Continental Focus, International Reach

Hibiscus Well Hits Hydrocarbons for Panoro

Wednesday, September 4, 2019

Panoro Energy’s Hibiscus Updip well (DHIBM-1), currently being drilled on Gabon’s Dussafu Marin Permit encountered hydrocarbons while drilling. According to the company, logging operations and evaluation of the oil discovery are currently underway.

Following the logging operations and evaluation of the discovery, Panoro expects a side-track of DHIBM-1 to be drilled.

The company also recently released its mid-year update of its oil reserves report from Netherland, Sewell & Associates Inc. (NSAI) on certain fields located within the Dussafu Production Sharing Contract.

According to the company, the 2P reserves at Dussafu PSC have increased by 89%, compared to those reported at the end of 2018.

John Hamilton, CEO of Panoro, commenting on the NSAI report, “This mid-year reserves report from NSAI shows an 89% growth of our net 2P reserves at Dussafu and confirms the value of our Gabonese asset. We are very encouraged by the continued upward revision of reserve estimates and will continue to progress the development potential at Dussafu.”