…. As Noble Venturer Drillship Arrives

Oslo, 3 July 2024 – Panoro Energy ASA (“Panoro” or the “Company”) notes the announcement by Trident Energy, the operator of Block G offshore Equatorial Guinea, confirming the arrival of the Noble Venturer drill ship at Luba port, Bioko Island.

The drilling campaign, which is expected to recommence shortly, will comprise of two infill wells located in water depths of 250 metres and 740 metres, before moving to the adjacent Block S to drill the Kosmos Energy operated Akeng Deep infrastructure led exploration well.

The contract was awarded to Noble Corporation for its Noble Venturer drill ship in April 2024 by Trident Energy on behalf of the joint venture partners including Panoro, Kosmos Energy and GEPetrol.  

Originally, Trident, as the operator of Block G, hired the Island Innovator rig in September 2022 for two firm and five optional wells in Equatorial Guinea and exercised two of these options for development drilling and workover in July 2023. The rig’s backlog was extended further in September 2023 after Trident exercised one more option on behalf of another operator in Equatorial Guinea. 

The 2012-built semi-submersible started the planned three-well infill drilling campaign at Block G in January 2024; however, the rig contract was broken off the following month per Trident’s recommendation. That same month, the Norwegian offshore rig operator said it was evaluating all legal recourse at its disposal to contest the termination of the rig contract and adamantly denied safety concerns, which Trident used as a reason to end the rig’s assignment.

Panoro has a 14.25 per cent participating interest in Block G which holds the producing Cebia Field and Okume Complex and a 12 per cent participating interest in Block S.

 “We are pleased to receive the high specification Noble Venturer drill ship in country and look forward to recommencing the infill drilling campaign at Block G which will be followed by the high impact Akeng Deep infrastructure led exploration well which, if successful, can open a new play fairway with a potentially very positive read across to the adjacent Block EG-01 which Panoro operates.” John Hamilton, CEO of Panoro, commented.