Panoro Energy and BW Energy have reached new oil by drilling two open water wells in the Dussafu offshore area in Gabon. This news was announced on October 15, 2023, and indicates significant advancements in the evaluation of the northwestern Hibiscus area.
Drilling Details and Oil Discovery
According to initial assessments, this discovery has resulted in an estimate of 8 to 9 million barrels of recoverable oil. The Dussafu license is managed by BW Energy Gabon, and Panoro Energy holds a 17.5 percent stake in this license. This license includes several oil fields, among which are Moubenga, Walt Whitman, Ruche, Ruche North East, Tortue, Hibiscus, and Hibiscus North. The last five fields have been jointly discovered by Panoro and its JV partners.
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Further Development and Future Plans
The first well drilled discovered a 16-meter oil column in high-quality Gamba sands near the Hibiscus field. The second well, which was drilled as a deviation from the main well, confirmed the presence of a 30-meter oil column in high-quality Gamba sands in an undeveloped area. These successes prompted partners to evaluate adding a new production well at the end of the second phase MaBoMo drilling campaign in the Hibiscus field.
The Borr Prospector 5 drilling rig is now moving to the MaBoMo production platform, where it will soon commence the second phase MaBoMo drilling campaign. This campaign will include four new production wells in the Hibiscus and Hibiscus South fields, with the first well expected to reach production in early 2027.
Given the recent drilling successes, the new well is expected to yield at least 6 million additional barrels of oil. Eric D'Arjanchere, CEO and Chairman of Panoro Energy, emphasized the high quality of the Hibiscus area and the significant potential for increased production in the Dussafu block, stating that by utilizing the existing MaBoMo infrastructure, the company can rapidly transition from subsurface successes to development.
