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Wednesday, January 10, 2018
Panoro Energy announced an updated preliminary oil reserves review from independent reserves auditor Netherland, Sewell & Associates Inc. (NSAI). The subject of the reserves audit was the Tortue oil field, located offshore Gabon and part of the Dussafu Production Sharing Contract (PSC).The Tortue structure is one of four existing oil discoveries in the Dussafu Exclusive Exploitation Area (EEA) in which Panoro holds 8.33% working interest.
Preliminary estimates were provided to the operator BW Energy Gabon by NSAI and a final report to BW Energy and Panoro is due to be made available during Q1.
As a result of the FID taken by Panoro and BW Energy, previously booked Contingent Resources at Tortue can now be categorized as reserves. The NSAI reserves review has benefitted from the new high quality seismic data acquired by Panoro in 2013, and subsequently interpreted in 2015.
John Hamilton, CEO of Panoro said, “This updated reserves review shows a surge of 80% in the mid-case scenario versus previous estimates, and clearly demonstrate the value of Tortue and more generally the huge potential for Dussafu to become a world-class producing asset. We are very encouraged and excited by the preliminary NSAI review which illustrates this material increase of our asset base. We expect to start producing oil at Dussafu in the second half of 2018.”
In addition, Panoro said that the amended field development plan for the Tortue oil field has been approved by the Gabonese regulator, the Direction Général de Hydrocarbures (DGH). The BorreNovre drilling rig has recently arrived in Gabon, with the drilling operations scheduled to commence this quarter
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