Panoro Energy Progresses in Dussafu Operations Offshore Gabon

Panoro Energy ASA  is successfully progressing in its Dussafu operatios according to recent update on the Dussafu Marin PSC, offshore Gabon, where it holds a 17.5% Working Interest.

 This includes the Successful completion of DTM-7H, the final horizontal production well of Phase 2. High-quality oil-bearing sands were encountered in line with prognosis. Completion and tie-in of the two wells (DTM-6H and DTM-7H) is underway, with first oil expected in early Q4 2021.

Also released update is the Spud of Hibiscus North exploration well, targeting gross 10-40 million barrels of oil recoverable (Operator estimates) in the Gamba formation. The well is located approximately 6 km north-northeast of the Hibiscus discovery well DHIBM-1 in a water depth of 115 metres.

Panoro gross production from the Tortue field is averaging approximately 10,500 barrels of oil per day in the second quarter of 2021. Quarterly production was impacted by a planned maintenance shutdown. Current production is in excess of Q2 average and expected to rise once DTM-6H and -7H are online early Q4.

Two crude liftings in Q2 as per guidance, 248,000 net barrels (on a pro-forma basis including the effects of the Tullow acquisition completed in June) were lifted with an average realized price of $69.80 per barrel. Operating costs were temporarily impacted by lower production in the quarter and COVID related costs.

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