E&P

Block G continues to see multiple productive and asset integrity projects.

The Block G acquisition offshore Equatorial Guinea leads Panoro Energy ASA’s dynamic operational and financial updates ahead of Q1 2026 results

With the acquisition of an additional 40.375% in the Block that raises its total interests to 54.625%, the company is anticipating to attain group net production of 20,000 bopd during the course of 2027. This will enhance joint-venture role influencing future production growth, work programme and efficiency, while Panoro sees an increase in both frequency and size of crude oil liftings.

Meanwhile, Block G continues to see multiple productive and asset integrity projects for field life extension, and the partners are evaluating the potential for future infill drilling campaigns in the Okume Complex, using a conventional jack-up rig in shallow water, and subsea infill wells at the Ceiba field.

Julien Balkany, executive chairman of Panoro, said, “Q1 was a period of strong strategic and operational delivery for Panoro, highlighted by the announcement of a transformational, highly accretive acquisition of an additional 40.375% interest in Block G, just prior to the escalation of geopolitical events in the Middle East that has led to major disruption of regional trade flows and substantial increase in global oil prices. This opportune transaction further strengthens the scale and cash flow potential of Panoro, creating a materially larger, more resilient business in order to deliver enhanced shareholder returns. The acquisition received strong endorsement from the capital markets with the associated equity private placement and bond tap issuance both multiple times oversubscribed and closed within a matter of hours.

“Operationally, we delivered pro forma working interest production of 14,960 bopd, supported by stable performance across our core portfolio and we are on track to achieve 20,000 bopd during 2027.

“Looking ahead, our priorities remain unchanged: deliver our pipeline of high-impact organic growth opportunities, starting with the MaBoMo Phase 2 drilling campaign at our cornerstone Dussafu block offshore Gabon mid-year, maturing the Bourdon discovery towards FID and evaluating the new state-of-the-art seismic data we have recently acquired covering the Niosi, Guduma and Dussafu blocks which will allow us to confirm future drilling targets.

“In Equatorial Guinea, we have also received for the first time contingent resources recognition for Block EG-23 where we have high-graded the exciting Estrella discovery as a potential fast-track appraisal and development project that could be tied back to existing infrastructure as we position Panoro for the next phase of material production and free cash flow growth.”

Zarat Discovery is being opened up for bidders as a unitised oil and gas resource. (Image source: Joint Oil)

Joint Oil has appointed Moyes & Co as its strategic advisor ahead of a new bid round for Zarat Development offshore Tunisia as part of two commercial packages for interested production and exploration companies

The Zarat development besides, Moyes will also be tackling for Joint Oil the Joint Oil Block Exploration Acreage via an exploration and production sharing agreement (EPSA). These will include an exploration and production sharing agreement (EPSA) for new plays, leads and prospects within the Joint Oil Block Exploration Acreage.

The 3000 sq km-long acreage that lies at a water depth of 80-120 m, comes with seismic data of 6,500 km in 2D and 1,900 km in 3D. The area comprises multiple wells, including Zohra-1 (1976), El Amal South 1 (1999), Besmah-1 (2002), El Amal North 1 (2002), and Zarat North 1 (2010). The surrounding areas include producing fields from Libya, such as El Bouri, El Jurf and Bihr El Salam, and Hasdrubal, Ashtart, Miskar and Didon in Tunisia. The acreage thus holds a strategically rich position along the southern margin of the Pelagian Basin within the geological extension of the Sabratha–Gabes Basin. This is likely to ensure long-term value generation, thanks to easily accessible established regional infrastructure, operational synergies and export pathways.

Lying in the Tunisia-Libya border, the Zarat Discovery is being opened up for bidders as a unitised oil and gas resource for development. This will be governed by a Development and Production Sharing Agreement (DPSA), Unitization Agreement (UA), Unit Operating Agreement (UOA), and Operating Services Contract (OSC). In partnership with Moyes, Joint Oil is providing investors with a robust data framework and a clear commercial path toward developing these significant unitised resources.

The new bid round will open on 1 August 2026, running through 30 November 2026, and the last date for submission will be 1 December 2026.

Winning bidders will be informed by 31 January 2027, with formal awards expected by 31 March 2027.

Africa Energy is aiming to bag a 75% direct interest in Block 11B/12B.

Africa Energy Corp is preparing to navigate delays on the acquisition of interests in Block 11B/12B offshore the Republic of South Africa as the Western Cape High Court has mandated the role of an environmental authorisation for strict assessments before granting permission for production and exploration 

The company has received a further extension, pushed to 4 November 2026, for the submission of a new Environmental and Social Impact Assessment (ESIA) before the Minister of Mineral and Petroleum Resources. This aligns with the region's advancement of an empowered environmental authorisation for offshore exploration operations in Block 5/6/7 that demands additional, new and amended environmental assessments before proceeding with exploration projects.

Africa Energy, which indirectly holds a 10% participating interest now in Block 11B/12B through its investment in Main Street 1549 Pty Ltd, is aiming to bag a 75% direct interest in the block following the withdrawal of partners previously involved and the consequent restructuring of Main Street. The recognition of both these significant steps hang on the relevant regulatory approvals by South African authorities, and their formal grant of production rights in relation to Block 11B/12B. 

With the grant of the environmental authorisation determining the grant of the production right, the company is now closely working with its advisors, including legal counsel, to figure out how to tackle the ESIA demands. 

SNH’s licensing initiative aligns with Cameroon’s broader strategy to optimise hydrocarbon resources.

Five out of nine blocks launched during Société Nationale des Hydrocarbures' (SNH) 2025 licensing round have been offered to winning bidders for production sharing contract negotiations in Cameroon

SNH has confirmed that Octavia Energy Corporation has been awarded the Bolongo Exploration block in the Rio del Rey Basin, while Murphy West Africa secured four blocks in the offshore Douala/Kribi-Campo area: Etinde Exploration, Tilapia, Elombo and Ntem. The remaining blocks – Ndian River, Bakassi, Bomono and Kombe-Nsepe – remain part of the broader licensing round framework following the current phase of evaluation.

Reflecting boosted demand for offshore exploration and brownfield development, Cameroon is the latest in a number of African countries such as Libya or Sierra Leone among others who have recently announced licensing rounds. These fresh licensing rounds are distinguished in their structured, investment-driven approach to re-engage international operators and unlocking underexplored acreage. Cameroon's latest licensing round, in particular, is in line with its strategy of productoion optimisation to address declining output from mature fields, and attract capital and technical expertise to support renewed exploration activity.

The Douala/Kribi-Campo area, where Murphy West Africa will focus its activities, is widely regarded as a highly prospective offshore petroleum province within Cameroon’s broader coastal basin system, with notable gas potential despite being less explored than the Rio del Rey Basin. Meanwhile, the Rio del Rey Basin – home to Octavia’s Bolongo block – remains an established production area with opportunities for redevelopment and enhanced recovery.

SNH’s licensing initiative aligns with Cameroon’s broader strategy of resources optimisation, output stabilisation from declining fields, and attract capital and technical expertise to support renewed exploration activity. This comes amid gradual production declines across legacy assets, reinforcing interest in both offshore gas development and incremental oil recovery opportunities.

At the same time, Cameroon is seeking to strengthen gas monetization pathways and expand domestic energy supply, with growing emphasis on gas-to-power development and broader industrial applications. This strategy is closely linked to LNG development, downstream gas processing and infrastructure expansion – particularly around Kribi – which is expected to support the development of integrated gas value chains. Planned pipeline projects, port upgrades and industrial gas-to-power initiatives are also expected to reinforce midstream and downstream capacity while improving monetization of domestic resources.