Panoro Energy ASA is pleased to provide crude lifting and production update on its July crude oil lifting schedule in its operations in Equatorial Guinea.
The Company in its recent press release declared the completion of its scheduled lifting of approximately 745,000 barrels of oil in Equatorial Guinea at a realized price of USD 108.50 net per barrel, after customary quality adjustments and selling costs and before the effect of hedging (which comprised 200,000 barrels covered by swaps at USD 104.5 per barrel). This lifting accounts for a significant portion of the Company’s 2022 total expected sales volume.
As previously guided the majority of Panoro’s crude oil liftings will occur in the second half of the year, with no major crude oil liftings having been undertaken in the second quarter. In line with IFRS standard accounting treatment the Company recognizes revenue when liftings of its crude oil entitlement occur.
Panoro is the operator of Ceiba Field and Okume Complex( Block G ) in Equatorial Guinea. The Ceiba Field and Okume Complex assets comprise six oil fields offshore Equatorial Guinea. The Ceiba Field is located in 600-800 m of water depth on the slope of the southern Rio Muni Basin approximately 35 km offshore. Oil production commenced in November 2000 and the field was developed in phases with the production wells tied back to the Ceiba FPSO through a system of six subsea manifolds and flowlines.
The produced liquids are processed on the FPSO for export. The field has 16 active production wells and 10 water injectors. Up to the end of December 2020 the field had produced a total of 206 MMbbl gross.
During 2020 production from the Block G fields averaged 33,500 bopd. As of the end of 2020 Block G had a total combined gross 2P reserve of 94 MMbbl and unrisked gross 2C resources of 179 MMbbls. Activities planned for 2021 include the drilling of three infill production wells in the Elon field which is part of the Okume Complex.
“We are pleased to have recorded our largest ever realized lifting to date with proceeds in excess of USD 80 million achieved from one oil cargo,” John Hamilton, CEO of Panoro, commented.
