Oil Factory with Pipelines

Independent E&P company Panoro Energy “encountered hydrocarbons” in its Hibiscus Updip prospect, on the Dussafu Marin permit (offshore Gabon), the company announced on Friday. Panoro will now assess the size and commercial viability of the oil discovery.

Panoro Energy ASA is pleased to announce that the Hibiscus Updip well (“DHIBM-1”), currently being drilled on the Dussafu Marin Permit (“Dussafu”) offshore Gabon, has encountered hydrocarbons”, the company reported in a press release on August, 30 2019.

The oil discovery was made and announced less than three weeks after drilling operatins began. The exploration well, spudded  by Panoro Energy in August on the Hibiscus Updip, was based on 3D seismic lines shot 6 years ago.

Logging operations and evaluation of the oil discovery are currently underway, following which Panoro expects a side-track of DHIBM-1 to be drilled”, added the company in its press release widely distributed, confirming that “further updates will be provided following completion of these activities”.

The Norwegian-based oil and production company Panoro Energy owns multiple permits in Africa. The Hibiscus well had first been drilled unsuccessfully in 1991 by Arco. Thanks to new 3D seismic, Panoro Energy’s Chairman, Julien Balkany was very confident about the potential prospect and its chances of success. Now the company along the operator BW Energy is evaluating the size of the oil column and the volume of the recoverable reserves in place. In the meantime Panoro Energy has also announced that it will side-track the well in order to possibly find further hydrocarbons.

We already have had a lot of exploration successes in Dussafu in identifying and drilling the Gamba formation”, said Julien Balkany early August, just days before the drilling of the prospect was launched. “We expect to find high quantity of producible oil in this higher position. In a nutshell we are excited by this new exploration well”, Balkany added.

The Hibiscus Updip exploration well was drilled at a depth of approximately 3,000 meters by Borr Drilling, a specialized contractor which has successfully teamed up with Panoro in the past.