Panoro Energy ASA has announced that, following the provisional award of a 25 percent participating interest in the exploration blocks Niosi Marin (previously G12-13) and Guduma Marin (previously H12-13) in shallow offshore waters of Gabon, final terms have been agreed upon with the Gabonese government. As a result, Panoro has signed Production Sharing Contracts (PSCs) for both blocks.
“Panoro has operated in Gabon since 2008, successfully boosting reserves and production at the Dussafu Marin Permit, with an impressive 89 percent drilling success rate in the pre-salt Gamba formation,” said CEO John Hamilton. “The Niosi and Guduma blocks represent a logical extension of our operations, allowing us to leverage our expertise to maximize exploration potential. We are committed to expanding our presence in Gabon and strengthening our partnership with the Gabonese government and stakeholders.”
The Niosi and Guduma blocks cover areas of 2,974 km² and 1,927 km², respectively, and are adjacent to the producing Dussafu Marin Permit, where Panoro holds a 17.5 percent interest alongside BW Energy and the Gabon Oil Company. The Niosi block also neighbors the Etame Marin Permit operated by VAALCO Energy. Together, Dussafu and Etame Marin have achieved over 300 million barrels in discovered volume, with multiple fields in production and extensive infrastructure established.
The PSC for the Niosi block allows for an initial five-year exploration period, requiring new 3D seismic data acquisition and one well. The Guduma block PSC has a three-year initial exploration period focused on geological and geophysical studies. Both blocks include options to extend exploration and require additional well commitments in a second phase.
The partners in the Niosi and Guduma blocks include BW Energy (37.5 percent and operator) and VAALCO Energy (37.5 percent).
About Panoro
Panoro Energy ASA is an independent exploration and production company based in London, with assets in several African countries.
Story via WorldOil.com