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 provide the following operations and corporate update.
The Aje-5 production well located on the OML 113 license, offshore
Nigeria, has been successfully completed and the reservoir has been
perforated in the Upper and Lower Cenomanian Oil bearing zones. The
subsea tree has been installed and the well has been suspended ready for
connection to the oil production facilities prior to commencement of
production. The Saipem Scarabeo 3 semi-submersible drilling rig has been
moved to re-enter the existing Aje-4 well for completion as a second
Cenomanian production well. All key equipment related to the Aje
oilfield development has now been delivered to Lagos, including the FPSO
moorings and turret buoy, the production manifold, the umbilical
termination assembly, and the umbilicals and flowlines. In addition, the
ongoing refurbishment of the Front Puffin FSPO is on schedule and it is
anticipated that the vessel will sail from Singapore approximately six
weeks prior to its installation date. Panoro currently estimates the
project timing and costs to be largely on track, although for planning
purposes, the Company is now projecting that first oil should take place
towards the end of January 2016.
Finally, the Company also announces that Nishant Dighe will depart from
his position as Panoro’s President and Chief Operating Officer,
effective 30 November, 2015. Mr. Dighe will continue as an advisor to
Panoro for a transitional period. Mr. Julien Balkany, Chairman of the
Board said, “On behalf of the Company and the Board of Directors we
express our sincere appreciation to Nish for his dedication, valuable
contribution, and hard work over the years. Nish has played a key role
in the establishment, growth and transformation of the Company. We wish
him the very best in his future endeavours.”
For further information about this press release, please contact:
John Hamilton, Chief Executive Officer
Tel: +44 0203 405 1061
email:
info@panoroenergy.com
About Panoro
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
(October 16, 2015 - 1:21 AM EDT)
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