Fresh oil discovery struck by independent in area of ‘substantial potential’

Oslo-listed oilo and gas independent Panoro Energy has announced a commercial oil discovery at the Hibiscus South well offshore Gabon. Hibiscus South lies in the Dussafu Marin permit operated by BW Energy and where Panoro holds a 17.5% stake, a few kilometres south of the BW Mabomo jack-up production platform, where the well was drilled to a dept of 6000 metres.

Well log data and sample analysis showed “approximately 20 metres of oil pay” in the Gamba formation, with “an overall hydrocarbon column of approximately 26.5 metres”, Panoro said in a stock exchange filing on Monday. Recoverable volumes at Hibiscus South are estimated to total between 6 million and 7 million barrels of oil, based on a reserves estimate of 16 million barrels in place.

“The Hibiscus South discovery underscores the substantial organic upside potential that exists on the Dussafu Marin permit offshore Gabon,” said Panoro chief executive, John Hamilton. “We will leverage the existing production infrastructure nearby to rapidly develop these new high-margin barrels cost effectively as part of the current campaign.” The companies plan to develop a production well at the site in early 2024, said Panoro.