Panoro Energy Provides Dussafu Update

Source: www.gulfoilandgas.com 7/28/2021, Location: Africa

Panoro Energy ASA is pleased to provide the following update on the Dussafu Marin PSC (“Dussafu”), offshore Gabon, where it holds a 17.5% Working Interest.

Successful completion of DTM-7H, the final horizontal production well of Phase 2. High-quality oil-bearing sands were encountered in line with prognosis. Completion and tie-in of the two wells (DTM-6H and DTM-7H) is underway, with first oil expected in early Q4 2021.

Spud of Hibiscus North exploration well, targeting gross 10-40 million barrels of oil recoverable (Operator estimates) in the Gamba formation. The well is located approximately 6 km north-northeast of the Hibiscus discovery well DHIBM-1 in a water depth of 115 metres.

Gross production from the Tortue field averaged approximately 10,500 barrels of oil per day in the second quarter of 2021. Quarterly production was impacted by a planned maintenance shutdown. Current production is in excess of Q2 average and expected to rise once DTM-6H and -7H are online early Q4.

Two crude liftings in Q2 as per guidance, 248,000 net barrels (on a pro-forma basis including the effects of the Tullow acquisition completed in June) were lifted with an average realized price of $69.80 per barrel. Operating costs were temporarily impacted by lower production in the quarter and COVID related costs.


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