in a 22 meter oil column within the Gamba Formation and 38 meters of pay within stacked reservoirs within the Dentale Formation.

Additional technical evaluation will be required to appraise this discovery. Forward plans include fluid sampling and a sidetrack which will appraise the Dentale sands in an updip location and the lateral extent of the Gamba reservoir, with a provision for flow testing one or more of the identified pay intervals. Panoro Energy will provide an update on the drilling operations in due course.

Dussafu Marin is operated by Harvest Dussafu, B.V., an affiliate of Harvest Natural Resources, Inc. Panoro Energy has a 33.33% stake held through a subsidiary company. 

For further information, please contact:
Carl Peter Berg, VP Commercial and Investor Relations Cell: +55 21 8541 1907
Email: carl.peter.berg@panoroenergy.com

Please visit www.panoroenergy.com for more information. Panoro Energy ASA is listed on the Oslo Stock Exchange (Ticker code: “PEN”).