Panoro announces completion of drilling operation at Hibiscus Ruche offshore Gabon

Panoro Energy ASA has successfully drilled and completed the DHIBM-4H production well at the Hibiscus Ruche Phase I development offshore Gabon.

The drilling operation encountered high-quality oil saturated reservoir sands in the Gamba formation, which is known for its prolific oil production in the region. The well has been put into production at a stabilized rate of approximately 6,000 barrels of oil per day (bopd), meeting expectations. This well is the second out of six planned production wells in the drilling campaign at the Hibiscus and Ruche fields.

READ:Perenco inks oil production sharing contract in Cameroon

Once all six wells are completed and put into production by the end of the year, it is anticipated that the combined production from these wells will add approximately 30,000 bopd to the overall production. The drilling was carried out using the Borr Norve jack-up drilling rig in a water depth of 116 meters. The rig has now started drilling the third planned production well, DHIBM-5H, at the Hibiscus field.

Panoro Energy ASA holds a 17.5% working interest in the Dussafu Marin Permit, which includes the Hibiscus and Ruche fields. John Hamilton, the CEO of Panoro, expressed his satisfaction with the completion of the second well, stating that it represents a significant step forward in their organic growth plan. With two wells now in production at the Hibiscus field, Panoro’s group production is expected to reach approximately 10,000 bopd, and the company remains on track to achieve a group production of 13,000 bopd net to Panoro once all six new wells are operational.