Panoro Energy reports oil discovery at Dussafu, offshore Gabon

OSLO -- Panoro Energy has reported an oil discovery in the Ruche North East Marin-1 (DRNEM-1) well drilled in the Dussafu Marin PSC, offshore Gabon.

The DRNEM-1 well was drilled to identify additional oil resources in the pre-salt Gamba and Dentale formations in the greater Ruche area, and completed within budget. These resources may be developed together in the future with the existing Ruche field discoveries made by Panoro in 2011, 3 km to the southwest.

Drilled with the Borr Norve jackup unit in 115-m water depth, the DRNEM-1 well reached a vertical depth of 3,400 m within the Dentale formation. Log evaluation, pressure data and fluid samples indicate that approximately 15 m of good-quality oil pay was encountered in the Gamba formation and 25 m of oil pay in stacked reservoirs within the Dentale formation. Additional technical evaluation in currently being undertaken to appraise this discovery.

The forward plan includes a sidetrack which will appraise the Dentale sands in an updip location and the lateral extent of the Gamba reservoir. Panoro expects to provide a further update in September.

John Hamilton, CEO of Panoro said: "This is another exciting oil discovery at Dussafu, where since 2011 we have had an outstanding drilling success rate with nine consecutive well penetrations finding oil. We are pleased by this positive result and we are now moving forward with the appraisal program."

As previously announced, the FPSO Adolo has arrived in Gabon, and is now connected to the mooring system. First oil is estimated for approximately late September or early October, 2018.