Exploration

Panoro Energy shares update ahead of 2024 H1 results

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

Predator aiming CNG supply to Morocco

Rigless testing in Morocco. (Image source: Adobe Stock)

In an operations update, Predator Oil & Gas Holdings has announced the commencement of rigless testing in Morocco

This introduces the Sandjet and coiled tubing technology in Morocco. Sandjet rigless testing tools and chemicals required for rigless testing operations were imported into Morocco following customs clearance documentation issued on 12 June.

The remaining rigless testing equipment was imported after customs clearance was granted on 2 August 2024. This comprised primarily the Baker Hughes logging and coiled tubing units which were sourced from the Netherlands.

The Company's rigless testing operations commenced before 5 June 2024 with site preparations at MOU-3 with initial customs clearances received on 12 June 2024 to import the Sandjet testing tools and chemicals. Unfortunately it was beyond management's control that the programme would be subsequently impacted by the ratification required to approve entering the First Extension Period with a corresponding delay in receiving further customs clearances.

While a delay couldn't be avoided due to reasons beyond management's control, the company maintained the ability to utilise the key rigless testing equipment and services within its available time slot for exclusive use.

Paul Griffiths, executive chairman of Predator, said, "It goes without saying that the last 12 months following the achievement of the MOU-3 and MOU-4 drilling programmes has been immensely frustrating for Directors, Management and shareholders alike. Planning for rigless testing has been impacted by several amendments to the Initial Period of the Guercif Petroleum Agreement, whilst trying to balance access to limited well services and equipment caused by global competition. Ours is a big operation for Morocco but not by global standards. We have to be patient and creative.

"However, by entering the First Extension Period we can look forward to re-establishing our operational momentum and newsflow.

"Our near-term ability to supply CNG to the Moroccan industry is more advanced than other possible options. The Company is debt-free which allows it to have greater flexibility when considering different options, including M&A transactions and a partial divestment, for the modest levels of development finance required for 'First Gas'. This is why Afriquia Gaz remains heavily engaged with the Company and supportive of our efforts to get gas to market at the very earliest opportunity."

Kosmos Energy gives updates for Q2 2024

Kosmos' operating updates for Q2 2024

Kosmos Energy announced its financial and operating results for the second quarter of 2024

In Ghana, production averaged approximately 41,900 boepd net in the second quarter of 2024. Kosmos lifted four cargos from Ghana during the quarter, in line with guidance.

At Jubilee (38.6% working interest), oil production in the second quarter averaged approximately 87,300 bopd gross with one producer well brought online in April and one water injector well brought online in June.

At TEN (20.4% working interest), production averaged approximately 19,300 bopd gross for the second quarter, slightly above expectations. Uptime on the TEN FPSO was approximately 99% for the second quarter.

Production in Equatorial Guinea averaged approximately 24,200 bopd gross and 8,500 bopd net in the second quarter. Kosmos lifted 0.5 cargos from Equatorial Guinea during the quarter, in line with guidance.

The Greater Tortue Ahmeyim liquefied natural gas (LNG) project continues to make good progress in Mauritania and Senegal, with the first batch of four wells completed with expected production capacity significantly higher than what is required for first gas.

Helium One finds helium and hydrogen in Tanzania

Helium and hydrogen presence higher after re-drilling. (Image source: Adobe Stock)

The exceptional existing hole conditions of the ITW-1 well in Tanzania allowed Helium One Global to further re-enter another 168m into the fractured basement, reaching a total depth of 1129m MD, beneath the 9⅝" shoe

The re-drilling not only revealed a near-continuous helium and hydrogen presence all the way till total depth but also they were notably higher than those which were encountered whilst drilling the overburden section during Phase II.

Core hydrogen demand will be defined by the refining and petrochemicals sectors, according to a report by GlobalData.

