Oslo, 24 August 2021 - Panoro Energy ASA ("Panoro") is pleased to announce that
the Hibiscus North exploration well (DHBNM-1), currently being drilled in the
Dussafu Marin Permit offshore Gabon, has encountered hydrocarbons.
Initial results indicate that the DHBNM-1 well has encountered approximately
13.5 metres of oil-bearing reservoir in the Upper Gamba sandstone, the primary
target reservoir. Drilling will continue through the secondary Dentale target to
a total depth of approximately 3,500 metres.
Once total depth is reached, logging operations and evaluation of the oil
discovery will be undertaken, after which Panoro expects a side-track of DHBNM-1
to be drilled to further appraise the field.
Further updates will be provided following completion of these activities.
Enquiries
John Hamilton, Chief Executive Officer
Tel: +44 203 405 1060
Email: investors@panoroenergy.com
About Panoro Energy
Panoro Energy ASA is an independent exploration and production company based in
London and listed on the main board of the Oslo Stock Exchange with the ticker
PEN. Panoro holds production, exploration and development assets in Africa,
namely a producing interest in Block-G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria (held-for
-sale, subject to completion), the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia and
participation interest in an exploration Block 2B, offshore South Africa.
Visit us at www.panoroenergy.com
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