GABON: Oil Confirmed at Hibiscus South Extension

Panoro Energy announces that the DHBSM-2P pilot well has successfully encountered oil and confirmed a north-eastern extension of the Hibiscus South field at the Dussafu Marin Permit offshore Gabon, further increasing recoverable reserves.  Panoro holds a 17.5 per cent participating interest in the Dussafu Marin Permit.

The DHBSM-2P pilot well was drilled with the Borr Norve jack-up rig to test a north-eastern extension of the Hibiscus South field.  The well was drilled to a depth of 5,130 metres with evaluation of logging, sample and pressure data confirming approximately 25 metres of net oil pay in an overall column of 35 metres in the regionally prolific Gamba formation. Preliminary volume estimates comprise gross recoverable reserves of five to six million barrels of oil and approximately 14 million barrels of oil in place.  The partners plan to complete the well as a producer later in 2024.

John Hamilton, CEO of Panoro, commented:

“The subsurface at Dussafu Marin has a long history of delivering positive results which is reflected in Panoro’s 88 per cent success rate in the Gamba reservoir.  We are very pleased with the outcome of our latest drilling success, which has proved an extension of the Hibiscus South field and added new reserves, opening up another fast-track development opportunity where we will leverage the existing production infrastructure nearby to rapidly develop these high-margin barrels cost effectively as part of the current campaign”