Testing phase

The next phase of the operations now involves preparing the wellbore for running the 7" slotted casing and cementing it in place. Once this is complete, the Company will then run a completion string in the hole comprising of tubing and packers to allow multiple testing of the two zones (the fractured Basement and the faulted Karoo Group) during the EWT.

Lorna Blaisse, chief executive officer, said, "We are pleased that we have been able to re-enter and deepen the ITW-1 well as planned. It has been very encouraging seeing the helium and hydrogen shows continuing whilst drilling this deeper section, and we look forward to evaluating these results further through the EWT.

"I'd like to extend my thanks to the wider team in a safe execution of this drilling phase, as well as the continued support from the Ministry of Minerals and Mining Commission in Tanzania."

Helium One has discovered an estimated 98.9 bcf of helium, representing a major helium discovery in the global context of rapidly diminishing supply and growing demand for the resource.

Tower Resources gets extension on PEL 96 offshore Namibia

The PEL 96 Joint Venture currently intends to reprocess the existing seismic data. (Image source: Adobe Stock)

Tower Resources has been notified by the Namibian MME of its agreement to the extension of the Initial Exploration Period of PEL 96 to October 31, 2024 and has invited the Company to apply to enter the First Renewal Period of PEL 96, for a period of 2-3 further years. The MME has also agreed to defer the Company's commitment to acquire 1,000 km2 of new 3D seismic data to the First Renewal Period.

The remaining work commitment for the Initial Exploration Period, comprising the oil seep satellite analysis, play fairway analysis, development of an updated prospect and lead inventory, and the high-grading of acreage, is already substantially complete. However, the Company is continuing to work on the evaluation of large stratigraphic and structural leads and prospects and plans to reprocess the previously acquired 2D seismic data over large areas of the license both in the remainder of the Initial Exploration Period and in the First Renewal Period, in order to support the optimal selection of an area for the further 3D data acquisition.

The evaluation of leads and prospects has required further time commitment due to the encouraging discovery of a large number of substantial stratigraphic traps, in addition to the large anticlines and other structural traps that had already been identified. Our basin modelling work, completed in 2023, had previously identified source rocks deep within the PEL96 portion of the Dolphin Graben calculated to be mature for in excess of 100 to 150 billions of barrels of oil generation, and also identified well-defined migration paths for this oil. Since that time, the Company has reviewed and interpreted in excess of 20,000 line kilometres of 2D seismic data across PEL 96. This has resulted in the identification of a substantial number of very large stratigraphic traps in five main areas of the license, favourably located adjacent to those deeper source rocks of the Dolphin Graben and the migration paths we identified.

The results of this intensive technical effort have given Tower new and favourable insights into the prospectivity of the acreage, however, it cannot acquire new 3D seismic data over all of them in the next phase of work. Due to the variability of quality or coverage of data over some of these leads, the PEL 96 Joint Venture currently intends to reprocess the existing seismic data in these areas to extract as much information as possible from the original data files and significantly improve seismic data quality. The seismic reprocessing work will enable the PEL 96 Joint Venture to make a final choice regarding the optimal 3D data acquisition area - a view Tower shared with MME in the Company's Technical Advisory Committee meeting in Windhoek last week.

The Company and its partners, alongside the MME, are all pleased by the number of leads and prospects that are already identified, and look forward to sharing more information about these when the further work has been completed.

Tower Resources Chairman & CEO, Jeremy Asher, commented, "We are grateful to the Minister, the Hon. Tom K Alweendo MP, the Executive Director, Mr Penda Ithini, and the Petroleum Commissioner, Ms Maggy Shino, for their continued support and enthusiasm for our PEL 96 project. Our view of the prospectivity of PEL 96 has improved greatly since we began the current phase of work in 2019, and we look forward to having sufficient data quality to share a more detailed picture of the structures we wish to explore further with the 3D data acquisition, as soon as we have it. In the meantime, we plan to prepare a more detailed report summarising our findings to date, the main conclusions of which we will share with investors in due course."

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