Continental Focus, International Reach

Partners Advance Dussafu Work

Sunday, May 20, 2018

Panoro Energy and BW Energy announced that the decision has been taken on the Dussafu Marin PSC to drill an additional well to test one of several “robust prospects” that have been mapped on the Runche area of the license offshore Gabon.

Panoro anticipates commencement of drilling of the Ruche North East prospect (previously shown as Prospect 6) in mid-2018, following completion of the second production well DTM 3-H at the Tortue field, also located in the Dussafu PSC.

The decision to drill this additional well was supported by taking into account the availability of the Borr Norve rig, the cost-savings due to spreading of mobilization costs across additional wells, the existing 2016 site survey at the Ruche North East location, the proximity to the Ruche discovery, and the good chance of success.

The estimated cost of this well is projected to be less than $20 million gross (approx. $1.6 million net to Panoro) and will be funded from Panoro’s existing financial resources. The cost of the well will be added to the existing cost pool of the Dussafu PSC, and therefore fully recoverable through the Dussafu PSC cost oil mechanism.

The prospect is located about 3 kms from the existing Ruche discovery wells and is mapped as a 4-way structure in the Gamba reservoir, with potential in the deeper Dentale formation. The size of the Ruche North East structure, and the targeted resource volumes, are comparable to the Ruche field.

The objective of the well is to prove up additional resources in the greater Ruche area, to be aggregated with the existing Ruche field (which was discovered by Panoro in 2011) to form the basis of future development phases.

In addition to the drilling of the Ruche North East prospect well, Panoro is pleased that advanced planning is already underway for the Phase 2 development at Tortue.


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