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Tuesday, November 17, 2015
Panoro Energy completed well operations on the Aje field on Nigeria’s OML 113. The Aje-4 well, previously drilled in 2008, was successfully completed as an oil production well. This follows the previously reported successful completion of the Aje-5 production well.
Both wells have been perforated in the Cenomanian oil bearing zones with positive indications of well productivity based on the short flow-backs carried out during the completion programs. Subsea trees have been installed on both wells, and the wells are now suspended ready for connection to the oil production facilities, prior to commencement of production. The Saipem Scarabeo 3 is currently being demobilized.
Based on the well results and updated perforation modeling, management is confident that it should meet its indicated daily production guidance.
Panoro CEO, John Hamilton, commenting said, “We are very pleased to have now successfully concluded the well operations phase of the Aje Cenomanian oil development and are encouraged with the reported well results. We have achieved a major milestone to de-risk the project and are looking forward to starting commercial production towards the end of January 2016, following which we can begin generating positive cash flow.”
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