Panoro Energy ASA (“Panoro” or the “Company”) is pleased to announce that the DHIBM-7P pilot well has successfully made a significant new oil discovery on the northern flank of the Hibiscus field, at the Dussafu Marin Permit offshore Gabon. Preliminary evaluation indicates scope for a notable increase to both in place volumes and recoverable reserves in the Hibiscus field area. The partners plan to complete the well as a production well later in 2024. Panoro holds a 17.5 per cent participating interest in the Dussafu Marin Permit.
The DHIBM-7P pilot well was drilled with the Borr Norve jack-up rig to appraise the northern flank of the Hibiscus field. The well was drilled to a depth of 3,941 metres with evaluation of logging, sample and pressure data confirming approximately 24 metres of net oil pay in an overall column of 37 metres extending across the regionally prolific Gamba formation and underlying Dentale formation.
The next rig operation will be to drill a production well (DHBSM-2H) at the recently proved north-east extension of the Hibiscus South field (announced on 10 May 2024). The rig will then drill a production well at the Hibiscus field into the newly proved northern flank and undertake well workovers (the order of which will be dependent on optimising production and logistical considerations). The current campaign is therefore now expected to result in a total of eight new production wells across the Hibiscus / Hibiscus South / Ruche fields.
The Bourdon prospect test well (DBM-1) will be the last operation in the current campaign, providing the aforementioned activities are performed within time expectations.
John Hamilton, CEO of Panoro, commented:
“We are very pleased with the outcome of our latest drilling success, our second such positive result in less than a month. Once the final data from the well becomes available we will work to delineate the extent of this exciting new discovery and provide an update on estimated reserves as soon as practically feasible. What is apparent is that we have opened up another fast-track development opportunity where we will leverage the existing production infrastructure nearby to rapidly develop these high-margin barrels cost effectively as part of the current campaign, and once again demonstrated how our infrastructure led exploration and appraisal strategy can create material value for our stakeholders.”