Panoro Energy has completed the formal signing for the production sharing contract for Block EG-23 offshore Equatorial Guinea.
The company has an 80% operated stake, in partnership with state oil and gas company GEPetrol (20%).
Panoro CEO John Hamilton said this second operated asset block for the company in the country “aligns well with our infrastructure-led exploration and appraisal strategy, increasing our access to a large inventory of oil, gas and condensate discoveries, prospects and leads within tieback distance of existing production facilities.”
Block EG-23 is north of Bioko Island and close to the producing offshore Alba gas and condensate field. It spans an area of about 600 sq km in water depths from 50 m to 100 m.
Previously Marathon Oil operated the block. To date, 19 wells have been drilled, leading to seven discoveries (four oil, two gas and one gas-condensate); some of these have been tested.
Panoro has identified various exploration plays as well as numerous prospects and leads that could contain contingent resources of about 104 MMbbl of oil and condensate and 215 Bcf of gas.
During the block’s initial three-year term, the partners will perform subsurface studies based on existing seismic data. They then have the option to enter a further two-year period, with an obligation to drill an exploration well.
