Panoro Reaches Record Production Levels in Africa

Thursday, August 3, 2023

Following completion of the first three out of six planned production wells at the Hibiscus Ruche Phase I development offshore Gabon and acquisition of the 40 percent minority interest in the Tunisian business, Panoro Energy’s working interest production has recently reached record levels of up to 11,000 bopd.

The company states that when all six new production wells at Hibiscus Ruche Phase I in Gabon are onstream, net production is expected to exceed 13,000 bopd.

Panoro added that the three well infill campaign due to commence in late Q4 offshore Equatorial Guinea is expected to deliver additional volume in 2024.

John Hamilton, CEO of Panoro Energy, commented: “We are pleased to have recently reached a record high of 11,000 bopd net to Panoro. We are making good progress towards achieving our organic output targets with the drill-bit. While Q2 revenue reflects our previously guided crude lifting schedule the cash generative potential of Panoro’s well diversified and high-quality production base will be evident in H2 when the majority of our annual liftings and crude oil sales occur. We look forward to delivering strong organic growth over the remainder of 2023 and beyond.”

Future exploration plans for Panoro include the following:

• At Block S offshore Equatorial Guinea the partners are planning to drill the Kosmos Energy operated Akeng Deep exploration well in 2024 to test a play in the Albian, targeting an estimated gross mean resource of approximately 180 million barrels of oil equivalent in close proximity to existing infrastructure at Block G
• At the Panoro operated Block EG-01 offshore Equatorial Guinea subsurface studies based on existing seismic data are being undertaken to further define and evaluate the prospectivity of the block
• Further exploration wells at Dussafu in Gabon are also being considered, using the optional well slots under current contract
• Application for an Exploration Right covering part of TCP 218 located onshore in Free State, South Africa, is currently in progress

The full release including production details from individual assets and the Corporate and Financial Update can be read here.

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