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Panoro Energy gives updates. (Image source: Adobe Stock)

Panoro Energy ASA has provided an update for its Half Year 2024 results 

John Hamilton, CEO of Panoro, said, “Our high levels of development activity have continued throughout the year-to-date with two production wells successfully drilled and completed on the Dussafu Marin Permit offshore Gabon, accompanied by the resumption of infill drilling at the first of two planned wells on Block G offshore Equatorial Guinea in early July. With further development drilling and conventional ESP installations to come at Dussafu, plus two high impact E&A wells planned on the Akeng Deep and Bourdon prospects, in Equatorial Guinea and Gabon respectively, we have a very exciting organic growth pipeline.

"In line with our 2024 shareholder returns policy we initiated a share buyback programme in May which remains ongoing and enhances our regular quarterly cash distributions. Furthermore, we have increased underlying asset value for shareholders with two significant oil discoveries offshore Gabon which are being fast-tracked into production having proved extensions of both the Hibiscus and Hibiscus South fields, demonstrating how our infrastructure led exploration and appraisal strategy can create material upside for our stakeholders.”

Group working interest production in the first half of the yaer averaged 9,168 bopd, with Equatorial Guinea at 3,468 bopd, Gabon at 4,030 bopd, and Tunisia at 1,670 bopd.

In Equatorial Guinea's Block G, drilling has recommenced at the Ceiba Field and Okume Complex which will add new production volume when two new infill wells will be onstream. While the first infill well has successfully been drilled and completed with promising initial results, the second infill well is expected to be completed and onstream in October.

Adjustments to the work programme of Dussafu Marin Permit in Gabon have resulted in two significant oil discoveries. Oil was confirmed in May at north-east extension of the Hibiscus South field (estimated mid case 5 - 6 MMbbls gross recoverable reserves), and also at northern flank of the Hibiscus field (estimated mid case of 8 - 12 MMbbls gross recoverable reserves).

The DRM-3H production well on the Ruche field, which was completed in April, encountered good quality oil saturated reservoir in the Gamba formation and will be put onstream in the current campaign with a new conventional electrical submersible pump (ESP).

Similar positive results were reported in July from the Hibiscus South field in the DHBSM-2H production well that was put onstream with the new conventional ESP system.

Contract for the Borr Norve jack-up drilling rig have been extended until February 2025. It will undertake well workovers / ESP replacements and the drilling of one production well into the northern flank of the Hibiscus field, subjected to production and logistical considerations.

The current campaign will therefore result in a total of eight new production wells across the Hibiscus / Hibiscus South / Ruche fields (in addition to the six pre-existing production wells at the Tortue field).

The Bourdon prospect test well (DBM-1) will be the last operation in the current campaign in early 2025. 

Gross production at Dussafu is expected to reach 40,000 bopd once all wells in the current campaign are completed.

In Tunisia, ooperations are ongoing for routine workovers to replace ESP pumps, and well stimulations; detailed planning for development drilling campaign on the Rhemoura and Guebiba fields, and exploration and appraisal activities.

Equatorial Guinea - Block S and Block EG-01

The Noble Venturer drill ship has also been contracted to drill the Kosmos Energy operated Akeng Deep infrastructure led exploration (“ILX”) well in Block S once the two Block G infill wells have been drilled and completed. 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. Other partners in Block S are GEPetrol and Trident Energy
A successful outcome at Akeng Deep can have a positive read across to the adjacent Panoro operated Block EG-01 where Panoro is conducting subsurface studies based on existing 3D seismic data
The seismic data re-processing project for EG-01 has commenced incorporating leading edge pre-stack depth migration (PSDM) techniques
Equatorial Guinea - Heads of Terms Agreed for Block EG-23