Panoro Energy has acquired a 56 percent stake in the EG-01 block offshore Equatorial Guinea. The company has also secured the operation, partnering with Kosmos Energy (24%) and GEPetrol (20%) for an initial period of three years.
Block EG-01 borders both Block G, where Panoro has a 14.25 percent non-operating interest and which contains the producing Ceiba Field and Okume complex, and Block S, where Panoro has agreed to do so with a non-operated stake of 12 percent. .
“The award of Block EG-01 is a natural and complementary expansion of our portfolio in Equatorial Guinea and in line with our infrastructure-led exploration strategy, increasing our access to a large inventory of oil prospects and customers potential away from existing production facilities. for modest financial exposure. Panoro is pleased to become an operator in Equatorial Guinea and will seek to leverage its core subsurface skill set and we look forward to working closely with the our partners and stakeholders. We are grateful to the Ministry of Mines and Hydrocarbons for the award of Block EG-01 and this endorsement of Panoro’s strategy to continue growing its business in Equatorial Guinea,” said John Hamilton , CEO of Panoro.
Block EG-01 is located in water depths ranging from 90 feet to 1640 feet, mostly shallow, and is covered by high-quality 3D seismic. The partners have been awarded block EG-01 for an initial period of three years during which they will conduct subsurface studies based on existing seismic data to further define and evaluate the prospectivity of the block. After that, the partners will have the option to enter into a further two-year period, during which they will commit to drilling an exploration well.
Previous exploration activities in Block EG-01 have tested and proven the key geological elements for successful exploration. These findings have resulted in the identification of an extensive prospect inventory within a connecting distance of the Ceiba Field and Okume Complex facilities. Since 2003, three exploration wells have been drilled in the block, two of which have encountered low oil and gas costs and one has encountered oil shows. The main hydrocarbon plays are Eocene sands and Upper Cretaceous turbidites analogous to Block G plays where more than one billion STOIIP barrels have been discovered.
In addition, there is potential for deeper Albian targets, similar to the Block S prospect, which is scheduled for drilling in 2024.
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