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Thursday, October 20, 2022
Panoro Energy has signed an agreement to farm-in to the Kosmos Energy operated Block S offshore Equatorial Guinea for a 12 percent non-operated participating interest. 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 which accounted for 4,714 bopd net working interest production for Panoro during the first half of the year, around 60 per cent of Panoro’s total output.
Past exploration activities on Block S have tested and proven the necessary geological play elements which has led to an extensive prospect inventory being identified within tie-back distance to the Ceiba Field and Okume Complex facilities. One exploration well is planned to be drilled during 2024. Panoro’s farm-in is subject to customary approvals.
The current joint venture partnership at Block S is Kosmos Energy (40 percent and operator), Trident Energy (40 percent) and GEPetrol (20 percent). Panoro’s agreed farm-in is on the basis that it will acquire a 6 per cent participating interest from each of Kosmos Energy and Trident Energy, respectively (12 percent in aggregate).
John Hamilton, CEO of Panoro, commented: “We are excited to farm-in to Block S which significantly expands our acreage position offshore Equatorial Guinea and our exposure to near field exploration potential. The block is in the immediate vicinity of our producing Ceiba Field and Okume Complex which have to date produced around 465 million barrels of oil, 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. Following the recent extension of the Ceiba Field and Okume Complex PSC to end 2040 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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