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Thursday, July 21, 2016
Panoro Energy saw the commissioning of the Front Puffin FPSO for the Aje field offshore Nigeria completed and the FPSO is on hire following the 72-hour test. The Aje field is located on OML 113.
Targeted stabilized production rates have not yet been achieved, due to mechanical issues and Nigerian regulatory approvals. The company said that until the outstanding issues are resolved, which could take until the end of Q4 2016, production shall be maintained at a restricted daily rate of approximately 7,000-8,000 bpd of oil.
The first lifting of crude from the Front Puffin FPSO is expected to take place at the end of August.
Laboratory assays have been delivered on Aje crude oil which show it to be as expected a high quality grade of approximately 42° API. Several international oil companies and trading houses have expressed interest in purchasing Aje crude.
In addition, Panoro is continuing its planning for Aje Phase 2 (additional Cenomanian oil wells) and Phase 3 (Turonian gas and condensate), and in evaluating the wider exploration potential on OML 113.
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