Oil and gas company Panoro Energy has been awarded a 56% interest and operation of Block EG-01, located offshore Equatorial Guinea. Partners in the block will be Kosmos Energy and GEPetrol.
Block EG-01 borders both Block G, where Panoro holds a 14.25% non-operated interest, and which contains the Ceiba production field and the Okume complex, and Block S, where Panoro has agreed to acquire a 12% non-operated interest.
John Hamilton, Panoro's CEO, said: "The award of Block EG-01 is a natural and complementary expansion of our portfolio in Equatorial Guinea and consistent with our infrastructure-led exploration strategy, increasing our access to a large inventory of oil prospects and leading to a tie-in distance to existing production facilities for a modest financial exposure."
The EG-01 block is located in water depths ranging from 30 metres to 500 metres, mostly shallow, and is covered by high quality 3D seismic.
The partners have been awarded Block EG-01 for an initial three-year period during which they will conduct subsurface studies based on existing seismic data to further define and evaluate the prospectivity of the block. Thereafter, the partners will have the option to commit to a further two-year period, during which they will commit to drilling an exploration well.
According to Panoro Energy, past exploration activities on Block EG-01 have tested and proven the key geological elements for successful exploration.
« Ces découvertes ont conduit à l’identification d’un vaste inventaire de prospects à une distance de raccordement des installations du champ de Ceiba et du complexe d’Okume. Depuis 2003, trois puits d’exploration ont été forés sur le bloc, dont deux rencontrant de minces gisements de pétrole et de gaz et un rencontrer des salons pétroliers », a déclaré Panoro Energy.
« Les principaux gisements d’hydrocarbures sont les sables de l’Éocène et les turbidites du Crétacé supérieur analogues aux gisements du bloc G où plus d’un milliard de barils STOIIP ont été découverts. en 2024 », a ajouté Panoro Energy.