Offshore staff
OSLO, Norway — Panoro Energy has reached an accord with the government of Equatorial Guinea on terms and conditions for offshore Block EG-23.
The company signed a heads of terms with state oil company GEPetrol and the Ministry of Mines.
There will now follow a period of exclusive negotiations to finalize terms for the production sharing contract (PSC), the work program and budget. Panoro expects to have an initial operated interest of up to 80% on award of the PSC.
Block EG-23 is north of Bioko Island and adjacent to the producing Alba gas and condensate field. It spans a 600-sq-km area in water depths ranging from 50 m to 100 m.
Marathon was the previous operator. To date, 19 wells have been drilled on the acreage leading to seven discoveries (four oil, two gas and one gas-condensate), some of which have been tested.
Panoro’s technical assessment to date is that there are various plays across the block, and the company has identified numerous undrilled prospects and leads.
Initially, it expects to focus on reprocessing existing seismic data to mature these candidates to drill-ready status, followed by an option to progress to a second stage involving drilling.
04.04.2024
