Equatorial Guinea: Trident terminates contract for Island Innovator offshore platform.

The contract for Island Drilling's Island Innovator semi-submersible platform has been terminated by Trident Energy for safety reasons, putting the drilling campaign on hold  le bloc G,  au large de la Guinée équatoriale.

The decision to terminate the current contract with Island Drilling's Island Innovator platform was taken following the recommendation of the operator, Trident Energy (40.375% working interest), in agreement with the joint venture partners on Block G, including Panoro (14.25%). Kosmos Energy (40.375%) and GEPetrol (5.0%).

According to Panoro, which provided the update, the joint venture believes that the rig is not operationally fit to drill wells safely. 

On behalf of its partners, Trident Energy is currently evaluating alternative options that will enable the planned drilling campaign to be safely restarted and completed as soon as possible, potentially during the second quarter of 2024, subject to the availability of platforms and the conditions of the alternative options.

This also affects the Kosmos-operated Akeng Deep exploration well in Block S, which was due to be drilled using the Island Innovator after completion of the three-well infill drilling campaign in Block G that began in January.

"The joint venture will not compromise on safety, which is of paramount importance, and has acted decisively and responsibly in taking this course of action.

"Based on our current estimates, the pause in drilling should not affect Panoro's distributions to shareholders, as well as its financial and operational targets for the year.

"Postponing the drilling campaign means more advantageous phasing of capital expenditure across the group," said Panoro CEO John Hamilton.