Panoro Announces Final Investment Decision on the Development of the Dussafu Oilfields

Panoro Energy ASA is pleased to announce that Pan Petroleum Gabon B.V. (a fully owned subsidiary of Panoro) has  approved the operator’s proposed work program and budget to move forward at full speed with the development of the Dussafu oilfields, offshore Gabon.

The development plan will consist of two initial horizontal wells at Tortue in the Gamba and Dentale reservoirs. An appraisal side-track will also be drilled in the northwest of the Tortue field. The two production wells will be tied back to a leased FPSO via subsea trees and flowlines.

The Dussafu joint venture partners are currently commissioning an independent review by Netherland Sewell and Associates to update the estimates and to move these contingent resources to reserves further to the recent FID.

John Hamilton CEO of Panoro, said “The FID is a very important milestone for Panoro and first oil at Dussafu remains on track to be achieved during the second half of 2018. It is a significant step in the execution of Panoro’s strategy to realize Dussafu’s true potential and to continue unlocking value for our shareholders”.

Press Release