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

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."