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Monday, November 18, 2024
Panoro Energy reports the Dussafu Marin Permit offshore Gabon gross production has reached targeted levels of 40,000 bopd, while in Equatorial Guinea the first of two planned infill wells was successfully put onstream at an initial gross rate in excess of 5,000 bopd on a restricted choke, in line with expectations.
As a result, Panoro’s group working interest production has averaged approximately 12,500 bopd in November to date, keeping the company on track to achieve its year-end target of over 13,000 bopd as production is reinstated from three further wells in Gabon and one additional infill well in Equatorial Guinea is brought onstream.
Drilling has commenced at the Akeng Deep infrastructure lead exploration (ILX) well offshore Equatorial Guinea with the Bourdon ILX well offshore Gabon to be drilled in early 2025. These ILX wells represent exciting organic growth catalysts with potential to add material value for modest financial exposure if successful.
John Hamilton, CEO of Panoro, commented: “We are rapidly closing in on our target of over 13,000 bopd group working interest production, most likely ahead of time, with three wells still to be placed back onstream at Dussafu and one infill well nearing start up at Block G. While the scope of our capital projects for the year has increased, largely due to the expanded program in Gabon and rescheduled program in Equatorial Guinea, we have added an estimated 4 million barrels to Panoro’s 2P reserve base which bodes well for achieving a reserve replacement of over 100 per cent for the year.
“Panoro’s outlook is one of higher production alongside decreasing capital expenditure and with drilling now underway at the high-impact Akeng Deep ILX well on Block S offshore Equatorial Guinea, to be followed by the Bourdon ILX well at Dussafu offshore Gabon in early 2025, we have an exciting organic growth pipeline of activity.”
Panoro also provided a production update as follows:
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