BW Energy, an oil and gas company, declared on Monday that its DHBSM-1 appraisal well has discovered commercially significant quantities of oil in the Hibiscus South satellite prospect, located offshore Gabon. The company outlined plans to return to the well for completion as a production well in early 2024.

Drilled from the MaBoMo production platform by the Borr Norve jack-up rig, the DHBSM-1 well reached a total depth of 6,002 meters. Notably, the well data confirmed approximately 20 meters of pay within a comprehensive hydrocarbon column of 26.5 meters in the Gamba formation. The evaluation of logging data, sample examination, and formation pressure measurements affirmed the presence of a separate accumulation in the Hibiscus South structure, featuring a deeper oil-water contact compared to the nearby Hibiscus Field.

BW Energy underscored that the successful appraisal of the Hibiscus South satellite structure presents a cost-effective and low-risk expansion of the Dussafu production and reserve base. The company anticipates a swift integration of these high-value barrels into its production stream. Furthermore, the appraisal result reaffirms the significant potential of the Dussafu license, highlighting multiple additional prospects for future exploration and production activities.

Preliminary assessments suggest gross recoverable reserves of 6 to 7 million barrels of oil, along with approximately 16 million barrels of oil in place, aligning with the mid-case pre-drill expectations disclosed before the initiation of drilling operations. This discovery marks a pivotal milestone for BW Energy, further solidifying its position in the Gabonese offshore oil and gas sector and reinforcing its commitment to sustainable energy production in the region.