The Norwegian producer Panoro Energy ASA has confirmed that the award of Block EG-01, has been ratified by the Government of Equatorial Guinea.
The Oslo based minnow also notes that all necessary approvals have been received allowing for the completion of Panoro’s farm-in to the Kosmos Energy operated Block S offshore Equatorial Guinea.
So, the company has concluded regulatory approvals into two blocks in the space of six months: the farm -in into Block S was announced in October 2022 while the award of Block EG-01 was offered in February 2023
Panoro now officially holds a 56% operated interest in Block EG-01 alongside partners Kosmos Energy (24%) and GEPetrol (20%). It also has a 6% participating interest 12% non-operated participating interest in Block S, which was derived from purchasing 6% stake from each of Kosmos Energy and Trident Energy, such that the remaining stakes in Block S are Kosmos Energy (34%, operator), Trident Energy (34%) and GEPetrol (20%).
Exploration: Panoro repeats, in a statement, that one exploration well is planned on Block S during 2024 to test an Albian play in the Akeng Deep prospect. Gross mean unrisked prospective resources are estimated to be around 180 million barrels and the prospect lies within tie-back distance to the Sendje-Ceiba FPSO.
Block EG-01
Block EG-01 is located in water depths ranging from 30 metres to 500 metres, mainly shallow, and is covered by high quality 3D seismic. The government’s award of Block EG-01 is for an initial period of three years during which the partners are expected toconduct subsurface studies based on existing seismic data to further define and evaluate the prospectivity of the block. Following this, the partners will have the option to enter into a further two-year period, during which they will undertake to drill one exploration well.
Past exploration activities have led to the identification of an extensive prospect inventory within tie-back distance to the Ceiba Field and Okume Complex facilities. Since 2003, three exploration wells have been drilled on the block, with two encountering thin oil and gas pay and one encountering oil shows. The main hydrocarbon plays are Eocene sands and Upper Cretaceous turbidites analogous to the Block G plays where over one billion barrels STOIIP has been discovered. Moreover, there is potential for deeper Albian targets, similar to the Block S prospect, which is scheduled for drilling in 2024.
Block S
Block S covers a surface area of 1,245 km2 with water depths ranging from 450 metres to 1,500 metres and is covered by high quality 3D seismic. The block surrounds the producing Ceiba Field and is adjacent to the producing Okume Complex, which is operated by Trident Energy and where Panoro holds a 14.25% non operated participating interest. Past exploration activities on Block S have tested and proven the necessary geological play elements which has led to an extensive prospect inventory being identified within tie-back distance to the Ceiba Field and Okume Complex facilities.
