Oslo, 21 May 2024 - Panoro Energy ASA ("Panoro" or the "Company") is pleased to
announce that the DHIBM-7P pilot well has successfully made a significant new
oil discovery on the northern flank of the Hibiscus field, at the Dussafu Marin
Permit offshore Gabon. Preliminary evaluation indicates scope for a notable
increase to both in place volumes and recoverable reserves in the Hibiscus field
area. The partners plan to complete the well as a production well later in
2024. Panoro holds a 17.5 per cent participating interest in the Dussafu Marin
Permit.
The DHIBM-7P pilot well was drilled with the Borr Norve jack-up rig to appraise
the northern flank of the Hibiscus field. The well was drilled to a depth of
3,941 metres with evaluation of logging, sample and pressure data confirming
approximately 24 metres of net oil pay in an overall column of 37 metres
extending across the regionally prolific Gamba formation and underlying Dentale
formation.
The next rig operation will be to drill a production well (DHBSM-2H) at the
recently proved north-east extension of the Hibiscus South field (announced on
10 May 2024). The rig will then drill a production well at the Hibiscus field
into the newly proved northern flank and undertake well workovers (the order of
which will be dependent on optimising production and logistical considerations).
The current campaign is therefore now expected to result in a total of eight new
production wells across the Hibiscus / Hibiscus South / Ruche fields.
The Bourdon prospect test well (DBM-1) will be the last operation in the current
campaign, providing the aforementioned activities are performed within time
expectations.
John Hamilton, CEO of Panoro, commented:
"We are very pleased with the outcome of our latest drilling success, our second
such positive result in less than a month. Once the final data from the well
becomes available we will work to delineate the extent of this exciting new
discovery and provide an update on estimated reserves as soon as practically
feasible. What is apparent is that we have opened up another fast-track
development opportunity where we will leverage the existing production
infrastructure nearby to rapidly develop these high-margin barrels cost
effectively as part of the current campaign, and once again demonstrated how our
infrastructure led exploration and appraisal strategy can create material value
for our stakeholders."
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 (https://www.linkedin.com/company/panoro-energy)