Panoro Energy ASA (OSE ticker code: "PEN" – “the Company” or “Panoro”),
the independent E&P company with assets in Nigeria and Gabon, is pleased
to announce the completion of well operations on the Aje field on the
OML 113 license offshore Nigeria.
The Aje-4 well, which was previously drilled in 2008, has been
successfully completed as an oil production well. This follows the
previously reported successful completion of the Aje-5 production well.
Both wells have been perforated in the Cenomanian oil bearing zones with
positive indications of well productivity based on the short flow-backs
carried out during the completion programs. Subsea trees have been
installed on both wells, and the wells are now suspended ready for
connection to the oil production facilities, prior to commencement of
production. The Saipem Scarabeo 3 is currently being demobilized. No
safety related incidents have been reported.
Based on the well results and updated perforation modelling, management
is confident that it should meet its indicated daily production guidance.
John Hamilton, Panoro Energy CEO, commented, “We are very pleased to
have now successfully concluded the well operations phase of the Aje
Cenomanian oil development and are encouraged with the reported well
results. We have achieved a major milestone to de-risk the project and
are looking forward to starting commercial production towards the end of
January 2016, following which we can begin generating positive cash
Panoro Energy ASA is an independent E&P company based in London and
listed on the Oslo Stock Exchange with ticker PEN. The Company holds
high quality exploration and development assets in West Africa, namely
the Dussafu License offshore southern Gabon, and OML 113 offshore
western Nigeria. Both assets have discoveries with approved Field
Development Plans. In addition to discovered hydrocarbon resources and
reserves, both assets also hold significant exploration potential. For
more information visit the Company's website at www.panoroenergy.com.
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Copyright Business Wire 2015
Source: Business Wire
(November 16, 2015 - 1:11 AM EST)
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