Panoro Energy ASA is pleased to announce that a Field Development Plan
(FDP) to develop the Aje Field has been approved by the Department of
Petroleum Resources (DPR) in Nigeria. Panoro also announce that the
Joint Venture partners expect to commence a new 3D seismic acquisition
program over the OML113 license.
Aje is an offshore field located in the western part of Nigeria in the
Dahomey Basin. The field is situated in water depths ranging from 100 to
1,000 meters about 24 km from the coast. Panoro Energy holds a 6.502%
participating interest in OML113 (with a 12.1913% revenue interest and
16.255% paying interest in the Aje Field). The Aje Field contains
hydrocarbon resources in sandstone reservoirs in three main levels - a
Turonian gas condensate reservoir, a Cenomanian oil reservoir and an
Albian gas condensate reservoir.
The Aje FDP was submitted to DPR by the OML 113 joint venture partners
earlier this year, and approval to develop Aje as proposed in the FDP
has now been granted. The FDP is primarily focused on the development of
the Cenomanian Oil reservoir and in the first phase of development
includes two subsea production wells, tied back to a leased FPSO. These
wells will comprise the recompletion of the existing Aje-4 well, and a
new well drilled to the Aje-2 subsurface location. The Aje-2 well
demonstrated high productivity in a Cenomanian production test conducted
in 1997, flowing approximately 3700bopd of 41?API oil even though the
well had sustained significant productivity impairment during drilling
operations. The FDP envisages first oil commencing in Q4 2015 with mid
-case reserves of 32.4MMbbl. The Aje Joint Venture partners will take a
Final Investment Decision shortly. Future phases of the project will
likely target additional Cenomanian wells and a later Turonian/Albian
gas condensate project is currently considered as a separate development
in the future.
Panoro is also pleased to announce that the Joint Venture partners in
the OML 113 license are about to commence a new 3D seismic survey over
the OML 113 license offshore Nigeria. The survey is being carried out by
Polarcus as a part of joint acquisition program in combination with the
neighboring block OPL 310 to the east, where significant discoveries
were made in 2013. First Hydrocarbon Nigeria Ltd (a Joint Venture
Partner on the OML 113 license) will, through their parent company
Afren, manage the seismic acquisition operations and subsequent
processing and interpretation of the seismic data. The Aje field and
many of the leads in OML 113 are already covered by a 3D seismic survey
acquired in 1997, however it is expected that the new survey will
provide a considerable improvement in data quality over the existing 3D
data. It is envisaged that the data will enable better development
planning for the second phase of development drilling on Aje and provide
improved data to fully evaluate the exploration potential over the whole
of the OML 113 license, including the exciting synrift exploration play
that was significantly de-risked though the discovery made in OPL 310.
The survey is expected to be completed by end of May 2014.
For further information, please contact:
Nishant Dighe, Chief Operating Officer
Cell: +44 7747807439
Email: nishant.dighe@panoroenergy.com
Carl Peter Berg, VP Commercial and Investor Relations
Cell: +55 21 8541 1907
E-mail: carl.peter.berg@panoroenergy.com
Please visit www.panoroenergy.com for more information. Panoro Energy
ASA is listed on the Oslo Stock Exchange (Ticker code: "PEN").