Panoro Energy ASA ("Panoro") is pleased to announce the signing of a
Declaration of Commerciality ("DOC") and the award of an Exclusive
Exploitation Authorisation ("EEA") by the Gabonese Authorities covering
four oilfields in the Ruche area, collectively called "Ruche".
The executed DOC and award of the EEA means that Ruche, comprising the
Ruche A, Ruche B, Ruche C and Ruche D discoveries (also known as Ruche,
Tortue, Moubenga and Walt Whitman fields) can now be commercially
exploited. As previously disclosed, these fields have been independently
assessed by Gaffney Cline & Associates to hold 1C, 2C and 3C
economically recoverable gross contingent resources of 13.2 mmbo, 33.4
mmbo and 70.3 mmbo respectively. The area awarded under the EEA covers
850.5km2 including all four Ruche discoveries and numerous undrilled
structures that could be economically and expeditiously developed
through the Ruche development infrastructure. This will allow for rapid
reserve base growth for Ruche going forward and preserves the partners'
rights to the fields and near field prospectivity in the EEA area for a
period of up to 20 years. As such the DOC and EEA represent major
milestones for all stakeholders in the Dussafu license and for the State
of Gabon.
Panoro looks forward to working together with our partner and the
Gabonese Authorities to move forward with the commercial development of
these discoveries and to unlock the significant pre-salt potential
within the Dussafu license. In accordance with the terms of the Dussafu
Production Sharing Contract, the Dussafu partners will within 90 days
submit a field development plan for approval.
Panoro Energy holds a 33.33% stake in the Dussafu Marin permit. The
permit is operated by Harvest Dussafu, B.V. a wholly-owned subsidiary of
Harvest Natural Resources, Inc.
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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: +47 92805029
Email: 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").