Rig Secured for Aje Drilling

Tuesday, June 9, 2015

Panoro Energy reported that a rig for drilling on Nigeria’s OML 113 has been secured. Yinka Folawiyo Petroleum, the operator, entered into a contract with Saipem for use of the Scarabeo 3 to carry out the drilling and completion program for the Aje field Cenomanian oil development.

The Aje field contains hydrocarbon resources in sandstone reservoirs in three main levels, a Turonian gas condensate reservoir, a Cenomanian oil reservoir, and an Albian gas condensate reservoir.

The Scarabeo 3 rig semi-submersible rig is currently stationed offshore Lagos and will be moved to the Aje drilling location. The rig will be used to carry out well operations for the first phase of the Aje Cenomanian Oil field development that includes two subsea production wells. The well operations will comprise the completion of the existing Aje-4 well as a production well, and the drilling and completion of a new well, Aje-5, which will be drilled to the Aje-2 subsurface location.

The Aje-2 well demonstrated high reservoir productivity in a Cenomanian production test conducted in 1997, flowing approximately 3,700 bpd under sub-optimal well conditions. Well operations are expected to commence in early Q3and are likely to take approximately 90 days to complete. Once well operations have been completed, subsea equipment will be installed and the wells will be tied back to the Front Puffin FPSO, currently undergoing refurbishment in

Singapore.

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