Petroleum Africa
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Thursday, April 20, 2023
Panoro Energy confirmed that the award of Block EG-01 has been ratified by the Government of Equatorial Guinea. The company further announced that all necessary approvals have been received allowing for the completion of Panoro’s farm-in to the Kosmos Energy-operated Block S offshore Equatorial Guinea.
Block EG-01
Block EG-01 is located in water depths ranging from 30 meters to 500 meters, mainly shallow, and is covered by high-quality 3D seismic. The partners have been awarded block EG-01 for an initial period of three years during which they will conduct subsurface studies based on existing seismic data to further define and evaluate the prospectivity of the block. Following this, the partners will have the option to enter into a further two-year period, during which they will undertake to drill one exploration well.
Panoro will hold a 56 percent operated interest in Block EG-01 alongside partners Kosmos Energy (24 percent) and GEPetrol (20 percent).
Block S
One exploration well is planned on Block S during 2024 to test an Albian play in the Akeng Deep prospect. Block S covers a surface area of 1,245 sq km with water depths ranging from 450 meters to 1,500 meters and is covered by high-quality 3D seismic. The block surrounds the producing Ceiba Field and is adjacent to the producing Okume Complex, which is operated by Trident Energy and where Panoro holds a 14.25 percent non-operated participating interest.
Gross mean unrisked prospective resources in Block S are estimated to be around 180 million barrels and the prospect lies within tie-back distance to the Sendje-Ceiba FPSO.
Panoro has acquired a 6 percent participating interest in Block S from each of Kosmos Energy and Trident Energy to hold a 12 percent non-operated participating interest. Panoro’s partners at Block S are Kosmos Energy (34 percent, operator), Trident Energy (34 percent), and GEPetrol (20 percent).
John Hamilton, CEO of Panoro, commented: “We greatly appreciate the Ministry of Mines and Hydrocarbons support in concluding both the award of Block EG-01 and farm-in to Block S which together represent a complementary expansion of our portfolio offshore Equatorial Guinea. The two blocks are in the immediate vicinity of our producing Ceiba Field and Okume Complex which accounted for around 59 percent of group production in 2022 and where we are also partnered with Kosmos Energy, Trident Energy, and GEPetrol. In line with our infrastructure-led exploration strategy, Panoro will have modest financial exposure to a large inventory of prospects and leads within tie-back distance of existing production facilities offering scope to leverage synergies in the event of a commercial discovery. We look forward to working with our aligned partners and stakeholders to unlock the full potential of our enlarged asset base in Equatorial Guinea.”
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