Panoro Energy sets terms for block off Equatorial Guinea

Oslo-listed Panoro Energy has reached an agreement with the government of Equatorial Guinea on the key terms and conditions for the award of offshore Block EG-23, the company announced on Thursday.

Block EG-23 is located north of Bioko Island and adjacent to the producing Alba gas and condensate field. It covers a surface of approximately 600 square kilometres in water depths ranging between 50 metres and 100 metres. 19 wells have been drilled on the block to date resulting in seven hydrocarbon discoveries.

Following the agreement signed with national oil company GEPetrol and the Ministry of Mines and Hydrocarbons, Panoro will enter into exclusive negotiations to finalise a PSC and develop a work programme and budget. The company expects that its participating interest in the block will be up to 80% initially.

John Hamilton, CEO of Panoro, said, “Block EG-23 will be a complementary expansion of our existing portfolio in Equatorial Guinea. We look forward to partnering with GEPetrol to leverage our collective core subsurface skill sets, increasing our exposure to a broad range of play types, prospects and leads in the vicinity of existing infrastructure.”

This agreement follows an earlier decision by the government of Equatorial Guinea in March 2024 to approve Vaalco Energy’s Venus plan of development for offshore Block P in the Rio Muni basin.

 

Photo courtesy of Panoro Energy