Panoro Energy ASA has unveiled a significant oil discovery at the Hibiscus South well (DHBSM-1) within the Dussafu Marin Permit, an offshore region of Gabon in which Panoro Energy holds a 17.5% working interest. The successful drilling operation, conducted by the Borr Norve jack-up drilling rig, reached a total depth of 6002 meters, revealing promising results for the exploration efforts in the area.

The well's assessment, based on detailed well log data and comprehensive sample analysis, confirms the presence of approximately 20 meters of oil pay within an extensive hydrocarbon column measuring about 26.5 meters in the Gamba formation. This formation has demonstrated productivity in neighboring fields such as Tortue and Hibiscus, further underlining the significant potential of the region. With plans to convert the well into a production well in early 2024, the partners are gearing up for an intensive phase of development.

Initial estimates project recoverable volumes at Hibiscus South to be between 6 and 7 million barrels of oil, aligning closely with the pre-drill expectations of around 16 million barrels of oil in place, with 7 million barrels deemed recoverable. These promising figures underscore the economic viability and substantial reserve potential of the region, affirming the success of Panoro's exploration strategy within the Dussafu Marin Permit.

John Hamilton, CEO of Panoro, emphasized the Hibiscus South discovery's significance, highlighting the considerable organic upside potential within the Dussafu Marin permit offshore Gabon. With this latest achievement marking the sixth oil discovery in which Panoro has played a part, the company boasts an impressive 86% success rate in the Gamba reservoir. Hamilton emphasized the company's commitment to leveraging the existing production infrastructure in the vicinity to efficiently and cost-effectively develop these newfound high-margin barrels, aligning with Panoro's infrastructure-led exploration and appraisal strategy. This approach reflects Panoro's dedication to maximizing the value of its assets and the overall potential of the region.