E&P

Second quarter average net working interest production for PetroNor E&P ASA was 5,007 bopd, which has been an improvement compared with 4,712 bopd in the previous quarter and 4,289 bopd in the second quarter of 2025

This was the result of successful well workovers and improved infrastructure stability delivering a higher production efficiency of 93 per cent, compared with 86 per cent in the first quarter, and 90 per cent in the second quarter of 2025.

The company's latest lifting figures at 964,593 barrels of entitlement oil from the PNGF Sud field offshore Congo sets its record in single-lifting volumes with a significant overlift over 500,000 barrels

This comes even when production efficiency remained at 86% and not at full capacity due to an infrastructure interruption, which had nearly half of the wells to be shut-in for as many as 16 days in February. Once the wells were back in production during the following month after the completion of all repair works, gross daily output capacity at exit Q1 shot past 31,000 bopd (net 5,200 bopd). The five-well infill programme in Tchibouela East played a significant role in the production boost. 

The lifted barrels will be sold over the coming months with entitlement oil of circa 100,000 barrels per month.

The realised price of the sale will be determined according to the current market conditions and the lifting contract with ADNOC. This realisation will be announced at the end of April.

First quarter average net working interest production was 4,721 bopd, compared with 4,564 bopd in the previous quarter and 4,303 bopd in the first quarter of 2025.

Last year, PetroNor's yield saw a 90% improvement over its 2024 average of 86%. Its impressive lifting figures are attributable to a restocking of significant overlift position while building entitlement oil inventory. 

Prime Global to farm-in on PEL96 offshore Namibia.

Tower Resources has received a formal letter of approval from the Namibian Ministry of Industries, Mines and Energy (MIME) for the farm-out of the PEL96 license, offshore Namibia, to Prime Global Energies Limited (Prime)

This means the only outstanding condition precedent under the PEL96 farm-out contract that was announced last January is now finalised. The Company will now send out a notice of completion to Prime, and a draft deed of assignment, novation and amendment to MIME and Tower's partners, with completion expected to follow shortly.

The Company is still awaiting approval for the proposed purchase by its wholly owned subsidiary Tower Resources (Namibia) Limited (TRNL) of an additional 5% interest in the PEL96 license from its local partner, ZM Fourteen Investment (Pty) Ltd ("ZM") (together, the "Parties"), announced on 7 March 2025. As a result of the delay, the Parties are no longer bound to complete the acquisition of this interest, but are continuing to discuss its execution.

Tower Resources Chairman & CEO, Jeremy Asher, said, "We are very pleased to have received this letter of approval, and would like to thank the relevant personnel at MIME, the Upstream Petroleum Unit and NAMCOR for their diligent review and continued engagement throughout this process. We would also like to welcome Prime, who we view as a highly favourable partner for PEL96, with substantial technical and financial resources and a track record of operational success. We look forward to working alongside them and our other stakeholders to progress with the work programme offshore Namibia."

Sabratha Compression Project comprises 1,600-ton compression module.

Eni, in partnership with the Libyan National Oil Corporation (NOC) through the Mellitah Oil & Gas joint venture, has start-up hydrocarbon production from the Sabratha Compression Project

This is a strategic offshore development for Eni to leverage the Bahr Essalam offshore field for boosted and sustained gas generation. 

The Sabratha Compression Project comprises an installation of a new 1,600-ton compression module on the Sabratha platform, equipped with new compression trains, providing an overall compression capacity of about 440 MMscfd.

The new module can produce under low-pressure conditions, enhancing gas recovery from the gradually declining Bahr Essalam field. This process secures the generation of boosted gas volumes at about 800 million cu/m per year and associated condensate. This additional production will play a critical role in sustaining national power generation, reinforcing Libya’s energy security, and supporting export to Italy via the Greenstream pipeline.

With a smoothy delivery of the challenging and comlex Sabratha Compression Project, Eni and NOC is able to secure a resilient gas infrastructure for Libya, adding to the stability and growth of the country’s energy sector.

Two additional strategic projects are presently in execution in the country: Bouri Gas Utilization Project, whose tie-in and commissioning activities are currently underway after the recent installation of the Bouri Gas Recovery Module, and Structures A&E, whose execution is underway to develop two offshore gas fields.

Eni has been present in Libya since 1959 and is the country’s leading international operator, with an equity production of approximately 162,000 barrels of oil equivalent per day in 2025 and three development projects currently in execution for a total investment of about 10 billion dollars.

The well intersected a gross reservoir interval of 46 metres.

The PEL 85 Joint Venture has recently completed drilling operations on Block 2914, offshore Orange Basin, Namibia

The Capricornus-1A appraisal well was drilled in the eastern portion of the Capricornus fairway, which was established by the discovery at the Capricornus-1X well. The Saipem 12000 drillship was deployed in a water depth of 1,285 metres and reached total depth of 4,818 metres MD. 

The well intersected a gross reservoir interval of 46 metres. A representative core of the main reservoir section was acquired, and a full suite of wireline logging and formation evaluation data was collected.

Preliminary analysis of downhole pressure data indicates the presence of an oil-bearing, sandstone reservoir in pressure communication with the reservoir fairway discovered by the Capricornus-1X well. The results provide further evidence of reservoir continuity across the Capricornus accumulation and represent an important data point in the ongoing appraisal of the discovery.

The core, pressure and wireline datasets acquired from Capricornus-1A will now be integrated with data gathered from previous wells across PEL 85 to support the Joint Venture’s ongoing appraisal and exploration activities.

Well operator Rhino Resources Namibia's Chief Executive Officer, Travis Smithard said, “The Capricornus-1A well has delivered important information that advances our understanding of the morphology of the Capricornus reservoir system. Confirmation of pressure communication with Capricornus-1X provides evidence of reservoir continuity across the accumulation and increases our drilling confidence as we continue to advance the appraisal of the Capricornus discovery.

“The well has also provided critical information on deeper geological intervals that were not encountered at Capricornus-1X, improving our understanding of how subsurface structures are defining the play fairways across the licence area.

“Together with the extensive datasets gathered from our previous discoveries, these results provide further insights for our part of the Orange Basin and will help inform the next phase of appraisal drilling across the Capricornus accumulation and additional exploration targets across PEL 85.”